GM
Welcome to Issue #38 of Dune Digest!
Before we begin - we’d like to ask a quick favour.
We want to improve Dune Digest and make it as valuable for you as possible. We need your help to do it. We’d be very grateful if you could:
Thanks a bunch!
In other news, we got our Docs translated into Chinese. We have a growing Wizard community in China and are extremely grateful to those who volunteered to take on the translation!
Now, to the week’s data……
Convex Finance
Since we launched last week, some amazing Teams have formed. One of them is Blockworks Research, the research arm of the well-known crypto media brand Blockworks.
They released an excellent dashboard this week looking at Convex Finance which we’ll cover briefly…..
Convex is a very successful DeFi platform that has evolved into:
“The dominant yield aggregation platform that helps protocols incentivize liquidity into their respective Curve pools”
The first stats are on derivative assets. Users can deposit CRV & FXS in return for derivatives cvxCRV & cvxFXS. Deposits are irreversible, so it is important for users to monitor the peg…..
The current exchange rate is 0.975, and it has been a volatile few months with the peg slipping below .95 in mid-May and again a month later:
The current market cap of cvxCRV is at a massive $306.8 Million, and cvxFXS is at $32.6 Million…..
The cvxFXS peg seems significantly less stable, falling below .85 in mid-June…..
How about revenue?
Protocol revenue comes from a 17% fee from all the CRV & FXS earned by LPs. This is distributed among users in the ecosystem - you can read more about it in the dashboard.
In the 3CRV pool, admin fees recently crossed the $30 Million mark!
When it comes to users, Convex hasn’t seen significant changes recently. Weekly active users have been relatively static since Summer 2021:
New LPs are consistently coming into the ecosystem, but that seems to be counteracted by churn of existing users.
Convex retains LPs at a rate of:
38% after 1 week
34% after 4 weeks
24% after 8 weeks
Overall, Convex seems to be a very successful platform. There have been no dramatic changes recently, but it’s definitely one to keep our eyes on through the bear market.
The dashboard is too comprehensive to completely cover, definitely check it out if you’re interested in Convex…..
Aave on Arbitrum
Now that we have Arbitrum live, Wizards are free to investigate how all their favorite cross-chain platforms are doing over there!
@sixdegree, another newly formed team, this week released a dashboard covering DeFi stalwart Aave on Arbitrum.
So how popular is Aave in Arbitrum land? Since launching in March, it has seen a lot of activity:
30.35k total users
298k transactions
$31.89M TVL
TVL grew nicely from late March through June, as the debt percentage dropped and leveled out to the current level of around 16%:
Usage really got going in late April, hitting highs of 1750 daily users in early May. Daily users dropped off in late June but have picked up over the past couple of days:
What are users doing on there? Almost half of user actions are supplying (depositing), almost a quarter are withdrawing funds from pools - and just 27.7% are borrowing and repaying:
The majority of pool liquidity is $wETH - $19.57m. There’s also over $10m of $USDC, 4.8m of $wBTC and a long tail of other assets like $LINK, $DAI & $AAVE…..
A thorough dashboard - check it out for much more.
ArbiYAY
Since it’s new and exciting, let’s look at a little more Arbitrum.
This week @1choiku made a dashboard that’s very helpful for getting a big picture overview of the platform……. Let’s take a look!
The first visualization looks at how events have shaped Arbitrum’s user acquisitions.
It’s no surprise that back in August we see the first huge spike around launch week. We then see significant spikes around the Treasure DAO launch, the shell Protocol governance token, and recently Arbitrum Odyssey:
It seems that Arbitrum is savvy & proactive when it comes to marketing and onboarding new users onto the platform.
Unique user growth has been accelerating through 2022 so far:
When it comes to smart contract activity, there are a few very cool visualizations.
This one splits smart contract activity via category. Since late 2021 DeFi started to really grow on Arbitrum, and in 2022 we can see a boom in GameFi and NFTs too:
L2s are becoming a busy space, what about the competition?
We’ve talked a lot about Optimism in this newsletter, but Arbitrum is even more popular with almost double the unique users according to the dash:
Several more great visualizations await you. Check out the full dashboard.
Aztec
Aztec is an open-source L2 on Ethereum enabling private payments & transactions through Zero Knowledge Proofs.
It’s a privacy and a scaling solution, aiming to bring cheap and private transactions to Ethereum users.
If you want more detail on how it all works, check out this Medium post by one of the Aztec team.
Last week they launched Aztec Connect on mainnet, claiming that “Private DeFi comes to Ethereum for the first time ever”…..
zk.money V2 is Aztec’s first-party DeFi aggregator that integrates with platforms like Lido & Element. @gm365 released a cool dashboard this week covering it, let’s take a look.
Despite only being a week old, the new zk.money has been growing nicely, with more than 10k users making more than 11k deposits:
2,288 $ETH has been deposited in total, with the average user depositing 0.2 and the largest at 32.01Ξ.
Daily users really shot up one week ago - as deposits levelled out:
The majority have made small deposits, over 62% (6281) between 0.01 & 0.1 $ETH.
A further 23.4% made deposits between 0.1 & 5 $ETH.
58 users have deposited in the 5 to 20+ range. Overall, only a small % made relatively large deposits:
It seems like the platform has had a successful first week, and that the majority of depositors so far are testing out the tech with small amounts.
If you are interested, you can check out another dashboard by @gm365 that covers V1.
This will be an interesting one to watch to see how the future of privacy on Ethereum develops. Check out the full dashboard for more!
Chromie Squiggles
Chromie squiggles apparently
“Embody the soul of the Art Blocks platform……..”
What does this mean?
It’s actually quite cool. Squiggles exist entirely on the blockchain, as opposed to most NFTs which point to an IPFS file.
They’re generated algorithmically using data from a hash string to determine the shape and colors. So if you own the hash string - you own the Squiggle!
@cat made a cool dashboard on Chromie Squiggles this week.
Now minting is indefinitely paused, after 9675 were minted in total that are now held in 2712 wallets.
The secondary sales market was red hot in Summer 2021, but dropped significantly towards the end of the year through early ‘22:
The $ floor dropped in line with this, but stayed reasonably strong around $20k for much of 2022.
The $ETH floor seems to be having a real comeback over the past month, more than doubling since early May!
It’s still a lively project - over the past week alone we can see 28 sales and 423 $ETH in volume.
Chromie Squiggles have different “traits”, for example you can have a “perfect spectrum” Squiggle which is very desirable.
The last time one was sold it went for 109x the floor at the time, fetching a whopping 922.5 $ETH in late September 2021.
This dashboard has a ton of data on all the different traits and their secondary sales activity. It seems to be a project keeping a lot of interest alive, worth following for NFT enthusiasts - check it out!
More Dashboards
GN
Thank you for reading - see you again next week….
An even bigger thanks to all the Wizards for their work this week - still as creative and productive as ever no matter the market conditions.
If you have the time to fill out this feedback form we’re very grateful and we’re going to make Dune Digest even better for you!
Have a great weekend - see you again next week for more data, dashboards and Wizardry…….