# Layers 9/26/23

By [Kintsugi Research](https://paragraph.com/@research.kintsugi) · 2023-09-26

---

If you have used Waze, you’ve taken side streets to avoid traffic.

Similar to highways during rush hour, blockchains get congested\* too and using a blockchain layer is like taking a side street to avoid congestion.

_\*Blockchains can settle a finite transaction volume per unit time. When blockspace demand exceeds capacity, transaction fees are used to prioritize which transactions are included in each block. So as fees rise, end users experience delays (congestion), unless they are willing to pay higher fees._

**Layers**
----------

I won’t cover all the different types of layers here. Each deserves its own post: [Optimistic rollups](https://ethereum.org/en/developers/docs/scaling/optimistic-rollups/#:~:text=An%20optimistic%20rollup%20is%20an,data%20to%20Mainnet%20as%20calldata%20.). [ZK rollups](https://ethereum.org/en/developers/docs/scaling/zk-rollups/). [Sidechains](https://ethereum.org/en/developers/docs/scaling/sidechains/). [Bitcoin layers](https://trustmachines.co/learn/bitcoin-layers/). [Fast and cheap alt chains](https://solana.com/). [Multichain networks](https://cosmos.network/).

For now, let’s drive the Ethereum side streets and see how Arbitrum and Optimism are helping reduce congestion on a network that’s gone from $0 to $10B revenue as fast as Alphabet and Meta, two of the steepest growth curves in history.

![](https://storage.googleapis.com/papyrus_images/cc187365e706ed4c32047d4a3916e4303c3d7671de5e2dc841b8c6eeaa1267e1.png)

### Optimistic Rollups

Arbitrum and Optimism are both optimistic rollups on the Ethereum network.

An optimistic rollup is essentially a separate transaction ledger that periodically syncs with Ethereum. so a single optimistic rollup transaction on the Ethereum network represents a large bundle of transactions on the rollup.

This enables use cases that would be prohibitively expensive for end users on Ethereum. [For example](https://l2fees.info/), it costs $0.04 to send ETH on Optimism and $0.63 (15x) to send it on Ethereum.

So if you are an online merchant that needs to process 10k orders, you’d pay $6.3k to process those transactions on Ethereum and only $400 on Optimism.

### Traction

There are over [200k daily active users](https://tokenterminal.com/terminal/markets/blockchains-l2) interacting with Arbitrum and Optimism who have paid over [$100M in transaction fees](https://tokenterminal.com/terminal/markets/blockchains-l2) in the last 180 days. And the [growth trajectory](https://www.dropbox.com/scl/fi/0ob3wgicmys4v9npo62uh/Layer-1-and-Layer-2-Valuations_-Where-are-they-now_-_-Messari.pdf?rlkey=549ffyvm4iqziykzr6s3aycqb&dl=0) of transactions, active users, and total value locked (TVL) is much steeper on L2 versus Ethereum.

![](https://storage.googleapis.com/papyrus_images/d340965fa21b82ddb69669500e31a25ec63375924df5106713faf0e79081d397.png)

### Superchain Thesis

Optimism posted its Superchain thesis [in February](https://optimism.mirror.xyz/2jk3D1Y8-hid8YOCUUa6yXmsyzNCYYyFJP0Nhaey9x0):

> The Superchain seeks to integrate otherwise siloed L2s into a single interoperable and composable system. We need to work towards a future where launching an L2 is as straightforward as deploying a smart contract to Ethereum is today.

![](https://storage.googleapis.com/papyrus_images/55d9fa231b1cae2834e548c166c54f3293d66089f6b9e6a6fbc4c9e1d36b76cb.jpg)

It’s safe to say the concept found product-market fit. As described [here](https://base.mirror.xyz/H_KPwV31M7OJT-THUnU7wYjOF16Sy7aWvaEr5cgHi8I), Coinbase built its Base chain on the OP Stack and is now doing $200k per week in profit, contributing 30% of Optimism’s profit through the [end of August](https://www.dropbox.com/scl/fi/0ob3wgicmys4v9npo62uh/Layer-1-and-Layer-2-Valuations_-Where-are-they-now_-_-Messari.pdf?rlkey=549ffyvm4iqziykzr6s3aycqb&dl=0).

