Data-driven takes on the Ethereum Ecosystem | Co-Founder @growthepie_eth & @open_labels | Building dashboards, calisthenics, and walking our dog 🐶

Berlin, Germany
Joined January 2022
matze | growthepie 🥧 retweeted
Last Week in Ethereum Apps
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See the full report: growthepie.com/quick-bites/e…
🥧 Ethereum 2026 Q3 Report Another quarter of 100% uptime for Ethereum Mainnet. Dive into all the metrics with our new quarterly report. growthepie.com/quick-bites/e… 100% free, no sign-up, no BS PDF with sourcing and selectable text
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Honestly, it's hard to keep up with all the teams building on Ethereum. But we have been working hard to increase our coverage. We tracked 434 active Ethereum apps last week and 843 active apps in the wider Ethereum ecosystem. Explore the metrics here: growthepie.com/applications
This is Ethereum. There are 291 projects, companies, protocols and communities in this image. It is still only a fraction of what has been built. What makes this remarkable isn't just the scale. It's how that scale was created. There is no parent company behind all of this. No CEO allocating capital across these projects, no central entity deciding who gets to build or what the ecosystem should become. Thousands of independent teams, communities and individuals have built their own piece of Ethereum, often with completely different goals, while sharing the same underlying infrastructure. Finance, credit, stablecoins, payments, RWAs, privacy, identity, gaming, social applications, infrastructure, culture and public goods are increasingly becoming parts of the same composable economy. That structure matters. Value isn't concentrated in one company at the top. It is distributed across protocols, builders, users, communities and assets. Yet they can still reinforce each other because they share Ethereum as common infrastructure. And underneath that economy sits ethereum:native. ethereum:native secures Ethereum, pays for its blockspace and is used throughout the ecosystem as collateral, liquidity and money. As more applications, assets and economic activity settle on Ethereum, the economic role of ETH grows with it. This is why we believe ETH remains heavily undervalued. The market often looks at ETH as another crypto asset. We look at what is actually being built around it. 291 logos in one image, with many more still missing. And most of the world's people, assets and economic activity haven't even moved onchain yet. Ethereum is no longer just an experiment in decentralized technology. It is becoming an entire economy, built by many, owned by no one, with ETH at its core. BOOElieve in the future of Ethereum and ethereum:native
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New ATH - Yesterday Ethereum averaged 7.06 blobs per block This is above the Pectra target of 6. Next up we have the Blob Parameter Only fork targets: - BPO1 = 10 - BPO2 = 14 (current) - BPO3 = 21 (tbd) growthepie.com/quick-bites/f…
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Ethereum is for shipping
Ethereum is for shipping. Here are 35 things the Ethereum ecosystem launched, upgraded, and announced through August. 1/ GnosisDAO approved a vote to transition @gnosischain from its own L1 to a ZK-proven Ethereum L2 rollup with synchronous composability, so apps on Gnosis and Ethereum can interact in a single transaction. 2/ @BlackRock introduced the BlackRock Select Treasury Based Liquidity Fund (BSTBL) with a tokenized share class on Ethereum mainnet for managing stablecoin and digital asset reserves, and began tokenizing share classes of its $311B European money market fund series on Ethereum. 3/ @aztecnetwork launched Alpha v5, a protocol upgrade that reduced private transaction proving times and brought the first wave of privacy-preserving apps to the network. 4/ @Uniswap processed $1B+ in stock token volume and $20B+ in total volume on @RobinhoodCrypto's Robinhood Chain since its July launch. 5/ @ethPandaOps introduced the Platåberget testnet, preparing client implementations for Glamsterdam, Ethereum's next network upgrade. 6/ @Morpho crossed $880M in total deposits on Robinhood Chain in its first <2 months live and reached $5.75B in total deposits on @base. 7/ @web3privacy shared the Ethereum Privacy Ecosystem Mapping 2026, an updated map and repository covering Ethereum’s privacy ecosystem. 8/ @Revolut announced the phased rollout of its euro-denominated stablecoin EURR, live on Ethereum for eligible users. 