Dune Digest #17
SOLANA, X2Y2 Airdrop, Gas Tracking
GM
Welcome to Issue #17 of Dune Digest!
The big news of the week - Solana data is now live on Dune!
We’ve been working hard on this for several months. Solana has grown rapidly over the past year - attracting users, developers and capital at an impressive rate.
That’s why we’re so excited to see Dune Wizards bring the same level of keen analysis to Solana that they’ve sharpened on Ethereum, BSC, Optimism and other chains!
So far, Solana data is still in beta. We currently have 3 tables released:
solana.blocks
solana.transactions
solana.rewards
You can read the full documentation here, and an overview here. Note that this is still in beta, and we’re going to ship many improvements and new tables in the coming weeks and months.
That said, there are already several great Solana dashboards. One of the best dashboards so far is Solana Metrics by @kroeger0x.
The Wizard himself wrote a great Twitter thread commenting on the stats which you should check out:
Also this week, Boxer recorded an excellent podcast episode with Elias from Coinbase. Elias is one of Dune's most prolific users and has made a couple of great dashboards that garnered Industry-wide attention.
Check it out:
We also released two new tutorials. Check them out if you’re learning Dune:
Now let’s take a look at a few dashboards 👀
Invictus DAO
Invictus DAO aims to create a decentralized reserve currency on Solana, using a similar model to Olympus (OHM).
The reserve currency of Invictus is $IN, backed by a treasury of reserve assets like mSOL, USDT & USDC.
For those of you familiar with OHM, Invictus will look rather similar in structure. But there are differences due to possibilities opened up by the extremely fast transactions and low fees of Solana.
Take rebasing for example. sOHM rebases every 8 hours (2200 Ethereum blocks). With Invictus, rebasing occurs after every block - so rewards update millisecond by millisecond - in a process dubbed “dynamic rebasing”.
We can now explore the protocol thanks to a cool new dashboard - Invictus DAO by @summit.
The $IN token is currently at a price of $69.78.
There are two separate pools for dynamically rebasing $IN: Locked Staked IN (lsIN) and Staked IN (sIN). @summit’s dashboard features prices of the two LP tokens, as well as index:
The creator notes that this dashboard is:
“Ongoing research and proof of concept for people to leverage when working with Solana (and specifically Invictus DAO) blockchain data”
Soon the entire Solana ecosystem will be uncovered by Dune Wizards. Exciting stuff! Check out the full dashboard for more!
Drift Protocol
Drift Protocol bills itself as:
“A lightning-fast and scalable perpetual futures DEX…. Bringing on-chain, cross-margined perpetual futures to Solana”
@bigz had a dashboard out covering the protocol at lightning speed, even front-running our own announcement 😆
Firstly, we can see that daily Drift transactions are sitting at 3,061….
And daily active Driftooors really shot up over the past week hitting a high of 931 on the 13th:
(note that the data for yesterday/today is still incomplete)
There’s also an interesting viz on instructions. “Instruction” is Solana’s term for the smallest contiguous unit of execution logic in a program (Solana’s term for a smart contract).
We can see that the overwhelming majority of Drift instructions so far have been to open positions, with only a very small amount for depositing/withdrawing collateral and closing positions:
Another exciting early Solana dashboard - check it out for much more data!
NFTs on Solana
What’s the deal with NFTs on Solana? Thanks to a dashboard by @sealaunch we can find out…..
Although nascent, the Solana NFT ecosystem is already quite sophisticated. There are numerous protocols like Metaplex, Solanart, Solsea, MagicEden vying for users.
There’s one clear winner for now, in terms of transactions at least. MagicEden dominates the market - consistently accounting for approximately 85-92% of transactions for the past two months:
We can explore further with another new dashboard - Solana Secondary NFT market by @0xkartod_bounty.
7 day transaction count (MagicEden) is over 1.2 Million:
Another interesting platform covered is Solsea - which is interesting as it allows creators to embed licenses directly into NFTs. 7 day transactions are currently at 37,341!
NFTs on Solana certainly seem to be picking up steam. Thanks to Dune Wizards, we should have a lot more great dashboards to look forward to!
X2Y2
X2Y2 is a new NFT market place describing itself as:
“By the people, for the people. With instant push notifications, bulk trading, collection & trait offers, integrated rarity tools, inclusive community Airdrop, NFT Staking, 2% trading fees & much more. Challenging OpenSea & LooksRare”
Following in the wake of LooksRare, they’re launching with a vampire attack and airdropping tokens to users based on their previous OpenSea activity.
We can investigate with a nice dashboard created by @zxsasha.
X2Y2’s tokenomics are interesting (read about them here) - and seek to solve several problems with LooksRare that they call out.
Firstly, LooksRare’s airdrop only targeted the 20% of OS users with more than 3 ETH in transactions - leading to a “whale bias”. X2Y2 is aiming for an “inclusive airdrop” to all OS users who traded before a snapshot taken on the first block of 2022.
As you can imagine, this is quite a lot of wallets - 861,417 to be exact. So far almost 20k have claimed the drop, a little over 2% of those eligible:
There are 120 Million tokens up for grabs, currently 11.43% have been claimed (13,720,871). This implies that users with larger allocations have been faster to claim.
Whales - those with >30 ETH OS transactions - were allocated 1000 tokens. Non-whales were allocated different sized airdrops based on their wallet volume.
Indeed, according to the dashboard 47.34% of Whales have claimed, a far higher % than any other group:
Luckily, there’s no end date for the drop - tokens can be claimed indefinitely. It’ll be interesting to follow the development of X2Y2 and see if it can fulfil its mission and provide a solid alternative to established competitors. It certainly seems off to a good start! Check out the full dashboard for more…..
Gas fees on Ethereum & Optimism
We’ve had a few great dashboards in the past on Ethereum gas. This week though one of our resident Wizards @hildobby released the best one yet.
It features the gas cost for typical actions based off prices in the past 10 minutes (with OpenSea sales coming in #1):
We can also see gas prices by hour of the day and by day of the week:
Based on these stats, @hildobby advised that:
10 am UTC (5 am EST) is generally when Ethereum gas is the cheapest during the day ⛽️
The dashboard covers a ton more data on EIP-1559, distribution, historical prices and more. Check out this very informative thread breaking it down:
Michael Silberling also released a great Gas Fee Tracker for Optimism that you should definitely check out if you’re a user!
More Dashboards
Tons more great dashes this week, check them out:
$MILK stats by @BiffBuster
GN
Thanks for reading - and a special thanks to all the Wizard creators of the dashboards we shared in this edition.
We’re super excited to have Solana data live - and we can’t wait to see more insightful analysis and helpful dashboards over the coming weeks and months!
Dune founders Fredrik and Mats are currently hanging at ETH Denver, if you see them come say hi. Here they are hanging out with Dune Wizard Richard Chen:
We’re almost at 1000 subscribers now - if you enjoy Dune Digest why not give us a share and help push us over the line 😏