GM
Welcome to the 64th issue of Dune Digest!
This week our first story is also our big product announcement. So let’s get straight into it…..
Bitcoin
Satoshi Nakamoto, whoever they are, will be remembered as one of history’s first rate geniuses and innovators.
They created something completely new, something that would genuinely benefit humanity and spawn globe-spanning revolutions across whole industries and societies.
Bitcoin was a zero to one innovation. One that has already changed the world, but we believe it’s only just getting started.
That’s why we’re excited to announce that…….
Bitcoin data is now live on Dune!
The OG blockchain is now laid wide open for Wizard investigation. We have 4 tables for you to play with:
We already have a killer dashboard by @hildobby that gives a great demo of what’s possible, so let’s take a quick tour……
Bitcoin’s market cap peaked in November 2021 at $1.15 trillion as $BTC price topped $60k for the first time:
Nobody can just decide to print bitcoin, and 91.72% of the supply has already been issued, so as the price dropped through 2022 the market cap followed tightly landing at just over $365 Billion today:
Bitcoin’s transaction volume peaked at the same time at a whopping $8.18 trillion through November 2021. One year later and it had dropped to “only” $1.21 trillion as the bear market dragged on……
Does this mean that users have abandoned it? Not at all. Active addresses are still close to all time highs, with over 14.5 million in December.
It’s a similar story with transactions, which held steady at 7-8 million per month through 2022:
It’s interesting that even through the 2020 & 2021 bull markets, there wasn’t a significant growth in transactions, which peaked in 2019.
In 2021 we did see record active addresses, but given the market conditions at the time it wasn’t particularly significant.
Soon, we will be able to investigate these phenomena in much more detail.
As we know the bitcoin supply increases in a predictable manner, as the block reward decreases after each “halving”. Back in 2012 it was still 50 $BTC, today it’s 6.25!
Out of the 21 million bitcoin that will ever exist - 19,260,756 have already been issued. That’s almost 92% already, and we’ve still got 118 years to go…..
Bitcoin’s hash rate and difficulty climbed steadily throughout the year, hitting all time highs in November:
Despite the market conditions, Bitcoin plows on, having processing its 771,721 thousandth block.
The next halving is in 475 days so there’s plenty of time for Wizards to track the action between now and then!
Check out the full dashboard for more……
Keen to get stuck into the data yourself? Our very own Dune headmaster @ilemi put together this awesome guide to bitcoin data.
He also released another cool bitcoin dashboard, with some interesting new metrics.
We can’t wait to see what Wizards build with Dune Bitcoin data………
NFT Business Metrics
This week @0xdatawolf released an interesting project, a dashboard built specifically for NFT project managers to evaluate the health of their collections.
This is an invaluable dashboard for NFT investors & entrepreneurs. You can input the address of any collection, and get a ton of core metrics broken down into 6 broad categories:
Let’s test it out with a classic blue chip collection - Bored Ape Yacht Club……
Firstly some high level metrics:
Total volume: $1.3 billion
Unique sellers: 3709
Unique buyers: 3475
Total trades: 6670
Marketplace volume followed the typical pattern of 2022, starting out overwhelmingly on OpenSea, seeing a lot of (wash) trading volume on X2Y2 in Q3, and in Q4 riding the rise of Blur.
Volume also saw a resurgence in December after flatlining in Q3 & Q4:
It’s a similar story with individual trades, with Blur taking >50% since late November.
There was also an uptick in active traders in the last 2 months of ‘22. It’s still way off the bull market highs, but a positive signal nonetheless.
An interesting chart evaluates the project’s share of overall NFT volume.
We can see that as the NFT winter progressed, BAYC became a much larger % of total volume, peaking at over 15% in mid December:
It’s likely a similar story for other blue chip collections which survived into the bear market unlike many smaller collections.
Retention is measured by the average number of days since a Bored Ape was last traded. Until October the rate was steadily increasing.
The flurry of trading activity reversed the trend in November & December, but retention has been steadily rising again in 2023:
Another trend we can track is the ongoing controversy of NFT royalties. BAYC has historically levied a 2.5% royalty rate on secondary sales.
Throughout 2022 though, the % of royalty-free trades skyrocketed, peaking at >90% in Q4:
Over $26.5M in total has been paid out in royalties, the large majority before Q2 ‘22.
It seems like BAYC is still alive and well, and along with other blue chip collections has survived a significant stress test through the market turbulence of the past year.