9/ @aave v4 surpassed $525M in deposits on Ethereum. 10/ Coinbase Tokenized Stocks launched on @base for non-U.S. users, held 1:1 by a regulated custodian, owned in self-custody wallets, and usable across DeFi 24/7. 11/ @FreedomFactory opened presales for the PQ1, a fully open-source, air-gapped hardware wallet that signs with post-quantum cryptography through an Ethereum smart account. 12/ @OctantApp launched Epoch 13, its latest funding round, focused on privacy on Ethereum and across the open internet. 13/ @selfxyz and Google Cloud launched the USAT Mainnet Faucet on @Celo, letting anyone verified on Self claim USA₮. 14/ @PrivacyBoost launched the Privacy Boost App, a frontend to send private transfers from your connected wallet. 15/ @Whitechain_io, the distribution-focused network connected to the WhiteBit ecosystem, announced it is evolving from an L1 into an Ethereum L2 built on the OP Stack. 16/ @ether_fi added tokenized stocks, portfolio-backed loans through @aave, and other new features to its crypto neobank. 17/ @ethereuminsti announced its ecosystem funding round and supporter coalition, welcoming 100+ organizations to support Ethereum's institutional onboarding, and shared that Open Standard's Open USD stablecoin will launch on Ethereum on day one. 18/ @class_lambda and @gattacahq shared that their PropAMM (pAMMs) infrastructure has facilitated over $2B in total volume swapped on Ethereum. 19/ @theInterfold, an open-source protocol for confidential coordination and encrypted execution environments built on Ethereum, launched its Network Alpha production environment. 20/ @arbitrum activated ArbOS Elara, bringing more responsive fees and 4x bigger Stylus smart contracts to Arbitrum One, along with new features for chains built on the Arbitrum stack. 21/ @Uniswap launched v4 Permissioned Pools, a hook standard to enforce allowlists on swaps and liquidity deposits while the protocol itself stays permissionless, bringing regulated assets to AMM trading with launch partners @SuperstateInc, @Securitize, and Dowgo. 22/ @EthCoordinate, a new crypto-native organization building on the EthStaker community's work, was formed to support Ethereum governance coordination, facilitate stakeholder interaction, and accelerate Ethereum adoption. 23/ @MetaMask launched the MetaMask Agent Wallet, an agentic wallet with built-in spending limits, allowlists, and risk profiles. 24/ @ResearchHub, a tool for the open funding, publication, and discussion of scientific research built on Ethereum and @base, launched a new homepage to surface open research proposals and funding requests. 25/ @base opened applications for Base Batches 004, a startup accelerator program for 10 early-stage teams, and also launched Base Verify Onchain, a privacy-preserving identity layer for apps to enforce one-person-one-claim onchain distributions. 26/ @Cloudflare announced Wallets, enabling AI agents to buy APIs and content with stablecoin payments over the x402 payment standard. 27/ The @ethereumfndn launched the better[.]codes autoresearch challenge to advance post-quantum Ethereum, built with @zksecurityXYZ and @eigenlabs on @yukonresearch, putting a machine-verified security problem on a public leaderboard that anyone can push forward. @Lighter_xyz also launched the Lighter Prover challenge, an autoresearch competition to make Lighter's production exchange faster. 28/ Privacy-focused wallet @staycloakedxyz reached $650k in deposits and $1M in volume in its first 90 days live. 29/ @mtpelerin added support for @ensdomains names as sending and receiving addresses when creating personal IBANs for bank transfers in crypto. 30/ @Blockspace_ETH was announced, a company focused on out-of-protocol infrastructure for Ethereum blockspace. 31/ @0xprivacypools launched onchain payroll support, allowing employers to provide recurring wage payments with privacy for salary amounts and recipient addresses. 32/ Fake World Assets (FWA), a NFT gacha protocol by @token_works, launched the FWAir NFT distribution mechanism with an initial 111 item PFP collection. 33/ Builder @z0r0zzz launched zSwap, a fully onchain decentralized exchange built on Ethereum, with all code, including frontend and application logic, stored on mainnet smart contracts. 34/ MMO game @playcambria surpassed $10M in total game volume in August, and @LootSurvivor and Cambria launched a 72-hour onchain dungeon competition. 35/ @EFDevcon released the official Devcon 8 travel guide for Mumbai ahead of this year's Devcon 8 conference in November.
