OurNetwork: Issue #99

Coverage on Genie and IndexCoop.

The #1 Crypto Analytics Newsletter

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About the editor: Spencer Noon is co-founder of Variant Fund. Founders should reply to this email to get in touch.

Editor’s Note

This week’s newsletter features our students from OurNetwork Learn, Web3’s first learn-to-earn data program.

Spearheaded by the incredible Andrew Hong, the course ran over the last 30 days and taught a cohort of 30 students how to analyze data in Web3 and communicate their work publicly.

The results were even better than expected, so we’re going to feature more students in next week’s issue as well. We’ll also try to run the program again in the near future.

Enjoy this week’s coverage and if you have some free time, be sure to check out the course lectures and materials, which we recently open-sourced.

— Spencer Noon

Network Coverage
This week our contributor analysts cover Genie and IndexCoop.

① Genie

👥 Teju Adeyinka

📈 Genie crosses $14.5M in its first week public

👉 Community Discord  🔎 Dashboard

  • Genie is an NFT marketplace aggregator that enables users to batch buy and sell NFTs in one transaction easily. Although they launched in stealth mode earlier in the year, they opened up the platform to the public last week. While they've done ~$32.6M worth of swaps in total since their beta launch, nearly half of that ($14.5M) was done in the last six days after their public announcement.

  • While Genie aggregates NFT trades from several marketplaces, 98% ($32M) of all completed trades have been done through OpenSea, accruing revenue of $801K. The rest of the trades have been completed through Sushi Swap Market and Rarible.

  • Over the last week, for the transactions where users traded multiple NFTs at once, an average of 3 NFTs were bought in one swap.

🧞 Genie (Part ②) 👥 Chuxin Huang 🔎 Dashboard

📈 NFT marketplaces collected over 300 ETH via Genie

  • Genie is the first ever NFT marketplace aggregator, offering buy and sell options for users in a single transaction across major NFT markets. It had the official public launch on November 17th, and has enabled marketplaces such as OpenSea to collect 377 ETH (~$1.6M) to date.

  • Average swaps per transaction is 7 tokens with an average value of 3 ETH. The most swapped collection to date is @loomlocknft with a total of 437 tokens swapped (including double counting if a token was swapped multiple times).

  • On the day of public launch, an NFT trader @NFF_eth spent > 200 ETH (~$1M) to sweep the floor of Cool Cats NFT in 3 single transactions! Up to 22 Cool Cats NFTs were bought with price range between 8 - 9.5 ETH, and the trader paid a total gas of 0.77 ETH.

🧞 Genie (Part ③) 👥 Anna Vakulyuk  🔎 Dashboard

📈 Over 4000 NFTs bought at floor on Genie

  • Genie allows users to buy and sell multiple NFTs in a single transaction. This allows for floor sweeping, a strategy of buying the cheapest NFTs in a collection in hopes to raise the floor price in the market. There are two distinct groups where sweeps happen: newly minted NFT collections and collections that undergo a price dip. Floor sweeping in newly minted collections shows to be unfavorable, with both the price and amount of tokens being traded trending downward the following days.

  • Floor sweeping in more mature collections seems to be a gamble with the floor price going in either direction while token trades decrease.

  • However, these particular floor sweeping transactions are in collections with high distributions, and therefore floor sweeping is not significant enough to affect it. Even in recently minted collections, the distribution levels off within a week.

🧞 Genie (Part ④) 👥 Meghan Heintz  🔎 Dashboard

📈 Only 4.5% of Floor Swept NFTs Are Resold

  • A floor sweep is likely the first exposure of the collection to the buyer. Roughly 74% of purchases are from first-time collection buyers.

  • Upon resell, the 25th percentile of sweep buyers is making a slight profit, whereas non-sweep buyers are taking a moderate loss. However, upside for sweep buyers is more limited compared to non-sweep buyers. The profit for non-sweep buyers in the 75th percentile is more than double that of sweep buyers.

  • Sweep buyers may be less likely to take a loss when reselling, but that doesn't mean they are necessarily making savvier buying decisions. Sweep buyers have resold at a substantially lower rate, 4.5% to 26.5%.

⑤ IndexCoop

Click here to read Part 2.

OurNetwork: Issue #99 (Part 2)

Coverage on Genie and IndexCoop.

