๐ Optimisms End Game: Superchain, OP stack & a16z
PLUS HSBC ๐ BTC & ETH ETF's in Hong Kong
GM Legends,
According to the Bitcoin and Ethereum charts, it looks like traders were touching grass or getting chopped up. Price action stayed within range and the weekly volume still suggests most traders have extended their Hamptons vacations.
Whilst the market looks to the AI and BTC ETF narrative, weโll take a look at Arbitrumโs number 1 competitor, Optimism as the collective prepares for the Bullrun through the OP Stackโd Superchain.
And a little help from Brian, CZ and a16z.
Ohโฆ and for the Quest for LARP questersโฆ hereโs quest number 2.
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If youโve only got 2 minutes.
The big story.
๐ย Optimisms End Game: Superchain, OP stack & a16z
DeFi insights.
๐ผ Lybra Finance V2 Code4renaย competitive audit
๐
Syndr Chain the layer 3 built using Arbitrum Orbit thread
๐ซ GM degen podcast: HyperLiquidXโs Jeff joins the podcast
In the news.
๐ฎย OKX launches โNitro Spreadsโ ย
๐ป SBFโs property shopping listโฆ shocking!
๐จ๐ปโ๐ผ What the FED?! J Powell takes stages Wednesday/Thursday
Plus Twitter reads from @rektdiomedes, @hufhaus9ย and @danblocmates!
๐ฅ The big story.
To make you think.
๐ Optimisms End Game: Superchain, OP stack & a16z
Optimism is about to take the crown as Ethereum's dominant L2 and hereโs why.
Back in March, the rumours of โwen airdropโ for the Arbitrum airdrop came true. In the build-up, Arbitrum had captured a sizeable chunk of the, already depleting, liquidity, as farmers were farming and speculators, speculated in the hopes of a life-changing allocation of free tokens.
Whilst the headlines were dominated by Arbitrum, Optimism has been working in the background getting ready for its Superchain Thesis to play out.
Today we take a look inside Optimism, whose building and important key considerations.
The Latest from Optimism
Bedrock went live earlier this month which has opened up the gateway for developers, applications and โcentralisedโ establishments. It improves the proof modularity in the OP Stack, reduces gas fees & deposit time, enables multiple-proof systems inc zk proofs all whilst, and most importantly, allows for the Optmistic endgame to play out.
Bedrock was the foundation that allows for a Modular Superchain Future to be created. This is why the Bedrock upgrade has been so important for Optimism. Simply put the Superchain is โa network of chains being built using the OP stack.โ
If that all wasnโt enoughโฆ Optimism rebranded as OP Mainnet separating the blockchain from the โcollective, vibe and ethos that Optimism encompasses.โ I speculate here but this divide may play an important role later down the line.
Itโs official: the chain formerly known as Optimism is now OP Mainnet!
This distinction makes clear the delineation between the OP Mainnet blockchain and the Collective, vibe, and ethos that โOptimismโ encompasses.
Whos building an OP future?
Optimism has captured the attention of the BIGGEST names with the PHATTEST wallets in crypto to build using the OP stack.
Coinbase is building Base
Worldcoin is building World Id
CZ is building his L2 opBNB
AEVO is building on-chain options
ourZora is building the Zora Network
I suspect we see this list of monolithic key players continue to grow which, based on speculation, would bring hopeful developers and protocols into the ecosystem further growing the OP Stacked Superchain.
I get the feeling that Optimism is playing a sensational game of chess, positioning itself for the next bull run.
The biggest question I have right now is whether or not this โSuperchain thesisโ is just a meme ending up like Cosmosโ โApp chain thesisโ which, on paper, sounded decentralisingly exciting but kind of flopped.
Can โGod Tierโ figures like Brian and CZ bring a flurry of money, activity and development into Optimism and its modular super chain future?
Despite Arbitrum having a higher daily usage and value bridged, Optimism has seen a large influx of depositors over the last 7 days. This might suggest OP airdrop 3 farmers are already ahead of the curve.
Key Considerations
Token price. Letโs be honest nowโฆ this is the most important part. The OP token might be somewhat doomed as it has little to no meaningful utility. With all of the potential technological marvels, we would like to speculate that number goes up but this might not be the case and at this stage, I struggle to see the OP team creating additional value out of it.
A16z. The common denominator. They invested in Optimismโs A and B series raises. Closed off Worldcoins C series and once held a bag of Coinbase before Jim Cramer kiss of deathโd it. Coinbase also has a stake in Aevo, making the OP Superchain look like an insider circle.
User Inflow. 200million. Thatโs how many users Coinbase and Binance have combined that can be funnelled into the O(ver) P(ower) Stacked Superchain. Base will generate fees for using the OP stack but will these go back into OP token holders pockets, the broader ecosystem OR slip into the pockets of the founding forefathers?
opBNB. The Arbitrum of BSC? Weโll leave that there for now.
What about Arbitrum?
That question needs an article on its own.
