GM
Welcome to Issue #40 of Dune Digest!
We’ve got a packed issue for you this week. Firstly though, some news.
DuneCon Speakers
DuneCon is rapidly approaching. On the 15th of September Dune Wizards from all over the world will gather in Berlin! We’ve announced 2 speakers so far.
Richard Chen - a Dune legend and creator of the all-time most starred dashboard. Richard is also General Partner at crypto VC firm 1confirmation and will be speaking on "How a VC does diligence using Dune data"
Elias Simos - another OG Wizard and creator of legendary dashboards. Elias is the founder of Rated and an Angel investor - and will be speaking on "Sparking joy through Dune: journey from Wizard to Founder"
This is going to be a Rockstar lineup of some of the smartest minds in crypto. Stay tuned for more speaker announcements.
In other news, we have new bounties for Raydium - with 10 prizes of 500 $USDC up for grabs. Check it out.
Now, to the data!
Community Takes
@cryptoPothu made a great guide to starting out on Dune [link]
@0xBofan pulls together dashboards by multiple Wizards to compare Curve V2 with Uniswap V3 [link]
@frank_maseo breaks down Yearn Finance user growth trends [link]
@crypto_notte analyzes Solana’s fee-based execution priority feature [link]
@jhackworth explores the $LOOKS, $APE, & $HOP drops and compares user activity around them [link]
$UNI Airdroppers - Where are they Now?
Way back September 2020, Uniswap airdropped the $UNI token to users.
So almost 2 years later - what happened to them?
A new dashboard by @jhackworth investigates…….
Of the 300k+ eligible addresses - 219.5k claimed 135.7k $UNI
80% received 400 tokens, and 97% received less than 523
250 addresses received over 25k tokens
It’s useful to see the actions of airdroppers in the context of $UNI’s market cap over time.
$UNI went on an impressive run in Q1 & Q2 of 2021 - hitting highs of $40b+ marketcap at token prices of over $40.
It has has failed to revisit those highs though and has slid considerably through late 2021 and 2022:
The current $UNI market cap is $8.2 Billion at a token price of $8.23.
What have airdroppers been doing through this roller coaster ride?
Out of the 219.5k addresses that claimed - only 15.2k still hold $UNI.
204.3k have dumped the token, over 93%:
Most dumpers got rid of their tokens rather quickly, and of the 15k still holding almost 90% hold <500 tokens.
There are still some airdrop whale wallets about though, with 794 holding 100k+ $UNI.
So, the majority of airdrop recipients dumped it. What else?
Over the past year, airdrop holders have been more diamond handed, with transfers steadily decreasing. Airdroppers still hold almost 12 Million $UNI.
Whether they dumped the drop or not, airdrop recipients are still generally faithful to the protocol, and have represented a fairly consistent slice of overall Uniswap volume:
What about participation in governance? These metrics are disappointing.
98.1% did nothing.
Of the remaining 1.9%:
3,652 delegated
595 voted and delegated
16 just voted
Probably not the engagement with governance that was hoped for. We’ve seen similar patterns repeated in other governance token airdrops.
Along with the generally mediocre price performance of governance tokens over the past cycle, maybe this is a model that will be rethought in the future?
There’s loads more cool stuff in this dashboard, check it out!
wBTC Supply Drops
$wBTC is an ERC-20 token backed 1:1 with Bitcoin that can be used in Ethereum’s DeFi ecosystem.
Let’s look a bit deeper with a recent dashboard by @21shares.
The current $wBTC supply is at almost 237k:
Supply really grew through 2021 and Q1 of 2022, as Bitcoin holders looked to put their assets to use in Ethereum’s ecosystem.
Supply peaked in April at 281.8k though and has dropped for the past 3 months by around 45k.
At today’s price that represents around $855 Million in value.
In the visualization below, we can see that the minting of new $wBTC was booming until early 2022.
From May onwards though, burning really took center stage as users swapped their tokenized Bitcoin back for the real thing.
Since the third week of May - the majority of days have seen no daily mints.
Is this because trust in custodial platforms has dropped significantly during this period, and investors have become more jittery overall?
A great dashboard with many more interesting queries - check it out.
Unstoppable Domains
We’ve covered ENS several times. Today we’ll look at one of their competitors, UNS.
Yesterday, Unstoppable Domains announced that they’ve raised $65 million - at a $1 billion valuation - in a Series A led by Pantera Capital.
What’s the valuation based on? Let’s take a look through a dashboard by @aquiladev…..
UNS first launched on Ethereum, and reached a total of 339.4k names created by 79.4k addresses.
By far, the most registered TLD was .crypto - but .nft, .x and .wallet were also popular:
Daily registrations on Ethereum were steady through 2021 with the original .crypto names, then there was a brief spike last summer as others were added followed by a general drop off.
The reason? A pivot to Polygon.
In October, the team announced that they were moving to Polygon in order to make NFT domains more accessible through lower gas fees.
It seems to have worked. Since launching on the platform 977.8k domains have been created by 226.6k addresses. That’s almost 3x as many as on Ethereum previously.
The TLDs favoured on Polygon are different too.
Whereas .crypto dominated on Ethereum, on Polygon there’s a fairly even split between .crypto, .nft, & .wallet. There’s also a strong interest in several others.
To achieve this on Polygon, only $48.6k was paid in gas. Contrast that with Ethereum where it was $5.1 Million!
Despite a recent plateau, there are still 1k+ daily mints on average:
To learn more about this recently minted Unicorn, check out the full dashboard by @aquiladev!
BAYC Phishing Victims
In April and June, a series of 3 phishing scams rocked the Bored Ape community.
A new dashboard by @denze digs into the matter with some interesting insights.
There were 3 distinct phishing events - each involving a BAYC social channel getting compromised and a malicious link sent to community members.
169 NFTs were stolen in total.
At current prices, they were worth a market value of 658.62 $ETH, a little over $1 Million.
At the time the value was more than 50% higher in $ETH, and 150% greater in $ terms.
Although only 5 Bored Apes were stolen, they represented the majority of the value - over $1m at the time of phish.
Over $700k worth of Mutant Apes were also stolen.
By far the worst attack was the second, which involved the BAYC Instagram account getting hacked.
134 NFTs were stolen, compared to just 34 from the two other attacks combined.
Of the 57 unlucky collectors who were impacted, 10 of them have since repurchased their stolen NFTs.
A shame, and another lesson to always be careful with the links you click. Check out the full dashboard for more.
Volmex on Arbitrum
Volmex is a tokenized volatility protocol on Ethereum, Polygon, and Arbitrum.
It enables VIX-like indices for crypto assets and allows users to purchase derivative tokens to gain exposure to the implied volatility of $BTC & $ETH.
@licrazy released a dashboard this week covering Volmex on Arbitrum - let’s take a quick look.
Firstly, there’s clearly some demand for volatility hedging on the platform, with 8,759 total users.
Ethereum is slightly more popular:
ETHV: 5.31k mints, 3.94k redeems
$BTCV: 3.78k mints, 2.44k redeems
Usage of the platform is still relatively low on Arbitrum. It didn’t crack 100 daily users for the first 6 months, but in April started to see significant daily peaks.
With the onset of serious market volatility in May, Volmex saw record usage - which has dropped since but is still significantly higher than Q1 averages:
An interesting platform. To learn more check out the full dashboard.
More Dashboards
GN
Thanks for reading everybody - and a special thanks to all the Wizards for their awesome work this week.
We’ll see you next Friday. Have a great weekend.
The data must flow…….