Dune Digest #76
Multichainers, Scams, Avalanche, $ETH withdrawals & MORE!
GM
Welcome to issue #76 of Dune Digest…..
We have some mind-blowing data for you this week 🤯
First though, some important news and information for Wizards and teams.
DuneSQL: The Great Migration
As you know, DuneSQL is the future of Dune and will soon be our sole query engine.
DuneSQL is our final answer to the ultimate crypto data experience.
You can read all about it here.
SparkSQL and Postgres will be progressively sunsetted going forward, an essential step for building a crypto data experience that is far smoother, richer and more powerful.
Here’s a high level timeline:
We’re aware that the transition may be rocky for some of you, but we’re doing all we can to help out.
We’re currently focusing our efforts on:
Supporting migration efforts with powerful features
Continuously improving DuneSQL stability and performance
We also opensourced our migration tool, Harmonizer, which you can read about here.
Harmonizer leverages SQLGlot - a powerful Python library for working with SQL dialects - and helps you automatically translate your queries!
Check it out - we welcome any contributions!
Are you or your team affected by this?
Here’s all you need to know.
Let’s get into the data
Journeys through the multichain world 🌐
The last bull market was rife with talk of the “multichain world”, where users would effortlessly bridge from chain to chain enjoying the best that each had to offer.
Is this happening?
Well, yes. To an extent.
This week we published a very interesting analysis - The Multichain World: Fact or Fiction?
It was written by @David_C from BNB, and dives deep into user journeys across EVM chains.
Let’s take a look at some highlights and key stats…….
Firstly, the analysis focused on externally owned accounts (EOAs) aka user wallets across EVM chains, namely:
Ethereum
BNB
Avalanche
Polygon
Optimism
Arbitrum
BNB has by far the most users, followed by Ethereum and Polygon vying for second place.
The graph below also shows the recent success and adoption of L2 rollups Arbitrum & Optimism:
So with all these millions of users, a lot of them must be going multichain… right?
Well, yes and no.
In absolute terms, a large number of addresses went multichain. 11.6m have used two chains, over 2.3m have used three, and over 1.3m have used four or more. Over 63 thousand multichain degens have used all seven EVM chains!
That said……
“Relative to the total users of these chains, the multichainers are a small minority. According to our analysis, a large majority of EOAs (~94%) have only used one chain.
….. Less than 6% have made the jump”
Only 6%?
It turns out that’s mostly thanks to the two biggest players. Only 7.21% on Ethereum and 13.83% on BNB have gone multichain!
Next up is Polygon at 23.9%, and Fantom at 33.4%.
With Avalanche, we see the first case where the majority of users are multichain, at 59.61%.
Finally we have Optimism and Arbitrum, both with 70%+ multichainers.
The chains with the most address overlap are:
Ethereum <> BNB (~8.5m)
Polygon <> BNB (~4.7m)
Ethereum <> Polygon (~3.5m)
And the most common journeys are:
Ethereum->BNB
BNB->Ethereum
BNB->Polygon
Ethereum->Polygon
Polygon->BNB
The article shows that the multichain world is still niche and emerging. It’s there for those who want it, but is still some way off mass adoption, with the large majority of users sticking to one single chain.
There’s a lot more data in the full article, and some fascinating analysis at the end.
Check it out.
The Mother of all Scams 🕵️
Here’s an unpleasant truth.
Scammers onboard more people to crypto than legitimate organizations.
All to steal their money…… This phenomenon is covered in a sobering new dashboard by @tayvano.
According to the dashboard, this kind of scam covered is known by several different names:
“You may know this type of scam as USDT Approval Mining, Fake Investment Returns, Fake Yields, Pig Butchering, Sha Zhu Pan, Liquidity Mining Scams, Mining Voucher Scams, etc”
It all starts in a way that appears simple and innocent:
Scammers are happy to play the long game, and often spend months or even years cultivating and building trust with their victim.
The victim is slowly coached through acquiring crypto assets, before being lead to a scam site that will drain them - preferably while keeping them in the dark about it so they can be exploited further.
