2024 Public chain financial report in the first quarter: How many chains are making money?

Last week, U.S. stocks ushered in the busiest "financial report" in the first quarter. Nearly half of US -listed companies chose to announce their financial reports this week. After the experience of a big plunge last Friday, the market's attention was staring at the financial reports that the technology giants would have published this week.

Under the "Financial Report Hot", the blockchain data analysis company Token Terminal's "Public Chain Financial Report" data chart released on the official Twitter account two days ago also attracted the attention and discussion of the encrypted community. After several sets of data, the "financial status" of L1 and L2 public chains such as ETH, Solana, Base, etc. are a lot of intuition. However, the first reaction of more people to the "public chain financial report" is: Is this concept really reasonable?

The term "financial report" has always been far from the encryption industry. In this business model, it has not yet been clear. The team's realization is still based on token issuance. The number of active addresses, TVL, and market value seems to be more intuitive and transparent. And is the traditional sense of financial report logic applied to the encryption market? Is the subjective subject agreement or a team? What statistical indicators should be used? These issues make the "chain" business incompatible compared to traditional business. The mouth shouted "Mass Adoption", and his heart was clear about the "Ponzi Game" door.

So is the concept of the financial report appropriate in the encryption industry? I prefer a positive answer. Although there are many logical and logical differences in specific indicators, the public chain (especially universal public chains such as Ethereum and Solana) as a decentralized network, which essentially need to make hematopoietic hematopoietic as traditional companies, it is essentially the same as traditional companies. Ability, otherwise it will become real Ponzi.

So for a chain, how can it be called "the ability to make hematopoiesis"?

Crazy public chain

In fact, in the current crypto industry, except for Bitcoin's decentralized account book, almost all public chains need to have the ability to make hematopoietic in order to survive for a long time and safely.

For BTC, its market value and price reflect the volume of the external world to put their wealth into the Bitcoin account book. In order to obtain the security of the Bitcoin network, these wealth is willing to pay to the miners who can make it satisfied with Storage costs. But this set of common public chains such as Ethereum and Solana seem to be unreasonable. Because the miner is a group of profit -seeking, wherever you make money, and the "World Computer" that the general public chain wants to maintain is not much attractive to the wealth of the outside world. Therefore, from the perspective of supply and demand relationship Miners (of course are mostly verified as verifiedrs) to see the house, and the burden of paying costs is generally on the shoulders on the Internet.

To put it simply, the general public chain needs to find a way to "create revenue" to pay the authentication of the maintenance network. Basic hematopoietic ability. Of course, hematopoietic is not all for "alive." In the stock market, the stronger the revenue ability means the stronger the repurchase strength and stock price expectations, and the same is true of the public chain business.

According to this logic, what data should be in a "public chain financial report" is actually clear at a glance.

First of all, it is naturally operating income. For the public chain, all of this part comes from network costs, and the destruction parts in the cost can be regarded as network revenue (equivalent to repurchase). The more online activities, the higher the cost income. The second is operating costs, including parts paid to the verifications in each network cost (supply fee; SUPPLY-SIDE Fees) and tokens issued by the network. Finally, it is gross profit, that is, to destroy the tos to the tokens (and the cost of the verification), which is the ultimate manifestation of a public chain hematopoietic ability and network value. It is not difficult to see that for a public chain, GAS destruction and block motivation distribution largely determine its revenue ability and self -sustainability.

So in the first quarter of this year, how did the universal public chain's revenue perform? We have selected three representative cases for a comparative analysis, which are based on the Ethereum of the GAS repurchase based on the basic cost of the block, the 50% cost to repurchase the destroyed Solana, and all the 100% costs all Destroyed Avalanche.

Judging from the final "quarterly statement", Ethereum is still the most powerful general chain in the current crypto world. In the first quarter of 2024, it achieved a revenue of $ 1.17 billion, and its net profit reached US $ 369 million. Although Solana has a strong ecological momentum in the past six months, because of advocating ultra -low GAS concepts and lack of dynamic cost mechanisms, only less than $ 100 million in revenue in the first quarter, while its network operating costs (ie token inspiration) are as high as high. 844 million US dollars, a total of $ 796 million. The avalanche network has almost no revenue in the first quarter, and the cost loss loss is 179 million US dollars

Perseverance insight into EIGENLAYER ecology

Summary

1. EIGENLAYER's core technologies are pledged by pledged RESTAKING to allow decentralized services (AVS) to reuse Ethereum pledged funds and enhance the trust mechanism. When ETH's withdrawal vouchers are redirected to the EIGENLAYER contract, AVS can set a reward and punishment mechanism to attract low -cost verification and participation, improve the use rate of verifications, and enhance the overall network security.