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$3.9M in gas fees paid by users. Paid in ETH. On @RobinhoodCrypto. In a single day.
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Replying to @DefiDiogenesYFI
it is "grow THE pie" 🥧
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Big EEZ Update: Gnosis Chain is leading the way with its proposal to be the first instance. So far, the votes are heavily in favour!
GIP-153 is live: the proposal for Gnosis Chain to become the first instance of the @etheconomiczone. What it proposes: > Gnosis Chain re-based onto Ethereum. Same chain, same addresses, xDAI stays the gas token > Every mainnet asset, pool and oracle one atomic call away, and future networks that join the zone after us > Settlement security from Ethereum's validators. Our validator set is sunset > The treasury staking subsidy ends; the network earns from fees instead. Vote: snapshot.org/#/s:gnosis.eth/…
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Over 98% of all @megaeth transactions have been categorized by growthepie, making it the chain with the highest coverage so far. Thank you to all the builders who self-labeled and to all OLI contributors. We will continue to work on labeling the remaining unlabeled contracts for all chains on our blockspace pages. Explore here: MegaETH: growthepie.com/chains/megaet… All: growthepie.com/blockspace/ca…
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The Ethereum Ecosystem has come a long way in terms of apps. New contract deployments by EOAs - past 7 days: ▸ Robinhood Chain: 54k ▸ Base: 32k ▸ OP Mainnet: 22k ▸ Ethereum L1: 12k ▸ Polygon: 9k ▸ Arbitrum One: 5k ▸ Celo: 1k ▸ Unichain: 1k ▸ MegaETH: 0.77k ... the list goes on. Yes, we still have a long way to go, but we shouldn't forget the progress that has been made. Rome wasn't built in a day, but it's clear the builders are building, and it's not just memes.
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You've underrepresented Robinhood's rent paid to Ethereum by a factor of 4x because you used Arbitrum's rent paid. 0.6% of revenue is the correct figure for Robinhood Chain. With the current low price of blobs, 98.5% of that goes to L1 settlement... You may still want this to be higher, but at least you can now reference the correct figures. See for yourself: growthepie.com/economics
The Robinhood Chain is the cleanest case study of what happened to ETH's economics over time. Since inception, @RobinhoodApp Chain has grossed ~$816K in revenue. @Arbitrum, the middleware provider, takes 10%: ~$80K. Arbitrum then pays Ethereum for settlement: $1,538. The margin profile roughly: Robinhood: 89% Arbitrum: 10% Ethereum: 0.15% If your thesis is "ETH is money," Robinhood building here is ultra bullish. More activity, more ETH collateral, more lindyness. If your thesis is "ETH is a revenue generating asset," this is the ultra-bear case. And here's the uncomfortable truth: Robinhood was never going to build on Solana, Sui or any monolithic L1. They want the stack customization. They want to be landlords, not renters. Ethereum won this deal on merit. It's just not pricing it right. A healthy split to me looks more like: Robinhood: 75% Arbitrum: 10% Ethereum: 15% Ethereum sells the most valuable settlement layer in crypto at marginal cost. Things need to change. @ethlabs_org
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I bought this old home after it had been abandoned for roughly 20 years. No grid connection, no landline, no sewage, no fresh water pipes. Super excited to bring it back to life. ama
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It's refreshing to see how the content in my feed is slowly more optimistic again. I think 2026 + 2027 will be big for Ethereum. I also see a solid chance for another run to #1 and to take on Bitcoin. - Quantum roadmap for Ethereum is solid - Robinhood, as one of the biggest (or even the biggest) finance app for consumers, is providing proof that L2s make sense for businesses -> many other businesses will evaluate and follow - Crypto UX still isn't great but it's significantly better than during the last cycle - Agents will use blockchains and prefer the one's with deep liquidity (Ethereum) - Basic financial instruments that were novel 4 years ago "just work" now on EVM (stables, lending, options, etc.) - Fundamentals, despite the bear, still look strong (easy all at 2x from previous bull) - Ethereum keeps reinventing itself with new orgs like @ethlabs_org and @ethereuminsti - Big L2s like Arbitrum, Optimism, Polygon, Base, MegaETH, Celo, Starknet, Taiko, Soneium, World, Linea, Ronin, Mantle, and many others are all helping with distribution (all in their own way) - The Ethereum ecosystem is becoming more pragmatic in many ways and will learn from all these experiments that we ran in the past 4 years (DAOs, grants, tokens, etc.) It won't happen overnight, but slowly many theses from Ethereum land will work out. I'm bullish ethereum:native 😎
