GM đ§
Welcome to another Issue of Dune Digest
Letâs start with some great news. This week Raydium, a Solana-based AMM, released a set of bounties for Dune Dashboards.
Wizards have already been hard at work - check out the Raydium dashboards so far.
In other news, Dune CEO and Co-Founder Fredrik Haga did an interview with This Week in Startups.
If youâre interested in a little Dune history and a discussion of on-chain analytics, give it a listen.
Now, Wizards have been productive this week, and we have some epic dashboards to share with you.
Letâs get into themâŚâŚ..
CULT DAO - Decentralized VC
Cult DAO is an interesting project that launched earlier in 2022. Its stated goal is to:
âAccelerate the downfall of the global banking system and the current world orderâ
How, you may ask?
âThe purpose of CULT is to empower and fund those building and contributing towards our decentralised future, our society is built to make it as difficult as possible to break away from societal, economic and other norms. We give funding to those who are ready to break the chains and have an idea that can change our worldâ
You can read about the philosophical ideas behind it in the Cult DAO Manifesto, a pretty interesting read.
In a great explainer video, David Hoffman from Bankless called it a âventure capital DAOâ. This is a good way of putting it.
Itâs based around a financing mechanism to fund promising projects through a decentralized proposal system.
This week, some very cool dashboards came out that help us to dive into Cult DAO. Letâs take a look at how it works, and how itâs been performing so far.
Firstly, Cult DAO by @web3_data, who wrote an interesting thread with initial analysis:
As noted in the thread - everything started on January 27th. Less than a week later, the number of holders jumped, then plateaued, before shooting up dramatically in the last week of March:
The $CULT token is a tradable, liquid token. There are currently 11111 holders.
The Cult DAO treasury is funded through a 0.4% tax on transactions, which will ultimately fund the investments into decentralized technologies.
The treasury is currently at 106.19 Billion $CULT. At todayâs price, thatâs just over $4 Million.
So how are investment decisions made? Thatâs where staking comes in.
$CULT can be staked for $dCULT, which can be redeemed at any time for the original $CULT and any rewards.
There are currently 1,791 stakers, a relatively small but growing minority:
Holding $dCULT allows voting on proposals, but not submitting them directly.
To submit an investment proposal, you need to be a Guardian, one of the top 50 stakers. Any companies, investors, or protocols seeking investment need to enlist the help of one or more Guardians. There are three major guidelines:
Fight Against Centralisation
Further the Cause of Decentralisation
Directly Benefit a Noble Cause
Crucially, Guardians themselves cannot vote, only submit proposals. How much of a whale do you need to be to become a Guardian? Right now, more than $10 Billion $dCULT:
A few lucky airdrop recipients were turned into Guardians overnight.
21 addresses received an airdrop, mostly 15.68 Billion $CULT (although Vitalik got 19.92 Billion).
So essentially, these people got airdropped tokens worth $1 Million plus.
So far 17 proposals have been submitted.
8 have been funded, but we can see that thereâs a lively split of opinion going on:
Thereâs another excellent thread by the Wizard here that today gave an update:
Venture capital has been thrown around for a while as a key sector that DAOs can disrupt. Is CultDAO the one to do it? Will they meaningfully contribute to liberating decentralized technology?
We certainly hope so.
This is one to watch - check out the full dashboard and let us know what you think!
BOBA Network becomes a Unicorn
Layer-2 scaling solutions for Ethereum have really boomed in recent months - both in terms of adoption and TVL.
Hybrid computing platform Boba Network is one such solution.
Built by decentralized infrastructure provider Enya - Boba had a relatively low profile before September 2021 when it launched its mainnet and the $BOBA governance token.
Earlier this week, Boba announced that they had raised $45 Million in Series A funding, reaching Unicorn status at a $1.5 Billion valuation. According to Crunchbase:
âThe round, which had close to 400 participants, has some big-name investors, including crypto exchange Crypto.com, Will Smithâs Dreamers VC, Paris Hilton and Carter Reumâs M13, Tony Robbins, Joe Montana and KSHMRâ
Letâs check out a Boba dashboard by @0xmax for more context.
Transactions per day had a massive spike after launch in late 2021. They dropped towards the end of the year but then rose a little and stayed consistent over the past two months - fluctuating in the 2-5k range:
In total Boba has seen 457,223 transactions, from just over 5000 unique users - a metric that has been growing slowly but steadily through 2022:
TVL is sitting at $672,895,405.
An interesting protocol worth keeping an eye on, especially considering the recent raise.
Check out the full dashboard, and for more on the $BOBA token take a look at this one by @bet20.
OpenSea Live on Solana
If you havenât heard already, this week OpenSea launched on Solana!
At the moment itâs still in Beta - but @sealaunch already put out a dashboard comparing it to major rival MagicEden.
Despite only launching the day before, OpenSea did an impressive 12,012 transactions on Thursday. It still has a lot of catching up to do though - since MagicEden did 285,741!
That said, capturing 4% of the market isnât bad for your first day:
When it comes to volume - MagicEden did 172,956 $SOL on yesterday, with OpenSea hitting 6,820. Thatâs just short of $21m and over $82k respectively.
Yesterdayâs OpenSea volume was driven by 4,794 active users.
Thereâs plenty of room to grow into, but theyâre up against entrenched competition:
Can OpenSea transfer its dominance from Ethereum to Solana? Check out the dashboard and see what you think.
Critterz - NFTs for Minecraft
Critterz is the first NFT collection that enables P2E while playing Minecraft.
Players buy or rent a Critterz to earn $BLOCK while they play - which can be used to claim plots in the game (NFTs) or to trade.
@atticknight released a very detailed dashboard this week tracking things.
Firstly, there are currently 3,874 Critterz in total. Of these, 93% (3604) are staked - meaning they are being played with:
Staked Critterz holders have been steadily growing through 2022:
An interesting project no doubt.
To learn more check out this Twitter thread by the dashboardâs creator, and take a look at the full dashboard for a ton more stats.
Interest Compounding ETH
On Tuesday Index Coop announced the launch of their first yield product called Interest Compounding ETH ($icETH).
It uses a âliquid staking strategy built on Set Protocolâ to âdeposit Lidoâs liquid staked Ethereum tokenâstETHâas collateral and recursively borrows ETH to procure more stETHâ within Aave V2.
This allows token holders to gain âspot exposure to ETH and nearly twice the yield compared to simply holding stETHâ.
@indexcoop put out a dashboard soon after the announcement.
AUM has grown +631% since launch, up by $3,526,936:
Here are some more interesting stats:
6.07% gross yield vs stETH
10.04% gross yield vs ETH
9.29% net yield vs ETH
5.32% net yield vs stETH
The dashboard has a ton more stats and links to useful information. Check it out if youâre looking for yield opportunities.
More Dashboards
GN
Thanks for reading frens.
Thanks especially to all the skilled Wizards who created the dashboards weâve looked at.
More next time - enjoy the weekend đ§