Continued from Part 1.

⑤ IndexCoop

👥 Ruvaag

📈 How 2.8k DPI LPs ($50M+ assets) migrated to Uni V3

👉 Community Discord  🔎 Dashboard

  • IndexCoop's DPI (DeFiPulse Index) provides broad DeFi exposure by creating a market-cap weighted basket of DeFi tokens into an ERC20 index token. DPI migrated their Liquidity Provision Program from Uniswap v2 to Uniswap v3 in August 2021. Even post-migration, the DPI/WETH Uniswap v2 Pool still holds ~40% of combined assets and accounts for ~44% of the combined daily trading volume.

  • Despite the above, the DPI/WETH Uniswap v2 Pool saw a significant outflow of capital (from $50M+ in Aug 2021 to $10M+ by the end of Sept), accompanied by an ~7x jump in the Uniswap v3 Pool TVL (from $2.2M+ in Aug 2021 to $15M+ by Sept end), indicating the extent of the migration in terms of capital.

  • As with others, the DPI LP migration saw some resistance - there were 2.8K+ unique LPs for Uni v2, but Uni v3 saw only 380+ unique LPs. Additionally, the combined 1.5K ETH / 45K DPI of reserves in the Uni v2 & Uni v3 pools are a fraction of the 8.5K ETH / 65K DPI held in the Uni v2 Pool in Aug 2021.

🦉 IndexCoop (Part ②) 👥 Deepanjal Gupta 🔎 Dashboard

📈 6260 DPI worth ~2.2M USD currently on Polygon

  • A total of 6260 DPI tokens are present on Polygon currently. The cumulative amount has increased sharply since Oct 20th, when the WETH-DPI contract was introduced, which in of itself contains around 2.2M USD (as of 2021-11-25 08:53:41 UTC).

  • When we split the addresses holding DPI by wallets and contracts, we see that even though 83% of the addresses are wallets, they hold only 30% of the DPI on Polygon (the average wallet holds ~ 2.4 DPI while an average contract holds ~ 27 DPI).

  • The number of daily transactions that add to the DPI-WETH pool liquidity (minting) hovers around 200. We can also see that the amount of DPI added per transaction is only ~0.8 per transaction. This is in sharp contrast with the burn transactions where the average size of the DPI burn is ~ 7.

OurNetwork: Issue #98

Coverage on DeFi and ConstitutionDAO.

The #1 Crypto Analytics Newsletter

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About the editor: Spencer Noon is co-founder of Variant Fund. Founders should reply to this email to get in touch.

Network Coverage: DeFi and ConstitutionDAO
This week our contributor analysts cover ConstitutionDAO, dYdX, BarnBridge, DeFi Kingdoms, and Paraswap.

① ConstitutionDAO

👥 Andrew Hong

📈 17.5k people raise 11.5k+ ETH to buy the Constitution

👉 Community Discord 🔎 Dashboard

  • ConstitutionDAO was created to try and raise $20m to buy the U.S. constitution at the Sotheby's auction on November 18th. It took four days to raise 11,150ETH, with parabolic momentum. The first 2,500 ETH took 3 days, but after a whale donated 1000ETH the contributions started to pour in. There were a few large contributions of 50-500 ETH, but most contributions came in at 0.05-0.1 ETH. Although the DAO was not successful in its bid, narrowly losing the auction, there are reports that this was the largest crowdfund for a physical object ever!

  • Average (<40 transactions in wallet) and first-time (first transaction in wallet) Ethereum users made over 50% of the number of contributions from start to finish! That's pretty amazing to see, and a lesson to learn for onboarding more users to Web3 (16000 unique addresses total).

  • There was a reliance on mini-whales in this crowdfund, with 50% of total funds raised came from contributions of 33ETH less in size. The median contribution was 0.05 ETH (7000 users in this bucket), and they made up 12% of total funding.

② dYdX

👥 Corey Miller

📈 dYdX daily volumes ~$3B -- largest DEX by Volume

👉 Community Discord 📌 Job Board 🔎 Dashboard

  • dYdX remains the top decentralized exchange by trading volume across the ecosystem. Compared to other perpetual trading protocols, dYdX is capturing 95%+ of the market on a daily basis. According to CoinMarketCap, dYdX captures roughly 12% of the daily total decentralized exchange volume.

