In this issue:
zkSync Era Gains Steam
How to Use ChatGPT for Crypto Research
L2 Gas Consumption Hits Record high
Trader Joe Trading Volume Explodes
Rundown of Arbitrum Drama
What the Rise of Music Streaming Can Teach Us About Crypto
Amazon’s Big NFT Push
zkSync Era Gains Steam
zkSync Era, zkSync’s new zkEVM chain, has quickly attracted attention. Airdrop hunters, Ethereum early adopters, and DeFi enthusiasts have been bridging to the chain.
zkSync Era TVL has already climbed above $47 Million:
How to use ChatGPT for Crypto Research
AI and ChatGPT have taken over the Internet recently. In this unique and helpful thread, 0xsurferboy shows step-by-step how to use ChatGPT to upgrade your crypto research:
L2 Gas Consumption Hits Record High
The most interesting crypto chart I saw this week. Arbitrum, zkSync Era, Polygon’s zkEVM, and ImmutableX pushed Ethereum Layer 2 activity higher. The result of this was that Layer 2 contracts consumed 18% of Ethereum gas at one point last week.
Food for thought: what happens once Layer 2 activity rises another 10X and they’re consuming a majority of Ethereum gas? Will Ethereum main net be too expensive for individuals?
Trader Joe Trading Volume Explodes
Trader Joe’s liquidity book has been offering low slippage trades, especially on ARB. This pushed its daily volume over $150M at one point last week, up from under $10M in January. On that day, Trader Joe was the second largest DEX by volume across all chains.
Trader Joe volume from DefiLlama.
Rundown of Arbitrum Drama
After being mostly offline for a few days, I came back yesterday to the drama surrounding Arbitrum’s failed governance proposal to transfer ARB tokens to the Arbitrum Foundation. TLDR: Arbitrum Foundation proposed to transfer 750M tokens from the Arbitrum DAO to the; after this proposal was voted down, the Foundation said that it was actually only a ratification of a decision that had already been made.
This thread summarizes the situation nicely:
And Arbitrum’s response and efforts to rectify the situation yesterday:
What the Rise of Music Streaming Can Teach Us About Crypto
Regulators and banks have made crypto a target recently. If they succeed in passing regulation, they might feel like they’ve won. But once a technology’s time has come, its market dominance is all but inevitable. Consider the example of the DMCA and streaming services:
Amazon’s Big NFT Push
As new details emerge about Amazon’s push towards NFTs, it appears they may going in heavier than many people anticipated. CryptoCondom lays out what we know in this thread:
That’s all for this week. For more frequent content, follow me on Twitter, YouTube, and Instagram.
Until next time,
Patrick Scott
Dynamo DeFi
👍