GM
Welcome to the 75th issue of Dune Digest.
We have a lot of data for you as always. First though some news from Dune.
The Community Data Platform
New technological paradigms enable new product categories. Blockchains are certainly a new paradigm, and are enabling a slew of new products.
One such product is The Community Data Platform - which is what we’re building at Dune.
In this new article, Dune co-founder and CEO Fredrik Haga explains just how different Dune is from your traditional Enterprise data tool.
By taking community and collaboration as our starting point, we’re building something completely new.
Version History
We’ve released version history!
History is saved starting from today, you can now save and revert to your heart’s content!
Read more about this exciting update in our docs…..
Now let’s get into the data
$UST & $USDC Depegs
There have been two significant stablecoin depegs in recent history.
The first was the catastrophic UST depeg of May ‘22, which wiped out Billions of dollars in value.
The second occurred just last month when the mighty $USDC slipped temporarily.
A new dashboard by @consideredfinance looks into these two events in detail. Let’s check out the highlights…..
Firstly, back in May ‘22, UST lost its peg and dropped ~90% in just days:
It also dragged $USDN down with it, though only temporarily. As we know, the rest is history and UST never recovered.
The $USDC depeg went down differently. A little over one month ago, on March 11th, it started to slide from its peg.
It dropped below $.90 at one point, dragging $FRAX, $DAI, $TUSD and others with it.
In some ways, these two events have some similarities. According to @consideredfinance, both saw:
Apart from that though, they were very different beasts!
To learn the full story, check out the full dashboard over the weekend.
Mt. Gox Bitcoin Holdings
Back in 2014, Tokyo-based Bitcoin exchange Mt. Gox suspended trading and filed for bankruptcy.
~850k Bitcoin were missing, presumed stolen in a catastrophic security breach. 750k of those belonged to customers. With so many investors out of pocket, legal proceedings have dragged on for the past 8 years……
A new dashboard by @21shares_research tracks the $BTC holdings of the Mt. Gox trustee, the entity in charge of the bankruptcy procedures.
Currently the trustee holds almost 138k $BTC…..
That’s a hefty figure, around .71% of the total circulating $BTC supply. At current prices, the holdings are worth around $4.23 Billion.
There are over 23k creditors though, and total claims amounting to ~18.6 Billion.
It’s expected that major progress will be made on this through 2023, and some of the investors from 2014 should finally get some closure and recompense.
Check out the full dashboard for more…..
Polygon NFT Marketplaces
The Polygon NFT market is heating up, thanks to the success of some unlikely winners like Reddit’s NFT avatars, Trump’s trading cards, and many other collections.
A new dashboard by @sealaunch dives in. Let’s take a quick look.
The biggest player is, unsurprisingly, OpenSea. The market leader has accounted for 83.5% of total volume over the past month.
Its closest rival is MagicEden, which has been doing well over the past month, on some days seeing over 40% of total volume.
Other native platforms like Fractal and OnePlanet are tiny by comparison.
OpenSea’s top collection is y00ts, which has seen $4m of volume from 820 sales over the past month. Three more collections cracked $1m in monthly volume:
To learn more about the Polygon NFT space, check out the full dashboard……
$BTC on Ethereum update
We’ve covered a few of the excellent $BTC on Ethereum dashboards in the past. But it’s a new year and we have a new dashboard by @subinium to give us an update.
Let’s take a look.
One year ago, there was more Bitcoin on Ethereum than ever before, as holders rushed to put their assets to work and earn yield in Ethereum’s rich DeFi ecosystem.
It peaked at the beginning of April ‘22 with more than 300 thousand $BTC.
Over the past year though, the trend reversed, as part of a larger bear market flee to safety and self-custody.
Right now there are a little over 160k $BTC still hanging in there, over 90% in the form of $wBTC:
Considering the total $BTC supply is ~19.35 Million, this is a relatively small slice of the total.
As far as how holders get their Bitcoin to Ethereum, there are several options. By far the most popular though is Wrapped Bitcoin or $WBTC.
Over 150k $BTC, 93.5% of the total on Ethereum, are in the form of $WBTC. $WBTC has continuously gained market share, going from ~40% to ~90% over the past 3 years!
For more, check out the full dashboard…..
OpenSea Pro
After Blur turned up on the scene to eat OpenSea’s lunch, the NFT community has been wondering what the OG market leader’s response would be.
After acquiring NFT aggregator Gem almost one year ago, OpenSea have been working to build their own high-end, pro trader experience.
A little over a week ago OpenSea Pro launched, offering users 0% fees and listings from across 170 marketplaces. A new dashboard by @sohwak investigates……
OpenSea Pro is essentially a rebrand and relaunch of Gem with a slick UX. Since launch - volume, transactions and users have all shot up compared to the “old” Gem:
It appears that OpenSea are leveraging the platform to regain lost marketshare from Blur.
Over the past week for example, OpenSea Pro overtook Blur aggregator in active addresses and transaction count - and caught up in volume:
The recent growth is largely driven by new users, not existing Gem users. That said, most of the active users since launch had previous experience with some aggregator, suggesting that experienced traders are taking OpenSea Pro for a spin!
We can see that OpenSea Pro is well established already as the leading player in the NFT aggregator marketplace.
It will be interesting to watch how it performs over the next couple of months, and whether it can succeed in taking on Blur’s momentum.
Check out the full dashboard for more…..
Gitcoin
As @0xdatawolf notes at the beginning of their new Gitcoin dashboard - crypto and DeFi really shine when it comes to lowering the barriers to fundraising!
Let’s take a quick overview of the platform.
On Ethereum, almost 75k wallets have donated more than $5 million through ~404k total donations.
Most donations are pretty small, under $200.
The average donation size is $75 - far higher than the median of $8.8 - so there’s a heavy skew going on here with some large donors at the top.
Gitcoin is also live on Polygon, but a large majority of activity still happens on Ethereum.
Over the past year, the median donation per donor has been dropping quite sharply:
But overall donations are relatively stable.
It’s good to see that this valuable platform is doing well. There’s a lot more in this dashboard, check it out for more!
More Dashboards
GN
That’s all for this week.
Thanks for reading.
A special thanks to all the Wizards for their contributions this week.
Have a great weekend, see you again next Friday.