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the L1 + L2 roadmap is clear ✅ L1 provides a base layer with maximum security, liquidity, decentralization L2s build highly valuable differentiated distribution engines on top ETH is at the center of both
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ArbitrumDAO is having an election for the OAT Council, and I think it deserves more attention than it has received so far. So I want to share a few personal thoughts on the matter. A disclaimer: these are my personal views only. We have not yet discussed in the governance team how we will vote. Why is this election important? For two reasons. 1. this committee is, in practice, overseeing and driving not only OpCo, but also many cross-ecosystem initiatives, and 2. it is the last avenue in ArbitrumDAO where tokenholders, via delegates, can directly express their views on how they want the DAO to evolve. As a long-time ArbitrumDAO community member, I want to use this opportunity to share my own view. The tl;dr is that while I believe the overall direction is correct and promising, I am disappointed with the execution style and performance, and I am concerned about the state of the DAO today. At the same time, I am still hopeful. I believe the future can be bright, but some things need to change. First, I want to say that I have huge respect for last year’s committee members. I believe they are highly competent individuals, and I stand by our election votes from last year. But this year, I would not vote for the same people. Not because I don’t believe they are individually suited for the role. But last year proved, in my opinion, that collectively, the OAT did not work as (at least I) expected. Instead of becoming more than the sum of its individual parts, it became something like the safest common denominator. The result was that the OAT and the broader DAO significantly disappointed and underperformed. I will repeat, though, that I still believe in the overall vision formulated at the beginning of last year, when OpCo and the OAT were formed. I personally supported it, and I still believe it is the right path. But I also have to honestly admit that many of the risks and dangers raised by critics back then materialized, while many of the benefits and advantages I was looking for did not. One of the features of having an OAT is that when results are disappointing, there is someone to point to and a clear place to call for change. I’m not necessarily saying that the current developments are bad, although I do have concerns here and there. I am much more concerned about the things that are not happening, and about the pace of development. Anyone who reads the proposals and related forum commentary from last year will see that the DAO, OpCo, and the OAT are nowhere near where they were supposed to be. By my personal expectations, maybe 20% was delivered, and most opportunities were missed. Some things have not been delivered at all. Many pivots may have been justified, but they were never approved by, or even consulted with, the DAO. The DAO itself became stale and almost completely inactive, to some extent by design and on purpose. Not to mention that the token price is far from tokenholders’ expectations. The overall market can be used as an excuse, but I would say that it is just that: an excuse. I don’t see the DAO doing anything meaningful to counter that trend. On the contrary, I see an entity vs. tokenholder conflict, similar to what we have seen in Uniswap, Aave, and ENS, looming on the horizon. The OAT/AAE vision promised better governance. So far, it has delivered governance in a coma. ArbitrumDAO used to be known for a great community and a welcoming DeFi ecosystem. A place to experiment, push boundaries, and bend reality. ArbitrumDAO used to experiment with ways to support builders. ArbitrumDAO created an RWA investment program (STEP) which attracted major financial institutions and supports Arbitrum’s budget today. ArbitrumDAO created a real investment fund. ArbitrumDAO funded incentive programs that attracted 100+ DeFi projects. Last but not least, ArbitrumDAO created OpCo, the OAT, and the rest of the foundations for what we have