Michael Nadeau @JustDeauIt Twitter profile | Pikagi

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Michael Nadeau

@JustDeauIt

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Founder @ The DeFi Report | Industry-leading research, market insights and onchain data: The Signal Podcast:

Not Financial Advice

https://t.co/92DopDRfKC

Joined May 2020

Don't wanna be here? Send us removal request.

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@JustDeauIt

Michael Nadeau

2 months

So now you’re gonna tell me that: 1. Bitcoin just experienced its first 33% correction of the bull run (two prior 20% + corrections). SOL corrected 45% (two prior 45% + corrections). ETH 38% (two prior corrections of 30% and 32%). 2. Funding rates have fully reset. Supply

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@JustDeauIt

Michael Nadeau

30 days

. @Uniswap did 81% of @coinbase trading volume in Q2. It did 65% of @RobinhoodApp 's volume. Meanwhile, Uniswap has just 3% of Coinbase's workforce and 4% of Robinhoods. A 🧵on @Uniswap 's market share within crypto across 6 different KPIs using @tokenterminal new dashboard

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Michael Nadeau

2 months

Ethereum fees were down $679m in Q2 (57%), while the network turned inflationary. If you want to understand why, you need to understand this chart. Here's what's going on: Ethereum Improvement Proposal (EIP) 4844 was implemented on March 13th. It was the most important network

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Michael Nadeau

3 months

If a company doesn't pay dividends, does that mean its shares are worthless? The crypto markets seem to think so. Why? Because there is this perception in crypto that *if value doesn't accrue to the token, it's a worthless governance token.* Which is akin to saying "if a

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Michael Nadeau

3 months

The perception in the market seems to be that Solana is stealing users from Ethereum. But we really aren't seeing this in the data. Here we're looking at active users on Solana vs Ethereum + the top L2s since inception. We can see that Solana briefly surpassed the Ethereum

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Michael Nadeau

4 months

ETH is a more reflexive asset than Bitcoin. But we haven't seen this expressed just yet in a bull market post-merge, post-EIP1559, and post-ETH ETF. 5 reasons why it's more reflexive, and why I expect to see ETH outperform BTC in the latter half of this cycle: 1. Ethereum's

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Michael Nadeau

1 month

. @aave currently has a 64% market share in the lend/borrow market, 4.6x more active loans than its #2 competitor, and 6.3x more TVL than the top two @solana lend/borrow apps combined. A quick thread on @aave onchain data using @tokenterminal new dashboard feature 👇

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@JustDeauIt

Michael Nadeau

20 days

The most important metrics for an L1 that nobody ever talks about: The number of successful apps built on top, i.e. the “GDP” of the ecosystem. Ethereum is still king on this one. Here’s the breakdown across the entire landscape (top 20 projects by 365-day fees): Ethereum:

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Michael Nadeau

2 months

The most interesting fintech battle for the next 5 years is going to be @coinbase vs @RobinhoodApp . Below are some of the battlefronts they’ll be competing on: 1. Trading. Coinbase charges trading fees, Robinhood does not. 2. Tokenization. Robinhood is already a registered

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@JustDeauIt

Michael Nadeau

4 months

Current thoughts on potential flows into the ETH ETF when it starts trading: First, let's set the benchmark: BTC Bitcoin is: 1. 3x the size of ETH in terms of market cap. 2. Future contracts trade 10x the volume of ETH. 3. Spot trading has about 2x the volume of ETH. 4. Has

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@JustDeauIt

Michael Nadeau

4 months

Are the Ethereum DeFi OGs undervalued? - Uniswap has a Price to Fees ratio of 9.6x. It did $807m in fees in the last year and has 137 employees per LinkedIn. - MakerDAO is at 6.9x. It did $252m in fees last year and has approximately 100 employees. - Aave is at 2.8x. It did

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@JustDeauIt

Michael Nadeau

4 months

3.9 million ETH were withdrawn from exchanges over the last week (3.2% of the total circulating supply). The amount of ETH on exchanges today is now at its lowest level since September 2015 (!) I wonder if the "experts" calling ETH "silver," while projecting 10-20% of BTC's

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Michael Nadeau

6 months

👀 SUI has seen 5x more inflows from Ethereum over the last 3 months than Avalanche and 78% more than Solana. The data is important as it gives us a view into which L2s or alternative L1s could be pulling users and economic activity out of Ethereum. A few takeaways from we've

