Solana & Ethereum - The Big Showdown

GMGM and welcome to the 🎣w3.catch-of-the-week, your gateway to the hottest trends and insights in Web3, as essential as your morning coffee.

The Bitcoin Spot ETFs have once again seen a lot of demand this week and have accordingly generated more inflows. On Tuesday we have seen the second highest daily inflow of $887 million.

Meanwhile, Blackrock is already preparing to seed the Ethereum ETF and has announced $10 million for this purpose.

Asset manager VanEck updated its price forecast for Ethereum this week, raising it to $22,000 (base case), $154,000 (bull case) and $360 (bear case) for $ETH by 2030.

In addition, their latest report shows that applications on Ethereum generate significantly more revenue than Web2 Businesses.

🤩 Work for w3.fund
🤓 Facts Check on Solana & Ethereum
👀 Get a Job in the Metaverse
💡 Opportunities for Brands in Roblox
🔥 Current State of DePIN

Are you ready for a job at the core of Web3?

Yes, that's right, we are looking for an ambitous person with that Web3 builder spirit to join our team. Someone who is willing to dig deep and contribute to investment decisions.

As an Investment Analyst, you will work directly with the founding team and be involved in the entire investment cycle.

If you have 1-2 years of experience in VC, investment banking or similar, deep Web3 knowledge, and are ready to shape the future of the internet, apply now!

The Great Comparison: Ethereum vs Solana

It’s probably the most discussed debate on Web3: Ethereum vs Solana - Which blockchain is “better”? - I deal with both ecosystems on a daily basis and today I'm giving you an overview of which blockchain is ahead in which area.

🤓 It's important to note that I'm not taking sides, but want to give you an objective overview of statistics that compares the two chains.

Besides Bitcoin, there is no other layer 1 blockchain that is as relevant as Ethereum and Solana. While Ethereum is known for its high security, Solana is known for its high speed and low transaction fees.

Let's take a closer look and let the numbers do the talking:

The favorite KPI of many crypto bros and sisters is TVL (Total-Value-Locked) if we look at it, Ethereum is clearly ahead.

Onchain Activity 📊

The cost of a swap order on a DEX (Decentralized Exchange) is significantly cheaper on Solana than on the Ethereum main network, but layer 2 solutions such as Base and Optimism can keep up.

This chart illustrates that the DEX volume on Ethereum (+Layer2s) tends to be higher than that on Solana, but there have also been days when it was higher on Solana.

Criticism points 👎

Ethereum is criticized for its high transaction costs on Layer 1, which can make it expensive for users. Additionally, the complexity of the Ethereum Virtual Machine (EVM) can lead to development difficulties and higher potential for errors.

Solana faces criticism due to its lack of client diversity, which may increase centralization risks. Furthermore, the absence of real-time Merklization of state and reliance on trusted bridges like Wormhole can pose security concerns.

🤓 If you want to go even deeper, especially on the technical side, I can recommend this Bankless Podcast:

Ikea offers you a Job in the Metaverse

IKEA is launching ‘The Co-Worker Game’ on Roblox on June 24th, 2024. This game lets players experience working in a virtual IKEA store. You can apply for one of the 10 paid roles available. Applications are open since June 3rd, until Sunday, June 16th.

“Our co-workers are able to change roles, switch departments, and grow in any direction they choose, both in the game or in the real world,” said Darren Taylor, Country People and Culture Manager, IKEA UK and Ireland.

If you are from the UK or Ireland and would like to earn £13.15 per hour, apply here: https://thecoworker.co.uk/

Why are Brands entering Roblox?

Roblox saw record revenues of $800 million in Q1 2024 and its daily players are also growing steadily.

A recent study conducted in March 2024 highlights the positive impact of advertising on Roblox for brands:

• Brand Visibility: 75% of Roblox users are more likely to notice brands advertising on Roblox compared to other platforms.

• User Engagement: 78% of users enjoy immersive brand experiences, and 82% appreciate in-experience content like avatar items and mini-games.

• Positive Perception: 86% of respondents rate Roblox as a "good or great" partner for promoting brands, with 73% viewing these brands as category leaders.

  

💅 Vicky’s take

Generation Z and Alpha are difficult for brands to reach: hardly anyone watches TV anymore, only a few listen to the radio... You have to switch to new platforms where the “kids” are.

Roblox is one of these platforms, even though I have to listen to it from time to time:

The stats above clearly show that virtual environments like Roblox are in high demand. All the cooler that brands like Ikea are recognizing the potential and exploring new workplaces in virtual environments.

Recap SuperCrypto’24

We hosted the second SuperCrypto event, where 15 Web3 funds pitched their strategies to other investors in a flash pitch format ⚡️.

The afternoon began with a "The State of Crypto 24" presentation. Google Cloud shared their Web3 strategy, followed by the quick VC pitches. Each had only 2 minutes to impress, featuring memes, fun statements, and impressive numbers.

We also introduced two new ventures. You might already know w3.labs, which supports the Web3 network with infrastructure like staking and tooling. The second venture was teased exclusively – more on that next week... 🥁

State of DePIN feat. Arweave

Decentralized physical infrastructure (DePIN) - data storage, hardware or computing power is an idea that the crypto community have been dealing with for some time.

The DePIN narrative has experienced new highs in terms of attention every market cycle since 2017, and is currently on the rise again.

What is DePIN exactly? 🤔

• Definition: DePin, short for Decentralized Physical Infrastructure, combines blockchain technology with physical hardware maintenance and development across fields such as transport, energy, and wireless connectivity.

• Concept: It rewards decentralized communities for contributing hardware or software resources to the network, offering token rewards in return.

How Does It Work? 🤑

Users contribute resources (like computing power or storage) to the network and receive tokens as rewards.

The total market cap of the DePin category currently comprises more than $35 billion and ranges from wireless networks to the energy sector and storage solutions.

One of the most popular data storage solutions besides Filecoin is Arweave.

What is Arweave? 👀

Arweave is a blockchain designed specifically for data storage. Unlike traditional cloud storage services that store data on centralized servers, Arweave distributes data across a decentralized network of nodes. This approach ensures that data is securely stored and easily accessible without the need for a central authority like Amazon or Google.

How does it work? 🤓

Data is stored on the permaweb, a layer running on Arweave’s blockchain, enabling users to store various data types, including videos, websites, documents, dapps and more.

Arweave employs Proof of Access (PoA) and Proof of Work (PoW) consensus mechanisms to validate transactions and ensure network security.

Okay and why should I store my data on Arweave and not in Google Drive or iCloud? 🤷🏽‍♀️

When you store your data with these providers, they have full control over your data. The data is on servers they manage, so if you think you’ve deleted your data, you can’t be sure it’s really gone.

Additionally, you often pay high monthly fees for cloud storage. Many times, a large portion of the available storage space goes unused, even though you’re paying for it.

Recent Launch: AO 🚀

Arweave's ecosystem has recently evolved with the launch of AO, a decentralized computing platform built on Arweave. This platform aims to improve the performance and scalability of AI applications running on the protocol.

🤫 PS: AO will get its own token, which will be airdropped to the Arweave community.

IMAGE BLOCKER

🤝 Bitpanda x Deutsche Bank

💙 Smart Wallets Launch

🇹🇭 Thailand gets a Bitcoin Spot ETF

🤡 Our nemesis Gary G about a Bonk ETF on TV

💡 Why Web3 is not Mainstream yet

🧠 This is why people love w3.hub

🤖 The latest from Solana hackers

🔮 TokenFuture2024

Vicky & Marvin are Web3-obsessed. That's why they host a weekly podcast featuring updates and cool stuff.

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