🔥 5 Minute Crypto 🔥 - Onchain billies; Cancun-Deneb; Dune data; Devs devs devs; Exit liquidity

Howdy all — this is the 5 minute crypto daily update for Tuesday April 25th

Lots to cover in today’s update including onchain billionaires, Ethereum’s next upgrade, Dune dashboards, market structure, and Arthur Hayes

Let’s do this like Buddhists

—

As of this recording
Bitcoin is around $27300
ETH is $1800
Both dropped around 1% in the last 24 hours

—

What’s going on in crypto land…

https://blockworks.co/news/on-chain-billionaires-buterin-nakamoto
Blockworks has an interesting article covering “onchain billionaires” - those who are publicly known to have identifiable crypto wallets whose assets are worth more than a billion USD

https://www.theblock.co/post/227746/ethereum-shapella-cancun-deneb
In news from The Block, Ethereum core devs have announced the next upgrade called Cancun-Deneb.
-Cancun is the execution layer upgrade
-Deneb is the consensus layer upgrade
The biggest upgrade is EIP 4844, known as proto danksharding, which would lower transaction costs for layer 2 solutions like Optimism and Arbitrum

Useful Dune dashboards from 0xkofi, including one on rollup economics
https://dune.com/niftytable/rollup-economics
Some takeaways
-Arbitrum has more than double Optimism’s total transaction fees revenues, with ZKSync coming in third
-Arbitrum also publishes double the amount of transaction data
-interestingly, this month Arbitrum had almost 7 times more builders who have deployed smart contracts as Optimism

—

Crypto twitter…

https://twitter.com/IamZeroIka/status/1649440654236450818
Tweet thread on market structure from Zero IKA
-3 kinds of basic market structure: Bullish, Bearish, Neutral / ranging
-Bullish posture is higher highs and higher lows
-Conversely a bearish posture is lower highs and lower lows

https://twitter.com/n4motto/status/1648787738907365378
Q1 insights from Electric Capital on crypto developers
-Crypto has 7K full time developers
-noticeable dip in number of new devs and new repos
-ecosystems with highest growth in full time devs for Q1 of this year include Aztec Network, Metamask, and Hyperledger

GOP majority whip Tom Emmer has a fire thread attacking SEC chair Gary Gensler
https://twitter.com/GOPMajorityWhip/status/1648375135596953601

—

Recommended reads…

From Bankless / RabbitX blog
Ethereum is a triple-point asset: a capital asset (eg stocks, bonds); a transformable asset (eg commodities); and a store of value (BTC maxis down bad). Assets like this have never existed and been accessible so readily. Providing completely unprecedented investment and ownership paradigm.

Economist on American exceptionalism
In 1990 America accounted for 40% of the nominal GDP of the G7, a group of the world’s seven biggest advanced economies, including Japan and Germany. Today it accounts for 58%. In PPP terms the increase was smaller, but still significant: from 43% of the G7‘s GDP in 1990 to 51% now
https://www.economist.com/united-states/2023/01/15/incomes-are-rising-in-america-especially-for-the-poorest

Arthur’s new Exit Liquidity
https://cryptohayes.medium.com/exit-liquidity-3052309e6bfa

—

That’s it for today! That was 7 minutes long. All the links are in the show notes. You can follow @twodegenspod on Twitter and subscribe for more!

Outro clip is Tushar Jain of Multicoin Capital on web3 gaming and how to judge if it's fun: https://www.youtube.com/watch?v=qQRUFRAWCEw