GM
Welcome to issue #37 of Dune Digest!
We announced 2 pieces of exciting news this week……
Teams!
Now Wizards can collaborate on Dune under a shared Team identity, with its own profile & content. You can work together and create collaborative dashboards & queries easily, multiplying your experience & productivity!
We believe that Teams will be a huge unlock for the community.
Many Teams are already going strong - including Messari, 0x Labs, Balancer, Optimism, and almost 100 others!
You can read all about Teams on our blog and in our docs.
Arbitrum
As you know, we’re on a mission to make crypto data accessible, including all the key Ethereum L2s and scaling solutions…..
That’s why we’re excited to announce - Arbitrum data is now live on Dune!
Wizards have been requesting this for a while, and now we’ve delivered. Right now there are 4 tables live:
Blocks
Logs
Traces
Transactions
You can head over and start analyzing Arbitrum’s rich ecosystem today!
We’ll also be releasing Arbitrum bounties very soon, and working on new tables. In the meantime, we’re very excited to see what you build….
Now, to the week’s data.
Arbitrum - The Overview
Arbitrum is a scaling solution for Ethereum. Based on optimistic rollup technology, the layer 2 platform aims to reduce congestion and fees on Ethereum by moving as much computation off L1 as possible.
Has it gained traction since launching last year?
Now that we’ve integrated Arbitrum data, we can answer that question through a great new dashboard by @springzhang…..
In total, almost 20 Million transactions have been processed on Arbitrum by over 950k total accounts:
June was actually a record month for transaction count, with a 48% gain in May to 4.07 Million. Active users also grew +50% for June!
This was due to the first week of the “Arbitrum Odyssey”, covered in another @springzhang dashboard.
Although they paused it, the initial Odyssey push seemed successful - check out the last week of June with 210k+ users:
Odyssey also brought in a lot of new users to Arbitrum, 93.8k in one week. The last time they had a spike like that was in September 2021, when 188.17k were onboarded to the platform throughout the month.
Through Q4 of 2021 and the first half of 2022, Arbitrum saw steady user growth:
How about developer activity?
In total, 34.4k contracts are live on the platform. Things were relatively quiet toward the end of 2021 - but picked up significantly in May:
We’re very excited to have Arbitrum data live on Dune and see all the interesting dashboards and analyses that Wizards spin up!
Check out the full dashboard for data on gas, $WETH & more…..
If you read on to the end, you’ll also find a second Arbitrum dashboard on Odyssey NFTs!
3AC Portfolio
With all the publicity and drama around 3 Arrows Capital recently, a lot of Dune Wizards have been investigating.
@21shares put out a dashboard last weekend examining 3AC’s addresses that starts with the following disclaimer:
This Dashboard only serves as the lower bound of 3AC's current holdings in wallets on Ethereum network. The addresses are gathered by the crypto community and have not been officially confirmed. Please take it as a reference with a grain of salt.
That said, let’s take a look at what they’ve found…….
The addresses analyzed have a total portfolio value of over $42.5 Million:
The largest single asset held is $DAI at just over $20m. The vast majority of the remainder is also in stables with $10.5m in $USDT and $8.2m in $USDC…..
There’s also $1.8m in $LDO, $1.75m in $LINK, and a little over $85k worth of $stETH.
They also seem to own NFTs - $7.5 Million worth.
The largest NFT holding is CryptoPunks worth $3,012,393. Artblocks Curated are also a substantial 33.4% of the NFT portfolio worth almost $2.5m. They also own PEGZ, Glyphs, Chromie Squiggles, Mutant Apes, and several others:
It’s great to see Dune being used to investigate current events in the community! Check out the full dashboard for more……
Stablecoin Velocity
The velocity of money means the rate at which money is exchanged in an economy. It’s typically measured by dividing GDP by money supply over a specific period.
This week a dashboard by @kinaumov explored the velocity of stablecoins, let’s take a look.
Firstly, the total stablecoin supply on Ethereum is $103.1 Billion.
When we look at transaction volume, we can see that $USDC has been leading the field since early 2022.
In recent months, there have been several massive spikes in volume - with almost $400 Billion in $USDC over the past 30 days:
In fact, $USDC has accounted for 54% of total stablecoin volume on Ethereum over the past 30 days - with Tether a distant second at 20.5%.
So it has the highest velocity, right? Not quite. @kinaumov has calculated the velocity like so:
Velocity = Volume per Day / Outstanding Supply
When we look at the outstanding supply we see that $USDC has by far the largest at over $46.5 Billion.
$DAI is around $6.5B, and the others don’t crack $1B:
We can see that $DAI supply is roughly 14% of $USDC’s, but it has approximately 33% of the volume - so $DAI’s velocity is higher.
The same applies to $GUSD which has a high volume relative to it’s small supply. Both of them also have a far higher velocity than $FRAX:
Note that this analysis is only for Ethereum. The picture might be different taking total supply & volume on all chains into account.
A great first dashboard by @kinaumov, check it out.
.eth Whales
We’ve covered ENS, one Ethereum’s most well-loved projects, several times in previous issues. @makoto has produced a lot of the best ENS dashboards, and this week released an interesting one covering Whales.
It has been a big year for ENS. When they announced their transition to a DAO and airdrop in early May, there was a huge spike in registrations.
On the 2nd of May alone there were over 63k registrations and $1.8m of registration volume:
350,000 plus addresses hold between one and five .eth names, but many hold a whole lot more.
The bigger holders have been hoovering up names since 2020:
….. And the 20 top whales each hold over 1000 domains:
An great dashboard if you’re a .eth fan - check it out! @makoto also wrote an interesting Twitter thread.
Pony Finance
Pony Finance bills itself as:
“Token tracking the Passive Omnichain Net Yield Index, is a single token designed to bring attractive stablecoin yields from multiple chains back to Ethereum”
The concept is interesting.
Apparently, $PONY is an interest-bearing token that gives exposure to a range of stablecoin yields sourced across all L1 chains.
@dbustos20 put out a dashboard on Pony this week.
The current $PONY supply is at 1.06 Million and held by just 75 addresses. Market cap is at $340.1k.
While still low and launching in poor market conditions, holders have tripled over the past 2 weeks:
The idea of multichain yield platforms is interesting, but people may be skeptical at the moment. To learn more about liquidity mining, trade volume, holders and more - check out the dashboard.
More Dashboards
GN
Thanks for reading - and a special thanks to this week’s Wizards for their amazing contributions.
We’re super excited to have Teams live, we really think that making Dune collaborative is going to change the game!
Stay tuned on Twitter and Discord, we have some more great news for you next week……..
In the meantime, enjoy your weekend. The data must flow.