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Michael Nadeau

3 months

The ETH/BTC chart looks primed for a breakout. Some thoughts on the ETH ETFs — which are set to begin trading on July 23: 1. Flows. I'm expecting flows into the new ETH products to be somewhat proportional to BTC/ETH market caps. ETH is about 32% of BTC today. 2. BTC ETFs have

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@JustDeauIt

Michael Nadeau

17 days

If only the shorts had access to @CelestiaOrg dashboards on @artemis__xyz they would have known that Celestia recently passed Ethereum in terms of DA market share, and that it's most important KPI grew 2,559% over the last 6 months. Data: @CelestiaOrg Data Posted to DA Layer

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@cburniske

Chris Burniske

19 days

If I had to guess, overcrowded $TIA shorts continue to get blown out as crypto develops momentum, and short trade is too crowded at this point, making the funding rate unsustainable (shorts still paying nearly 300% annualized). As the funding rate gets less insane, TIA then

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@JustDeauIt

Michael Nadeau

5 months

Current tailwinds for ETH: 1. @coinbase pushing its users (over 100 million verified users) onchain to Ethereum via @base L2. 2. The Ethereum Foundation continues to execute (The Merge, Shanghai upgrade, EIP4844, etc). The network is scaling in a modular format. 3. Network

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Michael Nadeau

2 months

1/8 A quick 🧵on stablecoin activity on @ethereum & L2s Starting with all-time transfer volume: @circle the clear leader with over $10t of all-time volume on the L1. USDC volume was up 14% on the qtr and 37% on the year. USDT saw zero growth in Q2 and was up 37% on the year.

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Michael Nadeau

2 months

Since going public in '21, @coinbase has successfully diversified its revenue lines. And the market is rewarding them. Case & point: 1. Revenue from transactions/trading made up 87% of Coinbase's revenue in Q2-21. *In Q2-24 trading was 50% of top line revenue.* 2. Revenue

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@JustDeauIt

Michael Nadeau

3 months

Every quarter I spend a few days combing through onchain data to compile Ethereum's financial performance so that you don't have to. A 🧵on the L2 sector performance in Q2: Active users: L2s now have 6x that of the L1 (up from 3x last qtr) Data: @tokenterminal

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Michael Nadeau

6 months

👀Where's the hot ball of money flowing throughout the top L1s and L2s? A quick breakdown over the last 3 months: 1. The big winner? @arbitrum has seen over $2b in net flows. 2. The big loser? Ethereum. The L1 has seen over $3b in net outflows. However, this is offset by $3b

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Michael Nadeau

4 months

The Ethereum Ecosystem has over 27 million monthly active users today. The chart below visualizes how Ethereum is successfully executing on its scaling roadmap: 1. User growth on the top L2s is up over 225% over the last 2 years. 2. L2s are competing against each other,

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Michael Nadeau

3 months

1/ Ethereum is executing on its roadmap. The network is scaling via L2. We'll have an ETF trading this summer. Larry Fink won't stop talking about tokenization. And we're on the cusp of rate cuts. It's a good time to be bullish. But should you own ETH? L2s? Or both? A 🧵👇

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Michael Nadeau

2 months

An overly simplistic view. When analyzing ETH as an investor, the most important thing to pay attention to is the network effect of ETH the asset. This is what this view misses. L2s drive demand for ETH the asset because you need ETH to transact on them. Just like you need

@MaxResnick1

Max Resnick

2 months

Base is not Ethereum it is Base Arbitrum is not Ethereum it is Arbitrum Optimism is not Ethereum it is Optimism L2s are not extensions of the L1. It's like saying if YouTube posts videos to the Ethereum L1, then YouTube is an extension of Ethereum.

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Michael Nadeau

5 months

Coinbase is creating a template for financial service providers on how to compete in the next iteration of the internet. My views on how @base is strategic for the next 10 years of growth for Coinbase (and why others should be paying attention): 1. "Onchain is the next

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Michael Nadeau

5 months

10 ideas from @StephanieKelton 's documentary "Finding The Money (MMT):" 1. The national debt = safe assets. It's just our savings. 2. We could replace the word "debt" with "surplus" 3. The "National Debt Clock" should say "The National Savings" clock. Gov't debt = private

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Michael Nadeau

11 months

This chart still amazes me for two reasons: 1. The level at which Ethereum was over-compensating its miners prior to the merge (80% reduction in overhead) 2. How insanely profitable Ethereum is going to be in the next cycle. Solana is getting a lot of well-deserved attention

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Michael Nadeau

1 month

👀Always a bottom signal when the pitchforks come out for @BanklessHQ As an aside, imagine being upset at a podcast for having people on with differing views and opinions? For being intellectually honest? ___ The most illogical, irrational, and emotional voices often receive

@ryanberckmans

Ryan Berckmans ryanb.eth

1 month

The degree to which the Ethereum community incorrectly assumed that Bankless was dedicated to Ethereum can't be understated. Everybody thought they were the ETH media arm. We lionized them, shared their content endlessly, helped connect them to great guests and content, etc.

