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The derivatives market is often described as a zero-sum game. In a zero-sum game, the gain of one participant is exactly balanced by the loss of another. This means that the total amount of wealth in the system remains constant; it is merely redistributed among the participants. In the context of derivatives, such as options or futures, when one party profits from a trade, another party must incur a corresponding loss. For example, if a trader buys a futures contract betting that the price of...

It's a really important topic when we try to evaluate an L1 because they are the main source of revenue to sustain the network. However, it's difficult to justify their valuations based on the current data we have, and other revenue sources like MEV or considering the main asset as a monetary asset are emerging, which significantly diminish their importance, making it almost marginal.L1 FeesEthereum reached $9 billion in revenue in 2021, while in 2024 it seems likely that it will st...

One of the most significant debates for the Ethereum community is token issuance. The token issuance policy hasn't had as structured a design as the technology strategy, and I believe this can be seen in this chart that shows its evolution up until 2022.Ethereum Issuance HistoryI think it's fair to acknowledge that despite all these changes, there has been one constant in the issuance policy: a gradual reduction, leading to a point where we've even seen negative inflation for a...

Lens has lost the traction it initially had, and the activity does not meet the expectations we all had for the project. This statement does not imply denying that it is currently the leading Crypto Social Networks initiative, a position it now shares with Farcaster. These networks have managed to consolidate a reasonable level of activity, unlike other initiatives such as Friend Tech, whose activity is practically marginal. I think it is important to start by acknowledging the impressive wor...

BigTech FlippeningOne of the main theses of the Hedge Fund that I advise is that the value creation in technology within the Crypto market will eventually surpass the value creation in traditional markets. This scenario seems highly probable to me due to the competitive advantages offered by these new capital markets, which have demonstrated their capacity to finance large ventures by redefining the traditional stages of business financing. The decision to focus investment on Crypto Assets mo...

The tipping strategy is probably one of the fundamental drivers of Degen's price, although it is not the only one. The market, the trend of Farcaster, and direct competitors within the network also play a role. However, we could say that, as expected, the strategic changes in Session 6 halted the strong downward trend of the token.Degen Token PriceThe measures were taken too late; we had been warning about this several months earlier. It was certainly a very controversial decision, espec...

The strength demonstrated by assets during downturns, especially their performance compared to other assets, is an indicator that provides us with a lot of information. The declines in asset prices are only bought by the inelastic demand for the asset or by investors who believe that at certain prices, the return on these assets will ensure the recovery of investments within a certain period. Fees Paid by L2 These market downturns coincide with a clear deterioration in the demand for Ethereum...

One of the ongoing challenges Ethereum has faced is how to bring Bitcoin onto its network in a decentralized manner. Due to the characteristics of the Bitcoin network, there isn’t a fully decentralized solution yet, although the new DeFi movement on the Bitcoin network might bring that possibility closer. These are technical solutions that Ethereum could eventually adopt, but they are still a long way off. Until now, WBTC has been the most widely used implementation of Bitcoin on Ethereum, th...

Really interesting debate among prominent figures in the Crypto space on a topic that seems extremely relevant to understanding the fundamentals of Layer 1s https://polynya.mirror.xyz/gm6bUvvDF-sQAt7HuU6kRKCLIT9tAuaSCxHeNFdDVHk Let's start with one of the main questions that arise about the demand for deccentralized blockspace. “I find it very convincing that long-term, (decentralized) blockspace demand is highly elastic (and very unlikely to be inelastic). Are there any good economic ar...

In this article, we analyze the DEGEN strategy in its 6th session, which comes with interesting proposals regarding the token. To do this, we will analyze each rule in this new session, what strategy it implies, and what impact it might have. We begin with the first point, which establishes a minimum of 10K DEGEN to be locked for 3 months in order to qualify for obtaining DEGENs for tipping. The minimum amount remains at 10K, and the main difference is that now it must be locked for 3 months ...