DeFi

Ethereum Layer-2 networks rake in millions, with grassroots leading the way

Published

8 months ago

4 June, 2024

Ethereum Layer-2 networks rake in millions, with grassroots leading the way

BaseThe Ethereum layer 2 scaling network launched by leading US cryptocurrency exchange Coinbase, generated over $6 million in on-chain profits in May, making it the most profitable while exceeding Blast And Optimism In the process.

Base’s profit rise was fueled by a rapid increase in total value locked (TVL), according to L2BEATin turn motivated by Ethereum’s implementation of EIP-4844 and proto-danksharding via the planned Dencun upgrade in March.

According to blockchain analysis platform GrowThePie, Base generated the highest on-chain profit of all Layer 2 chains with $6.1 million in May, followed by $1.5 million for Blast and $1.4 million for Optimism. Even though Base is well ahead of its competitors in the war for profitability, its monthly figure fell sharply after increase with Dencun upgrade in March.

On the other hand, Blast, the rising layer 2 network of the creators of the NFT market Get confusedwas recently recognized for its unique native yield for ETH and stablecoins, as well as projects like Pacmoon And Fantasy Top which distribute many incentives to users.

Blast share of all layer 2 profits rose from 5.3% in April to 15.2% in May. However, it remains far behind Base, which earned 56.8% of all Layer 2 profits last month.

On-chain profitability for Layer 2 networks refers to the balance between the costs of interacting with the Layer 1 network (Ethereum) and revenue generated through fees, token issuance, and other means. It does not include any off-chain spending and therefore should not be considered a complete picture of how these networks are managed from top to bottom.

A Dune Dashboard maintained by the channel’s pseudonymous analyst Kofi also put Base in the lead, but with a profit of just under $7 million in May. The discrepancy may be due to differences in how each data curator measures income and expenses. However, Dune’s dashboard excludes Blast data, so it’s an incomplete picture of how the major Layer 2s compare in this regard.

According to GrowThePie, Base has been the most profitable L2 every month since March 2024. Over the past three months, its TVL almost sixfoldfrom $1.3 billion to $7.6 billion, a historic summit for the chain. As Optimism’s TVL has remained roughly stable over the past month, Base could be on the verge of surpassing OP Mainnet.

Both Base and OP Mainnet are built on the OP stack and are part of the Optimism “superchain” ecosystem, although they are considered separate L2s within that ecosystem. In terms of TVL, Base still remains far behind industry leader Arbitrum, which has $19.1 billion in TVL.

Aside from the upgrades made possible by the Dencun fork, Base’s appeal within the crypto community has grown since Coinbase announced its new Smart Walletwhich is expected to improve the accessibility of on-chain transactions for new adopters.

Coinbase Smart Wallet will use account abstractiona way to facilitate on-chain transactions for those who are unfamiliar with the details of Challenge. Base also benefited from Coinbase’s profile and associated additional exposure, as well as promotional campaigns like the latest “On-Chain Summer” rewards campaign which started this week.

Edited by Andrew Hayward

Fuente

DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

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DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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