Chainfeeds Introduction:
Cryptocurrency KOL Alana discussed ten key developments in the crypto space in the second quarter of 2024, including stablecoins, AI-related, Solana, Coinbase, etc.
Article Source:
https://www.backoftheenvelope.xyz/p/reflections-on-the-state-of-crypto
Article author:
Alana Levin
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Alana Levin: 1. Stablecoins. Year-to-date, net supply inflows into on-chain stablecoins are around $25 billion. Overall, inflows have been positive since November 2023. The permissionless global dollar corridor continues to enjoy strong product-market fit. 2. Bitcoin as an alternative asset. As of early June, the value of Bitcoin spot ETFs was over $80 billion. 3. Farcaster. Farcaster is a social network built on an open protocol rail that is beginning to enjoy meaningful growth. 4. Asset creation. The number of new tokens created continues to increase. Many of these new assets are in the form of memecoins (tokenized memes). It is worth noting that the emergence of these new assets has brought some unexpected but productive byproducts to the broader ecosystem. 5. Community-created and trained AI models. I believe that value is derived from scarce resources. We are starting to see some of these emerge in real and effective ways. Botto is my favorite example. 6. Solana. Solana's trajectory shows that something is working, and it is working in a meaningful way. Solana is here to stay. 7. Ethereum. Ethereum itself has also seen significant growth in monthly active addresses. The 30-day average is up about 30% year to date and is only about 10% below its 2021 peak. 8: Zora. Zora Chain (also known as Zora Network) has been online for nearly a year. During this time, the network has continued to find its footing. Weekly active users have grown by about 60% year to date, recently hitting a new high of 250,000. Zora Chain helps validate the idea that applications with sufficient distribution can begin to vertically integrate with other parts of the stack (such as block space) to unlock more attractive economic benefits. 9. Coinbase. Coinbase has also had a strong start to the year. Coinbase's success has proven what (until recently) many people only assumed to be true: many meaningful new business models can be built around crypto primitives. 10. On-chain exchanges. Among the major Ethereum chains, Uniswap has about doubled the number of unique users (traders) than it did six months ago. The growth we are seeing in on-chain exchanges is not just happening on Ethereum. In Solana, the two leading DEXs, Orca and Raydium, also saw significant growth. [Original text in English]
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