Peeling Bitcoin's Layers

Analyzing EIP-4844: Is It Enough?, and more

The latest advancements in Bitcoin, like the rise of Ordinals, Inscriptions, and the debut of BitVM, signal a move towards beefing up Bitcoin's capabilities through Layer 2 solutions. Though faced with obstacles and a cautious upgrade strategy, projects like Babylon and BitVM strive to widen Bitcoin's usefulness, possibly altering its position in the blockchain realm. While Bitcoin's Layer 2 scene might not be leading in every aspect, collaborations and efforts to diversify its applications hint at Bitcoin's potential to become a pivotal center for collective security and progress.     Read the full Messari Pro report by Nikil Chaturvedi, Kinji Steimetz, and Kunal Goel here. Today in UO! Analyzing EIP-4844: Is It Enough? [Aave DAO] Leveraging OpenBlock for Risk Management. [Bonk] BONKbot Ecosystem Exploit. MESSARI INSIGHTS Analyzing EIP-4844: Is It Enough?. Early analysis shows EIP-4844 is dramatically reducing L2 fees. Is the EIP-4844 upgrade sustainable in the face of growing demand?       [Messari Governance] [Aave DAO] Leveraging OpenBlock for Risk Management. This proposal aims to engage OpenBlock Labs for six months to enhance Aave DAO's risk management practices. OpenBlock proposes a comprehensive analysis covering market risk, agent-based and Monte Carlo simulations, and counterparty risk assessment. The proposal includes leveraging OpenBlock's proficiency in liquidity and risk token (LRT) modeling to maintain Aave's market leadership. OpenBlock offers to apply its methodologies, models, and datasets for $420,000 over the engagement period. [Messari Key Developments] [Bonk] BONKbot Ecosystem Exploit. Several BONKbot users have reported that their BONKbot wallets have been drained. The BONKbot team has stated that their logs "show that every user account being drained has previously exported their private keys" and users that have not exported their private keys from BONKbot "are 100% safe."   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! ALSO POPULAR ON MESSARI Ethena - The Goddess of Yield Quantifying Narratives Analyst Discussion: Ethena Supercharging Smart Contracts: ZK Coprocessors and Verifiable Compute Hooking into the Future: A Uniswap Valuation OTHER NEWS AND TOP READS What the Coinbase dismissal denial says about staking and securities Solana Foundation Says It Can Filter Through the Offensive Meme Coin Problem SBF Is Going to Prison for 25 Years Dogwifhat Becomes Third-Largest Meme Coin as Bitcoin Clings to $70K Bitwise files for a spot ether ETF Coppola-Backed Decentralized Pictures to Launch DCP+ Film Streaming Service Prisma Finance Suffers $12 Million Exploit Sanctioned crypto exchange Garantex probed over $20B USDT transfers Ondo Finance To Deploy OUSG Assets In Blackrock's BUIDL Fund 21Shares president 'less bearish' than Cathie Wood on ether ETF approval 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. Copyright © 2023 Messari, All rights reserved. Our mailing address is: Messari 228 Park Ave S PMB 52631 New York, New York 10003 Unsubscribe 408 Broadway, New York, NY 10013-3699