Crypto Fundamentals #008

note: all analyses in this document created using the Artemis Sheets plug-in ✌

we’ve almost made it through the last month of 2022! thanks to everyone who’s stuck around🥳. it’s been a very wild ride and the Artemis team is grateful for all the fundamental investors out there continuing to push the crypto ecosystem forward.

This article will be brief and also serve as the last article of the year 😭.

hope everyone gets to rest up and we’ll see you in what is sure to be an exciting 2023 🤝.

L1 Overview & Highlights

This week saw double digit drops in the L1 ecosystem with 7D median and average decline in prices of 10.3% and 11.0%, respectively. NEAR, Aptos and Solana lead the pack with 15-20% declines in price across the board. The broader sell-off was associated with macro changes such as the BOJ surprise tweak to its bond yield control, along with some standard speculation of funds selling off prior to year end for tax purposes.

TVL and stablecoin volume continue to see declines over the past month (median declines of 3.1% and 7.6%, respectively), but weekly commits and active devs have actually seen positive developments over the same time frame (median increases of 21.0% and 0.0%, respectively). Even over the past week, ecosystems such as Optimism and Aptos have seen meaningful increases in weekly commits (34% and 51%, respectively). Maybe as folks head back home for the holidays devs are able to return to hard core coding 🙇‍♂️🖥. We’ll see if this momentum continues into the new year.

In other news, the FTX SBF X Caroline saga continues. SBF has posted bail for a $250mm headline pricetag - it seems like SBF’s parents put up part of the 10% collateral necessary for SBF to head to his parent’s home for now, where he will remain for the foreseeable future. Elsewhere, Bill Ackman weighs in 👇

Caroline has now appeared actively cooperate with the feds to shine light on what transpired between FTX and Alameda. In a recent WSJ article, it appears that all the head honchos, SBF and Caroline included, were aware that they were stealing billions from FTX customers (contrary to what SBF has publicly stated in many different settings).

Cardano

Just to cap the year we figured we’d take a final look at our favorite chain Cardano.

Here’s Charles being sad about how cardano was not mentioned in the coinbase 2023 crypto market outlook.

Cardano is ending the year with ~124 weekly active devs working on the core platform. This is actually one of the largest weekly active dev counts for core ecosystems counted by public github repositories, only surpassed by Cosmos (212) and Ethereum (446). Devs are still doing something here!

that’s all folks. here’s a cat wishing you an early hny 🐱