GM
Welcome to Issue #13 of Dune Digest!
Firstly - some Dune news. We’ve made some big improvements to contract decoding.
The contract submission form is now fully integrated into the app, and we’ve streamlined the whole process to make it easier for you (less typing). You can also now easily track your submissions with a status tracker!
Check out this video for tour of the changes.
Now let’s get into the data……
LooksRare Goes Big
Our mentions have been ablaze over the past week with buzz over the LooksRare launch and associated $LOOKS airdrop.
LooksRare, which launched earlier this week, is a new NFT marketplace positioning itself as a more decentralized and transparent alternative to OpenSea.
As always, some excellent dashboards have popped up since. Let’s see how things are going so far.
Firstly, we can check out the $LOOKS airdrop with a great dashboard made by @hildobby. Here are a few key stats:
Max supply 1 Billion
120 Million airdropped
185,223 eligible addresses
Eligible addresses are those with a combined trading volume over 3 ETH over a six month period on OpenSea. They also need to list an NFT for sale on LooksRare.
So far 105,928 addresses have claimed 89,041,633 $LOOKS tokens. That’s over half the eligible addresses and more than 74% of the tokens available:
Those with a bigger drop to claim were clearly more enthusiastic about getting it in their wallets, with smaller claims lagging somewhat:
The airdrop seems successful so far, and the platform itself is really getting off to a great start too. Another @hildobby dashboard covers a wealth of stats and compares the young platform to main rival OpenSea.
Firstly, LooksRare volume so far has blown past $1.4 Billion, driven by 11,543 transactions from over 10,000 users:
And since launch, LooksRare has done almost double the volume of OpenSea ($776,011,853):
Strikingly, during the same period OpenSea had over 16x more users (168,399) and 42x the transactions (490,119):
Crazy right?
Many on Twitter have pointed out that the massive volume is at least partially explained by wash trading - users trading NFTs between their own wallets on the platform to earn a slice of the generous 2,866,500 $LOOKS tokens offered per day in rewards.
This thread explains what’s going on quite well if you’re not familiar with the dynamic:
With a volume of 106,692 ETH just yesterday, there’s certainly a lot of action happening.
It looks like OpenSea is in for some tough competition as the market evolves - no doubt a positive thing for collectors and traders! To follow developments more closely, keep an eye on these dashboards:
Optimism is Saving a Ton on Gas
L2 rollup Optimism has had a few strong months. Earlier this week, some interesting dashboards appeared giving detailed metrics on the platform. Let’s take a look.
One of Optimism’s key value propositions is much lower fees compared to L1, so how much are users saving on average? A very significant amount it turns out:
Gas fee savings have got better and better over the past few months - sitting at around 27x in mid-November and climbing to a peak of over 58x this week:
A total of 77,162 ETH has been saved in fees over the past 30 days, netting 847 ETH in fees for the platform. Out of a total of 270,900 addresses, over 40,000 have transacted have transacted over the past month - driving an average of 36,647 transactions daily.
Another important metric, contracts deployed, has also shown strong growth, hitting 896 in December and on-track to outpace that for January:
On-chain value rose healthily too - hitting $823.7 Million today:
Optimism seems to be doing really well - saving users some serious money in fees and helping Ethereum to scale effectively. Check out the full dashboard for much more data.
Nomad Bridge: a Cross-Chain Communication Network?
Nomad is a new system for:
“Sending messages between consensus systems without paying header validation costs by creating the illusion of cross-chain communication”
The team expect it to cut gas costs by 90% compared to traditional header relay and to:
“Form the base layer of a cross-chain communication network that provides fast, cheap communication for all smart contract chains and rollups”
To learn more about what it is and how it works, check out their docs. This week @0xroll put out a dashboard tracking the project - which has reached an impressive TLV of over $35 Million in just the first few days:
This is driven by 321 unique users so far with asset distribution dominated by USDC:
An interesting project - check out the dashboard to learn more!
Creepz are Invading
Creepz is a NFT project themed around “hilarious conspiracy theories” and a plans to develop a staking and play-to-earn ecosystem.
@wumbonft dropped a dashboard covering it on Tuesday, showing 7,836 total sales and a total volume so far of 3,959 ETH.
Genesis floor price, currently sitting at around 0.75 ETH, has risen over the past week along with average sale price:
Some are calling it a future blue chip project - decide for yourself by checking out the full dashboard for much more data!
Paladin.vote - Borrowing Influence
Paladin is a decentralized, non-custodial governance lending platform allowing users to lend or borrow governance tokens and voting power.
Depositors will stake either governance tokens or derivatives, so borrowers can leverage their voting power to gain more temporary influence in various protocols.
TLV is currently sitting just off $6.5 Million:
And there are currently pools for:
$AAVE
$COMP
$IDLE
$UNI
$STKAAVE
With $UNI representing the most value followed by $STKAAVE:
It’s an interesting concept - and with utilization rates currently low there’s a lot of tokens available to borrow. Check out the full dashboard to learn more!
More Dashboards
GN
As always thanks for reading and thanks to all the awesome 🧙 who built cool dashboards this week.
We’ll be back next Friday for another data binge - in the meantime let’s hang out on Twitter and Discord!