Examples like Uniswap (Unichain L2) and dYdX (dYdX L1) come to mind....the L1’s performance. ...New Jersey Property Deeds New Jersey’s Bergen County recently unveiled plans to tokenize 370,000 property...deeds on an Avalanche L1....Any assets on the Avalanche L1 will be solely under the purview of the L1.

Morgan and FIFA are opting for tailored Avalanche L1s....Avalanche has been averaging 250,000 new contracts deployed daily, with peaks like July 2nd hitting over 300,000...Avalanche now supports 75 active L1s and over 845 total validators....In the past 30 days alone, MSU and Henesys saw 1.3 million unique wallets, 21 million total transactions...

While Ethereum’s blocks have been nearly full for over a year, we’ve seen multiple L1 & L2 networks...for independently secured modules whereas Ethereum, Polkadot, Near, and Celestia (a relatively new L1...What makes rollups special amongst L2s is that they don’t try to get around this problem.

🔍 The L2 Wars The adoption of layer-2 networks built on Ethereum has been impressive over the past...Additionally, L2s have flipped the Ethereum base layer in terms of transactions per second....Combined, they account for over 80% of the total value locked across all L2s....Total trades on Synthetix have been steadily increasing over the past 3 months.

In Comet there are 3 steps in consensus: propose, pre-commit, and commit....The more validators you have, the longer it takes to propagate data to all of them and get 2/3 to commit...Then another round “3” runs later, again committing new blocks (X3) with referenced certificates.

ETH Lags Other L1s Over the past 30 days, ETH has struggled to keep up with other L1 tokens....likely cause for this has been the flurry of announcements regarding new incentive programs on these L1s...single out Avalanche and its massive $280m ecosystem investment round led by Polychain Capital & 3AC...

As highlighted by Flashbots’ research on L2 MEV, over $3.9 Bn in atomic arbitrage volume and $400 Mn...The funds used by a prospective auction participant to place bids are deposited into this contract on L2...The minimum bid amount is set at 3 ARB or 0.001 ETH, depending on which asset the DAO chooses to implement...

Delphi Consulting | 17 S ect i o n 3 Signs of Life State of Token Markets Delphi Consulting | 18...uyback Jup tokens-and-lock for 3 years; Feb-25 vote also cut emissions mid-flight....start AAVE JUP Aavenomics buybacks funded by protocol 50% of protocol fees to buybacks, locked 3...

Groth16 proofs cost around 200k-300k gas (roughly $20 at 30 gwei and $3k ETH)....The block limit is 30M gas (recently increased to 36M)....They only verify their state on Ethereum 3 times/day using this verifier address on mainnet....The reduced verification costs for L2 on L1 result in lower transaction fees for L2 users.

Chart of The Day: Avalanche and Cosmos Lead L1 Recovery The crypto markets experienced a tumultuous...This, of course, had a knock-on effect on the rest of the market, including other L1s....For more on L1s, you can read more on our Delphi Pro report on L1s vs L2s here. Paywall removed!

TronDAO announces a desire to purchase 32k BTC, the same amount sold by Tesla. 5 Votes to Follow Aave...

...and its dominance as a percentage of total DEX volume continues to climb, now accounting for nearly 1/3...The protocol surveys validators and then selects the 2/3 percentile of these prices, weighted by each...over the past 3 months and #5 YTD (Note that a large part of Ethereum’s outflows are to L2s)....This means it can do recursive proofs in under 3 seconds!

This final step includes an intentional delay of 3 hours. This delay acts as a safety measure....2) submitting the batch to the L1 after generating the ZK proof, and 3) executing transaction processing...of batches (L2 > L1 communication). ...Currently in phase 3, live proving is being tested.

But now we have a lineup of several EVM L1s and L2s that are breaking past 10,000 (Theoretical TPS) and...Many EVM-based L1s and L2s are now aiming for giga-scale gas throughput....While they raised $20M from VCs in June 2024, MegaETH raised $10M within 3 mins on echo.xyz at a $200M...and L1s.

Chart of The Day: Near Leads L1 Recovery NEAR led the L1 recovery by growing by ~50% over the past...With LFG putting buy pressure on BTC, it has outperformed multiple other L1s like CRO, AVAX, BNB, and...Even more impressive is the sticky nature of these users over the last 3 months. 2022 has not been kind...

Another protocol with endogenous collateral gets too big Native yield combines #1 and #2, and possibly #3...The L2 wars will be just like the L1 wars....There are 3 components to the fees rollups create....Execution (i.e. rollup margin) collected by the L2, Settlement by the L1 (ETH), and DA by the L1 (ETH...

...data to L1s....This allows L2s to inherit the security of the L1 it settles on....In March 2022, L2s settling to Ethereum hit a new monthly high in terms of gas spent, surpassing 35B....For more detail, read our Delphi Pro report about L1s vs L2s.

Most L1s already have the significant majority of their supply staked (ETH is currently the outlier for...

A fast confirmation layer with Single Slot Finality: Low-latency confirmations between L1 and L2s....This round was even priced below their latest Series A valuation ($350M val), setting a precedent with...It’s built with these key parts: Initia (L1): The settlement layer for L2s, provides security and a...

Chart of The Day: Some L1s Win, Some L1s Lose Since the BTC bottom around Jan. 24th, most L1s have...With BTC recovering recently, most L1 tokens are still underwater even as BTC approaches +20% from its...Surprisingly enough, AVAX seems to move with a higher correlation to BTC relative to other L1s.