Research Summary
The report discusses the potential of DePIN (Decentralized Physical Infrastructure Networks) as a breakout application in the crypto space. It also covers the resurgence of Solana, the growth of stablecoin supply, and the rise of Sui’s on-chain metrics. The report further highlights the use of StakingRewards for tracking staking metrics.
Key Takeaways
Solana’s Resurgence
- Solana’s Momentum: After a period of consolidation, Solana is regaining momentum, maintaining and increasing its share of on-chain activity. The Phantom wallet, a top wallet on Solana, recently surpassed Coinbase in app store downloads, indicating a potential shift in user activity.
- Network Stress Test: The launch of the first Jupiter Exchange launchpad coin, WEN, served as a major stress test for the Solana network, with hundreds of thousands of wallets claiming it. The upcoming JUP airdrop by Jupiter is expected to further test the network.
DePIN as a Potential Breakout Application
- Emergence of DePIN: Decentralized Physical Infrastructure Networks (DePIN) are attracting users and mindshare. These networks operate physical infrastructure like cloud computing, storage, and mobile networks in a decentralized manner.
- Helium’s Success: Helium, a DePIN project, has been a breakout performer, attracting tens of thousands of users to its mobile network. The recent partnership with Telefonica to launch hotspots in Mexico could further boost its growth.
Stablecoin Supply Growth
- Stablecoin Supply Increase: After a decline for 18 months, the total stablecoin supply bottomed in September and has been growing since then. The supply recently surpassed $135B, indicating increasing capital inflows to the crypto market.
Sui’s On-Chain Metrics
- Sui’s Growth: Sui, a new Move-based, high-throughput chain, is reaching new highs in Total Value Locked and DEX volume. It briefly entered the top 10 for both metrics, indicating its potential as an emerging ecosystem.
Staking Metrics Tracking
- StakingRewards: The report highlights the use of StakingRewards for tracking staking metrics, which can be effective for assessing how many of a network’s tokens have been locked up and determining the “risk-free rate” for that chain.
Actionable Insights
- Explore DePIN Projects: Given the emerging interest and success of DePIN projects like Helium, it could be beneficial to explore and understand these projects and their potential impact on the crypto space.
- Monitor Solana’s Performance: With Solana regaining momentum and undergoing network stress tests, it would be prudent to monitor its performance and user activity trends.
- Track Stablecoin Supply: The growth in stablecoin supply could be a sign of increasing capital inflows to the crypto market. Tracking this trend could provide insights into market dynamics.
- Assess Sui’s Potential: Sui’s rising on-chain metrics indicate its potential as an emerging ecosystem. Assessing its growth and performance could provide valuable insights.
- Utilize StakingRewards: StakingRewards can be a useful tool for tracking staking metrics, which can provide insights into a network’s token dynamics and risk-free rate.
