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Satoshi Unmasked? What’s At Stake?
Satoshi Nakamoto is the pseudonym used by the person or group who created Bitcoin and was active in the development of the blockchain until December 2010. Satoshi continues to live on in Bitcoin as units of BTC are called sats – short for Satosh, but their identity has been widely controversial. HBO’s documentary, Money Electric: The Bitcoin Mystery, premiering later today, is the most recent attempt at unmasking the Bitcoin creator. Although the identity of Satoshi will probably not be verified by this documentary, HBO’s production speaks volumes about Bitcoin’s mainstream prominence. It is a leap forward in the asset’s adoption trajectory.
Figure 1 – Polymarket Bets on Who Will be Unmasked as Satoshi on the HBO Documentary
Source: Polymarket
The fascination with uncovering Satoshi’s true identity has long captivated the crypto community. This curiosity isn’t solely about identifying the creator of Bitcoin; it’s also driven by the significant influence Satoshi could wield due to his reputed wealth. According to research from Sergio Demian Lerner, crypto entrepreneur and founder of BTC-based smart contract platform Rootstock, there are certain wallets exhibiting Satoshi-esque behavior, estimated to control around 1.1M BTC. Lerner’s report outlines a pattern of behavior across these wallets; they remain dormant, exhibit a 99% tendency not to spend their Bitcoin, and suddenly halted mining activities after Satoshi’s disappearance in 2011.
These so-called ’Patoshi’ wallets lend credibility to the theory that Satoshi’s holdings are distributed across multiple wallets. Although Lerner does not claim these wallets belong to Satoshi, their isolated behavior and long-standing inactivity make it plausible they could be tied to Bitcoin’s creator. Among these wallets, notable examples include one wallet that minted the Genesis Block, holding 100 BTC, and another associated with the historic first transaction to Hal Finney, as shown below:
Figure 2 – Possible Satoshi Wallets
Source: Blockchain.com
Regardless of who HBO’s documentary might hint at or identify as Satoshi, this isn’t the first time such claims have surfaced. Bitcoin has a history of similar unmasking attempts, which we’ll now explore in further detail.
Previous attempts to unmask Satoshi – who are the candidates?
The following people are said to have worked with Satoshi Nakamoto in some capacity. They were also part of the cypherpunk movement that started in the 1990s. This movement was a network of individuals interacting via mailing lists, advocating the widespread use of strong cryptography and privacy-enhancing technologies to effect social and political change.
• Wei Dai (2011): An early cryptographer whose work on b-money was referenced by Satoshi in the Bitcoin whitepaper. His influence and knowledge of cryptocurrencies made people think he was the creator of Bitcoin, which he has denied.
• Gavin Andresen (2011): A Bitcoin developer who took the lead after Satoshi stepped away. Andresen said that he worked closely with Satoshi without knowing their real identity. His commit access to Bitcoin Core was revoked in May 2016 when Craig Wright convinced him that he was behind Bitcoin, which Andresen later denied to the press, announcing his regret that he had ever trusted him.
Figure 3 – Final (public) E-mail from Satoshi Nakamoto
Source: Mike Hearn
• Len Sassaman (2011): A cryptography expert who has worked with Finney on Pretty Good Privacy (PGP), a program used for signing, encrypting, and decrypting texts, e-mails, files, directories, and whole disk partitions and to increase the security of e-mail communications. Additionally, Len is known for his expertise in remailer technology, namely maintaining the code of Mixmaster. The remailer technology is debated as the foundation of Bitcoin and its intellectual history. Although his widow denied it, the suspicion grew when Len took his own life a few months after Satoshi’s final e-mail, shown in Figure 2.
• Nick Szabo (2013): The computer scientist and cryptographer behind Bit Gold, a precursor for Bitcoin, and the inventor of smart contracts. His previous work made him one of the prime suspects for being Satoshi, which Szabo has consistently denied.
• Hal Finney (2014): An early Bitcoin adopter, the first to receive a Bitcoin transaction from Nakamoto, and a key contributor to the Bitcoin network, making him one of the prime suspects. Finney was the creator behind the reusable Proof-of-Work, on which Bitcoin mining is based. He passed away in 2014 without publicly acknowledging that he was Satoshi.
