ChainLinkGod

The competitive landscape for oracles is starting to look like a blue Pac-Man with how much marketshare @chainlink has been eating up lately

Chainlink's $66B+ Total Value Secured (incl borrows) in DeFi is more than 8x the second place oracle

TVS = market's trust in an oracle

Chainlink is a network of networks?

Always has been 🌏👨‍🚀🔫👨‍🚀

The first crypto app to break into the mainstream will be a stablecoin payment and savings app

A PayPal/Vemno UX with yield-bearing stablecoins under the hood

- Non-custodial
- No KYC
- Fiat on/off-ramps
- Gas abstraction
- Chain agnostic
- On-device signing
- MPC cloud backups
- Basic curated DeFi

The challenge here is not technical, but rather the legal, UX, and user distribution

Just takes one app to crack this, and it’ll probably be a household name you already know

From there, you can easily expand into more use cases and more onchain assets as you own the user relationship

$ETH economics look bleak, here's some numbers from the past year

L2 networks generated ~10x more profit than Ethereum L1 generated in blob fees

L2 networks had an average 80.7% profit margin ($139M in revenue - $28.6M in L1 costs = $110.4M in L2 profits)

Ethereum L1 made only $12M in blobs fees from L2s (~$16.6M in settlement fees)

@base was the most profitable L2, with a profit margin of 93.9% ($80.4M revenue - $5.2M L1 costs = $75.2M profit), accounting for 68% of all L2 profits

Ethereum L1 charged $16.53/MB for DA blobs (708GB for $12M in fees from 31 protocols)

While @celestia charged only $0.09/MB for DA blobs (2.53TB for $234K in fees from 22 protocols)

In effect, Alt DA was 180x cheaper than Ethereum L1 blobs

Obviously these are all backward facing numbers, and the future could look completely different

But these L2 margins are not looking favorable for the L1 and altDA will only continue to get more competitive