![](https://storage.googleapis.com/papyrus_images/f88e8d9c423e83fa6879e70afc2df4e496fc5e5effdc65e292d72104d50ab10d.png)

The Base x Optimism partnership is a fascinating case study of a publicly traded company codeveloping an MIT-licensed public good, ie. anyone can fork or use it however they see fit, with [deeply aligned](https://optimism.mirror.xyz/Luegue9qIbTO_NZlNVOsj25O1k4NBNKkNadp2d0MsTI?a) economics and governance:

> Base pays either 2.5% of its revenue or 15% of its profits to the Optimism Collective, whichever is greater. In return, it will receive “up to approximately 118 million OP Tokens,” allowing it to have a voice within Optimism’s protocol governance. This amount will be capped at 9% of the total votable supply in order to maintain balance.

[Zora](https://decrypt.co/147525/opensea-adds-support-zoras-ethereum-layer-2-network), [Public Goods Network](https://publicgoods.network/), and [Aevo](https://blockworks.co/news/aevo-mainnet-launch) are three other promising projects building on the OP SDK.

Macro
-----

[Rising oil](https://markets.businessinsider.com/news/commodities/oil-prices-outlook-jpmorgan-brent-crude-supply-shortage-cuts-opec-2023-9) stokes inflation and drags economic growth (stagflation)

[Country Garden](https://www.wsj.com/world/china/china-economy-housing-country-garden-ea0db13f) stressed in China, missed $22.5m interest payment last month

US deficit keeping [yields elevated](https://markets.businessinsider.com/news/bonds/us-deficit-treasury-bond-yields-high-ed-yardeni-inflation-fed-2023-9)

### Refinancing Cliffs

When rates [rise quickly](https://www.wsj.com/economy/central-banking/why-a-soft-landing-could-prove-elusive-3d17e134) (and unexpectedly), it can take some time for the effects to trickle through the economy. Keep an eye on refinancing cliffs in the years ahead, particularly in a higher for longer scenario.

![](https://storage.googleapis.com/papyrus_images/a05865d7700f9507da02d33c7225b0240f3831820210012382a16df0b89c3900.png)

US has $3 trillion of bonds and loans [coming due](https://www.dropbox.com/scl/fi/grfu7cpb5voj32rwrx7kh/20230901095051_01_09__tmc_report__the_storm_on_the_horizon.pdf?rlkey=w75uid1yxg2bqkulzo59qb2r1&dl=0) in 2024-2026, $2 trillion for Europe

![](https://storage.googleapis.com/papyrus_images/fee7e15979156b5f8b7c10dec694ecba64ab1e3a03e545c3db51639a7971217f.png)

[$530 billion CRE debt](https://www.trepp.com/trepptalk/commercial-mortgage-sector-faces-another-wall-of-maturities) due this year and $2.75 trillion between now [and 2027](https://www.wsj.com/real-estate/commercial-real-estate-regional-banks-9f8f591d)

> The banks are in danger of setting off a doom-loop scenario where losses on the loans trigger banks to cut lending, which leads to further drops in property prices and yet more losses.

![](https://storage.googleapis.com/papyrus_images/e4654b34e74dca0bc2f336af26056591d25dbf19b7a7344289bbf29b841bae1c.png)

European mortgage markets [less shielded](https://www.dropbox.com/e/scl/fi/rhnht1sulya0hkd1ay6ae/20230914111418_14_09__tmc_report__ecb_policy_mistake.pdf?rlkey=qokguoqf0p1wrqsj1kyc7p2od&dl=0) from rate hikes than US

![](https://storage.googleapis.com/papyrus_images/2c32b3ed72dc071ee7eadddd964083ddd1d6f0c2efb65d98a257d5551f93a522.png)

Corporate interest payments are about to rise

> The overall volume of corporate debt, coupled with rising corporate bond yields, is a good predictor of the interest paid by corporations. Corporations, laden with debt and facing high rates, are on the brink of significant increases in interest payments.