Figure 4 – First Bitcoin Transaction from Nakamoto to Finney
Source: Blockchain.com
• Adam Back (2019): An early Bitcoin adopter and cryptographer who created the Hashcash proof-of-work system, which was also integral to Bitcoin mining, as shown in Figure 5 below. A documentary aired in 2019 suggested that Back could be Satoshi, which he later denied.
Figure 5 – E-mail Interaction Between Back and Satoshi
Source: Bitcoin Magazine
On the other hand, the following debunked suspects add some more to the story:
• Dorian Nakamoto (2014): born as Satoshi Nakamoto, is a Japanese-American who interestingly lived in the same town as Finney. He first surfaced in a Newsweek article in 2014 which featured claims that he later denied.
• Craig Wright (2015): A computer scientist and entrepreneur who publicly claimed to be Satoshi in 2016, a year after some publications suggested Wright might be Bitcoin’s creator, citing leaked e-mails and documents, which were later court-ruled as fabricated. Moreover, Wright failed to produce cryptographic proof that he had control of the Satoshi-labelled wallets.
Figure 6 – Craig Wright’s Forged Correspondence
Source: Hackernoon
• Paul Le Roux (2019): A notorious criminal mastermind and former programmer who created encryption software and ran a global criminal empire. The suspicion about him being Satoshi was instigated by his reference in the Craig Wright case and was later picked up by Wired in 2019. The primary reason for suspicion was his Encryption for the Masses (E4M), an open-source disk encryption platform. Additionally, Le Roux’s arrest in 2012 also grew suspicion as it coincided with Satoshi’s online disappearance.
Don’t Trust, Verify
Over the years, claims that have surfaced about Satoshi’s identity haven’t stood up to scrutiny due to the crypto community’s ethos: Don’t trust, verify. Only cryptographic proof—such as signing a transaction from one of Satoshi’s known wallets—would be accepted as evidence. To date, no such action has ever occurred, with Satoshi’s wallets remaining dormant for nearly 14 years, as shown in Figure 7, by the Bitcoin Genesis Wallet. Until verifiable proof is presented, the community’s skepticism toward any new claims about Satoshi’s identity will persist.
Figure 7 – Bitcoin Genesis Wallet Holdings
Source: Blockchain.com
Interestingly, in January this year, a dormant wallet unexpectedly sent 26.9 BTC—worth nearly $2M —to the Genesis Wallet, raising intriguing possibilities. It could be interpreted as a gesture of burning the BTC or, alternatively, it might hint at the wake-up of Satoshi himself. The wallet’s origins point to the former, as most of the funds are traced back to a wallet labeled as belonging to Binance, according to Arkham Intelligence. Nevertheless, it does beg the question, what would happen should Satoshi awaken?
What if Satoshi wakes up or their wallets get hacked?
Discussions around Satoshi’s Bitcoin holdings often spark anxiety in the space, especially with estimates suggesting he holds around 1.1M BTC, valued at nearly $70B. While acknowledging the size of their holdings, it is merely an estimate and no evidence or proof points towards this. Furthermore, concerns that a sudden movement or potential hack would trigger major market disruption are largely overstated, thanks to several mitigating factors.
If we consider the upper estimate of Satoshi’s holdings at 1.1M BTC, this would account for approximately 5.2% of Bitcoin’s circulating supply. Glassnode’s on-chain data reveals that only 3.6% of the supply, less than 1M BTC, is currently held in wallets with over 100K BTC. Therefore, Satoshi distributed their holdings across multiple wallets, aligning with their mandate of maintaining privacy and security.
Figure 8 – Bitcoin Address Supply Distribution
Source: Glassnode
While a sudden sell-off of their holdings would have a substantial short-term impact on price, this scenario remains highly unlikely. Even if Satoshi coordinated sales from multiple wallets, Bitcoin’s deep liquidity should gradually absorb the shock. Additionally, the distributed nature of these holdings makes it extremely difficult for any potential hacker to compromise the funds, as breaching multiple wallets—many of which are offline and heavily protected—would be both challenging and time-consuming.
Further supporting this view is the significant liquidity available in Bitcoin markets today. According to Glassnode, daily trading activity across major exchanges regularly averages over $6B daily. Even if a portion of Satoshi’s BTC were to move, the sheer depth of Bitcoin’s liquidity ensures that such activity could be managed without causing market disruptions or extreme price fluctuations.
