Hi, I’m Azeem Azhar. I convene Exponential View to help us understand how our societies and political economy will change under the force of rapidly accelerating technologies. Every Wednesday, I do this in Charts of the Week.

DEPT OF CRYPTO

Into the crypt

Crypto activity across developers, investors and consumers is down 40-90% from its peak. For example, Gross Merchandise Value (GMC) on decentralised exchanges (DEX) decreased by 90% since June.

Building blocks

Layer 2 transactions are a growing share of Ethereum transactions, up to 40%.

The cheapest bricks

However, given that L2 transactions are very cheap, they only make up close to 2% of their fees.

Le Roi Solana