GM
Welcome to Issue #52 of Dune Digest.
One whole year of Digests. Wow!
We have some interesting insights and juicy stats for you - but first an exciting product update to kick things off.
Labels on V2
This week we announced labels on Dune V2.
Labels are going to make addresses a lot more interesting by allowing analysts to investigate their history in much greater detail. Let’s explain.
Traditionally, addresses look like this in a dashboard:
But who’s behind that hexadecimal string? What’s their story? What’s their deal?
Now with a simple query, we can use labels to get far more information on their history.
Take a look at this dashboard which allows you to input any address or ENS name to see the labels attached. We used the famous gmoney.eth as an example, and can instantly see that they’re a top NFT trader, a user of multiple platforms, and more:
You can try it out with your own address or any other, and Wizards can use labels in any of their dashboards.
This was a real community effort, with Wizards contributing over a dozen label sets in under a week. Thank you!
This is going to open up some fascinating new possibilities for analysis, and we can’t wait to see what you build.
Read about labels in more detail on our blog.
Now let’s get into the data.
Is BNB Losing its Edge?
Since BSC (now BNB) launched in late 2020, it has been pretty successful by any measure.
With the marketing muscle and technological prowess of the world’s largest crypto exchange behind it, the chain quickly started to dominate in terms of active users.
But, is it losing its edge?
A great new dashboard by @Howard_Peng gives us some interesting insights, let’s take a look…..
Currently, BNB chain is way ahead of the competition in terms of daily active users, coming close to & sometimes surpassing the million mark:
Ethereum is in second place with less than 1/3 of that at 318.4k…..
In the runners up we have:
Avalanche 40.1k
Arbitrum 29.9k
Optimism 19.4k
Gnosis Chain 3.5k
The BNB chain has a lot of fans, and has its advantages. Transactions are fast and cheap, and there’s a wide ecosystem of Dapps with plenty of liquidity.
The chain overtook Ethereum back in early 2021. At the time gas prices on Ethereum were soaring and users flocked to the new rival as a DeFi alternative.
Active weekly users peaked in November 2021 at a whopping 5.7 Million:
Daily users have gradually dropped throughout the past year though, as Ethereum’s figures remained relatively steady:
BNB established itself by providing an affordable and rich platform for primarily retail users who were priced out of Ethereum and willing to compromise on decentralization.
With the rise of alternative L1s like Avalanche and L2 scaling solutions like Optimism & Arbitrum - it faces competition who can offer a similar affordable & fast user experience.
That said, it still has the most active users - and has been showing a lot of activity over the past week. So it’s premature to draw any broad conclusions for now.
Check out the full dashboard for more!
Redditors ❤️ NFTs
What is the killer app that will take NFTs, and crypto in general, all the way to mainstream adoption?
The answer to this question will depend on who you ask. Many though believe that a kickstart could come from integration with large Web2 platforms.
The attempts at this so far have met with mixed results. One however seems to be succeeding…..
Reddit is pretty huge with around 50 Million daily active users. In 2022 they’ve been rethinking and redesigning their avatar system, which included the launch of collectible avatars in July.
The NFT avatars, designed by independent artists, are one of several new blockchain powered features on Reddit connected to “Vaults” aka Polygon wallets.
How popular has this been so far on the platform? It turns out, very. A dashboard by @polygon_analytics & @petertherock explores how…..
The total supply of avatars is over 2.84 Million:
Out of 2.797 Million total holders the vast majority - all but 20k - hold only one…..
Holders crossed the 1 Million mark just a couple of weeks after launch, and have grown steadily since:
These are really impressive numbers! Sales volume also crossed the $2.35 Million mark:
It seems like Reddit is one of the most successful web2 platforms so far when it comes to integrating web3 features.
That’s Millions of new wallets created, and real adoption among users. As many have pointed out on Twitter - Reddit now has more active wallets than OpenSea.
What a time to be alive.
Check out the full dashboard for much more data.
Rubicon
Rubicon is an order book & liquidity protocol built on Optimism. It launched back at the end of 2021, and recently has seen a significant uptick in volume.
Let’s take a quick overview through a dashboard built by Rubicon’s team.
Total volume is a little over $24m, with a current TVL of $6.1m.
TVL shot up in late summer. In August it dropped and plateaued, before rising again in October:
The past month has been really crazy for the platform in terms of volume though - which grew 2363% in the past 30 days:
Over 95% of volume is driven by the $USDC-$WETH pair.
With over 200k transactions over the past month and the surge in volume, Rubicon seems to be an Optimism platform to keep an eye on.
Check out the full dashboard for much more data.
Blur.io
From OpenSea, Element, & Magic Eden to Looksrare, X2Y2 & Sudoswap - we thought we’d covered every NFT marketplace in Dune Digest over the past year.
But now another upstart has entered the space, blur.io.
VC backed Blur describes itself as an NFT “marketplace & aggregator combined”, and claims to be the best place for NFT pro traders to sweep & snipe at lightning speed.
They went public this week after several months in closed beta, and also announced an airdrop to everyone who stuck around and kept trading NFTs through the bear market.
Through a dashboard by @sealaunch, we can take a look at the action so far….
Soon after launch, volume exploded on the platform. Yesterday and today have seen:
1769 $ETH in volume
3823 unique users
17150 sales
That’s not a bad start.
As we know, OpenSea is in the clear #1 spot in all key metrics, including unique users.
When we exclude them though, we see that the competition for second place is still fierce among marketplaces & aggregators.
Blur captured a sizable chunk of unique users since launch:
And also accounted for over 45% of non-OpenSea sales and 34% of volume yesterday.
This seems to have been mainly at the expense of Gem, which for several days has seen its share of volume eroded:
This certainly seems to have been a successful launch so far, and it will be interesting to revisit this dashboard in the coming weeks and months to see how the trends play out.
You may think that the NFT marketplace and aggregator space is already packed, but considering the size of the prize, the competition might just be getting started!
Check out the full dashboard for much more data.
Splat 🖼️
This week we saw an interesting case of on-chain performance art. Splat by Devotion allows users to mint 1 of 1000 “soup can” NFTs:
They are then able to “splat” any NFT, whether they own it or not, with the contents of the can. Splatters simply enter the contract address and token ID of their target, and Devotion will extract its image data directly for splatting.
One can gives you one splat, and NFTs can only be splatted once so each event will create a unique piece.
A new dashboard by @cat shows us what’s been happening.
There have been 96 splats so far on 34 different collections. Some have been enthusiastic, splatting 5 or more times, targeting a variety of collections.
Punks, Apes, Cats & Mutant Apes are the most popular for splatting so far - but some Doodles, Azukis, and Squiggles, and others collections have also been targeted:
The project was very popular, selling out fast at .05 $ETH. There are still over 900 which haven’t been used, so we can expect more to come.
It’s a bit of fun for the community, but it’s also an interesting demonstration of “dynamic” NFTs which could have various use cases. Check out the full dashboard for more.
More Dashboards
GN
Thanks for reading - and a special thanks to all the Wizards for their contributions this week 🧙
See you next week for more data, dashboards & Wizardry!