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David Alexander II

@megafund

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David Alexander II pfp
David Alexander II
@megafund
Stablecoin growth on @base continues to accelerate, as the total supply in circulation has increased by 100% over the last 30 days and is now more than $2.65B. Base is now positioned to become the largest L2 in terms of total stablecoins in circulation. All of this despite a significant market downturn.
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David Alexander II
@megafund
Introducing Ferrule, a cryptoeconomic primitive leveraging EigenLayer to fully decentralize @farcaster Just in time for @farcon Buckle up 😈
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David Alexander II
@megafund
@base has just flipped Solana in terms of total circulating supply of USDC, both native and bridged. Overall, there is now more than $2.45B native and $2.53B bridged USDC on Base, both of which have increased by over 140% month-over-month.
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David Alexander II
@megafund
Over the past month, 7 of the top 10 largest gas consumers are based on Ethereum. All 7 experienced considerable reductions in terms of total gas used in both USD and native denominations. Foundational applications like @uniswap and @metamask achieved gas savings above 50% while handling even more monthly transactions.
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David Alexander II
@megafund
The sheer amount of developer activity and creativity on @base is absolutely wild, with over 76,000 unique contract deployers last week. This is easily the most from any network and more than Ethereum, Solana, and Arbitrum combined.
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David Alexander II
@megafund
Following the halving and the surge in demand for blockspace, especially with the launch of the Runes Protocol, total weekly fees on Bitcoin have now surpassed $140M. This is by far the most in the entire ecosystem and catapulted Bitcoin to the second most total fees earned YTD ($483M), trailing only Ethereum ($1.35B).
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David Alexander II
@megafund
Bitcoin generated $80.7M in daily fees Saturday, the most by any network or application throughout the space in the past year. To put this into perspective, the most daily fees earned by the next four highest earning projects (Ethereum, Lido, Uniswap, and Tron) combined was just $58.5M this year.
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David Alexander II pfp
David Alexander II
@megafund
Total circulating supply of USDC on @base has just surpassed $2B, and has grown by 548% in just one month. Base is now the third largest network in terms of USDC marketcap, trailing only Ethereum ($25.6B) and Solana ($2.46B). Absolutely wild momentum.
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David Alexander II
@megafund
Inflows into Pendle have accelerated considerably, with $2.5B of deposits since March. This is an increase of 132% over the last 6 weeks and brings total deposits to nearly $4.5B More interestingly, however, is that Pendle has served as a tremendous ETH sink, with over $405M eETH, $247M ezETH, and $143M reETH deposits
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David Alexander II
@megafund
Very interesting outflow activity on Lido right now. Over the last week, more than 98,400 $ETH ($305M) were withdrawn. This brings the total monthly outflows to nearly 400,000 ETH ($1.24B). On the month, total ETH deposits are now down 5%. This is the highest level of monthly outflows the protocol has ever experienced.
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David Alexander II
@megafund
Yesterday @base handled over $1.33B in stablecoin transfer volume, the most ever on the network in a single day and an increase of 422% since last month. Pretty incredible momentum that keeps building.
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David Alexander II
@megafund
Since the beginning of April, ETH inflows into Ethena have increased by 60% and there is now more than 674,000 ETH ($2.33B) deposited into the protocol, with over 142,000 users. While highly debated throughout the space, Ethena's current yield of 17%+ continues to generate significant traction.
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David Alexander II
@megafund
With significant upgrades to the network incoming, activity on Solana has reached new yearly highs, handling over 37M transactions in one day. This represents an increase of over 85% from last week and is the most activity Solana has had since September 2022 Meanwhile, average transaction fees are down 62% on the week
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David Alexander II
@megafund
After years of meticulous building and bootstrapping an entire network and economy of users, developers, and AVSs, EigenLayer is now live. Heading into mainnet, over 4.1M ETH ($14.2B) has been deposited into the system. This represents 3.4% of the total supply of ETH. Over time, all ETH flows through EigenLayer.
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David Alexander II
@megafund
Very interesting Ethereum bridging activity lately. Over the last month, more than $881M has been bridged from Ethereum to @base. This represents 17% of all Ethereum bridging activity and is second only to Arbitrum ($1.92B). Within the last week, Base and Arb are effectively tied as top destination chain for Ethereum
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David Alexander II
@megafund
Daily revenue on Pump is now more than $528,000 as users continue to leverage the platform to launch and buy tokens. Overall, total monthly revenue on the platform has surpassed $5.2M Love that it iterates and improves on existing token launch mechanisms in a fun and engaging manner Let’s build this on @base 😈
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David Alexander II
@megafund
In just one week, the total amount of stablecoins in circulation on @base grew by 49%, and remarkably has grown by 690% since March. Base now has over $1.57B of stablecoins on the network, more than Optimism, Starknet, and zkSync combined, and trailing only Arbitrum ($3.7B) in terms of L2 competitors.
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David Alexander II
@megafund
Absolutely fantastic start of the month for @base, as daily transactions are surging to new all-time highs while fees are dropping towards all-time lows. Today more than 3M daily transactions are being handled by the network with an average transaction fee, including priority transactions, down to just $0.13
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David Alexander II
@megafund
Since March, roughly 1,000,000 ETH ($3.41B) has flowed off of exchanges. All of this despite macro headwinds and concerns around an incoming spot ETH ETF rejection from the SEC. Spot ETH liquidity continues to be at a premium.
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David Alexander II
@megafund
One of the more particularly interesting data points to me around @base’s recent growth is that the network is now responsible for more than 46% of all new tokens appearing on DEXs. This signals that users aren't simply spamming and farming activity, but are actually doing relatively meaningful things on the network.
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