This is an amazing dashboard, we’ve only covered a small slice of the metrics available. You can use this for any NFT collection - so go ahead and check it out!
Coinbase Commerce
Launched back in 2018, Coinbase Commerce is a platform for merchants to accept payments in bitcoin, Ethereum, and other cryptocurrencies.
When it launched, it seemed like a big step in integrating crypto into the wider world of eCommerce - but how successful has it been? A new dashboard by @sebventures & @steakhouse has the answers……
For the first 2 years, Coinbase Commerce saw few transactions.
Things started picking up in late 2019 though, and really surged in 2021 thanks to $USDC growth.
Recent spikes in $USDT transactions lead to an ATH in November 2022 with >22k weekly transactions:
Volume on the other hand is down significantly from 2021 highs. The downtrend was already underway before the market collapses of 2022:
Other key metrics are more encouraging. Weekly buyers rose in late 2022, consistently hitting >15k monthly in Q4.
Merchants using the platform are also higher than ever at >2k weekly, partly due to a recent integration with Polygon:
Though signs are pointing to increased adoption, nothing too dramatic is happening (yet). According to another dashboard by @sobradob, total stablecoin transaction volume on the platform is around $220M:
Though $USDC is in the lead overall, $USDT pulled ahead in both transactions & volume in Q4!
Overall, the platform seems to be seeing healthy growth. Considering the size of the eCommerce market though it has barely scratched the surface. If and when crypto payments become mainstream, these metrics will all go through the roof…..
Check out the full dashboard for more.
Euro Stablecoins
We’ve talked about stablecoins a lot in Dune Digest. We almost always focus on those pegged to the almighty dollar, but they aren’t the only game in town. We’ve also seen tokens pegged to the yen, swiss franc, and most of all the euro.
A new dashboard by @KARTOD breaks down Euro stablecoins in depth. Let’s take a look……
Though 2023 is still young, they have already seen 107 million euros in volume (~$115M)!
Speaking of volume, it’s way down from its highs in the first half of 2022, when it was regularly hitting >200M eur daily.
Compared to $ stables, which regularly exceed $50B in daily volume, this is still small-scale. Dollar stablecoins also don’t show the late 2022 decline in the chart above.
Euro stablecoins also come in different flavours. We have the familiar centralized, fiat-collateralized tokens:
EURT
EURS
EURL
EUROC
EURe
And also some more experimental decentralized, crypto collateralized tokens:
agEUR
PAR
sEUR
The total supply is almost 600M EUR:
This is slightly down from the peak at the very beginning of 2022, when it hit 770M.
The supply contraction through ‘22 was driven by the collapse of the decentralized stable supply, which shrunk by almost 85% throughout the year:
The fiat collateralised supply actually grew by 9% through this period.
Though the two categories were relatively equal at the end of 2021, centralized tokens are now >90% of the market:
That’s only supply though. When it comes to volume & velocity, decentralized stables punch above their weight.
Though <10% of supply, they account for ~40% of transfer volume. They have a significantly higher velocity.
Overall, in 2022 euro pegged stablecoins broke all records, both in supply and usage.
Big players like Tether (EURT) and Circle (EUROC) are pushing into the market, but decentralized competitors like agEUR are still favourites with many users.
Though transfer volume is way down in recent months - euro stables seem like they’re here to stay……
There’s a lot more to dig into through this dashboard, check it out.
Uniswap multi-chain
In 2022, Uniswap truly embraced the multi-chain world, according to a dashboard by @sixdegree…..
Uniswap started out as one of Ethereum’s blue chip DeFi projects, but from late 2021 onwards started to embrace Ethereum’s growing set of scaling solutions.
Volume is dominated by Ethereum, but it’s a different story when we look at transactions. There were over 95 million for the year:
For the first time in 2022, a minority (41.3%) were processed on L1, with the rest taking place on:
Polygon 29.9%
Optimism 19.5%
Arbitrum 9.2%
So although the whales might still be on Ethereum, Uniswap has moved with the times and grown alongside L2 platforms themselves.
This dashboard is a WIP, so it’ll be worth checking back in on it later - give it a bookmark…..
More Dashboards
GN
Thanks for reading, we hope you enjoyed this issue.
A special thanks to all the Wizards who contributed awesome dashboards for us to write about - great work as always.
We’ll see you next week for more data, dashboards & Wizardry.