poopmandefi

Every time I look at the cause of stablecoin depeg, it's always the same story.

Algo stables depeg because they use volatile collateral for their token flywheel.

Centralised stable is usually affected by third party events / transparency issue but repeggable most of the time.

Hey $hype stop pumping and bullying me.

Alright bro $sUSDe is eating.

I don't understand why people think the GENIUS Act is bearish for DeFi.

The framework actually protects existing stablecoin holders by providing greater transparency (Like monthly reserve report) in exchange for federal oversight

This is how institution will come and trust us.

$Aave is a no brainer

If I’m in an interview and I have to name one CT I look up to, It has to be @0xngmi.

Actual builder with god tier knowledge of all things crypto, not larping and extremely vocal.

Honestly there is no second best.

Many asked what is REV.

Real Economic Value (REV) = Transaction fee and tips that users are paying for.

Each has its own reason for adoption:

🥇 SOL = Meme and Launchpad
🥈 Tron = Stablecoin Txs
🥉 ETH = DeFi

While this is not the best metrics to measure the value of a chain, it shows how effectively chains capture value from users.

ETH L2s generate lower REV due to cheaper fees and fewer trading tokens, but they served the purpose of fast transactions while inheriting EVM and ETH's security.

Centralised L1 like Tron high REV comes from higher fees and strong regional adoption, which is a deep rooted "culture" likely to continue without major market disruption.

SOL is in the best scenario, strong REV + strong app revenues by acting as the bridges between retails and blockchain, effectively filling the role L2s were meant to play.

With that being said, each chain has it owns purpose of adoption (E..g, ETH for secruity, BNB for exchanges alpha / listing play etc) so existing chains would enjoy the REV they are capturing now for that purpose.

But moving forward, I expect all the upcoming chains will try to maximize their REV from user adoption, since this is what makes the fundamental strong , attract bid and eventually gain adoption.

Anyway, here's the dashboard to REV by @blockworksres.

Look, Fat App Thesis is true.

First, 50% of the fee on Solana today is captured by apps but not the chain.

Second, there is too many infra, too little good apps. The strongest moat of a chain becomes the apps they support, the brand, and hence the users.