GM
Welcome to Issue #56 of Dune Digest!
Crazy week again in crypto. Crazy week for us at Dune too. We’ve got several important pieces of news before we get into the data.
New Paid Plans
We’re excited to announce new paid plans!
Our Community tier will always be free, and will get better and better over time.
These new plans though will allow us to optimally serve a wide range of users - from the serious hobbyist all the way up to multibillion dollar organizations.
We’ve been busy building more powerful, more computationally intensive infrastructure. From now on, you can pay for what you need out of Dune, and won’t be limited by maxing out the platform.
We’re excited about this, and think that it will become the foundation for a more powerful, more sustainable, & more flexible Dune…….
You can read about the new plans in detail here, learn how we think about paid products here, and contact sales@dune.com with any questions or feedback.
Performance Fixes
Before launching these plans, we started a migration to a new system that handles the queueing of executions & caching of results.
This is because the new system has built-in guarantees that users get what they pay for in terms of performance, and stores results in a format optimized for the API & the app.
Unfortunately the migration was rocky. We uncovered several bugs that resulted in degraded performance and major inconvenience for Wizards.
Sorry if this affected you - but we fixed the problems & performance is now better than before the migration!
You can read a full post-mortem by our engineers here.
Arcana Investigates FTX
This week’s Arcana was great.
@agaperste went through the FTX saga in detail, telling the chilling story through the on-chain data.
She was joined by prolific Wizard @tomwanhh from @21Shares who shared interesting insights on Proof-of-Reserves.
In the process they shared their on-chain analysis tips and tricks!
Fuelling Gas Spells
In-house data Wizard @soispoke has written and published a deep dive into gas mechanisms on Ethereum, BNB, & Avalanche.
He explains how these mechanisms work on the different chains, their history, how to analyze them on Dune, and how to cast gas Spells of your own…..
This is a real masterclass - give it a read over the weekend!
Now, let’s get into the data…….
StarkNet
This week L2 rollup StarkNet deployed their $STRK token on Ethereum mainnet.
We don’t yet have StarkNet data live on Dune. But we can take a look at some of the bridging activity from Ethereum & the distribution of the token…..
According to this dashboard by @gm365, almost 60k users have bridged to StarkNet:
3546 $ETH was bridged in total, with the majority depositing in early Summer when the platform launched.
Over the past week though, there has been a significant surge, with 7105 bridging over the past 7 days alone…….
The reason? It could be related to the $STRK token launch. Team @sixdegree put out an interesting new dashboard covering the allocation.
The plan proposes 50.1% to the StarkWare Foundation, 32% to core contributors, & 17% to StarkWare investors:
The foundation allocation is split into community provisions, strategic reserves, grants, rebates, & other practical purposes:
9% of the total will be allocated for those who used StarkNet or contributed to it in some way before June 1st.
A total of 14.42k users bridged before this date, and so are in the best position for any upcoming airdrops…..
StarkNet & zkSync are currently the main implementations of ZK rollups for Ethereum. This is real cutting edge tech, & many believe that ZK is the future of Ethereum scaling & privacy.
Definitely a token launch to watch - check out the full dashboard for much more data…..
Kiln Ledger Live
This week leading hardware wallet company Ledger announced the launch of native $ETH staking through their app Ledger Live.
The project came to market through a partnership with Kiln, an enterprise-grade “staking-as-a-service” platform that caters to institutions and large organizations.
We already have a Dune dashboard to track it, courtesy of @julian_kiln.
From Tuesday onwards there was a large spike in stake volume:
This isn’t pooled staking, so users need at least 32 $ETH.
59 in total have made use of the service so far - staking $ETH worth over $2.3m:
Staked amounts must be multiples of 32, and the majority have stuck with the minimum. However, several have staked 96 and even 128!
This is an interesting offer that makes a lot of sense from Ledger’s perspective, capitalizing on their reputation as a trustworthy brand to enable staking through a very friendly UX.
Check out the full dashboard for more.
Rollup Economics
Understanding how rollups work, both in their design & economics, is important for understanding how crypto will evolve from here on.
A new dashboard by @niftytable looks at the economics of prominent rollups. Let’s take a look at the top 2 - Optimism & Arbitrum.
The amount of data that Optimism publishes to L1 has grown steadily through 2022:
The costs of publishing it though have followed a different pattern, peaking in June and declining through late Summer before a recent rise:
In November so far, Optimism has made 420 $ETH - $510k - in profits.
In 2022, they made around 3835 $ETH, which in today’s prices is over $4.65 million. Not bad at all!
Arbitrum has followed a different pattern, but has typically made significantly higher profits throughout the year.
For example Optimism’s monthly profits peaked in May this year at 708 $ETH while Arbitrum’s peaked one month after at 2717!
Arbitrum’s margins have been on the slide since then though and have been slim in Q3 & Q4 compared to the first half of the year. For November, they only made 15% more than Optimism:
Arbitrum made profits of around 17190 $ETH in 2022. That’s over $20m, and more than 4x Optimism.
Remember that these are rough figures, and only take into account the costs and revenues of the actual on-chain activity.
Arbitrum started off strong and appeared to be in a dominant position through early 2022. It seems though that Optimism is catching up with Arbitrum in terms of monthly revenue, and may even close the gap in the future.
Check out the dashboard for more, including data on Loopring & StarkNet.
The Web3 domain market
Let’s take a look at the state of web3 domains through an interesting dashboard by @stevenlei.
ENS is still the king, with 2.675 million .eth domains registered and held by almost 600 thousand wallets:
There are also over 16000 decentralized websites built on the protocol!
.eth domains launched around 3 years ago, and saw massive adoption through 2021 & 2022.
The first real competitor to launch was Unstoppable Domains.
Offering a wide range of NFT based domains like .crypto, they soon became popular and have seen over 1.42 Million registrations:
Unstoppable domains are held by over 407k wallets, an impressive number considering the dominant brand of ENS.
Things aren’t only confined to Ethereum these days though.
BNB has the Space ID platform which allows users to register .bnb domains. They only launched in July, so they’ve got a lot of catching up to do, but over the past few months over 300k domains have already been registered:
These are held by 111.3k wallets, so given the large userbase of BNB there is a lot of room for growth.
ENS retains the crown after really building the market for others to follow. We can likely expect more iterations on this model in the future, and more utility for holders too.
Check out the full dashboard for more.
Blur Update
We covered new NFT marketplace Blur when they first launched a couple of months ago.
Since then they’ve really been growing fast, let’s catch up through a new dashboard by @sealaunch.
The platform has now seen over 458k sales:
Total volume is at 110.86k $ETH, driven by over 37k buyers. Both buyers & sellers boomed through late October & early November, peaking on the 6th with 4200+ buyers & 8700+ sellers.
Over the past week, usage has declined a little:
Blur is both a marketplace and an NFT aggregator. Before mid October, all orders originated at OpenSea, X2Y2, or LooksRare.
Since their main marketplace launched though, 70% - 90% of orders originate on Blur itself:
It’s catching up with the market leaders in terms of volume and usage, but Blur had a really good first month and seems to be gaining traction.
Check out the full dashboard for more.
More Dashboards
GN
Thanks for reading, we hope you enjoyed this issue. As always, a special thanks to all the Wizards for their great work.
Phew, what a busy week. We hope you enjoy your weekend, whether you’re planning to spend it touching grass or diving into the chain.