  • dYdX Trading Rewards continue to be extremely distributed, with no one address capturing more than 4.2% of the rewards during the current epoch. 3,835,616 DYDX are distributed via Trading Rewards per epoch, which at current prices translates into roughly $49M in USD terms.

  • There is currently 816.6M USDC in the Liquidity Staking Pool across 1042 unique stakers. This USDC is used as a zero interest un-collateralized loan to whitelisted market makers controlled by dYdX governance. Liquidity on the protocol will continue to increase as the pool becomes more utilized.

③ BarnBridge

👥 Pavlo Bendus

📈 SMART Alpha TVL Grows 10x in 10 weeks

👉 Community Discord 🔎 Dashboard

  • SMART Alpha has grown to $5M+ in TVL after 10 weeks. It allows users to speculate on the expected performance of an asset through staking their asset(s) in Junior or Senior tranches of liquidity. Junior positions (Juniors) receive levered outcomes while Senior positions (Seniors) receive absolute downside protection up to a certain decline in price. The largest SMART Alpha pool at the moment is WETH-USD on Ethereum. SMART Alpha Juniors, who’ve held their positions since launch, have earned an ETH-denominated return of 34% (~176% annualized).

  • The WETH-USD pool is split 95%:5% between Seniors and Juniors. This means that Juniors are receiving 18.8x exposure to ETH while Seniors receive 3.85% of absolute downside protection. Next week's pool ratio is even more extreme with just 5% on the Junior side showcasing bearish market sentiment.

  • Apart from ETH mainnet, SMART Alpha is also deployed on Polygon, Avalanche, Binance Smart Chain, and Arbitrum with over $250k worth of assets in TVL. Further expansion to additional Layer 2 solutions will make it possible for more users to bet on the assets' prices and grow their portfolio’s value.

④ DeFi Kingdoms

👥 DCF Intern

📈 DeFi Kingdom's TVL Reaches $290 Million

👉 Twitter 🔎 Dashboard

  • Since its relatively quiet debut back in August, DeFi Kingdoms has seen an unprecedented rate of growth in the past month. Built on the L2 scaling solution Harmony, the GameFi platform combines DeFi elements (decentralized exchanges, liquidity pools and staking) with an elaborate NFT-based hero system. In a span of three months DFK's player base has grown from under 1k to 41k — including $904 million in total transaction volume and $2.12 billion in assets.

  • Thanks to DFK's recent success, TVL on Harmony (including staked tokens) hit record highs of $550 million earlier this week. DFK's TVL, which grew by 47% to $310 million in the past week, now accounts for 55.19% of Harmony's TVL. For comparison, SushiSwap is the next largest protocol at $95 million TVL.

  • JEWEL, which is DeFi Kingdom's governance token and in-game currency, rose over 230% since the start of November. With a fully diluted valuation (FDV) of $4 billion, JEWEL is now more valuable than Harmony's governance token ONE – which currently trades at $3.28 billion FDV.

⑤ Paraswap

Click here to read Part 2

OurNetwork: Issue #98 (Part 2)

Coverage on DeFi and ConstitutionDAO.

Continued from Part 1.

⑤ Paraswap

👥 Matt Aaron

📈 Over 50% of PSP claimed ahead of DAO launch

👉 Community Discord 📌 Job Board 🔎 Dashboard

  • The $PSP launch drew some ire from the increasingly hard to please crypto community. The token was airdropped to 20,000 of their most active users across the multiple EVM chains they serve, excluding ~98% that had used Paraswap at one time or another. The Paraswap team put a lot of effort into filtering out "sybil attacks" and/or traders who used the DEX aggregator primarily for a future airdrop. As of Thursday afternoon EST, 89 million of the 150 million $PSP had been claimed.

  • The day of the launch, Alameda and Three Arrows Capital added to the Uniswap V3 liquidity pools. They added $ETH only, making limit orders around the $1.40 level. The token currently sits around $0.90, with a circulating market cap of $100 million. Note: there are no investor unlocks until March 15th, 2022.

  • This Saturday, the Paraswap DAO makes their debut in their first community call. Voting can only be done with unstaked $PSP. The unofficial Twitter poll makes it look like $PSP may soon be available on Avalanche.

