GM
Welcome to Issue #33 of Dune Digest!
Some quick news:
We announced the winners of our first bounty with OpenSea - congratulations to @takuyakitagawa & @frank_maseo!
Phillan.eth released an excellent beginner’s Dune tutorial, that takes you step-by-step through making a Pooly dashboard
@hildobby announced a Gitcoin grant for his amazing Dune work
We put together a Twitter list of Dune Wizards for you to follow
Now, let’s get into this week’s top dashboards……..
Velodrome Finance
Velodrome Finance is a new AMM on Optimism seeking to build upon and improve the Solidly ecosystem - a protocol designed and launched by Andre Cronje.
The mechanics are quite interesting, read more here.
@Marcov made an interesting dashboard tracking things - let’s take a quick look:
TVL has been fluctuating - hitting a high of $48.6 Million on Monday before falling to the current $25,865,434:
$VELO can be locked for veVELO, which allows holders to vote on the the flow of emissions to the certain liquidity pools.
Currently, 164.95 Million $VELO is locked, a little over half of the total supply.
Will Velodrome be a key player on Optimism? With a volume of over $109 Million so far, it seems to be off to a good start.
Check out the full dashboard for more!
Optimism DEX Market
Velodrome seems to be off to a good start, but how has it affected the overall DEX market on Optimism?
A new dashboard by @hildobby reveals all…….
Firstly, some high level metrics. Total DEX volume on Optimism surpassed $1.14 Billion over the past month - with $375.6 Million over the past 7 days alone.
The previous month saw +167% in trailing growth….. largely thanks to a massive spike around the $OP airdrop:
Moving on to market share we can see that as on Ethereum, Uniswap has remained dominant since late 2021.
Its dominance has been challenged by other platforms since though, notably by Zipswap and Kwenta in late March and early April:
To the far right of the above graph, you can see the newcomer Velodrome starting to make an impact, capturing 15-25% of market share over the past week.
Marketshare routed through aggregators has also been steadily growing, now at 7.1%.
1inch had 100% of the market until the end of 2021, but has lost ground to 0x API, Slingshot and newcomer WardenSwap through 2022:
DEXes on Optimism seem to be a booming sector - check out the full dashboard for more.
stETH’s “peg”
There has been a lot of discussion about Staked ETH (stETH) on Crypto Twitter over the past few days.
Some have been talking about it “losing its peg” to $ETH, others claim this is misleading. Let’s investigate with the help of a few dashboards.
Staked ETH is a synthetic version of $ETH issued by Lido.
Stakers exchange their $ETH for stETH, the former being staked on the Beacon Chain to accrue rewards and secure the network after The Merge.
Lido have made several very detailed Dune Dashboards. A huge amount of $ETH is staked with them:
With TVL growing impressively through late 2021 and early 2022:
Driven by a total of 64,468 unique depositors, Lido dominates the market when it comes to Ethereum 2.0 staking:
So we can see, Lido is a very important platform.
For the majority of its existence, stETH has retained a rough “peg” to $ETH - except for a notable drop of -4% in March 2021.
You can also see the current drop to the right of the graph below - along with a flurry of trading volume on Curve:
This dashboard shows stETH trading volume on 1inch, Uniswap, Balancer, Paraswap & more…….
But to bring us to current news, a recently released dashboard by @dataalways shows that there has been significant movement in the stETH / ETH “peg” in recent days, falling 4.6%+ at one point during the past 24 hours:
Is this something to worry about?
Many have pointed out that this isn’t a “peg” in the same way stable coins are pegged to dollars. No matter how much stETH drops relative to $ETH, it is backed 1:1 and will always be redeemable as such - so the more pessimistic predictions are overblown……
It does however make for some “interesting” possibilities.
A deeper analysis is beyond our scope - but Dune Wizard @mhonkasalo wrote a very interesting piece that goes into more detail and is worth a read if you’re interested - check it out.
Avalanche Bridge
Avalanche is one of the largest L1s by TVL and has become an important player in the DeFi world.
While we don’t (yet) have Avalanche data on Dune, we saw an interesting dashboard by @st_beas this week on Avalanche Bridge…….
207,556 in total have deposited assets from Ethereum to the bridge, with 43 doing so today.
TVL is at more than $2.1 Billion:
And daily volume is at $31,597,986…….
Bridge activity peaked in late 2021 at almost $6 Billion - before levelling off through Q1 of this year and steadily dropping through Q2:
Which assets are users bridging from Ethereum to Avalanche?
$wETH is the most common, followed by $USDC, $wBTC & $DAI:
The bridge certainly sees a lot of activity and value transferred - check out the full dashboard for more!
$HOP Airdrop
Recently, Hop Protocol announced Hop DAO in a Twitter thread.
Today, the airdropping of the $HOP token went live - and we have an excellent dashboard by @hildobby to investigate……
The total $HOP Supply is 1 Billion. Of that, 54.8 Million has been airdropped. How much has been claimed so far?
As we write - 22,109,865 $HOP has been claimed, 40.61% of the total.
As is often the case, so far the drop has disproportionately been claimed by those with large allocations, as only 8.73% of eligible addresses have claimed:
Recipients have already been delegating their $HOP tokens, and you can see top delegates in the dashboard. There are some big names from the Ethereum community in there:
Another DAOification of a popular protocol which will be interesting to watch - check out the full dashboard to follow along.
More Dashboards
GN
Thanks for reading, and as always a special thanks to all the Wizards for their creations.
We’ll see you again next Friday, in the meantime come hang out with us on Twitter and Discord, and remember that the data must flow.