ProtocolReportingJune1,2023StateofLayer-1sQ12023QuarterlyCommunityReportPeterHorton•ResearchAnalyst(@ph0rt0n)KeyInsights●ThecryptomarketreboundinQ1'23wasnotaccompaniedbyaresurgenceinnetworkusage.DespitethefeaturedL1sexperiencinganaverageQoQincreaseof83%inmarketcap,networkusagedecreasedbyaround2.5%.●Stacksoutperformeditspeersinseveralmetrics,asOrdinalsrenewedinterestinBitcoinprogrammability.StacksledfeaturedL1sinQoQgrowthinmarketcap(340%),revenue(218%),networkusage(~35%),DeFiTVL(276%),andDEXvolume(330%).●Ethereumremainedtheleaderinmostkeyfinancialandecosystemmetricsincludingmarketcap,revenue,DeFiTVLandvolume,NFTvolume,andfull-timedevelopers.●USDC’ste...