Figure 9 – Bitcoin’s Centralized Exchange Volume
Source: Glassnode
Further, only two Satoshi wallets are labeled and ever recorded activity, collectively holding just 120 BTC, or $7.6M. If this were sold today, it would not cause a significant impact, as they represent a negligible amount relative to Bitcoin’s daily exchange volumes. The most liquid exchanges could easily handle the sell-off without moving Bitcoin’s price by 2%, as shown below.
Figure 10 – Bitcoin’s Centralized Exchange % Depth
Source: Coingecko
While there are occasional murmurs about potentially banning early-day UTXOs (unspent transaction outputs) from being used—essentially proposing a fork to exclude these coins from the network—this idea hasn’t managed to gain traction. Such a move would fundamentally contradict Bitcoin’s core value proposition of being censorship-resistant. Furthermore, much of the Bitcoin community believes that Satoshi is entitled to their BTC, even if they choose to sell their holdings, given their foundational role in creating Bitcoin.
Bitcoin’s Value Proposition Remains Intact
Despite controversy regarding Satoshi’s identity, Bitcoin’s fundamental value proposition remains unchanged. Satoshi has not been heard from in almost 14 years and—to public knowledge—hasn’t signed any transactions since the earliest days of Bitcoin. It is highly unlikely that they would suddenly become active in a way that would disrupt the market. Bitcoin’s role as a hedge against currency debasement and a decentralized store of value remains firmly intact.
Whether or not someone emerges proving to be Satoshi or that HBO has cracked the code, Bitcoin’s core principles remain unaffected as a platform free from centralized control. Even if Satoshi were to reappear, he wouldn’t control Bitcoin’s codebase, relinquishing ownership once he disappeared. Bitcoin’s evolution is now driven by a global community, ensuring that no individual, not even its creator, can unilaterally alter its principles.
For investors looking to gain exposure to the pioneer cryptoasset and capitalize on the latest developments, 21Shares offers the following Bitcoin ETPs on the European market. These investment products provide a regulated way to capture Bitcoin’s growth potential as it solidifies its role as a digital store of value. With the increasing adoption of Bitcoin, these ETPs offer a strategic opportunity to participate in the ongoing evolution of the world’s leading cryptoasset.
Figure 11 – European Bitcoin ETPs Ordered by Ticker
Source: Bloomberg, Data as of October 7, 2024.
Avg. Daily Spread 20D: refers to the best daily average bid/ask spread over the last 20 days across European exchanges.
Figure 12 – European Short Bitcoin ETPs Ordered by Ticker
Source: Bloomberg, Data as of October 7, 2024.
Avg. Daily Spread 20D: refers to the best daily average bid/ask spread over the last 20 days across European exchanges.
What’s happening this week?
Source: Forex Factory, 21Shares
Research Newsletter
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
Disclaimer
The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.
The crypto market has surged past $3T in total market capitalization, with smart-contract platforms leading the charge as risk appetite expands beyond Bitcoin. In particular, lean, cost-efficient blockchains have emerged as a key driver for onboarding users and boosting on-chain activity, as reflected in Figure 1.
• Solana soared 57% since the election, driven by memecoin-fueled retail interest and unprecedented DeFi activity, generating more revenue than Ethereum.
• Sui reached a new all-time high (ATH) near $4, also boosted by its gaming device pre-launch and consumer-friendly features.
• Aptos is gaining momentum for institutional-grade solutions like tokenization and payments, contributing to a recent price surge of 71%.
Figure 1 – Sector Price Performance Since Election Day
Source: Artemis, 21Shares
Given the proliferation of Layer 1s (L1s), it invites a closer examination of how the industry reached this point.
• Each L1 tackled the blockchain trilemma differently. While Bitcoin and Ethereum prioritized decentralization and security, later iterations focused on optimizing scalability.
• Ethereum’s first-mover advantage cemented the EVM as the standard for blockchain platforms, driving widespread adoption. However, its limitations spurred innovation, leading to the development of new virtual machines such as Solana’s SVM.
Despite these differences, each L1 plays a critical role in the on-chain ecosystem, tailored to unique use cases based on their architecture and features outlined in Figure 2 below.
Figure 2 – Technical Breakdown of Layer 1 Landscape
Source: Artemis, 21Shares
Below, we outline the unique strengths of each network, highlighting how they address various use cases in the order of their launch.
Ethereum – July 2015
The leading platform for decentralized applications (dApps) and a pioneer in smart-contract technology, as the first blockchain to introduce smart contracts.
