GM
Welcome to issue #41 of Dune Digest!
Some exciting news: The first invites for DuneCon went out!
If you registered interest previously, you should have received an email with a link to confirm attendance. Check your inbox!
If you haven’t registered, but you’re interested in joining us for an action-packed day in Berlin - you can still apply!
DuneCon is going to be a blast. We hope to see as many of you there as possible.
We’ve also announced new speakers today - check out the lineup so far!
Community Takes
@EC_NFTea - interesting NFT market analysis and strategy suggestions [link]
Lido Finance gave a weekly update heavily referencing their Dune dashboards [link]
@onnij.eth wrote an great analysis of airdrop effectiveness [link]
Excellent breakdown of UMA Protocol by @henrystats [link]
@ahkek investigates floor sweeping on Genie & Gem [link]
Technical Analysis…. on Dune?
Dune isn’t usually seen as a TA tool, we’re more about the fundamentals.
That said, we’ve seen two awesome TA dashboards this week that are worth a bookmark:
Technical Analysis by @fraxon allows you to select any Ethereum-based coin and run it through 5 different TA indicators like Bollinger Bands, TRIX, & RSI. Super cool - check it out!
Technical Analysis x NFTs by @beetle was inspired by the first dashboard and allows you to do the same with NFT collections. Just input a collection’s address and give it a go!
Very cool indeed……
Frax
Before Frax launched, stablecoins were either fully collateralized (like Dai), or entirely algorithmic with no collateral backing.
Frax was the first fractional-algorithmic stablecoin partially backed by collateral and partially algorithmic.
@shashimiboi made a great Frax dashboard this week covering the key stats. Let’s take a look……
Firstly, Frax has held its peg admirably since September 2021:
Right now Frax’s market cap is at $1.426 Billion.
There’s two parts to the Frax ecosystem. $FRAX is the stablecoin, and FXS is the governance token designed to accrue value.
FXS went on a bull run from late October 2021, hitting highs of over $38 in late April. In early May though it slid significantly before plateauing in the $4-$7 range since.
The price is now $7.5 and market cap at $748.6 Million.
As far as usage goes, $FRAX is yet to regain some of its late 2021 highs when it hit almost 6k daily active users.
Through this year though, average daily users have been higher than ‘21:
It isn’t easy for stablecoins to gain market share in such a crowded space.
In this query by @hagaetc we can see that Frax has hovered between 0.7 & 0.8% of total stablecoin supply for the past 3 months:
Nevertheless Frax has a lot of people excited with its unusual design and tokenomics - and is definitely one to watch.
Learn more in the full dashboard.
Velodrome Growth
Velodrome is an Optimism-based AMM billed as:
“The liquidity base layer the entire Optimism ecosystem”
It has been growing fast recently. The highly-skilled team at @sixdegree built a new Velodrome dashboard on Dune V2 Engine which we’ll take a quick look at.
When we first covered Velodrome they’d only just launched and not a huge amount was happening.
In early July though, TVL started to really boom - shooting up from $22m to $132m in a month:
Currently TVL is at over $128 Million.
Impressive growth, especially in this economy!
This has been driven by 138 LP pairs. The largest are:
$USDC - $sUSD: $26.2m
$USDC - $DAI: $18.48m
$OP - $USDC: $11.63m
$wETH - $USDC: $11.38m
$USDC - $LUSD: $9.48m
Swap volume really took off after bottoming through late June and early July and has now hit $733m in total:
All this activity has generated over $146k in fees so far!
Velodrome seem to be on a good path. This dashboard is exhaustive and will answer any questions you have on the platform. If you’re interested in Velodrome you’ve gotta check it out!
Nomad Bridge Exploit
Bridges are a key part of the multi-chain future that many envisage. The problem with them, so far, is their vulnerability.
This week the crypto world was rocked by another massive exploit, this time on Nomad Bridge.
@beetle was quick with a dashboard explaining things so let’s see what went down.
The total amount exploited was almost $190 Million.
Who were the attackers?
The vulnerability was caused by a smart contract bug that allowed anybody with some understanding to authorize withdrawals to their own wallets.
Multiple attackers seized on the opportunity, leading to some Twitter users describing the event as “the world’s first decentralized robbery”.
According to the dashboard, over 40 addresses drained over $150m. The top 3 exploiters grabbed $96 Million between them:
This all happened in around 4 hours.
You can see the ERC-20 total balance in the bridge just drop like a stone on the 1st:
Nomad Bridge’s total TVL had been growing nicely since January before this event:
To learn more about the exploit and see some interesting data on recent flows, check out the full dashboard.
Solana Hack
On Wednesday hackers targeted Solana in the latest attack on the ecosystem.
Details are still being uncovered, but we have some interesting data to look at thanks to a dashboard by @mausefalle.
7,951 wallets were affected in total over a period of several hours.
41,880 $SOL was drained in total, worth around $1.62 Million.
The most unfortunate wallets lost 1000+ $SOL, but the majority lost <100:
There are 4 known hacker addresses, referenced in the dashboard if you want to do any further research. A shame.
Hopefully this vulnerability will be fixed so it doesn’t happen again. Check out the full dashboard for more.
Sudoswap
Last month we covered Uniswap’s acquisition of NFT marketplace aggregator Genie. Now they’re going even deeper down the NFT rabbit hole with a new integration with Sudoswap.
Sudoswap seeks to reduce slippage and increase the overall efficiency of NFT markets.
It does this through an interesting design that introduces the Automatic Market Maker” (AMM) model to NFTs. This allows users to trade and swap NFTs using liquidity pools.
Let’s look into Sudoswap through a new dashboard by @0xRob…..
So far 8,656 NFTs have been traded for a total volume of over $3.4 Million.
Volume has really been booming over the past several days:
New users have also been growing significantly over the past week. Total users are at 2,328 - with 222 active daily over the past week on average.
In total they’ve racked up 5.18k transactions and over 3k total NFT pools.
Pool creation grew rapidly through July:
Sudoswap seems to be gaining real traction, and Uniswap appears to be committed to its expansion into the NFT world. An exciting space to watch - check out the full dashboard for more!
More Dashboards
GN
Thanks for reading, and a special thanks as always to all the featured Wizards for their amazing work.
Remember to check your inbox for a DuneCon invitation if you previously applied. And if you haven’t yet applied - you still can!
See you again next week for more Data, Dashboards and Wizardry. Enjoy your weekend!
The data must flow……….