On the inaugural DuneCon, Dune’s first convention, I shared a presentation on the state of crypto in 2022.
I aimed to characterize the well being of the crypto ecosystem on the most elementary degree. For instance, quantifying the variety of lively wallets, the inhabitants of lively builders, & different dynamics inside the ecosystem.
The slides are embedded right here with abstract commentary under and linked right here.
My Prime 15 Observations from the Information:
- 2.5m wallets are lively each day throughout web3. Flat pockets rely probably means comparatively fixed GDP within the ecosystem. We’d like extra merchandise to draw new customers to usher in extra GDP.
- Binance, Solana, Polygon, & Ethereum wallets signify greater than 80% of these each day lively customers.
- Centralized exchanges handle roughly 100m whole lively wallets.
- Buying and selling volumes are down 60% which is usually pushed by asset value reductions. DEX common transaction measurement declined from $8k to $1.4k.
- Centralized & decentralized exchanges commerce on the similar a number of & transfer in lock step.
- NFT patrons outnumber DEX merchants about 35:1 during the last 6 months however the traded quantity is roughly equal between the 2 teams.
- NFT buying and selling volumes have fallen 97% from the highest.
- 40% of NFT patrons use Solana. As a result of the typical Solana NFT is value 10% of the typical Ethereum NFT, Ethereum retains 90% of NFT traded worth.
- L2s (Arbitrum & Optimism) account for 30-40% of all transactions on Ethereum, however devour solely 2% of the full fuel, cementing their worth.
- About $250m flows into L2s every month.
- MEV (most or miner extracted worth) has tapered off as a consequence of FlashBots’ searchers. Decrease MEV means customers pay decrease charges after they commerce as a result of the market is extra environment friendly.
- Builders push about 300,000 good contracts to Ethereum each month, a determine that has been flat for the final 5 months.
- Roughly 5,000 builders push code to web3 each week, down 20% from the start of the yr. This quantity wants to extend considerably for the ecosystem to thrive.
- Web3 firms (apart from L1s) have begun to commerce at comparable multiples to their web2 counterparts.
- Web3 multiples are more and more correlated to income. The investor neighborhood has matured its understanding of find out how to worth a web3 firm. This milestone will start to shift the early & late stage non-public markets’ valuations. Because of this advertising will turn into so essential within the subsequent 12 months.
Total, the crypto ecosystem finds itself in a winter. I see it because the coiling of a spring. A lot innovation has been unleashed in the previous few years, most of us are nonetheless absorbing the implications & working to determine one of the best functions of the 4 basic improvements of web3.
Just a few notes in regards to the knowledge:
- web3 knowledge is fuzzy. None of those numbers have the precision or accuracy of a publicly traded inventory whose figures have been audited and are ruled by accounting requirements. I share these figures as directional knowledge, not airtight proof of a Higgs boson hidden inside a blockchain.
- the information is collected primarily from Dune, nevertheless it contains knowledge from others like gokustats.xyz & tokenterminal.com
- most of the queries in Dune are linked within the dashboard. I’d respect any assist, pointers, steerage to enhance them. My objective is to enhance accuracy & precision over time.
