This essay aims to delve into the economics of four prominent Layer 2 solutions—Arbitrum, Base, StarkNet, and zkSync Era—examining both their revenue and cost sides. Specifically, it analyzes data publishing… Read More »Deconstructing Rollup Economics: A First Principles Analysis
The “X-to-Earn” (”X2E”) concept has captured significant attention since 2021. However, many X2E projects are now facing the challenge of declining user engagement. In this essay, I aim to categorize… Read More »Exploring Two X-to-Earn Models: From Marketplaces to Positive Externality Aggregators
EigenLayer is an innovative protocol on Ethereum, introducing a unique “restaking” concept that has quickly garnered significant attention with over 220M TVL as of Oct 2023. This protocol enables individuals… Read More »The Bull and Bear Cases for EigenLayer
TL;DR: This market research identifies leading and significant emerging companies in the ZK rollup space. Their key differentiators are presented in the table below. When estimating the Layer 2 market… Read More »ZK Rollup 2023 Insight: Unveiling Market Dimensions, Key Players, and Value Dynamics
(This essay is a successor to my previous post Misconceptions and Value Capture About Governance Tokens , with some brief excerpts.) As many DAO projects continue to mature, Governance Extractable Value… Read More »Exploring Basic Models for Capturing Governance Extractable Value (aka Bribes)
As an investor who observes cryptoassets closely, I find the token investment of blockchain projects an exciting field. However, I have also noticed some fallacies when it comes to investing… Read More »Misconceptions and Value Capture About Governance Tokens
(This post was originally published in Aug 2022. In Jun 2023, I created an updated one-pager summary, which can be accessed here.) Overview Centrifuge brings real-world assets to the blockchain.… Read More »Investing in Centrifuge