GM
Welcome to Dune Digest #35!
We have some intriguing stories for you this week. First though, some very exciting news…….
DuneCon 2022!
On the 15th of September hundreds of Dune Wizards and team members will gather at FunkHaus in Berlin!
We’ll have a series of activities throughout the day, from hackathons & talks to training sessions and fun events - before heading to an evening venue for more merriment into the night!
We can’t wait to meet many of you for the first time, and really celebrate the Wizard community together.
Read more about it here. Apply to attend here.
See you in Berlin!
Now, let’s get into the week’s data……
$CEL Short Squeeze
With the recent drama around Celsius, many were expecting the $CEL price to tank.
It did for a while, falling to $0.17, but then the day after rose by over 300% in hours….. before hitting $1.536 this Tuesday.
Right now it’s back at $1.16. Impressive!
How did that happen?
A short squeeze was one of the factors, which @0xmanny broke down in a dashboard this week…….
The news from Celsius was bad. The shorts were piling up on FTX. Liquidity of the token was very low with 85%+ locked on the platform. “Celsians” saw their opportunity to pull off a short squeeze by doing something like this:
On June 13th, the $CEL balance of FTX plummeted from 9.8m to 4.5m:
And the number of $CEL holders has jumped by almost 1900 over the past two weeks:
Who knows how things will develop, but this should certainly be an interesting and entertaining part of crypto history.
Follow @0xmanny’s dashboard for more.
KnownOrigin
On Wednesday, eCommerce giant Ebay announced the acquisition of NFT marketplace KnownOrigin for an undisclosed sum. Ebay consider digital collectibles & NFTs a significant growth area, and believes that the move will allow them to attract a new wave of collectors and creators.
So, what exactly did they buy? A new dashboard by @CryptusChrist holds the answers……
Compared to giants like Opensea & MagicEden, KnownOrigin is a smaller player. The platform cracked a relatively small but respectable 5.5k $ETH in all time volume, with a little under 20 $ETH over the past week:
The all-time top sale went for 20 $ETH in October 2021 - this rather interesting piece “Mercury”:
Over a dozen more sold for 10-20 $ETH……
There were 58 sales on Wednesday. As we can see, this isn’t a platform with large volume & usage compared to the big NFT players.
But, KnownOrigin seems to have its own niche. If you head to the dashboard and click through to the individual items, it’s an interesting blend of abstract artwork and unusual video pieces. No animal pfps in sight……
Ebay likely want to pursue and develop a distinct market within NFTs, and KnownOrigin fit the bill - so it will be interesting to see where they take it. Check out the full dashboard for more!
ApeCoin DAO governance
ApeCoin DAO made big waves with its launch and (controversial) token drop earlier in the year.
Since then, they haven’t been in the spotlight so much. But there has been a lot of developments behind the scenes - especially in terms of DAO governance which @beetle covered in an interesting new dashboard.
Let’s take a look……
The ApeCoin community is governed through voting on Ape Improvement Proposal ideas via the ApeCoin DAO.
So far, there have been 13 total AIPs. These have received an average of 953 voters per proposal, bringing the total to 12,393 votes. There are 78,634 $APE holders in total.
Here are the proposals so far:
The majority of proposals passed, only a quarter were rejected by the DAO with 67% of total votes in favour:
The first three AIPs on DAO housekeeping passed almost unanimously. The fourth was far more controversial, a staking proposal that $APE holders must have seen serious flaws in because 70% voted against…..
Interestingly, the failed proposal lead to “meaningful discussions” and an updated staking proposal which passed with 90% in favour - DAO democracy in action?
After this we saw a few more uncontroversial, near unanimous AIPs implemented until we get to AIP-29 - a proposal to support Ape Drops with DAO funds. This was extremely unpopular with 97% voting against.
Next we get to the most high profile one, AIP-41, a vote on whether to keep ApeCoin on Ethereum.
Many $APE holders, including some Whales with significant voting power, believed that ApeCoin should move to its own chain in order to scale……
In the end, the proposal to stay on Ethereum narrowly won with 53.6% of the vote, with 801 addresses in total voting:
So ApeCoin stays on Ethereum, for now at least.
ApeCoin DAO’s governance is an interesting case study, and they seem closer than most when it comes to making democratic community decisions. Check out the full dashboard for more.
Arbitrum Odyssey
The Arbitrum Odyssey is an “8 week adventure” to explore the ecosystem, and it started on Tuesday.
Participants will be rewarded with special NFTs as they go through the various steps.
The 8 week program is as follows:
To earn the reward for the first week, participants must bridge $ETH to Arbitrum at least once.
How many took up the challenge? A very comprehensive dashboard by @springzhang shines some light……
So far for week 1:
17,541 $ETH transferred
86,762 total transactions
Max transfer of 498.6 $ETH
A variety of bridges were used like Across, BoringDAO, Celer Network, Hashflow, Lifi, & more.
One bridge was way ahead of the others though in terms of usage. More than 50% of $ETH bridged was through Hop Protocol - 9.84k.
The vast majority of new users also came through Hop, more than 54k in total so far.
Where were they bridging from?
Another query shows that more than 13.25K $ETH, more than 70% of the total, was was bridged from Ethereum itself.
27.5%, 5.15k $ETH, came over from Optimism. 351 $ETH made its way from BNB and just 9.1 from Gnosis:
@springzhang also made a separate dashboard that covers bridging from Polygon.
On Polygon - 3,665 $ETH has been transferred in 39.4k transactions. While Hop is still the leader, their position isn’t quite so dominant with Multichain, Bungee and Hashflow all seeing a lot of volume.
These dashboards have an enormous amount of data on each individual bridge, and really do give a thorough overview of bridging activity in week 1.
Check them out:
Genie Airdrop
In other news of the week: Uniswap Labs has acquired Genie, the first NFT marketplace aggregator.
A few months ago Opensea acquired Genie’s main competitor, Gem, and now Uniswap intend to move into the NFT market in a big way:
“NFTs will be integrated into our products, starting with the Uniswap web app, where soon you’ll be able to buy and sell NFTs across all major marketplaces. We’ll also integrate NFTs into our developer APIs and widgets, making Uniswap a comprehensive platform for users and builders in web3”
Genie is an impressive platform. According to one of @sohwak’s dashboards - 123,761 transactions have been processed, and 647,202 items sold via Genie.
Gem started to pull far ahead of Genie earlier this year on all key growth metrics - and took the majority of the aggregator market share:
But with a giant like Uniswap holding the reigns and leveraging their immense platform - perhaps Genie’s fortunes will change…..
Uniswap will also drop $USDC tokens to any wallets that used Genie more than once before April 15th or hold a GENIE:GEM NFT.
A new dashboard by @gm365 broke down the upcoming drop. Out of 45,708 total Genie users, a little over a third are eligible:
It will be interesting to see how Uniswap integrate this into their platform!
More Dashboards
GN
Thanks for reading, we hope you enjoyed this week’s issue.
A special thanks to all the data Wizards for their contributions this week!
We’ll see you again next Friday as always - don’t forget to put your name down for Berlin.
The data must flow……..