![](https://storage.googleapis.com/papyrus_images/ca25449718dc7bfb18af5817b40004a434df3ad8e1433f5f4086586df5f40d0d.png)

Crypto
------

[Market depth](https://marketing.kaiko.com/low-volatility-flat-liquidity?ecid=AOKeC1bpl0znh19CQU3E0hP2UejB2S6y4R54lL00wqByDTa4rX8HM0MimEAIRBsAq71LPRmfFKjZ) stable since FTX collapse

![](https://storage.googleapis.com/papyrus_images/50ff773697b2e4487f048410232a42ae1ec141643de451d4e4eee4802eefc698.png)

Short term holders [below cost basis](https://insights.glassnode.com/the-week-onchain-week-38-2023/) corresponding with a negative shift in sentiment

![](https://storage.googleapis.com/papyrus_images/f7d2350e007568f01ba2b4c03ffbc77e6075c7e18778504a2f12e20183688876.png)

YTD [Sharpe Ratio](https://marketing.kaiko.com/low-volatility-flat-liquidity?ecid=AOKeC1bpl0znh19CQU3E0hP2UejB2S6y4R54lL00wqByDTa4rX8HM0MimEAIRBsAq71LPRmfFKjZ) attractive relative to S&P500

![](https://storage.googleapis.com/papyrus_images/98e561635709ac685178652eff8d62171efafcfe3253d8359f043a5357fbe3bd.png)

Stablecoins > Bitcoin as medium of exchange

![](https://storage.googleapis.com/papyrus_images/8e337f5af307e1aba983d26653885305082b9d406872274769f04b2fdde54e76.png)

Will stablecoins [serve or subvert](https://niccarter.info/wp-content/uploads/mainnet_slides_niccarter_091323.pdf) US interests?

![](https://storage.googleapis.com/papyrus_images/9dded7b4c5d1940ad2dad93f965aaf43bf3ce82101e0c4ab3ac95bb3e03fd2fe.png)

Stablecoin transaction value catching up to Visa and Mastercard

![](https://storage.googleapis.com/papyrus_images/1d6437c4635484919e1e75df10df26e3f186ce14122cafa5b065fed4ff73f091.png)

Visa [expands](https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.19881.html) stablecoin settlement capabilities

> there has been significant demand to leverage newer, high performance blockchains that can send and receive stablecoins with higher speed and lower costs. For these reasons, Visa chose to add support for Solana as a high performance blockchain that its partners can choose to send or receive USDC settlement payments.

Crypto x Culture
----------------

[3rd Annual](https://www.artblocks.io/info/spectrum/third-annual-open-house-weekend) ArtBlocks Marfa Weekend

Pudgy Penguin toys [in Walmart](https://twitter.com/LucaNetz/status/1706687294109864390) licensed from holders via OverpassIP

![](https://storage.googleapis.com/papyrus_images/4735cc4ea63c9c05bcc2191c10b6d00de8a4068a4163d7d47e9cd4029dadea2a.png)

Tyga [x RTFKT](https://twitter.com/Tyga/status/1706360155141550438)

![](https://storage.googleapis.com/papyrus_images/d18d33b2d0cabac2c477efaca04a219132ffc412467ee8eb10ef0490d3f35206.png)

New era of [immersive entertainment](https://www.bain.com/insights/new-era-of-immersive-entertainment/)

NFTs are [worthless](https://www.rollingstone.com/culture/culture-news/nfts-worthless-researchers-find-1234828767/)

Storing value in [digital objects](https://medium.com/collab-currency/storing-value-in-digital-objects-a92f54fa98cc)

![](https://storage.googleapis.com/papyrus_images/6f0d0b1820318771292f31ea4250af7e44ff125f7ca49677ae8f7b067e67005b.png)

Art market [volatility](https://www.dropbox.com/scl/fi/iwm6a4u44txlsius84k27/The-Potential-For-Crypto-Art-_-Messari.pdf?rlkey=oju0ahj0lgluz29qoqdb2plcw&dl=0)

![](https://storage.googleapis.com/papyrus_images/8725f66a2eb158f986d01b1fcc3fc6455e99fa03ff28041ea6008812b9ab28b4.png)

References
----------

**9.21.23**

1.  [JP Morgan unveils blockchain token for faster payments](https://crypto.news/jpmorgan-unveils-blockchain-based-token-for-faster-payments/)
    