Despite it going all wrong during the AIP 1.1 governance proposal (and the future team token unlock), Arbitrum has its microcap casino and maximalist community which are 2 key elements any blockchain needs for success.
To do it justice weโll cover Arbitrum Orbit vs OP Stack further down the line as more projects begin building and launching off Arbitrums layer 3.
But for now, Optimism is slowly making a second half come back.
Our take.
Money talks.
Out of all of the super-duper-hyper-app chain thesisโ, Optimism might just be the one that pays off.
What separates Optimism from the other chains like Cosmos is that they didnโt have the biggest baldest ballers backing them, Brianโs Build on Base, CZโs opBNB and an a16z chequebook.
None of these 3 God Tier entities will want to let their projects fail. Itโs safe to say, that at this stage at least, the OP Stack is bullish.
The OG alt L1 trade will not happen again and will become the Alt L2 trade which will be determined by the chains ability to emit the most sustainable and ever lasting tokens until people jump ship.
Picks and shovels will do wellโฆ position accordingly
L2s are the new ERC20s
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๐ DeFi insights.
Project updates, governance reports and industry secrets.
The World of DeFi
Diva Protocol - Goes live on mainment. (Twitter)
Eth Foundation - Announces the Devconnect Scholars Program. (Twitter)
Lybra Finance - V2 competitive audit goes live with @code4rena. Ends June 30th. (Twitter)
Mozaic Finance - Vault interactions are live on testnet. (Twitter)
OPNX - The 3AC exchange is set to launch โRaiseโ from the OPNX launch pad. (Twitter)
Panoptic XYZ - Publishes their official Lite paper. (Twitter)
Protectorate Protocol - Deployed on mainnet. (Twitter)
SpartaDEX - July 3rd, the day when the official SHO on @daomaker begins. (Twitter)
Strader - Introduces the ETHx Power Pledge. (Twitter)
Swell - LP $swETH on Maverick for airdrop eligibility. (Twitter)
Syndr Chain - A Layer 3 build on Arbitrum Orbit thread. (Twitter)
Umami DAO - Public beta launches end of next week. (Twitter)
unshETH - Joins Maverick Protocols incentive program as Wagmi33 posts potential EigenLayer integration. (Twitter)
Governance Updates
0xMantle - Proposal to allocate $72 million to Lido Finance. (The Block)
๐ซ ย GM degen.
The latest GM degen podcast.
Today Jedi talks with HyperLiquidX builder, @chameleon_jeff as they dive into all things perps including the issue of liquidity.
GFM!!
@jediblocmates sat down with @chameleon_jeff from @HyperliquidX to chat all things perps, app chains, L1 value accrual, scalability, and much more...
We also learnt Jeff is a super cool dude ๐ค
Links to the episode below ๐
๐ In the news.
The important bits.
Binance takes a loss as the courts deny the request for an early rebuke. (The Block)
Circle looks ahead to Hong Kong as CEO Jeremy Allaire believes there will be an โenormous demand for digital dollars.โ (The Block)
HSBC greenlights the buying & selling of BTC & ETH ETFs that are listed on the Hong Kong Exchange (HKEX). (WuBlockChain)
OKX launches โNitro Spreadsโ on its over-the-counter (OTC) institutional liquid marketplace allowing traders to โone-click trade.โ (Coindesk)
SBF bought these properties with YOUR funds according to a report published by FTX debtors. See the full list โ (The Block)
Swiss Central Bank CBDC pilot is โNOT just an experimentโ as the goal is to test real transactions with market participants. (The Block)
๐จ๐ปโ๐ผ What the FED?!
The key events happening this week:
Macro schedule for the week ahead ๐๏ธ
Tuesday:
- Home Price Indices
- New Home Sales
- Durable Goods OrdersWednesday:
- Powell SpeaksThursday:
- Pending Home Sales
- Jobless Claims
- Q1 GDP (3rd est)
- Powell SpeaksFriday:
- PCE report
- China PMI's
- EUR CPI (pre)
- EURโฆ twitter.com/i/web/status/1โฆ
๐ฅ Twitter reads.
In case you missed it.
@rektdiomedes shares his wisdom.
Thread: Some Thoughts On Privacy, Defi, And Adoption
๐งต
Encrypting important information has been a concern of us humans since the dawn of written history...
1/x
@hufhaus9 breaks down what Blackrock ACTUALLY is.
People don't really understand what Blackrock is, or what they do.
So let's go inside...
@danblocmates takes a look at the community-driven Llama Quest which encompasses the Wen Llama NFT collection.
Get your pixelated swords, pumpkin pies & saradomin brews ready
Because we are about to go on a journey of wonder as I show you the world ofย ย @Lla@LlamaQuestNFTse (soon to be) home of the @Wen@WenLlamamas ๐๐ค http
And on that note, thanks for reading, catcha apes in the next edition!
blocmates team ๐ซก
๐ค A final word.
A quick word from our super awesome sponsors who help us make this all possible...
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