The dashboard has excellent explanations of the process along with many useful links. Lets look at some of the stats now.
These scams are big business. Really big. Since rearing their ugly head in September 2021, over 233 Million $USDT has been stolen in this manner:
At least 14,845 victims have been stolen from in 32,940 separate incidents.
Currently approval scams are at an all time high, peaking in March with over $26 million stolen throughout the month:
Let’s take a look at April so far.
2,489 thefts
1,526 victims
$13.16m stolen
Whew.
The scale that some scammers operate on is quite amazing:
The bottom line here is that $USDT approval scams are happening on a large scale, with thousands of victims being fleeced for millions of dollars.
Not only is this ethically terrible, it also reflects very poorly on the industry with the wider public.
Dashboards like this are valuable for spreading the word, so take a look at it for much more data…..
Worldcoin 👁️
Backed by A16Z, Coinbase, Sam Altman, and several other big names - Worldcoin launched back in 2021 to a mixed reception.
The goal of the project was to create a global cryptocurrency, to distribute it to as many people around the world as possible, and to lay the foundation for a crypto-based Universal Basic Income in the future.
So far, so good.
The controversy came from the project’s use of rather sinister looking “Orbs” to scan users’ irises to verify their identities and prevent duplicate registrations. This has of course raised privacy concerns.
Anyhoo.
This week @polygon_analytics released a new dashboard crunching the numbers.
Every time an iris is scanned, a Gnosis Safe wallet is created to store the tokens. Worldcoin Safes have recently crossed the 1 million milestone:
Though the initial buzz died down, Worldcoin has been quietly building and onboarding, scanning away throughout the bear market.
Over the past 6 months, the number of new accounts created has been growing. In March alone, Worldcoin saw over 200k new safes:
Though there are plenty of wallets, they’ve collectively done relatively few transactions, ~2.7 million in total.
March saw a high for transactions at ~687k:
Worldcoin is certainly making moves, and quietly growing outside of the spotlight.
It’s a project to keep an eye on - check out the full dashboard for more.
$ETH Withdrawals ♦
Last week, Ethereum’s long-awaited Shapella upgrade went live.
Now validators can withdraw their $ETH stake from the Beacon chain for the first time in 28 months.
A new dashboard by @spotonchain looks at the state of withdrawals so far, let’s check the highlights……
In total ~1.37m $ETH has been withdrawn, worth over $2.63 billion in today’s prices:
Net withdrawals have seen two large surges, one last weekend and one yesterday.
Overall though, withdrawals have not been particularly dramatic, and deposits have kept rolling in.
Indeed, according to @hildobby’s excellent Staking Dashboard, the total net flow since withdrawals were enabled has been around ~570k $ETH:
A lot of it was people withdrawing their rewards though. When rewards are removed, the trend looks very different:
One thing to consider is that withdrawing currently isn’t always the most straightforward process, and there’s a wait time of over 2 weeks in some cases.
That said, the mad rush to unstake that some predicted doesn’t seem to be materialising, and stakers did get their long-promised liquidity.
There are several great dashboards covering this. For more, check out:
Avalanche 🔺
In recent months it’s been scaling this, L2 that.
We’ve been neglecting some of our favourite L1s.
A new dashboard by @subinium gives us an interesting update on Avalanche……
Avalanche has been doing well. In recent months, both new and overall users have been increasing:
Transactions are also trending up in recent months, exceeding 7.7 million over the past 30 days:
The most popular contracts in 2023 so far are:
Project Galaxy
Trader Joe
Circle & Tether
Stargate
$BTCb
There’s also an interesting spike in new contract creation in April, with Avalanche outstripping Ethereum, Optimism and Arbitrum on this metric.
Overall, Avalanche is still building and still going through the bear market.
For more, check out the full dashboard…..
More Dashboards
GN
Thanks for reading, we hope you enjoyed this issue.
A special thanks to all the wizards for their contributions this week.
🧙
Next week, we have some big news and surprises for you……
Enjoy your weekend.
Hii
I have been scammed for 1000$ yesterday