2.  [Fortune: Visa to send USDC over Solana to pay merchants](https://fortune.com/crypto/2023/09/05/visa-stablecoin-usdc-solana-worldpay-nuvei-merchants-payments/)
    
3.  [Predicting Provenance](https://jacob.energy/predicting-provenance.html)
    
4.  [WSJ: Why a soft landing could prove elusive](https://www.wsj.com/economy/central-banking/why-a-soft-landing-could-prove-elusive-3d17e134)
    
5.  [WSJ: Even bigger housing crisis threatens China’s economy](https://www.wsj.com/world/china/china-economy-housing-country-garden-ea0db13f?mod=hp_lead_pos7)
    
6.  [TBL: Inflation roars and stocks slide](https://thebitcoinlayer.substack.com/p/inflation-roars-and-stocks-slide)
    
7.  [Bill Gurley from the All In Summit](https://twitter.com/theallinpod/status/1702908187287212257)
    
8.    
    
9.    
    
10.  [EU mitigating risk of extinction from AI](https://twitter.com/EU_Commission/status/1702295053668946148)
    
11.  [Not Boring: The Gang Captures Washington](https://www.notboring.co/p/the-gang-captures-washington)
    
12.  [TBL: Profound implications of Saylor’s latest revelation](https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly90aGViaXRjb2lubGF5ZXIuc3Vic3RhY2suY29tL3AvcHJvZm91bmQtaW1wbGljYXRpb25zLW9mLXNheWxvcnM_dXRtX2NhbXBhaWduPWVtYWlsLXBvc3Qmcj1kbzl0MiZ0b2tlbj1leUoxYzJWeVgybGtJam95TWprMk56UTJNaXdpY0c5emRGOXBaQ0k2TVRNM01UVTBOell5TENKcFlYUWlPakUyT1RVeE16WXdNVEFzSW1WNGNDSTZNVFk1TnpjeU9EQXhNQ3dpYVhOeklqb2ljSFZpTFRRMU9URXhPQ0lzSW5OMVlpSTZJbkJ2YzNRdGNtVmhZM1JwYjI0aWZRLlR0OWJGNnlJM0tYZm1zOFpVSi1HWHpQZmF3TENEVXJQeXk4LWxRNDRKdEUiLCJwIjoxMzcxNTQ3NjIsInMiOjQ1OTExOCwiZiI6ZmFsc2UsInUiOjIyOTY3NDYyLCJpYXQiOjE2OTUxMzYwMTAsImV4cCI6MTY5NzcyODAxMCwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.eiceF4tZHWrN2Tb-Li9F-eAymEaXYV7WKGiq1pKfcSE?)
    
13.  [Glassnode: Investor confidence slides](https://insights.glassnode.com/the-week-onchain-week-38-2023/)
    
14.  [Macro Compass: Policy Mistake](https://www.dropbox.com/scl/fi/rhnht1sulya0hkd1ay6ae/20230914111418_14_09__tmc_report__ecb_policy_mistake.pdf?rlkey=qokguoqf0p1wrqsj1kyc7p2od&dl=0)
    
15.  [Glassnode: BTC Pricing Models](https://studio.glassnode.com/dashboards/btc-pricing-models)
    
16.  [TBL: Profound implications of Saylor’s revelation](https://thebitcoinlayer.substack.com/p/profound-implications-of-saylors)
    
17.  [Paypal USD now available on Venmo](https://newsroom.paypal-corp.com/2023-09-20-PayPal-USD-is-now-available-on-Venmo)
    
18.  [WSJ: Higher rates forever?](https://www.wsj.com/economy/central-banking/higher-interest-rates-not-just-for-longer-but-maybe-forever-d5891964)
    
19.  [WSJ: Households and higher rates](https://www.wsj.com/finance/how-u-s-households-got-turned-upside-down-by-higher-interest-rates-e680d1a1)
    
20.  [WSJ: China fighter jets and taiwan](https://www.wsj.com/world/asia/chinas-fighter-jets-arent-just-flying-around-taiwan-theyre-practicing-d6e56cc5)
    