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Michael Nadeau

2 months

It's quite fashionable to hate on ETH right now. Especially if you think L2s are somehow bearish for the network. This is typically the type of sentiment I like to see before buying my favorite crypto assets. Because I promise you that the issuers of the ETH ETF selling it

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Michael Nadeau

6 months

Imagine being bullish on the internet in 2001 and having the ability to express your view via Amazon *and* get paid a yield in AMZN while the company scaled? In my opinion, this is how Wall Street should think about ETH. Historically, we've seen a big rotation from Bitcoin to

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Michael Nadeau

1 month

The aggregate stablecoin supply chart is the most important chart in crypto. And it's back on the rise. A few observations within the stablecoin space since Bitcoin broke through its all-time high in March: - Tether supply is up 14% - USDC supply is up 13% - DAI supply is

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Michael Nadeau

2 months

Price moves first. Then narrative. Then fundamentals Which can further feed on price. ___ That��s how it works in crypto. The latest expression of this was @solana . In the last cycle, Solana did a 30x before the blockchain had any material fundamentals (devs, apps, TVL,

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Michael Nadeau

2 months

👀 @blackrock ETH ETF generated 2.4x the flows on day 1 of trading vs it's BTC ETF Meanwhile, @Fidelity BTC ETF did 3x their ETH ETF on day 1. But the big takeaway in the comp data here from Bloomberg is the difference in the outflows from the Grayscale products: ETH had 5x

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@JustDeauIt

Michael Nadeau

2 months

@TB5bets Appreciate the input here 🤝

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@JustDeauIt

Michael Nadeau

3 months

The top L2s combine for 4.7x the number of daily active addresses on Ethereum today. Arbitrum is the first L2 to surpass Ethereum L1. Base is right behind. --- Last week we shared a data-driven deep dive covering: - L2 data vs Ethereum - L2 token utility/demand vs ETH - L2

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@JustDeauIt

Michael Nadeau

4 months

👀Jito is currently generating nearly as much fee revenue as Solana (!) That's right. @jito_sol , which has 10 employees per LinkedIn is doing almost as much revenue as Solana, the 3rd largest smart contract network with a market cap of $71 billion. How is this possible? After

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@JustDeauIt

Michael Nadeau

2 months

Market corrections are a great time to re-visit fundamental analysis and your big-picture thesis. If you liked ETH at $2,400 in '21 , do you still like it at $2,400 in '24? --- ETH has seen the largest drawdown of the big 3 but still has strong fundamentals and catalysts.

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Michael Nadeau

2 months

Most of the L2s that were launched over the last year will fail. I'm not talking about Arbitrum, Optimism, Base, or zkSync. But everything else looks similar to what we saw in the DEX market after Uniswap. A lot of copy/paste, slightly differentiated tech, buzzwords, and

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@JustDeauIt

Michael Nadeau

3 months

48.4% of assets bridged from Ethereum L1 have been moved to @arbitrum . Speaking of Arbitrum, here's where they rank across the most important KPIs within the L2 ecosystem: 1. Total Value Locked: #1 (Aave #1 driver) 2. Daily active addresses: #1 (the only L2 averaging more

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Michael Nadeau

4 months

Would you rather own ETH or a basket of L2s? A framework for relative analysis: 1. Price to Sales: ETH has a 365-day P/S ratio of 156. ARB,OP,STRK come in at 194 (fully diluted). 2. Token Unlocks/Change in circulating supply: ETH was deflationary last year (-.28%) and is on

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@JustDeauIt

Michael Nadeau

24 days

Ethereum fees are down 99% since March. Yet the network has still done 7x the fees of Solana over the last year. But how should the two networks be compared? Should we include L2s? And how does Solana stack up against all of Ethereum's L2s combined? A quick 🧵analyzing

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@JustDeauIt

Michael Nadeau

4 months

A bullpost to offset a lot of bear takes on the timeline: ETH price has aggressively shot through the trend line in non-zero wallets (proxy for users) in its first two cycles. The trend line in wallets points to fair value of $6k/ETH in one year. If price overshoots again by

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@JustDeauIt

Michael Nadeau

5 months

Do fundamentals matter in crypto? As much as I'd love to say yes, it's hard to make the case when observing the financials of quality projects such as @aave , @Uniswap , @MakerDAO , and @LidoFinance — which have combined 365-day revenues of $1.9 billion over the last year.

