GM
Welcome to issue #25 of Dune Digest!
Earlier this week we were happy to announce the latest round of bounties with Layer3.
The latest are for Serum - with 3 prizes and $5000 up for grabs. There are still 12 days to go, if you’re up for the challenge head over and take a look!
Wizards are fast though. Just a few days after the bounties being released, several excellent dashboards have appeared.
Let’s start this issue by looking at one in particular, and what it can tell us about Serum Protocol.
Serum
Serum is:
“A protocol for decentralized exchanges that brings unprecedented speed and low transaction costs to decentralized finance”
It is built for Solana and completely permissionless. The long-term vision is to:
“Drive the global mass adoption of DeFi. One conceptualization of this goal includes the milestones of reaching 1 billion users and $10T of on-chain value”
A great Serum dashboard came out yesterday by @kdivic. Let’s see what we can learn about the protocol.
Firstly, there’s a lot of action going down on Serum. In the past 30 days, there have been 238,429 users.
This past week has been even busier than the monthly average - with 88,169!
There have been more than 1.25 Billion transactions over the past 90 days. We can see that transactions dropped through late March into early April but seem to be rising again sharply over the past several days:
Serum volume was rising steadily through Q3 of 2021 - but dropped slightly in February and March, and significantly in April:
However, the daily active users have been relatively steady and have shown no signs of recent decline, fluctuating mostly in the 18-25k range through March and April.
There’s an interesting visualisation in the dashboard comparing Serum with Raydium, showing that Serum currently dwarfs Raydium in transactions - capturing 90% of the market.
For a lot more data on wallets, fees, transactions and users - check out the full dashboard.
NFTfi
NFTs are often affectionately referred to as “illiquid JPEGs”, and that’s not inaccurate.
Many holders and collectors have large amounts of capital locked into their NFTs. As the market has developed, they've sought ways to unlock liquidity without selling their precious Apes, Punks, Cats and so forth.
This is one of the problems that NFTfi was built to solve.
The South-Africa based platform was founded in early 2020 and allows users to collateralize their NFTs to get loans.
It’s based around a decentralized marketplace where lenders offer different rates and terms to those seeking loans. When the borrower decides on a suitable offer, they must submit an NFT as part of the transaction which is locked into a smart contract.
Once the repayment terms are fulfilled the NFT is returned to the borrower’s wallet, if terms are violated then it goes to the lender.
A dashboard covering NFTfi was released this week by @crypto_jin.
Total volume has exceeded $80 Million:
So far there have been 504 unique lenders, and 864 unique borrowers. Loans tend to be rather short term, with the average term duration at 34 days - and virtually none past the 90 day mark:
The most valuable users for NFTfi are those who use “bluechip” NFTs as collateral.
They account for more than 80% of total volume, and have a lifetime value 60% higher than regular users.
Another NFTfi dashboard by @cryptuschrist gives us some insight into this. We can see plenty of Bored Apes, Art Blocks, Punks, Meebits, Hashmasks and other well-known NFTs being used on the platform:
How many are good borrowers?
We can see that as activity picked up through late 2021 and early 2022 - the large majority of loans were repaid in full but there was also a small consistent minority of liquidations:
When a liquidation event happens - the lender will receive the collateralized NFT as compensation. Considering that loan amounts are typically 50% of the NFTs market value when the original contact is made - this can be quite profitable. There’s also significant risk though - especially over longer loan durations - that the value of the asset will tank.
To get way more details, check out the full dashboard.
Aave V2 vs V3
Around one month ago, DeFi behemoth Aave released V3, which it claimed offered more decentralization and increased capital efficiency.
@mausefalle released a dashboard on Wednesday comparing V3 with the previous V2.
Let’s see some high level stats for V2 first.
As you can see, Aave V2 is a beast. With a total market size of over $1.27 Billion, and over $250 Million in loans - V3 has some big shoes to fill.
Currently, the market size of Aave V3 is just shy of $40 Million.
$11,767,333 has already been borrowed - and there’s over $28 Million available to be borrowed!
Borrowing really kicked off in the first and second weeks of April, with users rushing to get their hands on $USDC, $WETH, $DAI, and many other assets:
Supply grew steadily through late March and early April, with a lot of $WETH, $WBTC and other tokens deposited:
Volume for Aave V2 declined significantly from late February:
But V3 seems like it’s in a great position to capture more market share. The $AAVE native token also surged in price since the release.
To learn more check out the full dashboard!
Bitcoin on BNB
The $BTCB token acts as a bridge between Bitcoin and Binance’s ecosystem.
It’s described as a “stablecoin” pegged to $BTC and backed 1:1 by Bitcoin, very similar to Wrapped Bitcoin on Ethereum.
Since launch - $BTCB has opened up the fairly huge Binance DeFi and trading infrastructure to Bitcoin holders.
So how popular is it? Let’s look at a new dashboard by @hicrypto to find out.
The total supply is over 110k and the market cap is impressive at almost $4.4 Billion:
There are 459,812 holders, a figure which has grown by 110,000 in 2022 so far:
In some areas of the Bitcoin community, there is resistance - partly practical, partly ideological - to “wrapping” $BTC and losing custody.
While this is certainly a legitimate stance, this dashboard proves that there are many, many holders looking to put their Bitcoin to work on other chains and ecosystems.
Check out the full dashboard for more.
If you’re interested in the topic of Wrapped Bitcoin more generally, you may also like this legendary dashboard by @eliasimos - Bitcoin on Ethereum.
Stargate on Optimism
Stargate is an application built on top of LayerZero - an omnichain interoperability protocol - and allows for fast and cheap transfers across different chains.
We’ve covered a Stargate a few times already, but we had to share this excellent new dashboard by @rplust - Stargate on Optimism.
Let’s take a look at what’s going to, and from, Optimism with Stargate.
$19,738,371 has gone into Optimism, with an average transfer size of $11,469
$33,726,540 has been transferred from Optimism with the average transfer size at $28,851
Where’s this going?
Ethereum is the dominant destination - trailed at a distance by Avalanche, Polygon, Arbitrum, Fantom and BSC.
Over $21.2 Million has been transferred to Ethereum alone. Some whales are already enjoying Stargate too - with the largest transfer out at $6.7 Million and the largest in at just under $2 Million.
Although the majority of value in $ terms is flowing out of Optimism through Stargate - the number of users transferring in is higher, sitting at 60-70% of total transactions for most of the platform’s life so far:
Total liquidity is at $28,659,987 - from 670 liquidity providers. LPs have earned $15,186 in fees, and their number is growing steadily.
To learn more about Stargate on Optimism - take a look at the full dashboard.
More Dashboards
OlympusDAO by @0xkartod_bounty
Raydium Protocol Overview by @timoon21
Ethereum + Solana Bridge Activity by @msilb7
GitcoinDAO - the case for governor alpha by @ivanmolto
Instadapp Lite Levered stETH strategy by @shipooordao
Aave V3 Borrowing and Lending Pools Analysis by @sashimiboi
Trending NFTs on Ethereum by @azima
Tesseract Finance Polygon by @sashimiboi
Olympus OHM Staking by @k2rbpz
GN
Thanks for reading - and a special thanks to the Wizards for their awesome efforts and creations this week.
We’ll be back again next week for more - have a great weekend and see you then!