21.  [Coinbase super chain vision](https://blockworks.co/news/coinbase-launches-l2)
    
22.  [Blockworks L2 dashboard](https://dune.com/blockworks_research/l2-comparison-dashboard)
    
23.  [Messari: L1 and L2 Valuations](https://messari.io/report/l1-l2-valuations-where-are-they-now)
    
24.  [Messari: Ecosystem chart book](https://messari.io/report/ecosystem-chart-book-july-2023)
    
25.  [A16z: Machiavelli for DAOs](https://a16zcrypto.com/posts/article/machiavelli-principles-dao-decentralized-governance/)
    
26.  [TBL: World’s borrowing cost hits 10 year high](https://thebitcoinlayer.substack.com/p/the-worlds-borrowing-cost-hits-15)
    
27.  [BMPro: Dollar wrecking ball, good or bad for BTC?](https://bmpro.substack.com/p/dollar-wrecking-ball-good-or-bad)
    
28.  [Multicoin: Exporing DePIN design space](https://multicoin.capital/2023/09/21/exploring-the-design-space-of-deping-networks/)
    
29.  [Macro Compass: The beatings will continue](https://www.dropbox.com/scl/fi/0p6c79a0n8oom0264aean/20230921072156_21_09__tmc_report__the_beating_will_continue_until_morale_improves_.pdf?rlkey=3lxkilrosggsc2pr0hp284ttt&dl=0)
    
30.  [Decrypto: Optimism pumps amid Coinbase L2 launch](https://decrypt.co/122029/optimism-pumps-coinbase-layer-2-launch)
    

**9.14.23**

1.  [Digital Immersive Entertainment primer](https://jpegs.banklesshq.com/p/the-new-world-of-immersive-entertainment)
    
2.  [Bain: New era of immersive entertainment](https://www.bain.com/insights/new-era-of-immersive-entertainment/)
    
3.  [Pitchbook: Gaming investment report Q2](https://files.pitchbook.com/website/files/pdf/Q2_2023_Gaming_Report_Preview.pdf)
    
4.  [Macro Compass: Is the money printer off again](https://www.dropbox.com/scl/fi/6elg32hemxvd9smo2gfs3/20230907095551_07_09__tmc_report__is_the_money_printer_on_or_off.pdf?rlkey=7n3gbtbk2p8122r1r94o2thmf&dl=0)
    
5.  [Kaiko: Low volatility, stable liquidity](https://marketing.kaiko.com/low-volatility-flat-liquidity?ecid=AOKeC1bpl0znh19CQU3E0hP2UejB2S6y4R54lL00wqByDTa4rX8HM0MimEAIRBsAq71LPRmfFKjZ)
    
6.  [Turkey sees rise in adult crypto investors](https://crypto.news/turkey-sees-rise-in-adult-crypto-investors-report-reveals/)
    
7.  [Glassnode: Realized cap dashboard](https://studio.glassnode.com/dashboards/c060bc98-ca51-49d9-6f41-56a1a28651a8)
    
8.  [WSJ: Banks load up on risky deposits](https://www.wsj.com/finance/banking/banks-load-up-on-1-2-trillion-in-risky-hot-deposits-e9477800)
    
9.  [TBL: BNB, Binance, and BTC are on the brink](https://thebitcoinlayer.substack.com/p/bnb-binance-and-bitcoin-are-on-the)
    
10.  [Howard Marks: Fewer losers, or more winners?](https://www.oaktreecapital.com/docs/default-source/memos/fewer-losers-more-winner.pdf?sfvrsn=674d5266_3)
    
11.  [Arthur Hayes: Are we there yet?](https://cryptohayes.substack.com/p/are-we-there-yet)
    
12.  [Not Boring: Capitalism Unchained](https://www.notboring.co/p/capitalism-onchained)
    
13.  [Zerohedge: $1.5t white gold in Nevada](https://www.zerohedge.com/commodities/15-trillion-dollars-worth-white-gold-found-supervolcano-nevada-oregon-border?ref=biztoc.com)
    
14.  [Pantera: Emerging catalysts](https://panteracapital.com/blockchain-letter/emerging-catalysts-in-crypto/)
    
