GM
Welcome to issue #70 of Dune Digest!
We have a lot of great dashboards for you this week. First though, a cool new learning opportunity.
New Tutorials 🧠
We have some new educational materials for you to polish your Wizard skills.
The new series focuses on (Gnosis) Safe and takes you through a masterclass in point-in-time analysis, a valuable and tricky skill.
Come learn with @agaperste this weekend and upgrade your skills:
Now, let’s get into the data……
Uniswap Multichain
The big dog of DEXes, Uniswap, really embraced the “multichain future” over the past few years - moving beyond its native Ethereum to launch on Arbitrum, Optimism & Polygon…..
According to a new dashboard by @scoffie, this turned out to be a good decision. Let’s take a look at why…..
Uniswap is big on both Ethereum itself and its scaling solutions.
Polygon, Optimism and Arbitrum drove massive transaction growth throughout 2022, taking Uniswap from <750k weekly swaps to regularly exceeding 2 million by the end of the year:
Even with Ethereum’s headstart - it only accounts for 27% of Uniswap’s total transactions.
Optimism and Polygon both process significantly more daily transactions on average…..
As you can imagine though, Ethereum is still the king when it comes to volume, driving ~80% of Uniswap’s total.
This has been trending down though since May ‘22, and in recent months the other chains have been closing the gap:
When we look at TVL we see a similar pattern.
Of $2.51B of all-chain TVL, ~90% of that is on Ethereum. As with volume though, Ethereum’s TVL is trending down as the L2s slowly trend up.
Finally, let’s look at users.
In Uniswap’s history, roughly half of its ~5 million total users have come through Ethereum.
Since 2022 though, the majority of new users have opted for the L2s, with Ethereum onboarding as little as 15% of traders at one point in early January:
As you can probably guess though, Ethereum has captured the higher rollers.
Though Polygon and Optimism dominate the $1-$10 traders - Ethereum has ~78% of >$1k traders and ~89% of >$10k swappers.
There is also a noticeable trend of higher frequency traders avoiding Ethereum and opting for Polygon & Optimism.
So it seems like, overall, Uniswap’s expansion onto new chains was a success and quickly found a strong market fit.
They onboarded a lot of new users, and offered a great option for smaller traders who wanted to avoid the downsides of Ethereum.
This dashboard has a ton more data - on fees, pools and much more - check it out!
Railgun
Based on zk-SNARK tech, Railgun is an interesting protocol allowing DeFi users to remove their wallet addresses from transactions for greater privacy and security.
An excellent dashboard was released this week by @railgun_project, publicised in this thread by @shogun.
Railgun has seen over a quarter of a Billion dollars in volume throughout its history:
And has distributed over $520k in fees to stakers - mostly in the form of $DAI, RAIL and $wETH.
It’s live on 4 chains - and the volume breakdown is as follows:
Ethereum: $191.1M
Polygon: $11.35M
BNB: $6M
Arbitrum: $308.7k
Ethereum has become increasingly popular throughout Railgun’s history:
Rail does seem to have a reputation as a tool for large swaps. An average deposit of over $25k supports this:
This dashboard is very comprehensive - we’ve only covered a small sliver. Check it out for much more data.
VC Wallets
Love them or hate them, VCs are a huge part of crypto.
This is especially true since the last bull market, when VC money started flooding the industry - making billion dollar gains for some of them in the process.
Threadooor extraordinaire @defimochi released an interesting dashboard and Twitter thread breaking down the portfolios of some high profile crypto VCs.
Let’s review the key findings.
We can see that most of these funds’ ERC-20 balances peaked in late 2021 and early 2022.
They’re still sitting on a combined balance of over $700M though!
Let’s look at a few of the big players.
Dragonfly’s balance has grown by 22.2% over the past 30 days, now sitting at ~$90.5M.
Their portfolio is heavy with $LDO at ~48%. They’re also holding a decent amount of $MATIC and $TON and some stables and DeFi governance tokens:
a16z’s balance is at $109.7 million - a way off its 2021 high of $605M.
This wallet appears to be solely for the purpose of holding $UNI, $MKR and COMP governance tokens:
Wintermute is another big fan of $LDO, with the token making up a quarter of their $105.7M balance.
They also have one of the most diversified portfolios, holding a wide range of DeFi tokens which have been appreciating nicely over the past few weeks:
The dashboard covers several more funds:
Amber Group
Paradigm
DeFiance Capital
Jump Trading
CMS Holdings
If you’re interested in crypto VCs, check it out.
NFT Hacks
A very interesting dashboard was released this week by @zengowallet which investigates NFT hacks in great depth, and comes to some startling conclusions.
The methodology is outlined in this thread, and this article - and is very interesting - but for brevity’s sake we’ll jump straight into the key stats:
11715 NFTs have been hacked, worth almost $25 million aka Ξ11,981:
After a lull last summer, the past 6 months have seen a significant boom in weekly hacks.
The actual value of hacks followed a similar pattern, dropping last summer and hitting highs over the past few months (in $ETH terms).
We can also see some infamous events in NFT history reflected in the charts.
For example the large spike in February ‘22 was caused by a high-profile phishing attack:
There have been 1800 attackers cashing in. Scamming and stealing NFTs can be quite lucrative it seems, with the top attacker making off with $4 million and several more pocketing hundreds of thousands:
How about their victims?
38 have lost more than $100k worth of NFTs, with the top 5 getting scammed for more than $500k. Ouch.
Moonbirds creator Kevin Rose is in the #2 spot at $577.4k lost, although going by recent media reports this could be an underestimate:
Unsurprisingly, the top collections for hackers are high profile bluechips like BAYC, Mutant Apes, Azuki, CloneX, and Doodles.
A great dashboard uncovering some important data. Check it out for much more data - and give the article a read too!
Botto
Botto is a generative AI art project governed by a DAO.
Every week, the art engine produces 350 “fragments” or drafts, which are voted on by the community.
The weekly favourite is minted and sold on SuperRare - with sales revenue going back to the community.
The protocol also sells two secondary collections:
Access passes: utility NFTs giving access to the protocol
The Pipes: NFTs that grant access to training the AI and art curation
Take a look at the piece below - Scene Precede - for an example. It sold for 100 $ETH!
It’s an interesting experiment at the intersection of DAOs, generative AI and NFTs - and this week @carbono released a dashboard tracking Botto’s revenue since November.
Let’s take a look…..
Total revenue since November has been ~280 $ETH.
A lot of this occurred in late January and early February, driven largely by Pipes sales and royalties:
In fact Pipes have been the biggest earner for Botto recently, driving 38.3% of total revenue eclipsing the main collections:
The community is governed by the $BOTTO token, with 20% of revenue getting burned in $BOTTO every week to make the token deflationary.
$BOTTO performed very well in recent months, going on a wild 14x run from $.04 to over $0.57 in January and early February. Right now it’s sitting at $0.40:
An interesting project indeed. As the dashboard creators say in a thread:
“AIs don't have a purpose, a vision, or a business model. Crypto provides unique tools for human cooperation through shared purposes and incentives. Botto is the product of the cooperation of AI and DAO innovations in exploring new realms of digital art”
Check out the full dashboard for much more data…….
More Dashboards
GN
Thanks for reading another issue of Dune Digest.
And of course - a special thanks to all contributing Wizards.
We’ll see you again next week. Enjoy your weekend.
Dune Digest #70
The Data Must Flow is great rssss
heavy data