<100 subscribers
Share Dialog
Share Dialog
The Business of Volatility
When $9.5 billion vanished overnight, volatility once again proved it’s not just a measure of risk — it’s a business.
SKY Fair Value: $0.20 A Cashflow-Driven Valuation Under the $50B USDS Scenario
1. The Master Chart: Stablecoin SupplyIf there is one chart that matters above all others when valuing Sky, it is the stablecoin supply chart. Everything else—revenues, buybacks, staking yields, ecosystem expansion—ultimately rolls up into one outcome: how much stablecoin supply the system can sustain and grow over time. Stablecoin supply is not just a vanity metric. It is the closest thing in crypto to a “core product KPI,” because it captures demand, trust, distribution, capital efficiency,...
SKY Total Supply 23.465.672.042
SKY Supply: From Maker’s Fixed Cap to a Post-Migration Era
The Business of Volatility
When $9.5 billion vanished overnight, volatility once again proved it’s not just a measure of risk — it’s a business.
SKY Fair Value: $0.20 A Cashflow-Driven Valuation Under the $50B USDS Scenario
1. The Master Chart: Stablecoin SupplyIf there is one chart that matters above all others when valuing Sky, it is the stablecoin supply chart. Everything else—revenues, buybacks, staking yields, ecosystem expansion—ultimately rolls up into one outcome: how much stablecoin supply the system can sustain and grow over time. Stablecoin supply is not just a vanity metric. It is the closest thing in crypto to a “core product KPI,” because it captures demand, trust, distribution, capital efficiency,...
SKY Total Supply 23.465.672.042
SKY Supply: From Maker’s Fixed Cap to a Post-Migration Era
The recent release of Uniswap V4, combined with the development of Unichain — its dedicated blockchain — has led to a significant shift in the Ethereum ecosystem: transaction fees have dropped to historic lows.
Uniswap was previously one of the core applications sustaining Ethereum's transactional demand. Its high on-chain activity consistently dominated the top gas-consuming contracts. However, with this latest upgrade, Uniswap has significantly minimized its gas usage.
Interestingly, while Uniswap’s smart contract is not yet properly tagged across all analytics platforms, we can already see it dropping to the fourth position in gas consumption — a sharp contrast from before, when it often occupied most of the top spots.
This is the list of the top gas-consuming contracts on Ethereum over the past month. Uniswap V4 is in fourth place, even though it hasn't been properly identified yet.
This is the list of the top gas-consuming contracts on Ethereum over the past month. Uniswap V4 is in fourth place, even though it hasn't been properly identified yet.
At the moment, Ethereum's transactional demand is at a minimum, and that role is expected to be taken over by blobs. However, this transition won’t be straightforward, especially since Plectra is set to increase data availability — a change that won’t necessarily lead to higher gas prices. In any case, by selling more block space, some increase in revenue is possible, although without a rise in gas fees, it’s unlikely to be significant
The recent release of Uniswap V4, combined with the development of Unichain — its dedicated blockchain — has led to a significant shift in the Ethereum ecosystem: transaction fees have dropped to historic lows.
Uniswap was previously one of the core applications sustaining Ethereum's transactional demand. Its high on-chain activity consistently dominated the top gas-consuming contracts. However, with this latest upgrade, Uniswap has significantly minimized its gas usage.
Interestingly, while Uniswap’s smart contract is not yet properly tagged across all analytics platforms, we can already see it dropping to the fourth position in gas consumption — a sharp contrast from before, when it often occupied most of the top spots.
This is the list of the top gas-consuming contracts on Ethereum over the past month. Uniswap V4 is in fourth place, even though it hasn't been properly identified yet.
This is the list of the top gas-consuming contracts on Ethereum over the past month. Uniswap V4 is in fourth place, even though it hasn't been properly identified yet.
At the moment, Ethereum's transactional demand is at a minimum, and that role is expected to be taken over by blobs. However, this transition won’t be straightforward, especially since Plectra is set to increase data availability — a change that won’t necessarily lead to higher gas prices. In any case, by selling more block space, some increase in revenue is possible, although without a rise in gas fees, it’s unlikely to be significant
1 comment
Uniswap V4's recent launch has sparked a wave of change in the Ethereum ecosystem, driving transaction fees to historic lows. As Uniswap reduces its gas usage significantly, it has dropped to the fourth position in gas consumption, a striking decline from prior dominance. This shift comes during a time of dropping transactional demand on Ethereum, which is expected to evolve as blobs take on a larger role amid visibility issues for Uniswap’s smart contracts across platforms. Read more insights on these developments from @especulacion.