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Dune Digest #79
xNFTs, LayerZero, $BTC Fees, Goerli & MORE
Welcome to issue #79 of Dune Digest!
As always, we’ve got some killer data and insights for you this week.
Firstly though some exciting news.
Solana Decoding is LIVE
We're excited to announce that Solana Decoding is now LIVE on Dune! This development marks the first decoding of a non-EVM chain on our platform.
Now, decoding Solana programs is as simple as submitting the Interface Description Language (IDL) for Anchor or Native-based programs. Submit your Program IDLs here.
For detailed information, visit our updated Docs.
Ready to get started? Submit your program IDL here.
Spellbook: Present & Future
Spellbook allows data Wizards across the industry to pool their considerable brainpower, saving immense amounts of time and duplication of effort.
There are challenges to running it though, and if we want it to fulfil its potential we need to work on ways to empower the community and remove ourselves as a bottleneck.
That’s exactly what we’re thinking about as we work on finalizing our Spellbook roadmap in the coming weeks.
In a blog post yesterday, Tech Lead Meghan Heintz reviews the challenges and opportunities of the community data pipeline we call Spellbook. She also outlines the major ideas we have for its future.
Now, let’s get into this week’s data.
What better way to celebrate the Solana decoding launch than by breaking down a dashboard it has made possible?
The “x” in xNFT stands for “executable”. Unlike normal NFTs, which represent ownership of a digital asset, xNFTs represent ownership over their execution.
As stated in the dashboard:
“An xNFT can be a game, an NFT gallery, or a crypto price tracker - anything that can be written with executable code”
xNFT Backpack is a new gen wallet designed to support xNFTs. A new dashboard by @osk2020 explores, let’s look at the key stats……
Firstly, this is only just in beta, and is an emerging technology still. There have been 9,404 total users, with daily users peaking at the beginning of March.
There have also been ~24k program interactions, the vast majority of those being Downloads - with just a small fraction of uninstalls, updates and other actions.
xNFTs are a versatile technology that can be used in DeFi, Games, Traditional NFTs and more.
So far, 59 xNFTs have been created, which have been downloaded more than 23k times:
The most popular xNFT is Moongame, which has been downloaded 3286 times.
Many of the most popular xNFT apps are also games, but there’s also a few DeFi platforms and even a ChatGPT powered app in the leaderboard:
Over the past week the most trending xNFTs are:
Solcial - a decentralized social network
Mad Pack - part of the Mad Lads ecosystem
AssetDash - a kind of crypto deals application
xNFTs are certainly interesting.
Will they power the next generation of NFT use cases beyond PFPs, pulling Solana back to the primetime?
To make up your own mind, check out the full dashboard for more.
Goerli is one of the most popular testnets for Ethereum.
It’s designed to simulate the Ethereum mainnet in a controlled environment, serving as a platform for developers to test their smart contracts & DAPPs before deploying them on the mainnet.
If you’re interested in Goerli, a new dashboard by @KARTOD has all the data you could want. Let’s check it out.
Goerli is a busy place. Over the past year, it has seen more than 120.4 Million transactions:
And over 9 Million users.
2023 has been a particularly busy year, with Goerli seeing record levels of transactions:
As well as record active users, gas usage, and smart contract creation:
Over 9.6 Million smart contracts have been created in total!
Over the past couple of months, several key metrics have started to slide the other way.
One reason could be the controversy due to the surge in value of $GETH, the network’s native asset, which deterred developers.
The future of Goerli is uncertain, but it is still going strong today. Check out the full dashboard for much more data…..
OpenSea on Ethereum vs Polygon
NFT focused Wizards Sealaunch have released another cool dashboard, this time covering OpenSea on Ethereum vs Polygon.
Which network is more important for the #1 NFT marketplace? Let’s find out…..
OpenSea volume in both platforms looked like it was picking up in early 2023, but over the past month or so it has slid back down to <$10m daily:
A huge majority of that volume is going down on Ethereum, the home of blue chip NFT trading. Over the past 6 months, Ethereum has driven almost 93% of combined volume:
That’s volume, as we might expect. Though Polygon volume has been increasing, Ethereum is still the Whale chain of choice.
The picture shifts radically when it comes to sales and users. Over the past 6 months ~45% of sales - and 32% of users - have been on Polygon.
Over the past month, the majority of sales and users have been on Polygon.
As @sealaunch mentioned in a great Twitter thread, this is Polygon “flipping” Ethereum for the first time for OpenSea, driving ~57% of sales and users over the past month.
So although the higher volume users still prefer Ethereum, OpenSea is attracting more users and driving more individual sales in recent weeks.
Many Bitcoin proponents envisage a future where Bitcoin is used by Billions as an everyday means of exchange. This isn’t remotely possible on the base layer though, because it gets clogged relatively easily, leading to very high fees!
A new dashboard by @doggfather looks into the history of Bitcoin fees, let’s check the highlights.
The dashboard looks at the more recent part of Bitcoin’s history, from the 2017 bull market to today.
Bitcoin started 2017 off under $1k, but went on an epic run to almost $20k before the year was done. This drummed up a ton of media coverage, hype, and new users - which inevitably led to increased competition for block space.
In mid-2017, fees spiked hugely up to almost 80 $BTC per block. They never got close to this level again, even in the most recent bull market.
When we look at fees in USD, the chart looks very different.
Most of us remember Bitcoin’s wild bull run through 2020 and 2021, where it hit almost $69k.
Even in Dollar terms, 2017’s block fee record wasn’t cracked, although we approached it at almost $200k in April of 2021:
You may have noticed that at the far right of these graphs - the present day - you can see another spike.
That’s correct, the recent Ordinals and BRC-20 craze has significantly spiked fees toward 2017 record levels.
In fact daily fees - in $BTC - have been higher over the past week than any other time since 2017:
The same is true in daily $ fees.
Ordinals and BRC-20s are controversial in the Bitcoin community. Nobody can deny though that they’re putting serious money in the pockets of miners - which is a good thing for network security.
How long will this last? Who knows - check out the full dashboard for more…..
LayerZero is an interoperability protocol that enables direct, cross-chain “messages” between different blockchains through the LayerZero Endpoint.
Currently, it links over 30 mainnet blockchains, supporting applications like cross-chain decentralized exchanges, multi-chain yield aggregators and more. They recently raised $120m at a $3 Billion valuation.
A new dashboard by the legendary @springzhang breaks it all down. Let’s take a look.
LayerZero has seen a lot of users, over 1.4 million individual wallets:
Whew, that’s a lot. And that’s not to mention the ~10.3 million transactions and $1.16 Billion bridged so far.
The crypto world is certainly interested in this platform - just check the Dune trending page for confirmation.
This really kicked off in recent weeks.
Since early April, active users across multiple chains (particularly Arbitrum) have gone vertical:
This happened after the Arbitrum airdrop, as users started looking for the next potential windfalls.
It seems like the promise of a good airdrop is still a solid way to gain attention, the crypto industry’s most valuable commodity.
We will be covering the unfolding story of LayerZero - an interesting protocol - as it unfolds.
In the meantime - check out the full dashboard for more. You can also check the Dune trending page for many more related dashboards.
Thanks for reading. There were almost too many cool dashboards to choose from this week - so thanks to all the Wizards for their great contributions!
Enjoy the weekend, we’ll be back next Friday for more data, dashboards & Wizardry.