• Ethereum laid the foundation for dApps and DeFi, commanding the highest liquidity with a Total Value Locked (TVL) of $60B.
• Its focus on decentralization and security, with more than 1M validators, makes it a trusted platform for tokenized government securities, totaling over $1.5B in assets.
• Ethereum hosts over 4,000 dApps, including prominent DeFi platforms like Uniswap and Aave, leveraging its unmatched network effects as the most widely adopted blockchain. While Layer 2 solutions enhance speed and efficiency, they have also introduced fragmentation, leading to reduced revenue.
Cardano – September 2017
The platform sets itself apart with a rigorous, research-driven approach to blockchain development.
• Introduced formal verification for smart contracts and enhanced Ethereum’s Proof-of-Stake (PoS) with Delegated Proof of Stake (DPoS), democratizing transaction validation.
• Collaborates with governments like Ethiopia to deploy Atala PRISM, enabling digital IDs that improve access to education and financial infrastructure in underserved regions. The network also promoted a transparent and efficient aid distribution system.
• Cardano’s growth has been hindered by slow development, a lack of EVM compatibility, and the absence of on-chain governance, resulting in a modest $456M TVL. Recent upgrades like the Chang Hard Fork foster a community-driven network, while the BitcoinOS integration will boost cross-chain utility by facilitating ADA-powered Bitcoin transactions.
Solana – March 2020
The network prioritized scalability powered by their innovative dual consensus model combining Proof of History (PoH) and PoS. With the ability to process nearly 3,000 transactions per second (TPS), Solana stands as one of the fastest blockchains available.
• This month, Solana’s DEX trading volume exceeded Ethereum’s by $40B, fueled by its efficient, low-cost blockchain and propelled by a dynamic DeFi ecosystem rich in retail-driven activity. This surge in trading volume has been a key driver behind the growth in Solana’s TVL, now reaching $8.3B.
• Solana powers decentralized physical infrastructure networks (DePIN) like Helium (broadband), Hivemapper (mapping), and Render (3D rendering), which demand high-speed, low-cost transactions at scale. Solana’s fast and efficient blockchain provides the necessary infrastructure for these applications to operate smoothly and cost-effectively.
• For Solana to deepen its integration with traditional finance—supported by PayPal’s PYUSD, which processes $30B, along with partnerships with Visa and Shopify—it must address ongoing network reliability issues, especially as its network experienced downtime once this year and multiple times over the past three years. The Firedancer validator client, capable of over 1M TPS on testnet, is positioned to reduce outages and enhance reliability, solidifying Solana’s role as a top solution.
Avalanche – September 2020
An EVM-compatible blockchain characterized by its subnet architecture, which enables customizable, permissioned networks connected to the Avalanche mainnet.
• Avalanche’s scalable subnet architecture enables customizable, permissioned networks with flexible gas fees, data privacy, and validator incentives. The Avalanche9000 upgrade enhances this with shared liquidity, lower validator costs, and full customizability, including geo-restrictions, making it ideal for tailored enterprise blockchain solutions.
• Avalanche’s Evergreen Subnets have attracted major TradFi players, including Franklin Templeton, which tokenized its $420M government money fund, as well as Citibank and Wellington Management exploring financial applications.
• Avalanche supports a wide range of industries, from Deloitte’s federal disaster reimbursement platform—designed to improve claim speed and transparency—to gaming projects like Shrapnel, which is built the GUNZ subnet. Its EVM compatibility and robust ecosystem pushed its TVL past $1B.
The Open Network (TON) – September 2021
A high-throughput blockchain designed for seamless user onboarding, TON aims to deliver a Web3 WeChat-like experience. Its strategic partnership with Telegram, which boasts 900M monthly active users, positions it as a key driver of mainstream blockchain adoption.
• TON’s Mini Apps act as a gateway to its on-chain ecosystem, leveraging projects like Hamster Kombat, which peaked at nearly 300M users, to drive retail adoption. However, its $300M TVL reflects a nascent financial ecosystem focused on simpler, retail-friendly use cases, leaving it comparatively underdeveloped in DeFi.
• Processing nearly 28M transactions this month, TON is strongly positioned to drive blockchain-based payments. Its recent USDT integration, surpassing $1B in supply within just seven months, further reinforces its potential in this space.
• Despite recent setbacks at Telegram, which operates independently from TON, the network’s growth this year underscores its strong potential. With scalable infrastructure and a vast addressable market, TON is well-positioned to onboard the next wave of users.
