Layering Up in Spring

State of Solana Q1 2024, Understanding Chromia, and more

Degen Chain (DEGEN) went live last week with a Layer-3 (L3) on Base and found great early success. Other projects are also building and exploring their own Layer-3s like Momoka (Lens), PengChain (Pudgy Penguins), XAI Games, ApeChain (Yuga Labs), etc. While degens are going to degen, Messari analysts consider some key questions brought about by Layer-3s and how it relates to the future of Ethereum.   Read the entire Pro report by Kunal Goel, Dustin Teander, and Seth Bloomberg - Degen Chain - Packing Layers. Today in UO! State of Solana Q1 2024 Understanding Chromia: A Comprehensive Overview [Hopr] Proceed with Proposal to GnosisDAO to develop GnosisVPN [Sacks] Nakamoto MESSARI INSIGHTS State of Solana Q1 2024. Solana's growth continued in 2024 after a strong close to 2023. Solana became the primary home for retail users and memecoin traders. Its average daily spot DEX volume increased by 319% QoQ to $1.5 billion. Solana also took strides in its ability to support institutions with the launch of token extensions, which enable a set of configurable features for token issuers. However, the increased network activity led to congestion issues, which are being addressed in upcoming networking, scheduler, and fee market upgrades. Although unrelated to the high activity, the Solana network suffered its first outage in almost a year. VC funding for Solana-based projects is heating up after an enduring bear market. Projects built primarily on Solana raised $89.2 million in Q1, $2.5 million more than the total amount raised throughout all of 2023. The Solana ecosystem is also becoming more decentralized. Former Solana Labs engineers and executives announced the formation of developer shop Anza, and the former Solana Foundation head of growth launched the growth organization Colosseum.     Understanding Chromia: A Comprehensive Overview. Chromia is a data-centric Layer-1 platform that is engineered for horizontal scaling to handle parallel tasks, optimized for high-performance AI and gaming applications.     [Messari Governance] [Hopr] Proceed with Proposal to GnosisDAO to develop GnosisVPN. This proposal aims to support the HOPR Association proposal to GnosisDAO for the development of GnosisVPN, a project demanding an investment of $1.5 million and providing 500 GNO tokens to current HOPR node operators to support Gnosis validators. This initiative represents an advancement towards achieving comprehensive privacy solutions that position GnosisVPN as a strategic evolution for HOPR. In return for the investment, GnosisDAO would receive HOPR tokens from the Association's treasury, excluding funds from the HOPR Community DAO, thus gaining considerable influence within the HOPR Community DAO. [Messari Key Developments] [Sacks] Nakamoto. Stacks developers have chosen the Bitcoin block 839,444, estimated to arrive on Apr. 16, 2024, to be the instantiation block to begin the Stacks Nakamoto rollout. The Nakamoto rollout will happen over 4 weeks, until activation. 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 Polkadot OpenGov Deep Dive Ethena - The Goddess of Yield Quantifying Narratives Analyst Discussion: Ethena Supercharging Smart Contracts: ZK Coprocessors and Verifiable Compute   Upgrade your digital asset operations with Fordefi's next-gen MPC wallet. Fordefi is purpose-built for DeFi, enabling you to scale your on-chain strategies across thousands of dApps while staying protected with MPC. Our platform is trusted by leading institutions: Pantera Capital, Figment, Flare Network, and more. OTHER NEWS AND TOP READS Dogwifhat Down Double-Digits as Meme Coins Retrace Last Week's Gains Ethena Onboards Bitcoin as Backing Asset to Make USDe 'Safer' Crypto Has 'Too Many Tokens' and Mergers Are Coming Saga Gaming Token Launch Set as Binance Users Stake $3.9 Billion for Rewards Bitcoin Mining Ban Proposed in Paraguay Over Power Problems Roger Ver was right about Bitcoin Biden and Trump Meme Coins Skyrocket on Solana: Which One's Winning This Race? Bitcoin Adds 4.5% as Stocks Reverse Lower on Hawkish Fed Commentary OneCoin Compliance Chief Sentenced to 4 Years in Prison for Role in $4B Ponzi Crypto Markets Bounce As Hedge Funds Pile On Bitcoin Shorts 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. 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