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🚀Onchain Crypto Users Grew By Record 62M in 2023

The Defiant

The Defiant Daily

Together with

Together with

GM Defiers!

✍️ In today’s newsletter:

  • Onchain Crypto Users Grew By Record 62M in 2023
  • Transaction Fees on Ethereum Layer 2s Surged 400% Last Year
  • AltLayer's ALT Token Climbs to $360M Market Cap After Launch
  • Solana-based ‘Rubber’ NFT Collection Soars 50x
  • Elastos Launches Marketplace For ‘Smart Inscriptions’ On Bitcoin

🤔Opinion

  • The Proposed IRS Broker Reporting Rules Would Effectively Kill DeFi

🙏 Sponsored

📈 Markets in last 24 hrs:

TickerValue24h
BTC$40,214 0.73%
ETH$2,237 -0.23%
S&P 500$4,894 0.53%
GOLD$2,017 0.15%
Arch WEB31.18pts +0.73%
FINANCE1.11pts -0.44%
INFRA1.33pts -1.94%
CONSUMER1.26pts -2.18%
Arch WEB3

Learn more about Arch Indices here.

🎬 WATCH

Check out our interview with the popular crypto trader and commentator, Fiskantes, to get his take on the recent bullish market momentum. Also watch our podcast with Mustafa Al-Bassam, CEO and Co-Founder of Celestia Labs, to learn more about modular blockchain architecture and data availability.


THANKING OUR NEWSLETTER SPONSORS

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Crypto Adoption

Onchain Crypto Users Grew By Record 62M in 2023: Report

TLDR Flipside Crypto's report reveals 2023 as a record year for crypto user acquisition, with 62.1 million new users across various blockchains.

Ethereum led with 15.4 million new users, followed closely by Polygon with 15.2 million, and Bitcoin with 10.7 million. Solana, ranking fifth, saw significant user growth in May and December.

READ MORE: Onchain Crypto Users Grew By Record 62M in 2023: Report


DeFi

Transaction Fees on Ethereum Layer 2s Surged 400% Last Year: Report

TLDR Ethereum's Layer 2 networks, like Arbitrum and Optimism, saw a 400% increase in fees, indicating growing user adoption in 2023. Meanwhile, Ethereum's mainnet and various DeFi sectors experienced a fee decline.

SO WHAT There's an ongoing shift towards more efficient and cost-effective blockchains, reflecting changing user preferences in the crypto space.

READ MORE: Transaction Fees on Ethereum Layer 2s Surged 400% Last Year: Report


Markets

AltLayer's ALT Tokens Climb to $360M Market Cap After Launch

TLDR AltLayer airdropped 300M ALT tokens, 3% of its total supply, to over 40,000 addresses. ALT is trading at a market capitalization of almost $400M.

READ MORE: AltLayer's ALT Tokens Climb to $360M Market Cap After Launch


SPONSORED SHOUTOUT

Web3 analytics is broken. Current solutions have been built on technologies optimized for web2 databases, not the blockchain. This means that analytics, and the treasure trove of web3 data, is needlessly difficult to use. HyperArc has built their analytics platform from the ground up to address the world of web3.

Read More: https://thedefiant.io/web3-analytics-is-broken


NFTs

Solana-based ‘Rubber’ NFT Collection Soars 50x

TLDR The Rubber NFT collection on Solana, created by artist Pop Punk, experienced a significant surge in value post-mint, briefly hitting a floor price above 20 SOL.

SO WHAT Notably, Rubber has drawn the attention of art collectors from the Ethereum and Bitcoin communities, with several users posting that it’s their first Solana NFT.

READ MORE: Solana-based ‘Rubber’ NFT Collection Soars 50x


Bitcoin

Elastos Launches Marketplace For ‘Smart Inscriptions’ On Bitcoin

TLDR Elastos has introduced a Bitcoin-based 'Smart Inscription' marketplace using its BeL2 technology. This allows for smart contract functionality on Bitcoin through a Layer 2 solution, enabling more complex and cost-efficient transactions.

SO WHAT This innovation enhances Bitcoin's capabilities, traditionally limited in terms of smart contracts and programmability.

READ MORE: Elastos Launches Marketplace For ‘Smart Inscriptions’ On Bitcoin


Opinion

The Proposed IRS Broker Reporting Rules Would Effectively Kill DeFi

TLDR The IRS's latest crusade into the realm of digital assets threatens to redefine the landscape of decentralized finance (DeFi) with its proposed broker reporting rules.

READ MORE: The Proposed IRS Broker Reporting Rules Would Effectively Kill DeFi


🔎 OUR REPORTERS ARE WATCHING


🌍 ELSEWHERE

  • BlackRock’s Bitcoin ETF First to Reach $2B in AUM (Coindesk)
  • Hedge funds cash in on Grayscale bitcoin ETF conversion (Reuters)
  • Largest Bitcoin ETF’s Slowing Outflows Lift Some Recent Crypto Gloom (Bloomberg)