Base: Ethereum's 2nd Largest Layer 2
Jito 11,000,000 Staked SOL | Berachain Artio
Marco Manoppo & Karon Pangestu
June 17, 2024
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Good Morning.
Chop City continues as the market decides how they want to react to the Fed’s decision of only including one rate cut for the rest of the year. CPI print was pretty good though, and that saved BTC price quite a bit.
Let’s see what this week has in store for us.
In Today's Email:
What Matters: Base #2 largest L2 💪
Product: Berachain Artio 🧸
Charts: Rollups performances, Jito surpasses 11M SOL 📈
Narratives: Celebrity coins remain as the attention grabber while the rest of the markets chop.
We are now publishing airdrop alphas on our telegram!
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WHAT MATTERS
How Base Becomes Ethereum’s #2 L2 Network
State of play: One year after its launch, the chain that was originally developed by Coinbase has become Ethereum’s second-largest L2 network.
Base was launched publicly in August 2023.
Base has amassed more activity than every other Ethereum L2 except for Arbitrum.
Base still has no token that represents its network.
FriendTech initially helped propel Base’s popularity before its DeFi ecosystem took off and sustained the level of activity.
Free USDC transfers from the Coinbase wallet also contribute to the overall growth.
What’s next: It remains to be seen if Base can sustain its level of activity without having its own native token to compete on the incentive games with other L2s.
Our take: Base did the smart thing by focusing on UX via the Coinbase Wallet and free USDC transfers, combined with unique apps that aren’t available on other L2s.
For builders and investors: In crypto, having the right distribution strategy and acquisition channel is 80% of the work. Don’t underestimate this aspect while you focus on the tech and product.
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PRODUCT OF THE WEEK
Berachain Public Testnet bArtio B2
Berachain has launched its public testnet bArtio B2. As the network approaches mainnet, it’s transitioning to a V2.
V2 will keep Berachain’s tri-token model and Proof-of-Liquidity but will move away from Polaris.
V2 introduces BeaconKit, an EVM-focused development framework.
Beyond the technical adjustments, Berachain’s core stakeholders remain the same.
Other cool products:
Artizyou, an IP protection for creators.
Linkko, a platform to incentivize onchain actions.
ChainClarity, a crypto AI-powered explanation.
Sharpe Labs, a self-custodial DeFi automation platform.
Reiki, an all-in-one AI agents creation and monetization platform.
CHARTS OF THE WEEK
Rollup Performances
State of play: Conduit has launched a website that tracks the performance of rollups.
There are 35+ rollups being tracked.
Users can filter the data based on stack, DA, and settlement.
ProofOfPlay and Orderly are leading the MGas/s output.
Our take: There will be an increasing number of L2s as it becomes easier to launch L2s, commodifying the ecosystem itself.
Jito Surpasses 11,000,000 SOL
State of play: Jito, the leading LST protocol in Solana, has surpassed 11 million in SOL staked on its platform.
Jito achieved this milestone in under four years.
On the week of June 14th, Jito reported 72,000 SOL in tips earnings on just that week.
Currently, there are 97,000+ holders of Jito staked SOL.
Our take: JTO was the token that propelled the current Solana bull market. The success of its airdrop signifies the importance of designing a proper token distribution and capital markets operations.
QUICK BITES
Gemini-NYAG reached a $50M settlement.
Nigeria drops tax charges against Binance executives.
Taiwan starts a crypto advocacy body with 24 entities.
Paul Ryan calls on the US to fight China with stablecoins.
MicroStrategy increases convertible note offerings to $700M.
Deutsche Telekom will mine BTC in addition to running nodes.
NOTEWORTHY READS & MEME
On the look out for Trabucco
— Frank ChapEurro (@fintechfrank)
5:10 PM • Jun 16, 2024
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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.