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Relief Rally, L1s Battle, L2s Gain Steam

Sep 23, 2021 · 3 min read

By Jeremy Ong, and Joo Kian

Market Update

The wider crypto market seems to be experiencing some relief on the back of receding volatility expectations following the market sell-off earlier this week. Meanwhile, Chinese authorities appear to be preparing for a worst case scenario in which Evergrande collapses. With this in mind, the relief rally across global markets could be partly driven by a perceived higher probability of government intervention to manage and mitigate its potential spillover effects.

ETH Lags Other L1s
Over the past 30 days, ETH has struggled to keep up with other L1 tokens. A likely cause for this has been the flurry of announcements regarding new incentive programs on these L1s to attract liquidity and users. We would like to single out Avalanche and its massive $280m ecosystem investment round led by Polychain Capital & 3AC. In addition to this, on August 18th, the Avalanche Foundation set aside $180m for a liquidity mining program which is now worth ~$600m. Yo

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