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📈Bitcoin Transactions Hit All-Time High

The Defiant

DeFi Daily

GM Defiers!

Activity on the Bitcoin blockchain has hit record levels as new types of fungible tokens drive speculation. Meanwhile, the highly-anticipated Sui blockchain is trading at a $13B valuation a day after its launch, and Ethereum developers are in the final stages of planning the network's next major upgrade. Let's dive in!

✍️ In today’s newsletter:

  • BRC-20 tokens drive surge in Bitcoin transactions
  • Sui launches its mainnet
  • Ethereum developers look ahead to 'Dencon' upgrade

🙏Sponsored:

📈 Markets in the last 24 hrs:

TickerValue24h
BTC$27,705 0.42%
ETH$1,864.6 0.14%
MKR$688 -0.29%
SPY$412.07 0.08%
UNI$5.451 0.41%
LDO$2.081 0.19%

🎬 WATCH

Watch our video on why Balaji burned $1M to prove a point. And check out our podcast with Nader Dabit, director of developer relations at Aave/Lens.


Bitcoin

Bitcoin Transactions Hit Record High as New Token Type Takes Off

TLDR Developers are experimenting with new ways of building on the Bitcoin blockchain, with recent developments including the introduction of BRC-20 tokens, a standard for issuing fungible assets on the Bitcoin blockchain. These fungible assets have a collective market capitalization of $125M as of May 4 and have pushed daily transactions on the Bitcoin blockchain to an all-time high of 682,000.

SO WHAT Fungible and non-fungible tokens enabled by the Ordinals protocol represent a significant shift towards greater experimentation on the Bitcoin network, which has traditionally been valued for its stability.


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Layer 1

Sui Blockchain Launches Its Mainnet

TLDR Former Meta employees have launched Sui, a Layer-1 blockchain that uses a proof-of-stake consensus model and was programmed in the Move language. Sui's governance token is trading at $1.30, giving the blockchain a fully diluted valuation of $13B, putting it ahead of established networks like Avalanche, Solana, and Polygon.

SO WHAT While many early investors are up 10x or more, many community members were disappointed, with some venting their frustration for not being eligible to purchase pre-sale tokens or getting airdrops. Some critics have also raised concerns over Sui's lofty valuation.


Ethereum

Ethereum Developers In ‘Final Stages Of Planning’ Next Major Upgrade

TLDR The Ethereum Foundation is already planning for the next network upgrade, called Dencun, just weeks after the Shapella upgrade. The primary update in Dencun will be EIP-4844, also known as “Proto-Danksharding” or “The Surge,” which is expected to significantly reduce transaction costs.

SO WHAT Layer 2 networks have become the leading Ethereum scaling solution, surpassing the Ethereum mainnet by daily transaction volume. The primary upgrade, EIP-4844, will replace the blockspace-intensive "calldata" currently stored on-chain alongside transactions, with "blobs" that analysts predict will vastly improve Layer 2 throughput.


🔎 OUR REPORTERS ARE WATCHING


🌍 ELSEWHERE

  • Coinbase posts loss, but beats expectations ( WSJ)
  • Aztec announces a zk-rollup with native privacy features ( Twitter)
  • Stripe announces new fiat onramp ( Stripe)