GM
Welcome to Issue #72 of Dune Digest!
We’ve had a 2 week break, so we have some news to catch up on.
Dune SQL
Firstly, the Wizard community is making great strides with Dune SQL, our very own query engine.
Our CTO and cofounder Mats has written an update on how things are progressing. Here are the key points:
But you should read the whole post and take a peak behind the curtain.
Forking
We’ve temporarily disabled the Fork button from dashboards when the viewer is not the owner of the dashboard.
This is part of our ongoing efforts to address Wizard concerns around “low effort” forks.
Now, let’s get into the data!
US Government Bitcoin Holdings
Did you know that the US Government is one of the largest Bitcoin whales?
According to a great new dashboard by the top team at @21shares_research, the US Government holds at least ~$5.8 Billion worth:
That’s around 1.06% of the total circulating supply.
The dashboard tracks wallets associated with three recent major seizures:
Nov 2020 Silk Road Seizure
Jan 2022 Bitfinex Hack Seizure
Mar 2022 James Zhong Seizure
All three seizures were substantial, the largest being the Bitfinex hack at 94,643 $BTC:
The $ value in the tracked wallets actually peaked around one year ago at $10B+, immediately after the James Zhong seizure. The balance dropped since, but has grown in value by more than $2B in 2023 so far:
Check out the full dashboard for more.
Also, if you’re interested in Bitcoin data, check out this amazing recent dashboard also by @21shares_research: Bitcoin Key Metrics.
Arbitrum Airdrop
The ARB airdrop is the big news of the week on crypto Twitter, and indeed on the Dune trending page:
A few great dashboards were released covering the action, we’re going to look at this one by @blockworks_research…..
Firstly, some high level stats:
ARB initial supply 10 billion
12.75% airdrop allocation of 1.275B, current value ~$1.80B
$1.4133 latest price for a fully diluted market cap of $14.13B
625,143 addresses were eligible for the drop.
Just one day later, almost 75% of tokens have been claimed by over 73% of eligible addresses:
The average airdrop was 1859, worth ~$2700 in today’s prices. Not bad at all!
Speaking of prices, we can take a look at another cool dashboard by @0xroll and see an initial flurry of trading activity, followed by some interesting price action:
Initially the market was dominated by sellers as the price dropped to ~$1.16. Since then though increasing buy pressure has been driving the price up nicely:
In typical fashion, the majority of the airdroppers - 51% - promptly dumped or transferred their tokens.
A further ~10% sold some, while ~13% are currently opting to HODL their drop. Some are accumulating, and a few are accumulating big.
This is all roughly in line with @jhackworth’s analysis of airdrop recipient behaviour, but only time will tell how things really play out.
Overall, an airdrop with a ton of buzz and a lot of interest. Check out the full dashboard for more - and also these for more context:
$ETH Staking Update
With the Shanghai upgrade coming soon, it’s a good time to check in on the state of Ethereum staking.
We have an excellent recent dashboard by @obol_lab to help us explore - let’s take a look at some interesting stats…..
Several months on from a successful Merge, we can see that $ETH became deflationary for the first time. Supply has decreased by 0.39%, almost 40k $ETH:
How many $ETH are there, anyway?
It’s hard to say exactly, but according to the dashboard’s estimate it’s around ~120 million:
Of these, Ξ17,820,887 are currently staked, with a market value of $30.75 Billion.
That’s 14.8% of the entire $ETH supply!
The majority, roughly 3/4, was staked before the Merge. The significant portion staked after though signals the success of the Merge and community & investor confidence:
New depositors peaked in mid-2021, before dropping to a stable rate that has held relatively steady since:
How do users choose to stake their $ETH? Most opt for the flexibility of liquid staking platforms.
Since late 2021 liquid staking has been the most popular avenue, currently accounting for ~45% of depositors to the Beacon chain and 7.9 million $ETH.
Out of the liquid platforms, Lido retains its dominance with a 74.3% marketshare and 5.6m $ETH staked.
Next in line are Coinbase with 15.6%, Rocket Pool with 5.8%, and Frax with 1.7%. No other Liquid providers crack 1%……
There’s a lot more in this dashboard, we’ve only shared some of the highlights.
For more, check out this extremely detailed and interesting article - The Future of Staking: A Look at Ethereum’s Shanghai Upgrade - written by the guys at Obol and based around the full dashboard.
DEXes on Fantom
We’ve never covered the DEX marketplace on Fantom before. A shame, since it’s a lively category seeing hundreds of millions of dollars worth of volume each month.
Let’s take a tour via a great new dashboard by @Henrystats.
While the total activity isn’t anywhere near larger chains like Ethereum or BNB, Fantom still saw almost $0.65 billion of DEX volume over the past month:
This is way down from the heady days of late 2021, when weekly volume peaked at over $5 Billion:
Fantom also has DEX aggregators, although they’ve failed to capture a significant slice of volume or users.
Active traders are also down ~80% from the peak, although we can see a minor uptick in recent months:
So who are the biggest players?
Back in early 2021 Curve and Sushiswap were the only DEXes on the chain, and saw minimal weekly volume.
Late 2021’s boom coincided with the rise of Spookyswap, Spiritswap, and Balancer fork Beethoven X:
Originally a fork of Uniswap V2, SpookySwap has long been the dominant Fantom DEX, historically accounting for ~70% of total volume.
In recent months this dominance has been slowly eroded though as Curve, Spartacus Exchange and Beethoven gain marketshare:
The Fantom DEX world is a lively place, no doubt, check out the full dashboard for more!
ZKSync & Starknet - the next drops?
Even through the bear market, the airdrops keep coming thick and fast. Airdrop hunters are always looking for the next one though, and ZK rollup platforms zkSync and StarkNet have conspicuously not announced any airdrops in the future.
This has lead to speculation that they may launch tokens in the future.
We have no idea, but @subinium seems to think so, and has backed it up with a new dashboard - let’s check it out….
Firstly, ZkSync has had 223,578Ξ deposited by ~654k addresses.
Though there have been several previous periods of heavy deposits - the past week has been exceptional, with deposits and addresses both reaching new heights. Note that the average deposit size has remained low and stable:
StarkNet is on a slightly smaller scale at 20,272Ξ deposited by ~185k addresses.
The platform has seen its average $ETH deposit rise over the past year - and also ATHs in transactions over the past week:
Serious interest and serious money are flowing into these cutting edge platforms, and 2023 should be an interesting year to watch their development and adoption.
Check out the full dashboard for much more…..
More Dashboards
GN
Thanks for reading, and a special thanks to all the featured Wizards for your amazing work this week.
We’ll be back next Friday for more data, dashboards and Wizardry.
Enjoy your weekend…..
Dune Digest #72
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