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The State Of Bitcoin
The ossified Bitcoin we saw in 2021 and 2022 seems to be a thing of the past....and not all existing just adding more). 2....Starting in Q1 2023, Bitcoin’s mempool exploded....In 2023, the FRM plummeted from 80x to between 12x and 40x, closer to how Bitcoin was between 2020-2021...
28 Min
Layer 1 / L1
Feb 2024
Finding the Fun in Fundamentals #2 - Wemade
From 2019 to 2024, gross revenue grew from ₩113.6 billion ($87 million) to ₩711.9 billion ($547 million...However, even after recording a ₩308.1 billion ($237 million) net profit in 2021, the company posted...steep losses in 2022 and 2023, at -₩185.8 billion (-$143 million) and -₩206.7 billion (-$159 million)...
18 Min
Gaming
Jun 2025
An Ode To Bitcoin
The hangover from the 2017 ICO boom and bust still lingered, and the pessimism surrounding Bitcoin and...perfect time to drop a 60-page deep dive outlining our bull case for BTC — so that’s exactly what we...Bukele has been buying BTC since last cycle and even made Bitcoin legal tender in 2021.
12 Min
Other
Dec 2024
Zetachain Part 2: The Opportunity Ahead for Omnichain Applications
BRC-20’s on this DEX trade against sUSDT....The limited edition NFT collection boasted tiers ranging from $10K to $200K....Actual activity on Ordinals saw a significant spike between May and Sept 2023, averaging over 200K inscribed...The top five Ordinals collections on MagicEden, as of Nov. 2023, are Bitcoin Frogs, ABC, Ordinal Maxi...
47 Min
Layer 1 / L1
Jan 2024
WTF Is Anoma? Part 2: WTF Are Intent-Based Apps?
Part 2 – Applications In Part 1 we have overviewed Anoma’s intents and seen how they compare to Ethereum-style...“Part 2: WTF are intent-based apps?”...has 2 sections; First, we take a look at some existing intent-based apps across various verticals that...User 0xea wanted to sell 48,942 USDC and receive at least 26.66 ETH.
24 Min
Layer 1 / L1
Sep 2023
Bitcoin's Global Breakout
.” — Markets Year Ahead 2024 We came into 2024 with high expectations — and it’s safe to say the first...As I said on @SquawkCNBC this morning, the supply/demand dynamic in bitcoin right now is off-the-hook.... pic.twitter.com/zWTmXLe1Uz — Matt Hougan (@Matt_Hougan) February 29, 2024 Which, for the record, just...
5 Min
Macro & Markets
Mar 2024
A Frenzy Over Bitcoin Ordinals & Runes
...of Ordinals has catalyzed the growth of Bitcoin’s Layer 2 solutions and DeFi projects....main Bitcoin network and Bitcoin Layer 2 solutions, the Ordinals side saw consistent activity throughout...layer 2 networks....A Vol 2 collection could launch later this year....(PFPs), Layer 2 solutions, and DeFi offerings.
35 Min
BRC-20 / Ordinals
Feb 2024
Starknet Is Building Bitcoin’s Economic Flywheel
In 2013, long before Starknet existed, co-founder Eli Ben-Sasson was exploring how ZK proofs could improve...STARKs instead rely on collision-resistant hash functions, like SHA-256....their Starknet BTCFi yield fund at the end of September, Re7 had already secured commitments close to 2,000...less than 2% of that is used throughout DeFi.
17 Min
Infrastructure
Dec 2025
The Dawn of Bitcoin Programmability: Paving the Way for Rollups
This step can be further divided into 2 stages – 1. Compilation, 2....Bitcoin-Friendly Hash-Based Proof SystemsM31 (2^31 – 1) is used in Circle STARK, BabyBear (15 * 2^27...Once functional, Bitlayer will peg in and peg out using 2 different bridges....data on Layer 2....This has constrained Bitcoin's utility.
60 Min
Layer 2 / L2
May 2024
Bitcoin - Back From the Future
...created Bitcoin in response to government QE bailouts in the GFC of 2008....around Ordinals, BRC-20s, and Bitcoin fees....When a user sends BRC-20s to another, they just record a receipt of the transfer on Bitcoin....Notably, Bitcoin’s FRM fell to 2 on the 8th of May, showing the potential for Ordinals and the ensuing...
