Notes on Consumer Crypto | July 19, 2024

@Sakura please summarize this article, thanks uwu.

TLDR :cherry_blossom:

This article discusses the latest developments in the consumer crypto space, including the launch of Moshi, a new polaroid-inspired app for minting and sharing photos, the release of the Uniswap browser extension, the economics of Layer 3 blockchains, the “Fat Bera Thesis” for the Berachain ecosystem, and the launch of the Shape L2 “chain for creators”. The author also shares thoughts on the Moonshot app for buying memecoins and the Pay with Fly feature from Blackbird, a crypto-powered restaurant loyalty product.

Key Points :dizzy:

  • Moshi is a new app for minting and sharing polaroid-style photos on the blockchain
  • Uniswap released a browser extension with a sidebar UX for swapping and transacting
  • Layer 3 blockchains struggle to be profitable unless they hit huge transaction volumes or keep fees low
  • The “Fat Bera Thesis” suggests Berachain is innovating at the social layer to build a strong community and culture
  • The author finds the generic messaging and features of the new Shape L2 “chain for creators” unexciting

In-depth Summary :memo:

The article starts by discussing Moshi, a new app from the team behind the digital art platform Gallery. Moshi allows users to take photos, mint them within artist-designed borders, and share them. The author notes that Gallery’s original market didn’t materialize as expected, so they went back to the drawing board to explore more scalable and accessible products.

Next, the article covers the release of the Uniswap browser extension, which introduces a sidebar UX for swapping and transacting. The author mentions that 80% of new wallets used Uniswap on their first day in crypto, giving Uniswap a lot of leverage to expand their offerings.

The article then delves into the economics of Layer 3 blockchains, citing a report from Syndicate that shows L3s generally struggle to break even unless they hit huge transaction volumes or keep fees within 3x of L2s. However, the author argues that the real value of L3s lies in their ability to provide a “tangible home” for online communities and scenes, rather than competing on cost and scalability.

The “Fat Bera Thesis” is explored, highlighting Berachain’s focus on building social and cultural infrastructure before introducing technical infrastructure. The author believes this approach, combined with Berachain’s novel Proof of Liquidity security mechanism, is a powerful way to compete with the network effects of Ethereum and Solana.

In contrast, the author finds the generic messaging and features of the new Shape L2 “chain for creators” unexciting, preferring projects that have a strong brand and community.

The article also discusses the launch of Moonshot, a “Robinhood for memecoins” that allows users to buy memecoins with Apple Pay. The author struggles with the idea, as the app feels “sterile and uncool” compared to the raw internet value of memecoins.

Finally, the article covers the release of the “Pay with Fly” feature from Blackbird, a crypto-powered restaurant loyalty product. The author sees this as a smart play, as Blackbird is using its loyalty product and token as a wedge into the restaurant vertical SaaS world.

ELI5 :child:

This article talks about a bunch of new things happening in the world of crypto and internet stuff. There’s a new app called Moshi where you can take photos and turn them into digital collectibles. Uniswap, a popular crypto trading platform, made a new browser extension that makes it easier to use.

The article also talks about how some new blockchain networks, called Layer 3s, are struggling to make money. But the author thinks these networks are more about building cool online communities than just being the fastest or cheapest.

There’s also a new app called Moonshot that lets you buy funny internet money (memecoins) really easily. But the author thinks it’s a bit boring and doesn’t capture the fun and excitement of memecoins.

Overall, the article is about all the new and interesting things happening in the world of consumer crypto and internet culture.

Writer’s Main Point :star2:

The main point of the article seems to be that the most successful consumer crypto projects will be the ones that focus on building strong social and cultural infrastructure, rather than just competing on technical specifications or cost. The author believes that projects like Berachain, which have a differentiated memetic brand and a cult following, are better positioned to attract builders and users than more generic “chain for creators” type projects.

Relevant Links :link: