Fdog (dogone)

The revenue of Lido protocol mainly comes from two parts: consensus layer revenue and execution layer revenue. Consensus layer revenue refers to the PoS incremental revenue of the Ethernet network, for the Ethernet network, this part of the expenditure is paid to maintain the consensus of the network, so it is called the consensus layer revenue, which is relatively fixed (the orange part of the figure below); and the execution layer revenue includes the priority fee paid by the users and the MEV (on the analysis of the execution layer revenue, readers can go to the previous article of Mint Ventures' previous post to learn more), which is not paid by the Ether network, but by users in the process of executing transactions (or indirectly), and which fluctuates with the heat of the chain.

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Some thoughts on Unichain and why I think this is an important moment: A new story of token value accumulation: according to the whitepaper, Validators who pledge UNI are rewarded at the value of their pledge-weighted tokens, meaning that UNI is being transformed from a governance token to a fee-accumulation token. There are a limited number of validators, and those with the highest UNI pledge weighting will validate the network and earn fees. Unichain solidifies the 'fat app' argument: apps are launching their own chains because they want greater economics and control over the block space. uniswap is an important part of DeFi, and now, on its own chain, it will be able to earn fees from valuable transactions that aren't just DEX-related transactions.

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Applications will look to internalize MEV: It will be interesting to see how Unichain's verifiable block building and 'flashblock' sorting works in practice. But in any case, applications will continue to look for ways to internalize MEV or redistribute it to users/stakeholders. Unichain and the Ethernet Mainnet: Unichain has had a significant impact on the Ethernet Mainnet. Today, the Ethernet mainnet still contains a significant amount of DeFi activity, and it is possible that DeFi activity on the mainnet could migrate to Unichain.

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recast:farcaster://casts/0xaa3f5c825ab0a59285687565527071fbbc9d2dbec0853366dfb77d0fa2855af7

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