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The velocity of deposits to @katana has increased with over $135M deposited. But the TVL this represents isn't the important part. It is the split of assets:
💵 over 50% in stablecoins
Ξ over 25% in ETH
₿ less than 25% in BTC
This split is consistent with the value that each of the assets drives in a DeFi ecosystem.
I suspect that at some point a significant amount of BTC will be deposited that throws off this mix but I expect it to be temporary and show interest that attracts even more stablecoins.
💵 over 50% in stablecoins
Ξ over 25% in ETH
₿ less than 25% in BTC
This split is consistent with the value that each of the assets drives in a DeFi ecosystem.
I suspect that at some point a significant amount of BTC will be deposited that throws off this mix but I expect it to be temporary and show interest that attracts even more stablecoins.
See you all at @stable_summit Cannes in less than two weeks!
Looking forward to talking stablecoins with payments builders.
Looking forward to talking stablecoins with payments builders.
Sequencer fees to @katana users for the win
KAT tokenomics: cooler than you know.
There’s an intentional balance: short term value with opportunities for people to stake and earn yield and long-term ability to benefit from the value that exists when network effects have built up sufficiently for bridge yield sequencer fees, and AUSD yields to no longer be a major reason that people use Katana.
Earn from apps in the ecosystem in the short run and from the chain in the long run.
There’s an intentional balance: short term value with opportunities for people to stake and earn yield and long-term ability to benefit from the value that exists when network effects have built up sufficiently for bridge yield sequencer fees, and AUSD yields to no longer be a major reason that people use Katana.
Earn from apps in the ecosystem in the short run and from the chain in the long run.
There will be nothing better than sustainable yields on @katana.
People digging into @katana often over complicate things for themselves. It is actually quite simple:
Use apps -> trade/borrow/lend with less slippage and volatility -> earn more yields
It’s that simple for users ⚔️
Use apps -> trade/borrow/lend with less slippage and volatility -> earn more yields
It’s that simple for users ⚔️
If we want billions of users onchain, we can’t expect them to understand which chain, which asset, or which bridge to use.
They won’t, and they shouldn’t have to.
When the internet went mainstream, it wasn’t because people learned TCP/IP. It was because protocols made it all disappear in the background.
That’s the direction we’re going and Agglayer is a key step. Short explainer video coming soon 👀
They won’t, and they shouldn’t have to.
When the internet went mainstream, it wasn’t because people learned TCP/IP. It was because protocols made it all disappear in the background.
That’s the direction we’re going and Agglayer is a key step. Short explainer video coming soon 👀
We're not here to see a fork of the latest defi app and slap a new logo on it.
We want @katana to cause a reset.
A realignment between users, apps, and chains to build actually useful things that users want.
This include apps with amazing experiences and building a chain that allows for sustainable returns and liquidity through actual usage, not just token emissions.
We do not care about TVL for TVL’s sake. We care about capital that's alive, moving, and building. That's productive TVL.
We want @katana to cause a reset.
A realignment between users, apps, and chains to build actually useful things that users want.
This include apps with amazing experiences and building a chain that allows for sustainable returns and liquidity through actual usage, not just token emissions.
We do not care about TVL for TVL’s sake. We care about capital that's alive, moving, and building. That's productive TVL.
One fun thing about @katana is that it is both simple and complex.
It is simple: deeper liquidity and higher yields by funneling liquidity into core apps.
It is complex: mechanisms to permissionlessly enshrine core apps bring you down so many rabbit holes with fun degen stuff that can be built around them.
It is simple: deeper liquidity and higher yields by funneling liquidity into core apps.
It is complex: mechanisms to permissionlessly enshrine core apps bring you down so many rabbit holes with fun degen stuff that can be built around them.
There is a real cost to idle TVL. Chains are securing idle assets but receiving no value from them. At best, the value they receive is the availability of those assets to users at any time they want them. But that benefit only exists in a world of a bad onboarding experience.
Katana will have lower TVL, easier onboarding, and significantly more activity than other chains.
Users win: They can bring their assets to the chain only when they need it.
Apps win: Users can bring assets to the chain easily and use them to drive fees for apps.
Chain wins: Incurs no security cost while incurring fees from users who are active.
Katana will have lower TVL, easier onboarding, and significantly more activity than other chains.
Users win: They can bring their assets to the chain only when they need it.
Apps win: Users can bring assets to the chain easily and use them to drive fees for apps.
Chain wins: Incurs no security cost while incurring fees from users who are active.
One thing @katana will show is that having less TVL but having more productive TVL makes for a better ecosystem. Apps make more money, users get more value, and the chain is a place for constant exchange of value rather than dead capital.
katana is where defi grows up
It has become a custom for chains to launch and target the highest TVL possible. This is a mistake. Not all TVL is created equal:
1. Productive TVL (i.e., TVL actively used in an ecosystem) is much more valuable than passive TVL, which is a cost to the ecosystem with no benefit.
2. Stables are more valuable than BTC given the greater borrowing and trading in those assets.
From day 0 of @katana, we’ve decided to do it the hard way: bring in valuable, productive TVL. Don’t go for inflated TVL that has negative value. This means TVL on katana will be lower than other ecosystems. But the value the TVL drives will be much higher.
1. Productive TVL (i.e., TVL actively used in an ecosystem) is much more valuable than passive TVL, which is a cost to the ecosystem with no benefit.
2. Stables are more valuable than BTC given the greater borrowing and trading in those assets.
From day 0 of @katana, we’ve decided to do it the hard way: bring in valuable, productive TVL. Don’t go for inflated TVL that has negative value. This means TVL on katana will be lower than other ecosystems. But the value the TVL drives will be much higher.
just scored 5 KAT in a @katana krate ⚔️ https://app.katana.network
If you can turn off servers you run and people cannot submit new transactions on the chain using those servers, then your chain is not decentralized. This isn’t a hard concept.
But, it doesn’t matter that your chain isn’t decentralized for most use cases as long as you can guarantee most of the benefits of decentralization as a rollup with an existing proof system.
Just admit your chain isn’t decentralized and then explain why it doesn’t need to be to give users the protections that web2 can’t provide.
But, it doesn’t matter that your chain isn’t decentralized for most use cases as long as you can guarantee most of the benefits of decentralization as a rollup with an existing proof system.
Just admit your chain isn’t decentralized and then explain why it doesn’t need to be to give users the protections that web2 can’t provide.
If you still think people aren’t using Polygon for payments, see last month's stablecoin numbers:
$134B transfer volume (+33% mo/mo)
$2B supply (+8%)
68x velocity (prev 56x)
5M active addresses (+16%)
67M transfers (+9% / passing Tron at 65.8M)
$134B transfer volume (+33% mo/mo)
$2B supply (+8%)
68x velocity (prev 56x)
5M active addresses (+16%)
67M transfers (+9% / passing Tron at 65.8M)
The best UX is the one where people don’t even know they’re onchain. That’s the goal.
Agglayer lets chains interoperate without needing to share the same security features or trust assumptions.
Chains stay sovereign, but can send assets and messages across chains, which are secured by ZK, finalized with pessimistic proofs. So users get access to all chains and unified liquidity, while chains can build their niche design goals.
Chains stay sovereign, but can send assets and messages across chains, which are secured by ZK, finalized with pessimistic proofs. So users get access to all chains and unified liquidity, while chains can build their niche design goals.
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