Dune Digest #77
New Plans, Bitcoin Difficulty, Curve, $ETH Genesis & MORE!
Welcome to Issue #77 of Dune Digest!
Let’s kick off with some BIG news…..
New Plans + API + Upgraded Free Experience
We’ve been building away recently, and really thinking hard about how we can best serve the Wizard community and make crypto data accessible.
We have 3 big updates to share:
The Dune API is LIVE
New plans
A better free experience
Let’s go a little deeper…….
Dune API
The Dune API is our most requested feature ever.
Now it’s live and ready for primetime. Anybody can now turn any Dune query into an API endpoint. What’s better, all plans including free now come with API access.
The Dune API will power the next generation of crypto data apps - everything from alerting tools, Twitter bots & risk monitoring platforms to product analytics and portfolio profiling.
We can’t wait to see what you build!
Read all about the Dune API here.
New Plans
We heard your feedback, and we’ve revamped our pricing plans completely to give you more flexibility, API access by default, and more scope for collaboration.
The new plans cost less, but they give you more.
For example, now you can add as many team members as you like - free - to seamlessly bring in freelancers and collaborators as you need.
The new plans are all possible thanks to our new credits system, which we think you’ll love.
Credits are your currency for getting more juice out of Dune’s most important features as you need them, and will make your entire experience more flexible.
Upgraded Free Experience
We’ve sunsetted our $69/m Analyzooor plan and gave the free plan a big upgrade.
Free users now have 10 private queries, a private dashboard and handful of CSV downloads included without having to pay a single gwei!
The new free experience also comes with 2500 credits and includes API access.
The Data Must Flow
Soon the data will be flowing like never before. We’re excited about these new updates, and hope that the Wizard community is too!
Read more in this article, this thread, and feel free to give feedback at support@dune.com!
Now, let’s get into the data……
Curve Ecosystem
Curve is an important DEX focused on stablecoin trading.
Over time a whole ecosystem has evolved around it, which is explored in an impressive new dashboard by @stablecamel.
Firstly, $FRAX.
$FRAX is an algorithmic stablecoin that has a tight relationship with the Curve ecosystem. The FraxBasePool (FRAXBP) is a large Curve pool consisting of $FRAX and $USDC.
Its TVL is currently over $500m:
Its TVL dropped in late 2022 but has remained level throughout 2023 so far.
On the other hand, 3pool, which consists of $DAI/$USDC/$USDT has been dropping steadily over the past year:
Now let’s look at some overall Curve KPIs.
Curve daily Volume has been largely in the $100-200m range through 2023 so far, save for a large spike in early March:
Total volume is now at ~$4 Billion, which has brought in $144 million in fee revenue!
The majority of this revenue comes from “volatile” pairs, with approximately 1/4 driven by stable pools:
This is a very detailed dashboard.
It also covers Conic, Convex, and more in depth - with dozens of interesting vizualisations.
Check it out for much more data!
Bitcoin Mining Difficulty
Mining “difficulty” is a measure of the complexity of solving the mathematical puzzles required to mine new Bitcoin blocks. The mechanism self-adjusts to ensure new blocks are added roughly every ~10 minutes - regardless of the total hashing power in the network at a given time.
A new dashboard by @lindyhan breaks down the mechanism, let’s look at some key metrics.
In simple terms, the higher the difficulty - the harder it is to attack the network. We can see that difficulty exploded from 2018 onwards, and is now at an all time high:
The big jump up is driven by capital deployed into the mining industry, along with hardware improvements in mining kit.
Difficulty has adjusted up and down multiple times in 2023 so far - with 7 increases and just 2 drops. This is generally seen as a good sign, which @lindyhan has some bullish thoughts on:
As you probably know, this all uses a lot of energy.
But it isn’t only a case of energy, and we can see that Difficulty has only a weak relationship to total energy consumption.
Improvements in technology itself improve efficiency and thus drive difficulty:
An interesting dashboard with some valuable information and metrics.
Coinbase Swap
When Coinbase launched their “swap” service, many saw it as a big UX improvement, as it allowed users to swap thousands of tokens across multiple chains without ever having to leave their wallet.
Let’s take a look at the key stats in this new dashboard by @j1002.
For starters, total volume has exceeded $3 Billion:
Things were quite quiet through most of 2022, but volume picked up again towards the end of the year.
Recent months have seen all time highs in weekly volume:
Over 90% of this volume comes from Uniswap, which has increased its share over the past year:
This is proving to be a nice little earner for Coinbase - bringing in over $30 million in fees…..
From ~490k users!
It seems like this was a smart product to launch, and has been a smart strategy for the leading CEX.
Check out the full dashboard for more.
$ETH Genesis Allocation
The largest smart contract blockchain, Ethereum, started life back in summer 2015.
The “genesis” first block contained an allocation of $ETH to specific addresses of pre-sale contributors, founders, and the Ethereum Foundation itself.
A new dashboard by @beetle breaks this down in detail, let’s take a look…..
Over 72 million $ETH was distributed in total:
The large majority - 83.5% or 60 million - went to pre-sale contributors. The pre-sale raised a total of 31,591 $BTC.
6 million (8.3%) went to each the Ethereum Foundation and early contributors. In today’s prices, that’s over $11 Billion to each!
The vast majority of this has already been withdrawn, but over 1.6 million $ETH has never been transferred to this day.
Some of the untouched wallets hold a significant amount of $ETH…..
When you consider that the price has gone up more than 2000x since the early days…..
Anyway, an interesting dashboard for tracking this crucial event in Ethereum’s early history. There’s a lot more data in here - check it out.
Matcha
Developed by 0x Labs, Matcha is a DEX aggregator sourcing liquidity from multiple DEXes. Powered by the 0x Protocol, it aims to provide users with optimal prices and minimal slippage.
A new dashboard by @0xproject themselves breaks down the key stats, so let’s take a look.
Firstly, the total transaction count is over 3.13 million:
And total volume has exceeded $61.15 Billion!
This has all been driven by ~450k total users.
Speaking of users, almost half were on Polygon. Ethereum users make up 24% of the total, but have remained flat for a while.
Matcha saw significant user growth through Polygon expansion in late 2021, but Polygon traders have somewhat dried up recently to be replaced by those on Arbitrum.
In a familiar story though, Ethereum is where the money is.
Though only 24% of users and ~30% of transactions, Ethereum has driven a whopping 94.4% of total volume:
Interested in learning more about this important piece of DeFi infrastructure?
Check out the full dashboard for much more data…..
More Dashboards
GN
Thanks for reading and a special thanks to all featured Wizards.
Have a great weekend.
See you next time for more data, dashboards & Wizardry…..
wow, amazing
Boom