About the editor: Spencer Noon is Co-founder & General Partner at Variant Fund.

This issue was originally published last Friday Nov. 18th, but we received word that some of our subscribers never received it via email.

There is no newsletter this week for Thanksgiving but we will resume next week. Happy Holidays!

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Network coverage:
Coverage on Arbitrum, Treasure, and Dopex.

• Arbitrum is a leading provider of scaling solutions for Ethereum. Its flagship project, Arbitrum One, is an optimistic rollup which provides a layer 2 for ultra-fast and low-cost transactions. Launched in August 2021, the rollup has seen very strong growth in terms of developers and users as DeFi projects such as GMX, Mycelium, Dopex, Vesta, and others have launched. Transaction growth has remained positive despite broader market conditions and notably in early November, Arbitrum One was doing ~60% as many transactions as L1, a new high, as Ethereum’s rollup-centric roadmap continues to pick up steam.

• In terms of TVL, Arbitrum One has recently surpassed Solana and Avalanche with $941.47 million. Month over month TVL has only dropped -2.67%, which is the smallest drop-off of any of the major smart contract platforms with DeFi. In addition to DeFi, Arbitrum One has also seen successful projects in the DAO and NFT space. TreasureDAO surpassed $250m in marketplace sales on its own collections in the first half of 2022.

• Arbitrum Nova is the second EVM chain from the team, launched August of 2022 with a focus on gaming and social dApps. Reddit, Google, ConsenSys, P2P, and Quicknode make up the data availability committee. Reddit selected Nova for its decentralized community points strategy with the first sub-reddits (r/cryptocurrency & r/fortniteBR) live, bringing strong growth in new Nova wallets. An exciting gaming ecosystem is currently building on Nova, with more coming soon. As of this month, Nova has already seen more than 200K addresses complete transactions on its network.

• Treasure is building the “decentralized game console” connecting games and gamers together through IP, infrastructure, and composable resources. Underpinning the ecosystem is the MAGIC token, which is used across its 10+ games and infrastructure today. Since launch, the number of unique holders has grown to over 230k, with a steep increase in August following the launch of Arbitrum Odyssey. 31% of all holders hold at least 1 MAGIC, highlighting a potential impact from Arbitrum's decentralization and speculated airdrop.

• Despite the market downturn throughout 2022 and recent events, Treasure has seen a steady increase in WAU playing games within the ecosystem: 3.1k as of the week of November 7. The projects include Bridgeworld, Smolverse, Tales of Elleria, BattleFly, Realm, Toadstoolz, and The Lost Donkeys.

• Interoperability sits at the core of Treasure since the launch of its Loot-based primitive NFTs represented by fantasy resources. Over time, Treasure’s games have incorporated sinks for $MAGIC and Treasures (NFTs). To date, over 2.5k Treasures have been sunk, and 3.5m MAGIC (net) has been deposited.

• Dopex, a decentralized options exchange, is a protocol where users can provide option liquidity, buy vanilla options, or use structured option-based products. Dopex uses its own options pricing model that replicates volatility smiles. The model ensures fair option prices across all strike prices and expiries by coordinating implied volatility oscillations to major CEXs. Even after recent events, Dopex manages ~$20m+ in monthly TVL.