GM 🧙
Welcome to Issue #22 of Dune Digest!
Dune Wizards have been productive over the past week - so we have some great dashboards to share with you. Let’s get straight into them!
Yuga Labs
Yuga Labs are an NFT behemoth. After launching in early 2021 with BAYC, a resounding success, they’ve been making moves to expand.
Roughly a year after launch, they’ve become the most valuable NFT project by market cap, acquiring the intellectual property of CryptoPunks and Meebits in recent months.
Recently they’ve been making serious waves with the $APE airdrop and launch of the ApeCoin DAO - an initiative designed to support expansion into Web3 & gaming which we covered in depth in the previous issue.
When it comes to the NFT industry, Yuga Labs are certainly a key brand to follow. This week, @sealaunch gave us a great new dashboard that allows us to do just that.
This dashboard covers all the Yuga Labs ecosystem including BAYC, CryptoPunks, MAYC, Meebits, BACK, and ApeCoin. Let’s look at a few pieces that stand out……
After an initial surge in late Summer 2021 - BAYC floor price levelled off through Autumn before exploding in late 2021 and early 2022:
CryptoPunks showed a different pattern, with a crazy 500%+ boom in late Summer before dropping off in October and November and holding steady into 2022:
If you check out the full dashboard, you can see how the floor has shifted for all their NFT collections.
Another interesting visualization is the market share. Collections (currently) owned by Yuga Labs dominated the market from mid-2017 to mid-2018, capturing around 65% of volume consistently.
From August 2018, the share dropped dramatically and hovered around 2-5% through 2019 and 2020. At the beginning of last year though, market share started to grow off the back of BAYC, and has held strong at 20-30% through 2021 and 2022:
This is a huge amount of volume. The amount of ETH that has changed wallets over the two main collections - CryptoPunks and BAYC - is eye watering:
There’s also a lot of interesting stats on $APE, currently sitting at a price of $13.57…..
This is a great dashboard, and there’s loads more here to take a look at. Well worth a bookmark for tracking one of the most important ecosystems in the NFT world. Check it out!
Layer Zero
In terms of TLV, Ethereum dominance has dropped from over 100% a year ago, to barely above 50% today.
We are now firmly in a multi-chain world. This brings the challenge of fragmented liquidity across different protocols and chains, and a siloed user experience that is cumbersome to navigate.
For DeFi to go mainstream, there’s a major need for seamless bridging between chains. There are a lot of bridging solutions out there - check out @eliasimos’s Bridge Away dashboard for more - but many have been plagued with security and UX issues.
These are some of the problems that new protocols like Layer Zero are trying to solve.
Layer Zero is a new “omnichain interoperability protocol” designed for “lightweight message passing across chains”. It uses well-known oracles and “on-chain light nodes” claiming to provide a very secure and cheap cross-chain communication system.
Check out this interesting thread that explains the protocol:
LayerZero launched in beta on March 15th, and is live on Ethereum, Optimism, BSC, Polygon, Arbitrum, Avalanche & Fantom. They plan to launch soon on Solana, Terra, and all other chains with significant DeFi activity.
This week, we saw the first dashboard covering the protocol, created by @GoldenNaim.
The first visualizations show which chains users are sending transactions to from Polygon, Ethereum, Binance & Optimism. Let’s take a look at Ethereum as an example:
The primary destination so far is Avalanche, with BSC and Arbitrum following close behind.
A key part of LayerZero is Stargate, the first application built for the protocol. In under 1 week, Stargate has reached $1.9 Billion in TLV.
$STG has hit a price of $3.28 - and has seen significant volume already, with more than 300 Million $STG transferred to and from Polygon and more than 450 Million on Ethereum.
Transactions are also significant:
1,566 from Ethereum
1,337 from Polygon
2,994 from BSC
955 from Optimism
On Ethereum, the most popular destination so far has been Avalanche, but all chains have seen some activity which in general has been trending upwards:
A great dashboard and an interesting protocol - check it out in full to follow along!
Keep3rV2 Analytics
Keep3r Network is an interesting protocol launched by Andre Cronje, the creator of Yearn and other prominent projects.
Keep3r can be thought of as a “job matching” network that connects job posters with “keepers” available to complete tasks (DevOps related) for them - bound together with a smart incentive mechanism.
V2 was recently released (this article gives a good overview), and @wei3erHaze released a dashboard earlier this week helping us to understand the protocol.
Currently there is over $200k TVL:
And work transactions have remained steady through 2022 so far:
Check out the full dashboard for data on APY, rewards, transactions, and more!
Across Protocol
Across protocol is:
“A novel bridging method that combines an optimistic oracle, bonded relayers, and single-sided liquidity pools to provide decentralized instant transactions from Rollup chains to Ethereum Mainnet”
The layer 1 to layer 2 bridge is known for being fast, secure and cheap. A cool dashboard by @unionepro came out this week, let’s take a look……
Across launched in November of last year. Since then it has done over $170 Million in total volume and generated fees of almost $750k:
TLV is currently sat at $41,786,915 - and we can see that $WETH and $USDC make up the largest pools:
6,469 users have made a total of 9,244 transfers.
The L2 that accounts for the most transfer volume is Arbitrum - but Optimism has been gaining in the past month along with Boba:
One of the key value propositions of Across is speed - with an average transfer time of 4.41 minutes!
Check out the full dashboard for more!
UniSocks
UniSocks is a pretty wild experiment. In 2019 Uniswap issued 500 $SOCKS tokens, with each token backed by a physical, limited-edition pair of socks.
The first $SOCKS token was listed for just $12, but they’re priced on a dynamic curve, and by early 2021 they were trading at the crazy price of $92,000!
@shippooordao made a cool dashboard examining Unisocks this week. Let’s take a look……
There are currently 2,931 Unisocks holders
198 Unisocks have been claimed
302 Unisocks remain unredeemed
Price currently sits at $80,849, and market cap is at $24,415,658. Yes, you read that right, the market cap for 500 pairs of socks is almost $25 Million.
A key moment was in September 2020 when Uniswap announced a 1000 $UNI airdrop to each address that had owned at least one $SOCKS token at a snapshot. The price jumped 10x to $4000 almost immediately:
The second huge jump in price came in early 2021, surging from around $4000 at the beginning of the year to over $100,000 by early March:
An interesting project no doubt. Check out the full dashboard for more!
More Dashboards
More excellent dashboards came out this week, have a browse:
GN
Thanks for reading and a special thanks to the Wizards whose work we featured.
We will meet again next week for more data, dashboards and general wizardry. See you on Twitter in the meantime - and have a great weekend.
The data must flow 🧙🧙🧙