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David Alexander II

@megafund

12 Following
130 Followers
David Alexander II pfp
David Alexander II
@megafund
Everyone is so focused on "fees" right now, but they haven't noticed that Uniswap has collected more than $20M in interface fees, up 105% since increasing the fee to 0.25% on April 10th. Since then, Uniswap generally collects more than $250K in fees per day, with an all-time high of $751K And V4 isn't even here year
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David Alexander II pfp
David Alexander II
@megafund
Interesting issuance data recently, as ETH has turned "inflationary" since the start of May and now stands at an issuance rate of 0.18% after being decidedly negative since Oct 2023 (reaching as low as -1.16%). This comes as ETH staking rates continue to push new all-time highs, with over 27% of the supply now staked
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David Alexander II
@megafund
Activity on Blast continues to gain traction as over $3.3B in daily stablecoin transfer volume occurred yesterday, the most ever in the network's history, and a 714% increase WoW. To put this into perspective, leading L2 networks Arbitrum and Optimism had about $1.2B and $400M in daily transfer volume, respectively.
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David Alexander II
@megafund
Over the last 7 days, 26% ($162M) of flows from Ethereum went to @base . This was the most of any destination chain, surpassing the likes of Arbitrum (generally the leading destination), Optimism, and zkSync. This brings Base's YTD inflows from Ethereum to $1.83B, third most overall.
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David Alexander II
@megafund
User activity on Farcaster just reached a new all-time high, with over 54,000 unique user casts (1.4M non-unique) and 59,000 unique user reactions (4.8M non-unique). This is a 30% increase in activity this past week. Farcaster now has over 354,000 total users and averages 1.3M casts and 3.7M reactions per day (30 day)
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David Alexander II
@megafund
For the first time since spot BTC ETFs launched nearly four months ago, inflows into Grayscale's GBTC are positive ($63M). This comes after a brutal period of outflows, seeing more than $20B exit while total marketshare ground down to just 35.7% (after virtually controlling the entire market).
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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 pfp
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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