15.  [Decrypt: BTC miners make money when not mining](https://decrypt.co/155460/how-bitcoin-miners-in-texas-are-making-millions-without-mining-at-all)
    
16.  [Glassnode: Liquidity drought](https://insights.glassnode.com/the-week-onchain-week-37-2023/)
    
17.  [WSJ: Hedge funds bet against treasurys](https://www.wsj.com/finance/investing/hedge-funds-big-bet-against-treasurys-isnt-what-you-think-faba38c5)
    
18.  [Atlanta Fed: Q3 GDP Now](https://www.atlantafed.org/-/media/documents/cqer/researchcq/gdpnow/realgdptrackingslides.pdf)
    
19.  [Messari: The potential for crypto art](https://www.dropbox.com/scl/fi/iwm6a4u44txlsius84k27/The-Potential-For-Crypto-Art-_-Messari.pdf?rlkey=oju0ahj0lgluz29qoqdb2plcw&dl=0)
    
20.  [Erik Voorhees permissionless keynote](https://twitter.com/Permissionless/status/1702054516458156126)
    
21.  [Storing value in digital objects](https://medium.com/collab-currency/storing-value-in-digital-objects-a92f54fa98cc)
    
22.  [Collecting the algorithm](https://www.curated.xyz/editorial/collecting-the-algorithm)
    
23.  [The mystery of the world’s most expensive painting](https://www.theguardian.com/news/audio/2020/aug/31/leonardo-da-vinci-and-the-mystery-of-the-worlds-most-expensive-painting-salvator-mundi)
    
24.  [Thread: Farcaster on Optimism](https://twitter.com/0xallyzach/status/1702321325938008181)
    
25.  [Messari: Cosmos Hub](https://messari.io/report/cosmos-hub-genesis-of-the-interchain?utm_medium=email&utm_medium=email&utm_source=Iterable&utm_source=iterable&utm_campaign=campaign_UO%20-%20Wed%2C%209%2F13)
    
26.  [WSJ: Real estate doom loop](https://www.wsj.com/real-estate/commercial-real-estate-regional-banks-9f8f591d)
    
27.  [Messari: Evolving cloud frontiers](https://messari.io/report/evolving-cloud-frontiers-a-paradigm-shift?utm_medium=email&utm_medium=email&utm_source=Iterable&utm_source=iterable&utm_campaign=campaign_UO%20-%20Wed%2C%209%2F13)
    
28.  [Visa deep dive on Solana](https://usa.visa.com/solutions/crypto/deep-dive-on-solana.html)
    
29.  [Fortune: Ripple bailout for Fortress customers](https://fortune.com/crypto/2023/09/12/ripple-fortress-acquisition-customers-hack-bailout/)
    
30.  [Not Boring: I, Exponential](https://www.notboring.co/p/i-exponential)
    

**9.7.23**

1.  [TBL: Reality check chart pack](https://thebitcoinlayer.substack.com/p/reality-check-chart-pack)
    
2.  [Brevan Howard Digital stablecoin report](https://www.dropbox.com/s/qwylnlbitzz9xq2/The%20Relentless%20Rise%20of%20Stablecoins.pdf?dl=0)
    
3.  [Macro Compass: China](https://www.dropbox.com/s/dw6lrcr5zc2rbhw/20230816015207_16_08_tmc_report__we_need_to_talk_about_china.pdf?dl=0)
    
4.  [Glassnode: Flash Crash](https://insights.glassnode.com/the-week-onchain-week-34-2023/)
    
5.  [TBL: BTC Liquidations](https://thebitcoinlayer.substack.com/p/bitcoin-liquidations-volatility-and)
    
6.  [Coindesk: Meet Botto](https://www.coindesk.com/consensus-magazine/2023/08/22/meet-botto-the-ai-artist-that-mints-its-own-nfts/)
    
7.  [TBL: Powell navigating by stars under cloudy sky](https://thebitcoinlayer.substack.com/p/powell-is-navigating-by-the-stars)
    
8.  [Wizards: Jackson Hole](https://www.wizardofsoho.com/weekly-wizdom-newsletter/jackson-hole-the-sequel)
    
