not a dude. crypto is such a weird and fun place.

It’s Sunday which means it’s Crypto weekly 🧵 time with me and @maaria: 

A lot of market news this week.... BTC down 11%, ETH down 6% and altcoins down 20%+. Stablecoin deposits grew slightly, and BTC now makes up over 60% of the total crypto market (for the first time since 2020).  

Here were my favorite stories: 
- BTC fell despite the announcement of a strategic BTC reserve, which will initially be made up of seized criminal and civil crypto assets, meaning the US will not be a net buyer of BTC assets as some speculated. Fun fact: the US government is the 4th largest holder of Bitcoin behind Strategy (formerly Microstrategy), Binance and of course…Satoshi. 

- ETH revenue dropped by 93% over the past year and its share of blockchain revenue has fallen from 55% in Feb 2024 to 24% this past Feb. A result of this revenue drop is ETH turning inflationary again over the past year (albeit a small amount: 0.41% since Apr 2024).

Building https://www.keypo.io/. Join me in DaveDAO (https://warpcast.com/~/channel/davedao)

… ETH revenue dropped by 93%?! for real

/ted | exploring the onchain frontier | surfing @ venice, ca | eating @ gjusta / gjelina

yeah it's self inflicted cause of pushing everything to L2...BUT increasing the gas limit and TPS (which are both in the EIP pipeline) should help address this.

Yeah that 92% sat was eye opening. Worth it to get L2s spun up.