ChainLinkGod
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• An AI/business intelligence firm
• A Utah medical cannabis clinic
• A defunct Japanese hotel operator
• A sportsbook/casino affiliate shop
What do they have in common?
Diluting shareholders / issuing debt to buy crypto, completely unrelated to their legacy business
Might be the PTSD talking, but I’m getting 2022 vibes here
• A Utah medical cannabis clinic
• A defunct Japanese hotel operator
• A sportsbook/casino affiliate shop
What do they have in common?
Diluting shareholders / issuing debt to buy crypto, completely unrelated to their legacy business
Might be the PTSD talking, but I’m getting 2022 vibes here
To understand why competing oracles have been pushing so much fud recently, look no further than Chainlink’s growing dominance
434+ integrated protocols
$65B+ TVS (incl borrows)
68.5%+ market share
In contrast, when your oracle is statistically irrelevant and shrinking, you naturally get desperate
Just business
434+ integrated protocols
$65B+ TVS (incl borrows)
68.5%+ market share
In contrast, when your oracle is statistically irrelevant and shrinking, you naturally get desperate
Just business
Abstract
Apechain
Aptos
Arbitrum
Astar
Avalanche
B2
Base
Berachain
Bitlayer
Blast
BNB Chain
BOB
Botanix
Celo
Core
Corn
Cronos
Cronos zkEVM
Ethereum
Fraxtal
Gnosis
Gravity
HashKey Chain
Hedera
Hemi
Hyperliquid
Ink
Kroma
Lens
Linea
Lisk
Mantle
MegaETH
Merlin
Metal L2
Metis
Mind Network
Mint
Mode
Monad
Moonbeam
Moonriver
OP Mainnet
opBNB
Plume
Polygon
Polygon zkEVM
Ronin
Rootstock
Scroll
Sei Network
Shibarium
Solana
Soneium
Sonic
Starknet
Superseed
Taiko
Treasure
TRON
Unichain
Wemix
World Chain
X Layer
Zicuit
ZKsync
Zora
All powered by Chainlink
Apechain
Aptos
Arbitrum
Astar
Avalanche
B2
Base
Berachain
Bitlayer
Blast
BNB Chain
BOB
Botanix
Celo
Core
Corn
Cronos
Cronos zkEVM
Ethereum
Fraxtal
Gnosis
Gravity
HashKey Chain
Hedera
Hemi
Hyperliquid
Ink
Kroma
Lens
Linea
Lisk
Mantle
MegaETH
Merlin
Metal L2
Metis
Mind Network
Mint
Mode
Monad
Moonbeam
Moonriver
OP Mainnet
opBNB
Plume
Polygon
Polygon zkEVM
Ronin
Rootstock
Scroll
Sei Network
Shibarium
Solana
Soneium
Sonic
Starknet
Superseed
Taiko
Treasure
TRON
Unichain
Wemix
World Chain
X Layer
Zicuit
ZKsync
Zora
All powered by Chainlink
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's $66B+ Total Value Secured (incl borrows) in DeFi is more than 8x the second place oracle
TVS = market's trust in an oracle
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
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
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
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