GM
Gm gm and welcome to another issue of Dune Digest.
Plenty of juicy data for you this week…… Plenty.
Firstly though - we have something cool to share with you, and a few pieces of news. Let’s go……
Boto chart bots
Our friends at Boto.io conjured a bot (several, actually) that will deliver a refreshed chart from any dashboard to Discord, Telegram, Twitter, email, or Slack.
Here’s a quick demo and check out this article for more details.
Boto.io is a drag-and-drop automation platform (kind of like Zapier) specializing in Web3. They’re looking for more ideas…are there any repetitive tasks you’d want to automate? If so get in touch with them!
Dune News
You can now get a Dune Initiation NFT. If you were thinking about learning Dune and web3 data - now is the time. Find out how in this thread by @agaperste
We added a projects page for Fantom, featuring useful info, key charts and Fantom dashboards by top Wizards
@Henrystats released some new spells for perpetuals.trades
We had an epic hackathon this week - Dune engineers are the real deal - stay tuned for new tools and features soon
@hildobby was interviewed by fellow Wizard @rplust
Community Takes
@defimochi wrote an awesome guide to wallet watching [link]
@0xYaki explains their killer new dashboard - Token Dawg Mode [link]
funnyking.eth discusses recent developments in Ethereum L2 [link]
@defimochi lists out the 11 greatest Dune Wizards [link]
@frankmaseo wrote a great update on GMX [link]
@rchen8 - “what NFT bear market?” [link]
@miguefinance on the primary vs secondary music NFT market [link]
Now, let’s get into this week’s data……
ETH Staking
We’ve covered $ETH staking numerous times in Dune Digest. It’s a dynamic space though - with things always changing.
A new dashboard by @obol_labs covers the topic in detail, & is one of the most comprehensive & impressive $ETH staking dashboards yet! Let’s take a look at some of the highlights……
Firstly, it has been 139 days since The Merge. Though $ETH has typically been an inflationary token, it turned deflationary for the first time since The Merge in late October.
It peaked into inflationary territory for several weeks in December, before turning deflationary again throughout almost all of January:
The $ETH supply is estimated to be 120.5 million, having decreased by 4594 since The Merge.
The switch to proof-of-stake certainly seems to have had an impact on $ETH’s supply….
What else has been happening since? We can see some interesting developments in staking.
There’s now ~25.8 billion $ETH staked, over 13.5% of the total supply. Wow. The large majority - 83.72% - was deposited before The Merge.
Almost 2.7M has been deposited since:
In terms of staking categories, liquid staking is still the dominant leader with over 43% of the market.
This is down a little from May when it hit 49%. From Q3 onwards, Whale stakers have seen the most growth as a category.
Many players entered the liquid staking game, but Lido remains the leader with a 74.2% of the market and over $7.5B in TVL.
The number two, Coinbase, is way behind at just over $1.7B. Not bad considering they didn’t launch the service until Summer ‘22!
How many stakers are “underwater” vs “in the money”?
Over 60% are currently underwater, ~34% are in the money, and ~6% are breaking even.
With over 513k validators now securing the network, POS Ethereum is truly established and here to stay.
This is an awesome dashboard covering all the key staking metrics we could hope for - take a look and give it a bookmark!
BTC on Ethereum
We have covered $BTC on Ethereum a couple of times, but it’s not every week you see a dashboard like this one by @diligentdeer…..
It goes into great depth, and explores some aspects we haven’t covered before - so let’s take a look.
As we know - the amount of $BTC on Ethereum has been dropping steadily since the market crash of May ‘22.
At its peak, around 2% of all bitcoin was on the Ethereum network, but the trend reversed since then and now we’re back to 1%.
The drop in bitcoin on the network seems to have led to consolidation in the market.
Wrapped bitcoin ($wBTC) has always been the dominant market leader, with around ~82% marketshare in May ‘22.
Since then though, this has risen to 92%!
This seems to be at the expense of “decentralized” bitcoin wrappers.
While $wBTC, $hBTC & $bBTC are centralized, custodial platforms - others like $renBTC, $sBTC & $tBTC have mechanisms that are more trustless and decentralized.
Liquidity has dried up in the decentralized category over the past year, falling from ~8% to just <2% of the market.
Though $wBTC has increased its market dominance, its supply also shrunk rapidly over the past year due to some of the largest burns in history.