9.  [ILO: Generative AI and Jobs](https://www.ilo.org/wcmsp5/groups/public/---dgreports/---inst/documents/publication/wcms_890761.pdf)
    
10.  [WSJ: Rising long term rates loom](https://www.wsj.com/finance/stocks/rising-long-term-rates-loom-over-autumn-on-wall-street-3ee03b95)
    
11.  [Multicoin: Long term staking](https://multicoin.capital/2023/08/24/exploring-long-term-staking-in-pos-networks/)
    
12.  [Macro Compass: Powell’s Jackson Hole Speech](https://www.dropbox.com/scl/fi/jp6t6twv7pvgimmm3wd5i/20230825112101_25_08.pdf?rlkey=l2btpq797wqh5vncuxirpeo6i&dl=0)
    
13.  [Glassnode: Cointime economics](https://www.dropbox.com/scl/fi/ic0mk1phhk2tu0hs1ud70/Cointime-Economics-DIGITAL-SINGLE.pdf?rlkey=brgizfro44ub163joaxhf2btn&dl=0)
    
14.  [Lyn Alden: Six AI themes to consider](https://www.lynalden.com/august-2023-newsletter/)
    
15.  [WSJ: Resilient US economy](https://www.wsj.com/economy/resilient-u-s-economy-defies-expectations-85be69f3)
    
16.  [Messari: Ecosystem brief, TON growth](https://messari.io/report/ecosystem-brief-ton-growth-and-optimism-valuation-premium)
    
17.  [Messari: Polygon labs launches chain development kit](https://messari.io/report/polygon-chain-development-kit)
    
18.  [Polygon’s MATIC is getting a makeover](https://blockworks.co/news/polygon-matic-becoming-pol)
    
19.  [POL whitepaper](https://polygon.technology/papers/pol-whitepaper)
    
20.  [Macro Compass: Storm on the Horizon](https://www.dropbox.com/scl/fi/grfu7cpb5voj32rwrx7kh/20230901095051_01_09__tmc_report__the_storm_on_the_horizon.pdf?rlkey=w75uid1yxg2bqkulzo59qb2r1&dl=0)
    
21.  [Game of Trades: Looming threat of skyrocketing interest payments](https://25716348.hs-sites-eu1.com/game-of-trades-the-looming-threat-of-skyrocketing-corporate)
    
22.  [Bernstein: ETF opp doesn’t stop at BTC](https://www.coindesk.com/markets/2023/09/04/crypto-etf-opportunity-doesnt-stop-at-bitcoin-extends-into-multiple-digital-assets-bernstein/)
    
23.  [Wizards: Payrolls on deck](https://www.wizardofsoho.com/weekly-wizdom-newsletter/payrolls-on-deck-2)
    
24.  [TBL: US Job Data Slides](https://thebitcoinlayer.substack.com/p/us-job-data-slides-and-regional-banks)
    
25.  [TBL: Liquidity is dropping](https://thebitcoinlayer.substack.com/p/liquidity-is-dropping-fast-and-the)
    
26.  [Vailshire August 2023](https://vailshire.com/august-2023-update/)
    
27.  [0xjaypeg solana thesis thread](https://twitter.com/0xjaypeg/status/1692643531184083162)
    
28.  [FT: Our new geopolitical order](https://www.ft.com/content/7997f72d-f772-4b70-9613-9823f233d18a)
    
29.  [Akash Network: Supercloud for AI is live](https://akash.network/blog/the-supercloud-for-ai-is-live/)
    
30.  [Akash adds NVIDIA GPU to its network](https://www.theblock.co/post/248558/akash-network-adds-nvidia-gpus-to-its-decentralized-compute-market)
    
31.  [TBL: Fed trying to kill Eurodollar banks?](https://thebitcoinlayer.substack.com/p/fed-conspiracy-to-kill-eurodollar)
    
32.  [Decrypt: Base network rakes in fees](https://decrypt.co/154566/base-network-rakes-fees-riding-cryptos-favorite-memes)
    
33.  [The Block: L2 optimistic rollup dashboard](https://www.theblock.co/data/scaling-solutions/optimistic-rollups)

---

*Originally published on [Kintsugi Research](https://paragraph.com/@research.kintsugi/layers-9-26-23-2)*