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@JustDeauIt

Michael Nadeau

22 days

. @base has a very clear play book for bringing the masses onchain, and it's working. Here it is in 4 stages, with onchain data from @tokenterminal to show progress: 1. Build a Powerful Developer Platform. *Allow anyone to build world-class onchain products: Data:

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@JustDeauIt

Michael Nadeau

9 months

@hosseeb Manta New Paradigm program. Running a similar playbook to Blast: 1. offering native yield on Ethereum and USDC at a rate of 4-5%. Yield comes from staking ETH and US Treasury Bonds. Deposited funds locked for 69 days. 2. Depositors get a future airdrop of the Manta token.

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Michael Nadeau

4 months

A simple framework for ETH's (and BTC's) potential valuation this cycle: 1. The total crypto market cap reached $3 trillion in the last cycle. This was a 3.8x increase on the high-water mark from the '17 cycle. 2. A 3.3x multiple in this cycle gets us to a $10 trillion total

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@JustDeauIt

Michael Nadeau

26 days

1/7 Bitcoin’s market cap is more than 4x that of Ethereum. Meanwhile, Bitcoin: 1. Has very little innovation compared to Ethereum. 2. Is Turing incomplete (limited script language). 3. Has a fraction of the apps on Ethereum. 4. Does not have value accrual to the token (yield).

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@JustDeauIt

Michael Nadeau

6 months

You know things are getting interesting when you see @BlackRock onchain data showing up on @tokenterminal dashboards Below we can observe Blackrock's BUIDL money market fund AUM ($293m AUM currently). Because the fund was issued on Ethereum, the data is public. This means

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@JustDeauIt

Michael Nadeau

16 days

So far in 2024, Ethereum has paid out $1.98b in token incentives to produce $1.83b in fees. Solana has paid out $2.68b in token incentives to produce $338m in fees. The pattern of high to low in terms of cost to produce 1$ of fee revenue over time shows the natural progression

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@JustDeauIt

Michael Nadeau

1 month

7 traits that Howard Marks looks for in finding underpriced assets (from his book The Most Important Thing) 1. The industry must be largely unknown and not fully understood. 2. Fundamentally questionable on the surface. 3. Controversial, unseemly, or scary. 4. Deemed

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Michael Nadeau

5 months

Is @coinbase the most misunderstood company trading on the Nasdaq today? That was the question @oskaritem and I were asking ourselves after conducting our research for episode 5 of The Signal. In many ways, Coinbase looks like it may be following a similar growth trajectory

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@JustDeauIt

Michael Nadeau

1 year

@MattWalshInBos Super shady stuff. Thanks for sharing this great thread

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@JustDeauIt

Michael Nadeau

2 months

@1btc_huang Prove it

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@JustDeauIt

Michael Nadeau

3 months

If you're explaining ETH staking yield to TradFi, how would you compare it to the dividend yield of a stock? Here's one attempt 👇 1. Where does the yield come from? - Dividend Yield = Company earnings. Paid out to shareholders on a per-share basis. - ETH Staking Yield = User

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Michael Nadeau

2 months

@Hooplez_ Cost to mine 1 BTC essentially doubles after the halving. You can see miners gearing up for the halving (selling BTC) in the chart below. Hash rate recently dropped 5% as inefficient miners selling their BTC are being forced to shut down operations. Coming out of this is bullish

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Michael Nadeau

2 months

Lots of people on here are very confused about bot activity on public blockchains. There seems to be this idea that bots are “not real.” It’s fake. Spam. Doesn’t count. We need to remove it from the economic calculations. This is hogwash. Bots create liquidity and bring

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Michael Nadeau

10 days

RWA tokens are by far the best-performing sector in crypto over the last year — up over 1,400% per @artemis__xyz . @MANTRA_Chain (up 50x) and @OndoFinance (up 10x) are leading the charge. But can someone explain to me why we need a Cosmos app chain ( @MANTRA_Chain ) for RWAs?