2. EIGENLAYER introduced new micro and macro security challenges in the "Consensus Trafficking Market". The main body of the market: ETH verification, the service items (AVS) that require decentralized POS trust, and the EIGENLAYER platform itself, forms an interactive structure in the ecosystem. Each part may face security threats, affecting the stability of the entire ecosystem. Malicious operator may attack multiple services at a lower cost under the RestAKING mechanism; malicious AVS may use surface publicity and seemingly credible return to attract the unknown OPATOR to join its service system, causing it to suffer from Slashing and irreversible Losses; rapid development of ecology put forward higher requirements to the security of the EIGENLAYER protocol.

3. Professional audit and reliable dynamic protection measures are the cornerstones of ensuring platforms and users' security. Eigenlayer ecology needs to be able to cope with a powerful security framework in addition to innovation. Blocksec continues to build BUILD in the field of blockchain security, providing the project party with professional code audit and dynamic security protection after launch, and supports the continuous growth of this ecosystem.

introduction

Based on Ethereum Agreement EIGENLAYER innovatively proposed the re -pledge function, allowing participants to further use their pledged ETH to support other protocols while maintaining the original pledge and income, so as to maximize the potential value of capital.

From $ 1 billion in 2024 to $ 15.3 billion now, Eigenlayer's TVL is second only to Lido in the entire DEFI ecosystem. The explosive growth not only shows the strong interest in the market, but also verifies the practicality and influence of its technology. With this growth, projects based on Eigenlayer ecology, such as Puffer Finance and Renzo, also quickly won the favor of capital and users. The re -pledge track with Eigenlayer as the core is undoubtedly one of the most watched narratives in the Defi ecosystem this year.

As a company focusing on blockchain security, we will analyze and explore the operating mechanism of Eigenlayer from a macro to micro security perspective, while innovating the Defi ecosystem, it will bring new security challenges and tests.

Top -level design and macro security

RestAKING is essentially a basic means to further solve specific problems by reusing the trust provided by the PROOF of Stake (POS) pledged fund pool. Eigenlayer, as the founder of RESTAKING technology, provides a newly free trafficking of Ethereum fund pool to a new market, provides a consensus market for sale. Eigenlayer claims that the current Ethereum ecology is suffering a macro security problem of trust division, and Eigenlayer can solve this problem well. Next, we will start from the design and motivation of Eigenlayer to understand what is trust division, and how Eigenlayer solves trust division.

1. Who is the service target of the consensus market? Who is the two parties involved in two -way freedom?

Eigenlayer sells the trust provided by Ethereum Ethereum's pledged fund pool, so the consensus seller is the Validator of Ethereum verification node. The buyer, the active verification service, ACTIVELY VALIDATED Services (AVSS). In simple terms, it can be understood as one of the services that need to build a distributed trust network. AVS is a buyer, and their demand is to buy distributed trust.

Cypher, based on Solana's decentralized exchange, announced the funds loss solution after the attack. The team stated that about $ 600,000 has been frozen in each CEX. The seizure order.

Cypher also stated that it will accelerate the IDO (originally planned to be completed at the end of September). The main purpose of the early IDO is to strengthen the platform's capital basis and compensate users affected by the event. More than 45%of tokens will be sold to the public, of which 23%are designated to the team, 11%are designated to investors, 1.2%are allocated to consultants, 12%are used for growth incentive plans, and 7.3%will be used for token airdrops.

The team stated that before starting the IDO, Cypher will transfer funds from existing smart contracts to new smart contracts, which will help the affected users to receive the designated exchange package. The distribution will be determined in proportion based on the snapshot when frozen in the agreement. Rapid.

Life is not used to compromise. The more you retreat, the less room for you to breathe; the days are not used to be used. The humbled you are, the farther some happy things will be away from you. In some things, there is no need to put yourself too low, and you must actively fight for you; before some people, you don't have to tolerate it again and again, you cannot let others trample on your bottom line. Only when the waistboard is straight, the world will give you more.