today. Of course, not everything the DAO did in the past was great. The changes we introduced were introduced for a reason. But I feel the pendulum swung way too far in the other direction. I probably don’t have a complete enough overview, but my impression is that over the past year, ArbitrumDAO has not produced anything materially significant. There is barely any meaningful discussion happening either. And it’s not as if the current state of affairs is clearly better than what we had before. I like some of the new things, but I miss too many of the things that are now gone. Most importantly, we no longer have any real DAO oversight or control. There are no meaningful feedback loops, just back-scratching and institutional inertia. ArbitrumDAO used to be Pied Piper. Now it feels like Dunder Mifflin Paper Company, the one just before the merger with Sabre. So what would I like to change? Def not everything. The overall direction set by the previous OAT should be maintained, but executed better. I want to go back to the original spirit of governance advancement. Creating meaningful governance, not waiting for it to magically appear out of nowhere, and definitely not restraining it (inb4 later complain that governance is not working and should be removed). More communication, more openness to new ideas, less reliance on single vision-drivers. I want Arbitrum to strive to become a business greater than its creators, not the other way around. Working constructively with other entities, but as equals, not subordinates. But most importantly, I want DAO delegates to discuss this, state their views, and actively engage. Top delegates will choose the committee that will drive ArbitrumDAO’s future. I hope each of them does their research, formulates their expectations, and votes with confidence that they are choosing the people most aligned with those expectations. Not just going with the default to get it off their plate. I’m pretty sure Arbitrum will be okay no matter how the election settles, but DAO delegates should strive for it to be great, not just okay. Finally, I want to address the inevitable comments that I am criticizing and calling for change only because I have been sidelined and am not as actively involved as I used to be. These are fair arguments. And I won’t lie, I do miss, a bit, the times when I spent whole days on DAO-related calls. But I am genuinely fine doing what I am doing now. I have more ideas in my head than I will ever be able to tackle, and I am perfectly fine with others pushing the cart today. I just want the cart to go in the right direction. ArbitrumDAO’s fate is important for the future of DAOs, and Arbitrum’s fate is important for the future of crypto. I want both of those futures to be bright. P.S.: Of course, the fact that I'm writing this here on X instead of the forum is a statement in itself, IYKYK.
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Robinhood Chain is live on growthepie growthepie.com/chains/robinh… In just one week it’s already posting big numbers: ▸ Over 20 million transactions ▸ Over 305k active addresses ▸ Over $100k in onchain profit @RobinhoodCrypto built on the @arbitrum stack, visualized by growthepie. Thread continues below.
Here at Arbitrum, we let the tech speak for itself.
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Here at Arbitrum, we let the tech speak for itself.
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Lots of great projects and team received funding from @OctantApp Epoch 12 Thank you to all who voted for growthepie - we are very proud to be the team with the highest number of individual backers.
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Only 3 days left to vote in @OctantApp epoch 12 - don't forget! Please add growthepie to your ballot or donate directly on Octant. You don't need to have staked GLM to participate. We visualize Ethereum's story through data - from top-level metrics all the way down to contract-level metrics. If you value our work, we’d really appreciate your support. Direct link: epoch.octant.app/rounds/0xf9…
growthepie needs your support and this time any ETH holder can help! @OctantApp epoch 12 is in full swing and GLM as well as ETH holders can vote for their favorite teams building in the Ethereum ecosystem and beyond. Every vote is a huge help for us - only 5 days left
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Join me and @OctantApp getting into the new Octant Epoch 12! Time to watch the projects and allocate 😎
Join us at 11:33am ET - Octant demo day!
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