Over the past year, Real World Asset (RWA) protocols have seen a resurgence, with their Total Value Locked (TVL) soaring to nearly $8 billion, driven by a market preference for debt-based, high-yield investments. Investors are increasingly shifting their focus from volatile tokenized equities to more stable, offchain yield sources, indicating a robust demand for assets that not only provide substantial returns but also minimize price risks associated with underlying assets. This trend is predominantly evident in debt instruments, where TVL is concentrated in offerings with the highest yields, denominated in dollar values to justify the associated counterparty risks and compensate for liquidity shortfalls compared to traditional stablecoins. This strategic pivot towards yield-generating debt positions highlights a nuanced understanding of risk and return in the evolving landscape of digital asset investments. |
Read the full report titled Welcome to the Real World here.
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🗓️ State of LayerZero Q1 2024. In Q1'24, LayerZero launched V2, which aims to provide a scalable communication standard across networks while maintaining permissionless and composable infrastructure. Application deployment saw a 93% increase in QoQ in Q1, potentially due to the improved tooling and growth in supported networks. The announcement of the token launch was the catalyst for LayerZero's growth in Q1'24 across multiple metrics measuring financial, usage, and development data. Bridges, such as Stargate and Merkly, which have the highest usage on LayerZero, could see a significant share of tokens distributed to both the protocols and users. With its growing ecosystem and soon-to-launch token, LayerZero is positioning itself as a significant player in the emerging omnichain messaging space. 🗓️ State of Safe Q1 2024. While most smart contract wallets have struggled to find mainstream adoption, Safe has continued to be an exception. As the leading smart contract wallet system, Safe users continued to derive value from the core wallet product in Q1, with over $112 billion of assets stored in Safes, which is on par with Robinhood's AUM which reached $119 billion in Q1'24. Safe witnessed an all-time high in most usage metrics in Q1'24. Safe users continued to derive value from the core wallet product, with 1.6 million monthly active accounts in Q1'24 (up 181% QoQ) across Safe's multiple deployments on 10+ networks. The overall share of transactions originating from Safe smart accounts reached 2.5% in Q1'24 (up from 2.3% in Q4'23). Simultaneously, gas fees originating from Safes generated over 34,500 ETH in Q1'24 (up 138% QoQ). The Safe community voted in favor of making the SAFE token transferable as of April 23, 2024. Simultaneously, a successful proposal introduced strategies to enhance the utility of the SAFE token by linking ecosystem activity to token utility.
[Messari Governance] [Rocket Pool DAO] Deploy Rocketpool on Sei Chain. This proposal advocates for deploying Rocketpool on Sei Network, capitalizing on its status as a parallelized EVM Chain to enhance transaction speeds. Sei V2, which merges the features of Ethereum and Solana, offers a platform for Rocketpool with reduced gas fees and increased transaction capabilities. The integration with LayerZero also ensures seamless connectivity across chains, further bolstering the ecosystem.
[Messari Key Developments] [EigenLayer] EIGEN Token. The Eigen Labs team has published the whitepaper for the EIGEN token. The EIGEN token will function as "a universal intersubjective work token" that "can be used across all digital tasks" that are intersubjectively verifiable. The whitepaper explains that EIGEN introduces a mechanism to handle "intersubjective" faults through "intersubjective forking," where a fork can be honored without needing Ethereum's social consensus. Intersubjective faults are described as "instances of misbehavior that cannot be objectively identified onchain, yet are evident to all reasonable observers." EIGEN is intended to enhance the set of AVSs that can be secured through EigenLayer and to serve "a fully complementary role to ETH with ETH staking powering objective fault slashing and EIGEN staking powering slashing for intersubjective faults."
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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 Q1 2024 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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| 🗓️ Q1 2024 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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