ON–148: Ethereum (Part 2)
Coverage on Ethereum, Flashbots, Stablecoins, Optimism and NFT Market.
Dec 2, 2022
- Optimism is an L2 seeing four consecutive months of all-time highs that uses the majority of its sequencer profits to retroactively invest in builders of public goods. With a 10x increase in YoY transactions, Optimism is capturing fee revenue at scale to make these public goods profitable. Upgrades to Optimism include modularizing via the OP Stack & Bedrock.
![](https://ournetwork.ghost.io/content/images/2024/02/https-3a-2f-2fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984-s3-amazonaws-com-2fpublic-2fimages-2f2bac9ea4-3a6a-4728-b9e7-5c1b92b67a01_1736x606.png)
- Teams Building on Optimism have increased 1,000%+ Year-Over-Year. Optimism is EVM Equivalent, thus making it an accessible home for developers. There have been a variety of dApp deployments ranging from options protocols, perpetuals, NFTs, and even entire voxel op-chains (OPcraft).
![](https://ournetwork.ghost.io/content/images/2024/02/https-3a-2f-2fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984-s3-amazonaws-com-2fpublic-2fimages-2f178c862f-c2db-4d94-a688-5050ebb2f56a_1690x932-png.jpg)
- Optimism’s fee revenue is nearing ATHs, despite L1 gas prices being off by 50%. Profits go to fund RetroPGF, with a 2nd round coming soon.
![](https://ournetwork.ghost.io/content/images/2024/02/https-3a-2f-2fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984-s3-amazonaws-com-2fpublic-2fimages-2f9750528a-7371-408b-84d9-73127f20f40d_1628x540.png)
- Looking for more coverage? Head over to Members Club for a bonus insight authored by this contributor.
👥 ElBarto (Block119)
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- Royalties, new exchanges, and debates on fees has led to significant shift in the NFT marketplace landscape. While volume has been relatively flat since August, Blur has carved out a significant share of the market as users are tempted to list, considering an upcoming airdrop. The share expense has mainly come from OpenSea, which had around an 80% share at the beginning of August, but now sits around 60%. Data shown below excludes wash sales.
![](https://ournetwork.ghost.io/content/images/2024/02/https-3a-2f-2fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984-s3-amazonaws-com-2fpublic-2fimages-2f0b08c692-1c3f-4f8c-b490-35cad2f693c9_1600x698.png)
Using NFT profiles from a previous OurNetwork, we see Blur users have a similar overlap with X2Y2. This makes sense - NFT Traders and Flippers are looking for a venue with the lowest fees as they can make a higher ROI on their trades. LooksRare has the least usage of sophisticated NFT users.
Source: Nansen Query One perplexing trend to watch is the number of NFT orders that have expired. Data from Resevoir0x shows expirations as a percent of total NFT transactions spiked during the last two weeks of November (does not include Blur). It's unclear what’s causing the spike - it could possibly be Blur/Sybil related.
![](https://ournetwork.ghost.io/content/images/2024/02/https-3a-2f-2fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984-s3-amazonaws-com-2fpublic-2fimages-2f821b495a-36e4-49bb-9cf1-0b06b0314134_1882x508.png)
![](https://ournetwork.ghost.io/content/images/2024/02/https-3a-2f-2fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984-s3-amazonaws-com-2fpublic-2fimages-2f7495e677-b7ff-4b63-bad0-e10afcb76aac_1340x100-66.png)