The Sandbox had a bounce-back quarter in Q4 with many important metrics up QoQ, including market cap, daily average secondary sales and volumes, and non-LAND mints. Additionally, new partnerships and ASSET collections helped bring about a surge in non-LAND activity. The Sandbox showcased in Q4 that it had continued to build and improve its gaming experience throughout the bear market.

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Ethena - The Goddess of Yield. Ethena is the hottest new stablecoin project. It has quickly grown its supply to $500+ million and is on track to reaching the goal of $1 billion by March 2024. Following the current meta, Ethena is incentivizing the use and growth of its protocols through points. We estimate the price and value of Ethena shards using back-of-a-long-napkin math. We find that they are priced between our bearish and base cases.

[Messari Governance] [Spartan Council] Dynamic Gas Fee Module - Ecotone (SIP 2055). The proposal aims to put in place a new dynamic gas fee module which replaces the one currently implemented under SIP 2013. The new module would incorporate the necessary changes in transaction costs associated with optimism's ecotone upgrade. Depending on governance, optimism is expected to update their gas pricing mechanism around the same time as ethereum rolls out EIP-4844 at slot 296568. Therefore, this sip would be implemented immediately following ecotone. It is important to mention that around a 3x decrease in gas costs is anticipated because of these changes.

[Messari Key Developments] [BNB] Feynman Upgrade. The Feynman upgrade is set to occur on BSC testnet on Mar. 11, 2024 at 06:00 UTC and full node runners on testnet are required to switch their software version to the latest by Mar. 11, 2024. The Feynman upgrade marks the most important milestone in the BNB Chain Fusion as it seeks to implement three BEPs: BEP-294, BEP-297, and BEP-299.

Knowledge Seekers Rejoice, It's Quarterly Season!

What are Messari Quarterly Reports?
With the arrival of the new year, the Messari team is excited to kickoff the release of our Q4 2023 quarterly reports. Our quarterly reports highlight top crypto protocols and present key metrics & indicators as well as important events to provide a full picture of the project's latest developments. Learn more about projects you are invested in or interested in and receive a clear look at project fundamentals and financial reporting.

Dive into our current and past quarterly reports available in our Protocol Reporting research page. Keep an eye out for reports with "🗓️" in Unqualified Opinions so you don't miss them!

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🗓️Q4 2023 Quarterly Reports

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Disclosure: Authors may own cryptoassets named in this newsletter. For more information, please visit messari.io.

Unqualified Opinions, a Messari newsletter, is meant for informational purposes only. It is not meant to serve as investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.

Advertising and sponsorship do not influence editorial decisions or content. Third party advertisements and links to other sites where products or services are advertised are not endorsements or recommendations by Messari. Messari is not responsible for the content of the ads, promises made, or the quality or reliability of the products or services offered in any third party advertisement.

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