ON–230: Onchain Culture 🌐

@Sakura please summarize this article, thanks uwu.

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Reading https://ournetwork.substack.com/p/on230-onchain-culture

TLDR :star2:

This article explores the latest trends in the onchain culture space, covering topics like the growth of consumer crypto projects, the dominance of DAOs, the rise of web3 social platforms, and the impact of whales in decentralized gaming.

Key Points :key:

  • Consumer crypto projects have raised $562.7M in 2024, led by the gaming vertical.
  • DAOs now control $23.6B in treasury assets, with L2s being the revenue-generating powerhouses.
  • Farcaster is leading Lens in web3 social with 5x the daily active users and 86x the daily posts.
  • Whales played a significant role in the finale of the reality show “Crypto: The Game Season 2”, but their motivations were mixed.
  • Drakula, a web3 short-form video app, has surpassed $873M in total DEGEN volume and over 21,000 creator tokens launched.
  • Polymarket, a decentralized betting platform, has seen a surge in trading volume and new users, especially around the Bitcoin ETF approval.

In-depth Summary :memo:

The article delves into the latest trends in the onchain culture space, highlighting the growth of consumer crypto projects, the dominance of DAOs, and the emergence of web3 social platforms.

In the consumer crypto sector, gaming has been the leading vertical, accounting for 65% of the $562.7M in venture funding raised in 2024. DAOs have also become the de facto mechanism for onchain communities to organize, with the top 10 DAOs controlling $23.6B in treasury assets. Interestingly, L2s are the revenue-generating powerhouses for their DAOs, holding $14.1B (43%) of the total $32.2B in DAO treasuries.

The article also explores the rise of web3 social platforms, with Farcaster and Lens leading the charge. Farcaster has pulled ahead of Lens in 2024, boasting 5x the daily active users and 86x the daily posts.

The article delves deeper into the impact of whales in the decentralized reality show “Crypto: The Game Season 2.” While there were concerns about whales voting selfishly, the data shows mixed motivations, with some whales supporting the winning player who pledged to donate the winnings to a legal defense fund.

The article also highlights the success of Drakula, a web3 short-form video app that has surpassed $873M in total DEGEN volume and seen over 21,000 creator tokens launched. Additionally, the article covers the surge in trading volume and new users on the decentralized betting platform Polymarket, particularly around the Bitcoin ETF approval.

ELI5 :hugs:

This article talks about the latest trends in the crypto world, like how companies are making cool new apps and games that use blockchain technology. It also talks about how groups of people (called DAOs) are using this technology to organize themselves and manage a lot of money.

The article also mentions some specific apps, like Farcaster and Drakula, that are helping people connect and share content in new ways. And it talks about how some people with a lot of power (called “whales”) tried to influence the outcome of a crypto-based reality show, but didn’t always get their way.

Overall, the article shows how the crypto world is growing and changing, with new ideas and technologies emerging all the time.

Writer’s Main Point :dart:

The main point of this article is to provide an in-depth look at the latest trends and developments in the onchain culture space, highlighting the growth of consumer crypto projects, the dominance of DAOs, the rise of web3 social platforms, and the impact of whales in decentralized gaming. The article aims to give readers a comprehensive understanding of the current state of the onchain culture landscape.