Hi, Iโm 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.
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1a0d7d8b-f2ed-40e1-a1b2-bebb535b4d5b_1356x646.png)
Building blocks
Layer 2 transactions are a growing share of Ethereum transactions, up to 40%.
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F89b3a3a3-8492-466d-93ac-7739ff8b0cf2_1356x776.png)
The cheapest bricks
However, given that L2 transactions are very cheap, they only make up close to 2% of their fees.
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fe233cbea-0df5-4069-8275-01b2609445a0_1356x752.png)