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@JustDeauIt

Michael Nadeau

29 days

@KyleReidhead Nice analysis Kyle. I just ran this for Ethereum back to 2017. It shows the natural progression of high inflation to low inflation (similar to a startup using investor $ to grow in the early days before transitioning to organic growth by selling products/services) Solana is a

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@JustDeauIt

Michael Nadeau

4 months

Solana is currently doing 6x the fees of the top 7 Ethereum L2s combined. Meanwhile, the L2s have almost twice as many users as Solana (assuming the same users aren't interacting with multiple chains which is possible). This means that @solana has superior unit economics than

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@JustDeauIt

Michael Nadeau

2 months

Should L2s be included with Ethereum data comps? h/t to @_ryanrconnor of @blockworksres for raising this. Paraphrasing: "L2s are part of the supply chain for block space. They are customer-facing. Ethereum is upstream. Nobody says Apple (customer-facing) is an extension of

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Michael Nadeau

11 months

The reflexivity of crypto markets would make George Soros blush. Price moves first. Then on-chain activity picks up. Which drives further price action. Which drives media coverage. Fomo. More on-chain activity. And more price discovery. Ethereum hit over $10m in daily fees the

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Michael Nadeau

9 months

The Q4 issue of 𝐓𝐡𝐞 𝐄𝐭𝐡𝐞𝐫𝐞𝐮𝐦 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐅𝐫𝐚𝐦𝐞𝐰𝐨𝐫𝐤 went out to readers of The DeFi Report this morning. Here's what's included in the Q4 update: - History of open standards (and how crypto is the latest expression) - Why Now? Phases technological

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Michael Nadeau

5 months

Hey @GaryGensler , are you aware of The Ethereum Investment Framework? It has literally every data point on Ethereum from inception — powered by data from @artemis__xyz — a data company founded by @Harvard MBA's. I'll leave a link to the Q1 issue here for you:

@wmougayar

William Mougayar

5 months

Gary Gensler told @SquawkCNBC @andrewrsorkin he would rather not talk about crypto saying it’s a small part of the overall capital markets and doesn’t deserve the attention it’s getting. Gensler asks “where are the financial reports for these crypto tokens”? He doesn’t

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Michael Nadeau

4 months

Could @base catalyze a data monetization opportunity for @coinbase on par with Google search? Why you should keep an eye on this: @coinbase could end up owning 1) the user onboard, 2) the wallet, 3) the infrastructure for DeFi. DeFi protocols and apps will want user and

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Michael Nadeau

2 years

Fascinating to see ETH still trading up 45% from its June lows, while BTC has made a new bottom. This chart by @tokenterminal explains why.

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Michael Nadeau

1 month

Banger of a pod this week as @oskaritem and I were joined by @soleconomist of @sanctumso to discuss innovation within the liquid staking sector on Solana. Topics covered: - The difference between liquid staking on Solana vs Ethereum - The *key insight* that led FP to realize

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Michael Nadeau

4 months

What % of finance professionals still view Ethereum as "the Euro" or "silver" in comparison to Bitcoin? This is obviously the wrong way to think about Ethereum vs Bitcoin. But what's the right way? What's the correct mental model? --- In my view, you have to separate Bitcoin

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Michael Nadeau

3 months

If you don't understand history, you don't understand crypto. A brief history of open standards/open-source, and how crypto is simply the latest expression of a trend that started decades ago: *1950s: The transistor — a new open standard — collapsed the production cost of

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Michael Nadeau

1 month

. @base onboarded 9.57 million new unique addresses in June and another 9.72 million unique addresses in July. But that’s not the point of this post. The below data below is pulled from @tokenterminal . It is tracking the number of unique wallet addresses that onboard on a

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Michael Nadeau

6 months

Every qtr I spend a week writing The Ethereum Investment Framework while combing through hundreds of KPIs throughout the Ethereum Ecosystem. 10 insights from the Q1 update which was published yesterday. Shout out to @artemis__xyz for supplying the data. A 🧵

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Michael Nadeau

23 days

99% of the $160b + stablecoins circulating in the market are backed by US Dollars (US Treasuries) If you’re a central banker outside the US, this should terrify you (your citizens can now easily swap out of your local currency and you can’t stop it). But if you’re a central