Interestingly, overall holders have been increasing steadily throughout the same period. Even though Whales had to get out - the concept still seems to appeal to regular investors…..
The turbulence of 2022 certainly had a significant effect on this space. But, it’s still alive and kicking.
The decentralized projects took the biggest hits, and market leader $wBTC is in a stronger position than ever relative to the competition. Even though its market cap has shrunk - users have not abandoned the platform.
The saga of Bitcoin on Ethereum is not over. Check out the full dashboard for more.
Open Edition NFTs
One notable NFT trend of 2023 so far is the rise of the open edition.
An open edition is an NFT drop with no set supply cap, allowing collectors to mint as many pieces as they want, typically within a set timeframe.
The preferred token standard for these kinds of drops seems to be ERC-1155, an improved version of ERC-721 that allows for batch transfers and can combine fungible, non-fungible and semi-fungible tokens.
@hildobby added some interesting new charts to his famous NFT dashboard investigating things. He explained on Twitter that:
“ERC1155 went from representing 6% of NFT trades to over 30% in just 2 weeks”
The recent rise in ERC1155 traders was inversely correlated to those focused on the traditional ERC721s, suggesting that regular traders were experimenting with the new paradigm:
ERC1155’s share of total trading volume also tripled from 6% to 18% through the second half of January!
An interesting NFT trend to keep an eye on - check out the full dashboard for more.
Ordinals
One of the common criticisms of Bitcoin is that it doesn’t “do” anything….. beyond financial transactions.
Many argue that this is a feature - not a bug - and Bitcoin’s simplicity is its strength.
These debates rage within the Bitcoin community more than anywhere else, and have historically resulted in major schisms such as the blocksize war.
Recently, another controversy has been brewing.
It’s centred around Ordinals, a new platform that leverages quirks in the recent Taproot upgrade to allow for the “inscription” of data - such as images, text, video - onto individual satoshis.
Essentially, native NFTs on Bitcoin.
It’s a little complex to cover in detail here, but Ordinals are well explained in these docs and in this video with Ordinals creator Casey Rodarmor.
We also have a new dashboard by
tracking things - let's take a look......Since launch, over 1060 Ordinals have been minted. This peaked on Thursday with 421 mints:
Note that @dataalways believes this to be a ~10% underestimate…..
Famous master troll and independent developer Udi Wertheimer also claimed to “make history” this week, using Ordinals to mint a giant image of a bald cartoon wizard.
“We mined the largest block and the largest transaction in Bitcoin’s history. Special thanks to bitcoin bull node operators for supporting our efforts and hosting our 4mb NFT for all eternity”
The block contained only 63 transactions despite hitting the maximum size cap.
The Ordinal inscriptions have been generating what @dataalways describes as “recurring base load”, resulting in fuller blocks.
This has driven slightly higher transaction fees over the past several days. Fees still remain low relative to both Bitcoin’s price and historic standards.
This is a major potential problem for the network, which requires strong block space demand and significant fees to pay for security in the future as block rewards get slashed every halving.
Can projects like Ordinals help out here, driving up demand for block space?
The Bitcoin community is currently split. While more purist factions are deriding it as a waste of time & a distraction, proponents see it as an interesting experiment and innovation.
To learn more, check out the full dashboard!
BAYC Traits
When @sealaunch release a new dashboard - it’s mandatory to check it out.
The NFT Wizards’ latest release focuses on BAYC, specifically on the value of different Bored Ape traits. Let’s take a look.
As we know every Ape is different. But some are far more valuable than others because of their specific traits.
According to the dashboard the trait categories associated with a higher floor are:
Fur
Mouth
Eyes
More specifically, the traits with the highest floors are:
Solid gold (fur)
Unshaven pipe (mouth)
Unshaven dagger (mouth)
There’s a tremendous amount of detail in this dashboard.
@sealaunch broke down all trait categories including clothes, hats and even earrings - finding that cross earrings commanded a higher floor than studs or hoops:
They also reached some interesting findings on rarity:
Are the more rare BAYC traits the ones that value the most? Well yes and no. There is definitively a correlation but there are also some outliers.
Check out the thread they wrote - and of course take a look at the full dashboard for far more data, including some visualizations that are basically art.
More Dashboards
GN
Thanks for reading, we hope you enjoyed this issue. A special thanks to all the Wizards featured - you’ve been killing it in 2023 so far!
We’ll see you next time for more data, dashboards & wizardry.
Until next time.
op