Research Summary

The report provides an in-depth analysis of various blockchain platforms and their performance metrics. It covers the Pyth Network, Chainlink, The Graph, Filecoin, and Arweave. The report also discusses the Chainlink Cross-Chain Interoperability Protocol (CCIP) and the Filecoin Virtual Machine (FVM).

Key Takeaways

Pyth Network’s Growth and Dominance

  • Pyth Network’s Expansion: The decentralized oracle network, Pyth Network, has shown steady growth over the past two years, expanding into the EVM ecosystem. It handled over 90% of Solana’s price feed transactions in the last three months.
  • Active User Increase: Pyth’s daily active users rapidly grew in Q4, going from 4,810 to over 34,077 at year-end, indicating a strong adoption trend.

Chainlink’s Dominance and Interoperability

  • Chainlink’s Command: Chainlink dominates the realm of oracle solutions on EVMs, commanding over 90% of price feed transactions. Its Cross-Chain Interoperability Protocol (CCIP) addresses the interoperability challenge among different blockchain networks.
  • CCIP’s Growth: Chainlink CCIP is on pace for 2,990 transactions in January, an increase of 80.88% M/M, despite its monthly fees stagnating at $30.27K.

The Graph’s Transition and Growth

  • Transition to Arbitrum: The Graph initiated a transition from Ethereum to Arbitrum in 2H23 to provide improved UX for users and Indexers. As of Jan 25th, 96.6% of the staked GRT has moved to L2.
  • Subgraph Deployment: Concurrent with the staked GRT migration, more subgraphs were directly deployed on L2. The number of active distinct subgraph deployments overall reached 1,509.

Filecoin’s Growth and Storage Network

  • Filecoin DeFi Growth: Filecoin DeFi continues to grow and now sits at 22M FIL ($110M). The Filecoin liquid staking market has tripled in $FIL terms since July.
  • Active Deals: The ultimate health metric of the Filecoin network is data stored in active deals. These deals have continued to hit ATHs and reached over 1700 PiB in Q4.

Arweave’s Data Storage and Transaction Growth

  • Arweave’s Explosion of Activity: Arweave has seen an explosion of activity with 1.8B transactions in 2023, representing 428% YoY growth. Over 150 TiB of data is stored on Arweave.
  • SmartWeave Usage: SmartWeave, Arweave’s smart contract protocol, has surged in usage now boasting over 114m total transactions and 9m total contracts.

Actionable Insights

  • Monitor Pyth Network’s Growth: Given the rapid growth and adoption of Pyth Network, it may be beneficial to monitor its performance and expansion into the EVM ecosystem.
  • Assess Chainlink’s Interoperability: Chainlink’s dominance in oracle solutions and its CCIP’s growth suggest the need to assess its interoperability capabilities among different blockchain networks.
  • Understand The Graph’s Transition: The Graph’s successful transition to Arbitrum and the increase in subgraph deployments on L2 indicate the importance of understanding this transition and its implications.
  • Examine Filecoin’s Storage Network: Filecoin’s growth and the increase in data stored in active deals highlight the need to examine its decentralized storage network and its potential impact on the DeFi sector.
  • Explore Arweave’s Data Storage: Arweave’s significant growth in transactions and data storage, along with the surge in SmartWeave usage, suggest exploring its permanent data storage protocol and its potential applications.

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