Aptos – October 2022
A high-performance blockchain leveraging the Move programming language, which was developed by Meta for their Diem project. Move prioritizes security and scalability, making it a strong contender for institutional use cases.
• Parallel processing enables sub-second settlement times and a theoretical throughput of 160K TPS, ensuring the performance needed for enterprise-grade applications.
• Aptos, led by ex-executives of Meta’s Diem project, is bringing institutions on-chain. Its credibility is bolstered by partnerships with TradFi giants like Microsoft, Franklin Templeton, and NBC Universal, alongside institutional-grade use cases such as Ondo’s tokenization platform. Alongside a growing DeFi ecosystem, which we’ll explore in detail later, these efforts have propelled its TVL to nearly $1B.
• Aptos streamlines Web3 access with keyless accounts, passwordless authentication, and transaction previews. Its support for emerging markets includes cost-efficient devices like the Jambo Phone, preloaded with blockchain tools. By combining advanced scalability with user-first design, Aptos is well-positioned for this cycle.
Sui – May 2023
Aptos’ twin is also a high-performance blockchain designed to deliver Web2-like simplicity to Web3. Also built on the Move programming language, it focuses on consumer-facing applications rather than institutional use cases.
• Sui caters to retail users with innovations like SuiPlay0X1, a gaming device bridging Web3 and traditional gaming. This focus has positioned Sui as a leader in consumer-facing dApps.
• Sui pairs sub-second finality and parallel processing with intuitive features like zkLogin for wallet creation via Google or Face ID, gasless interactions covered by apps, and QR-based payments with zkSend. By combining scalability with a user-friendly experience, Sui is primed to drive retail adoption and bridge the gap between Web2 and Web3, onboarding the next generation of crypto users.
• The recent launch of its Ethereum bridge and USDC support has significantly boosted Sui’s DeFi ecosystem, driving its TVL beyond $1.5B. This growth aligns with Sui’s recent ATH, just shy of $4.
We’ve just highlighted each blockchain’s unique features and selling points; now, let’s examine how these translate into real on-chain activity. We’ll assess key metrics like active addresses, decentralized exchange (DEX) trading volume, fees generated, and TVL to provide a clearer picture of each network’s performance.
Daily Active Addresses
Figure 3 – Daily Active Addresses on Smart-Contract Platforms in 2024
Source: Artemis, 21Shares
As shown in Figure 3 above, Solana emerged as a forerunner in user engagement, boasting the largest user base of 6.5M users driven by its trifecta of low fees, rapid transactions, and a user-friendly interface. A perfect storm for the memecoin frenzy that swept through the network this year, with more than 3.5M tokens launched on the memecoin factory pump.fun alone. Furthermore, Solana has become the preferred platform for the latest crypto trends, including tokens tied to AI-powered agents and DePIN protocols, as discussed earlier.
Similarly, Aptos has shown impressive user growth compared to other L1 blockchains like Avalanche, driven by its expanding DeFi ecosystem. Key developments fueling momentum include Blackrock’s BUIDL product expansion, the deployment of Tether’s USDT and Circle’s USDC on the network, and the upcoming integration of sBTC by Stacks. Together, these advancements are driving increased user enthusiasm and engagement across the network.
Ethereum, however, remains a formidable player, having effectively shifted a significant portion of its activity to L2 scaling solutions. This has resulted in almost 90% of transactions now occurring on L2s rather than the mainnet, underscoring the growing importance of scaling solutions as the execution layer for the legacy network. Despite this, L2s solutions have dramatically expanded Ethereum’s capabilities, achieving a 26-fold increase in throughput —382 transactions per second compared to 14 on the base layer—and attracting a user base of 2.6M, more than seven times Ethereum’s mainnet average of 350K users.
Decentralized Exchange Volume
Figure 4 – Decentralized Exchange Trading Volume on Smart-Contract Platforms in 2024
Source: Artemis, 21Shares
From a broader perspective, Ethereum and Solana dominate exchange activity, fueled by their thriving DeFi ecosystems. Ethereum has long maintained its top position, with the largest DeFi ecosystem boasting nearly $60B in TVL. Its financial applications have demonstrated remarkable resilience, withstanding multiple market challenges since 2020. In addition, Ethereum has been contributing almost 50% of all decentralized exchange (DEX) volume through the first three quarters of the year, until Solana flipped the script, as illustrated in Figure 4.