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@JustDeauIt

Michael Nadeau

10 months

10 things to like about @MarinadeFinance — the largest liquid staking solution on @solana : 1. First to market with liquid staking on Solana and bootstrapped with zero investors. 2. Close ties to the Solana Foundation. 3. Integrated with every major Solana DeFi project (via

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Michael Nadeau

7 months

Solana is now the #1 blockchain for stablecoin transfers. Here's a quick breakdown of settlement volumes over the last 6 months by chain: 1. Solana: $1.7 trillion 2. Ethereum: $1.1 trillion 3. Tron: $869 billion 4. BNB: $139.3 billion 5. Arbitrum: $113 billion 6. Polygon: $42

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Michael Nadeau

4 months

Ethereum became profitable from an onchain perspective (fees exceeded token issuance) in 2023 despite its annual fees dropping 75% from '21. How this happened reveals the efficiency of a proof of stake network vs proof of work (Ethereum's security/operating costs dropped 80%

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Michael Nadeau

2 months

It’s the social consensus, stupid. Public blockchains are just new accounting systems for the internet. Bitcoin is simply data that you can self-custody, recorded on a transparent ledger. *But there is demand for that data based on the social construct that comes with

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@JustDeauIt

Michael Nadeau

3 months

New episode of The Signal is live! This week @oskaritem and I had @joe_defi , co-founder of @maplefinance on to discuss how Maple generated $4b of institutional loans onchain + how they are expanding the product offering via Syrup. Watch/listen 👉

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@JustDeauIt

Michael Nadeau

20 days

The Path to $10 Trillion of Stablecoins is live with @mcarrica , Co-Founder of @MountainUSDM I'm biased but I think this is one of the best episodes on stablecoins that you'll find. If you find it insightful, please re-tweet so as many people (and policymakers) view it as

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@JustDeauIt

Michael Nadeau

1 month

What does the stablecoin market look like in 5 years? It's a fascinating question to explore. Because it seems obvious that global payments will move toward stablecoins on global accounting ledgers (public blockchains). Dollars will become crypto dollars. Euro's will be

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@JustDeauIt

Michael Nadeau

3 months

ETHs all-time correlation coefficient with the S&P500: .25 Wall Street is going to love this. Data: @tokenterminal

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@JustDeauIt

Michael Nadeau

3 months

👀is @SuiNetwork pulling develper talent away from Solana? A quick breakdown of GitHub code commit activity over the last 6 months: 1. SUI: 3.9k code commits 2. Aptos: 2.8k code commits 3. Solana: 2.8k code commits 4. Sei Network: 747 code commits Some food for thought: 1.

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@JustDeauIt

Michael Nadeau

2 months

Your mental model for L2s as "extensions of Ethereum" or "separate blockchains with separate economics" is flawed. Try this framework instead 👇 Every product in a marketplace has *substitutes and compliments.* A substitute is another product you might buy if the first

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@JustDeauIt

Michael Nadeau

4 months

The most important Ethereum chart I'm keeping an eye on right now. It shows Ethereum's fees (green) vs token incentives (pink). We can see that in Sept. of 2022, Ethereum's token incentives dropped off a cliff. This happened when the network moved to proof of stake. And it

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@JustDeauIt

Michael Nadeau

4 months

@EricBalchunas They’re a better team.

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@JustDeauIt

Michael Nadeau

3 months

Over the last year, the top Ethereum L2s have combined to do 10.9% more in fees than Solana. But the L2s combine for a circulating market cap of just $11.7b compared to $68b for Solana. Why? In my opinion, it's due to the fact that the market has a clear line of sight in

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@JustDeauIt

Michael Nadeau

1 year

Explosive Ethereum growth is on the way, with layer 2s like Arbitrum, Optimism, and now Base paving the way. Check out my latest piece in @coindesk for more:

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Understanding the Economics of Ethereum Layer 2s

Ethereum is on the verge of enormous growth, aided by the L2 blockchains that complement it.

www.coindesk.com

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@JustDeauIt

Michael Nadeau

3 months

It's truly wild how much quality crypto assets have outperformed traditional assets over the last decade. Let's look at ETH vs the Blackrock Target 60/40 Allocation Fund for example. The below data assumes you bought on the date listed and held to 6/30/24: *6/30/17: 60/40

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@JustDeauIt

Michael Nadeau

17 days

Circle (USDC) circulating supply is currently down 39% from its peak in March of '22. A few thoughts on why this is the case (and why Circle might want to consider shifting strategy). 1. You'll notice @circle 's supply drops off sharply in March of '23. This was due to the