17 Min
Layer 1 / L1
May 2023
Bitcoin Markets Are a Coordination Game Not a Price Prediction Problem
2 0 2 2 0 1 -1 5 2 0 2 2 0 2 0 9 2 0 2 2 0 3 6 2 0 2 2 0 3 3 1 2 0 2 2 0 4 -2 5 2 0 2 2 0 5 -1 5 2 0...
Macro & Markets
Mar 2026
If the ETF Era Made Bitcoin Investable, the 401(k) Era Could Make It Unavoidable
...likely unfold 2 stages....Between 2026 and 2032, the share of 401(k) assets allocated to Bitcoin rises from 0.01% to 0.6%, while...account for under 2% of new supply, a minor share globally but an early sign of structural accumulation...President Trump’s August 2025 Executive Order directing the Department of Labor (DOL) to expand 401(k...
22 Min
Macro & Markets
Nov 2025
The Huge Cultural Opportunity in Bitcoin Ordinals
It took 2 years for people to really understand and appreciate their value....However, Bitcoin Ordinals have risen to 2nd place with a 20% volume share....However, in July, the average transaction fees for inscribing Ordinals were reduced to 2-8 sats per vByte...
37 Min
NFTs
Jul 2023
USDC De-Pegs & Bitcoin Rallies
🔍 USDC De-Pegs & Bitcoin Rallies If you haven’t been living under a rock, you’re probably inundated...dweller, the 16th-largest bank in the US has collapsed, recording the second-largest bank failure since 2008...These unrealized losses among US banks have risen to a record $680B in 2022.
8 Min
Cash-Backed (Custodian) Stablecoins
Mar 2023
2 Crosses Pending, 2 Retesting - This Week's 9/21 EMA Scan
The 1W 9/21 EMA cross is a simple way to track momentum shifts....When the 9 crosses above the 21 on the weekly it means short-term momentum has overtaken the longer trend...Right now 4 names are worth watching:  2 with crosses pending (UNI / AAVE), 2 crossed and retesting (...
4 Min
Macro & Markets
Jul 2026
Bitcoin Update: Reflecting on 2022 and the Future
Bitcoin’s 2022 2022 was a rough year for crypto....In this memo, we aim to turn back the clock and analyze Bitcoin’s 2022 to infer what it means for 2023...Bitcoin Taproot transactions hover around 1-2.5%....Since 2018, we have seen Ethereum’s FRM decline to just below 2, which means Ethereum only needs a 2x...
14 Min
Proof-of-Work
Jan 2023
Bitcoin's New Narrative: Ordinals
Introduction It would be our luck that a few weeks after publishing a Bitcoin in 2022 update, the most...In ordinal theory, each of Bitcoin’s 2.1 quadrillion sats has a unique identifier....If every block on Bitcoin contains the max 4MB of Ordinals, Bitcoin still only adds 216GB of Ordinals...
16 Min
Layer 1 / L1
Feb 2023
Market Musings - Bitcoin Battles ETF Outflows
With the introduction of the Bitcoin Spot ETFs in January 2024, this goal has finally become a reality...There are 2 clear standouts when looking at the breakdown of ETF providers — Blackrock (IBIT) and Grayscale...Source: token.unlock.apps What We’re Reading Once Again, Bitcoin Is Behaving Like It Should (Alpha Feed...
6 Min
Macro & Markets
May 2024
Bitcoin Gaming & The Power Of Nano-Transactions
Scaling Bitcoin Payment Infrastructure To be clear, Bitcoin is not widely considered an optimal scalable...that was first introduced in 2016 by Joseph Poon and Tadge Dryja....Bitcoin Gaming Bitcoin is arguably the most widely accepted cryptocurrency in the world....Bitcoin Miner was not alone.
22 Min
Gaming
Nov 2023
BAYC Gets BendDAO-ed & Internet Game Season 2
Internet Game is an interactive entertainment platform that is launching its Season 2, titled “Bear Market...There are 2 parts to the games....Part 2 is a live finale with 3 multi-player games hosted by Gmoney & Leah Lamarr....The Sandbox announces the start of Alpha Season 3 on August 24....Fractional raises $20M funding round, rebrands to Tessera.
11 Min
NFTs
Aug 2022