In fact, Solana has recently outpaced Ethereum across multiple metrics. For example, Solana’s DEX trading volume exceeded Ethereum’s by $40B in November, while its weekly DEX trading volume eclipsed Ethereum and all its Layer 2s combined during the final week of October. Additionally, three out of the top ten revenue-generating applications now operate on the Solana network. Notably, the Solana-based DEX Radyium generated $29B in trading volume over the last week, a 45% difference compared to Uniswap’s $20B. Furthermore, Solana-based platforms now account for three of the top ten DEXs, commanding over 40% of the total 24-hour trading volume across the entire crypto ecosystem.
Finally, while TON currently reports lower DEX volume and an underdeveloped DeFi ecosystem, its focus on simpler use cases has kept its TVL relatively modest. However, the upcoming Curve integration is expected to drive significant growth by enhancing stablecoin liquidity. Additionally, TON recently launched the testnet version of its bridging solution, enabling native Bitcoin transfers to its network. This breakthrough positions TON to tap into a vastly larger market, leveraging the $1.3T in dormant BTC.
Fees Generated
Figure 5 – Fees Generated by Smart-Contract Platforms in 2024
Source: Artemis, 21Shares
TON stands out among emerging platforms with its substantial network fees, driven by Telegram’s expansive Mini App ecosystem. This goes beyond crypto applications, integrating traditional services like ride-hailing and e-commerce, where TON-based assets are used for payments. Additionally, Telegram-centric offerings such as competitively priced global eSIMs, VPN solutions, and decentralized storage broaden its appeal, particularly to non-crypto-native users. All in all, this places TON as the third-highest fee-generating network compared to the other networks, which can be seen in Figure 8.
Alternatively, Solana has established itself as a fee-generating powerhouse, as depicted above in, Figure 5 with many leading dApps leveraging its high-speed, cost-effective blockchain. For example, the no-code memecoin creator platform Pump.fun has generated $220M in fees and attracted 150K users. Moreover, Solana-based protocols account for 50% of the top 15 fee-generating applications across all blockchains. Notably, trading bots Photon and BonkBot earn a combined $75M monthly, while Radium and staking provider Jito contribute $300M, collectively. This positioned Solana to currently generate 110% of Ethereum’s real economic value.
Finally, Ethereum’s recent Dencun upgrade led to a 90% reduction in L2 transaction costs. The upgrade introduced blobspace, an efficient data storage mechanism for L2 solutions. As this new system gains traction and approaches capacity, L2 transaction costs will gradually increase. This trend, already becoming apparent as shown below in Figure 6, suggests a potential resurgence in Ethereum’s mainnet revenue in the coming months.
Figure 6 – Ethereum Average Blob Count Per Block
Source: Dune Analytics, 21Shares
Total Value Locked
To recap, TVL serves as a crucial metric for financial ecosystems in the crypto space, analogous to assets under management in traditional finance.
Figure 7 – Total Value Locked in Smart-Contract Platforms in 2024
Source: Artemis, 21Shares
Ethereum, as the pioneer of DeFi, unsurprisingly maintains the largest TVL among all networks. However, the landscape is evolving rapidly.
Solana has emerged as a significant player, now commanding nearly 10% of DeFi’s TVL. This growth can be attributed to its seamless integration with traditional finance, expanding tokenization sector, and proliferation of payment-related use cases, as well as the surging maturity of its DeFi ecosystem.
Meanwhile, Avalanche continues to hold a substantial TVL, primarily due to its innovative subnet model that empowers businesses to create customizable networks with unprecedented control and flexibility. Consequently, Avalanche has become a hub for tokenization projects and institutional financial applications, both live and in development, as its network design effectively meets the business and privacy needs essential for TradFi.
In conclusion, these metrics provide a comprehensive view of the current standing and performance of various layer-1 blockchains. As seen in Figure 8, these platforms illustrate the diversity in blockchain usage patterns and provide insight into how each chain is positioned to compete in the landscape of blockchain-based applications. We believe there will not be “one chain to rule them all” and instead we will see a multi-chain future where certain chains are used over others for specific use cases.
Figure 8 – Summary of Key Metrics Across Smart-Contract Platforms
Source: Artemis, 21Shares
What’s happening this week?
Research Newsletter
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
Disclaimer
The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.
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