Original compilation: TechFlow intern
Original compilation: TechFlow intern
first level title
1. Is income generated?
Digging into Token Terminal, I found some very interesting statistics. In the past 180 days, the total earnings (expenses) received were:
dYdX $212.2 million
Arbitrum $13.7 million
Polygon $8.8 million
Optimism $8.5 million
Loopring $2.5 million
As you can see in the graph,Compared to other projects, dYdX has an overwhelming advantage.first level title
2. Allocation of treasury resources
The elements for studying this issue are divided into:
Do they have different assets, or just their native tokens (more risk)
How big is the national treasury, and how much room for development does it bring to the project?
Polygon：It's hard to find any information on the size and contents of Polygon's treasury. However, knowing that $1 billion was recently committed to developing the ZK project, we can assume that the total size of its treasury is much larger than that.
Optimism：30% of the initial token supply (1.29 billion OP) will be allocated to the community fund (Ecosystem Fund + RetroPGF) = ~$1.85 billion worth of OP tokens (based on current price of $1.43).
dYdX：5% (50 million DYDX) of the initial token supply is allocated to the community treasury. At today's prices ($2.27), that's roughly $113 million.
Loopring：first level title
3. Locked Funds
If the majority of tokens remain locked in the vesting schedule, this could create significant selling pressure in the future.
Polygon：About 92% of the supply has already been unlocked. The final 800 million tokens will be unlocked by May 2025. Current liquidity supply = 9.18 million out of a total supply of 10 billion.
Optimism：About 5% of the total supply has already been unlocked through airdrops. Current circulating supply = 215 million out of a total supply of 4.29 billion.
dYdX：About 11% of all supply has already been unlocked. Current liquidity = 112 million with a total supply of 1 billion.
Loopring：first level title
4. Function and case
Polygon：MATIC tokens are used to pay transaction fees in the network. You can also stake your MATIC as a reward for securing the network.
Arbtirum：There are no tokens yet, but the network itself has enormous utility and offers cheaper transaction fees and scalability while maintaining the security of Ethereum.
Optimism：The right to block space is a sustainable revenue stream that drives the OP economic model and grows with the network itself.
dYdX：Essentially a governance token, holders also receive discounts on trading fees based on the size of their positions.
Loopring：first level title
5. Roadmap
Polygon just announced that they will be implementing the first EVM ZK L2. Sandeep also plans to achieve complete decentralization of the blockchain within 2-3 years, and at the same time develop some powerful products, including decentralized digital ID cards, etc.
Arbitrum has yet to announce a full roadmap, but there is speculation that they will also release a native token via an airdrop at some point.
Optimism lays out its roadmap in the chart below.
dYdX is planning to become a fully decentralized project with their V4 release by the end of 2022. This seems to be their main focus and would be a huge milestone for the project.
first level title
6. Plate category
The 5 items on this list are all very similar in nature. Polygon, Optimism, and Arbitrum are all vying for a piece of the pie, competing to be the best L2 scaling solution.
At this stage, from the market value and"moat"first level title
7. Team and Funding
Polygon has a non-anonymous team(Anurag Arjun, Jayant Kanani, Mihailo Bjelic, and Sandeep Nailwal), and is backed by some of the most prominent investors in the space (Alameda, Binance Labs, Coinbase Ventures), for a total funding of $451.5 million. They also recently announced a series of partnerships (Disney, Reddit, Meta, Stripe, Draftkings), showing their strong business development capabilities.
Arbitrum also has a well-known team and strong backing（Pantera, Alameda, Mark Cuban,Coinbase). A total of $123.7 million has been invested in Offchain Labs’ parent company.
Vitalik himself is a big fan of Optimism and expressed support for their new governance structure.They have strong backing from A16z, Paradigm, and IDEO, bringing in a total of $178.5 million in funding.
dYdX received $87 million in funding from a number of prominent investors including Hashkey, Starkware and A16z, whose teams also remain anonymous.
8. Summary
8. Summary
Based on my research and analysis, I rate each item on a scale of 1-10 for each category. As you can see, obviouslyThe ultimate winner is Polygon。
The project is the most mature, has the largest market cap, and has indeed gained some traction recently due to the upcoming Ethereum merger. Other projects are also very promising and have great potential for success in the long run.
Original link
IOS
Android