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@JustDeauIt

Michael Nadeau

12 days

Anyone know what happened to all the Tether truthers? 10 mind-blowing data points on @Tether_to that everyone (especially policymakers) should be aware of: 1. Tether met redemptions covering 13.5% of its reserves (over $10b) during the Terra/Luna collapse in '22. This is akin

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@JustDeauIt

Michael Nadeau

22 days

Tether's share of the stablecoin supply has grown from 49% at the peak of the last cycle to 73% today. It’s the only major stablecoin that has increased its circulating supply over the last 3 years. - Circle supply is down 38% (market share is down 12%) - Binance supply is

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@JustDeauIt

Michael Nadeau

4 months

It's nearly 2x as costly to secure Bitcoin than the top 10 alt. L1's combined. Here's the full breakdown over the last year: 1. Bitcoin: $13.14 billion 2. Solana: $2.37 billion 3. Ethereum: $2.18 billion 4. Tron: $1.03 billion 5. Polkadot: $776 million 6. Avalanche: $539

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@JustDeauIt

Michael Nadeau

5 months

Telegram has: - Over 900 million active users - A trusted brand that stands for something while aligning with crypto: 1) freedom to communicate privately, 2) freedom to express yourself publicly, 3) freedom to build your apps and businesses. - A 10x lead on its closest

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@JustDeauIt

Michael Nadeau

6 months

@base is the fastest-growing L2 and it honestly seems like they have an unfair advantage from a: 1. Distribution perspective 2. Organizational perspective (access to talent, industry knowledge, network & connections) 3. Fewer distractions (no token). @coinbase creating a

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@JustDeauIt

Michael Nadeau

2 months

Observe the market. Some thoughts and observations over the last few months and more recently. 1. Local top signs were there from a sentiment perspective. The most egregious was when Trump did an interview last week saying we could "use Bitcoin to pay off the national debt."

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@JustDeauIt

Michael Nadeau

3 months

Uniswap still controls nearly 60% of DEX trading volumes and it tells an interesting story about network effects as it pertains to open-source software. Despite the fact that anyone can arbitrarily spin up a competitor to @Uniswap , they've dominated the market from day 1.

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@JustDeauIt

Michael Nadeau

3 months

A visualization of Ethereum's infrastructure being commoditized: In the chart below we can see a big drop off in the pink stacked bars -- which represent the combined "cost of revenue " (settlement fees paid to ETH L1) for some of Ethereum's top L2s. During Q2, average

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@JustDeauIt

Michael Nadeau

2 months

If you're interested, you can download a copy of The ETH Report and Investment Framework here:

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The ETH Report | The DeFi Report

A data-driven report covering everything you need to know about Ethereum and it's surrounding ecosystem.

thedefireport.io

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@JustDeauIt

Michael Nadeau

7 months

I recently had the chance to sit down with @KimG_Marketing of @CoinDesk to share some thoughts on Ethereum and why I created The Ethereum Investment Framework. For those wondering how Ethereum differs from Bitcoin, this interview is for you. ---- While Bitcoin is having its

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Michael Nadeau

3 months

Active addresses/users on L2 only: @arbitrum averaging more than Ethereum now. @base in the number 2 spot. Data: @tokenterminal

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Michael Nadeau

30 days

In terms of active users, @Uniswap currently has a 60% market share — twice as high as one year ago. Uniswap had over 9 million active users in August. For reference, Coinbase has 8 million monthly active users. Robinhood has 13.7m. Data: @tokenterminal 2/7

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@JustDeauIt

Michael Nadeau

3 months

Lots of alpha in the comments for investors and builders 👇 I'll summarize some insights here: 1. "UNI tokens don't give you legal claims on equity" was the most common response. My response is: "how many people buy stocks because they get liquidation preferences?" (after

@JustDeauIt

Michael Nadeau

3 months

If a company doesn't pay dividends, does that mean its shares are worthless? The crypto markets seem to think so. Why? Because there is this perception in crypto that *if value doesn't accrue to the token, it's a worthless governance token.* Which is akin to saying "if a

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Michael Nadeau

3 months

Fees - L2s as a % of Ethereum: 13% in Q2 This is down from a peak of nearly 20% in Q4 of last year. Largely due to EIP4844. Data: @tokenterminal

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