OurNetwork: Issue #97

Coverage on ENS, Hop, and Mirror.

The #1 Crypto Analytics Newsletter

Quick Links

About the editor: Spencer Noon is co-founder of Variant Fund. Founders should reply to this email to get in touch.

Joining MetricsDAO

Today I am excited to announce that OurNetwork has joined MetricsDAO as a Genesis+ Member, with proof of this found directly on the Ethereum blockchain.

For those of you who may be unaware of this new crypto analytics initiative, MetricsDAO’s mission is to empower analytical minds within the blockchain ecosystem and provide a framework for insights to be delivered on-demand and as-needed.

Protocols will be able to engage with the DAO to get metrics they need — a service I believe is sorely needed in the space.

MetricsDAO is being launched by active analysts in the space (many of whom are OurNetwork contributors) and will be supported initially by Flipside Crypto, who is donating its own IP and committing to an ethos of being data platform neutral.

I’m really excited about this and can’t wait to see MetricsDAO launch. Hopefully we can 100x the number of crypto analysts and feature the best of the best on future OurNetwork issues!

— Spencer Noon

Network Coverage: Web3
This week our contributor analysts cover Web3: ENS, Hop Protocol, and Mirror.


👥 Joel John

📈 Close to 60% of ENS Airdrop claimed

👉 Community Discord 📌 Job Board  🔎 Dashboard

  • 57.6% of ENS tokens that were to be claimed through the airdrop have been claimed by a cumulative of 73,082 addresses. Based on a price of $55 per ENS, that is almost $800 million of value that has gone back to users. It is possible that the claim rate will diminish going forward as a high number of individuals may no longer have access to wallets used to register their .eth domains.

  • The airdrop was interesting due to how equitable the drop was for smaller players. 14,302 wallets received between 50 to 100 tokens each. Only 16 wallets received more than 1000 tokens from the airdrop. No external investor allocations were involved in the token economics.

  • ENS releasing tokens have been beneficial in making more users aware of them. North of 7000 domains were registered in the days following release of the tokens, compared to less than 1000 on an average day in the weeks before.

② Hop Protocol

👥 Lito Coen

📈 Hop breaks $100M TVL + large transfer volumes 🐰

👉 Community Discord 📌 Job Board 🔎 Dashboard

  • Hop is a multi-chain bridge connecting Ethereum to various scaling solutions like Arbitrum, Optimism, Polygon, and xDAI (zk-Rollups 🔜). This week, Hop passed the $100M in TVL milestone. Close to 70% of the funds are locked in Curve-like AMM pools which Hop deploys on each scaling solution it supports. The remainder is staked by “Bonders,” which are essentially market-makers underwriting transfers and fronting the liquidity at the destination chain when a user sends tokens between networks.

  • Why AMM's? Hop uses hTokens (hETH, hUSDC, etc.) which are essentially IOU's backed by collateral on L1 which can instantly be transferred between networks with the help of Hop Bonders. The AMM's are used to convert hTokens into canonical tokens like USDC or ETH in the final step of every transfer.

  • Volumes on Hop really started picking up significantly when $ETH support was added last month. Since then, $ETH transfers make up more volume than USDC, USDT, DAI, and MATIC combined. The graph below is incomplete, but internal data shows that the daily $ETH transfer volume averaged $10M last week.

③ Mirror

👥 Andrew Hong

📈 Creators raise 5800+ ETH with public tool suite

👉 Community Discord 📌 Job Board 🔎 Dashboard

  • Mirror opened up all tools to the public in October, leading to a 200% increase in creator activity to 600+ economic blocks deployed from 1000+ addresses. Most of this activity is in entry editions, where entries published to Arweave get tiered NFTs attached to them (0.01 ETH, 0.1 ETH, and 1 ETH tiers).

  • Crowdfunds are still the leading source of ETH raised, totally 2600 ETH between vanilla contributions and contributions through editions (NFTs). Mirror has also been testing Dutch auctions with the Bright Moments team, raising 1850 ETH in October from 4 auctions.

  • Mirror now has a Dune dashboard for showing statistics on the activity of specific creators and their communities. You can find details on their campaigns run on Mirror, their treasury history, and the activity of any ERC20 or ERC721 tokens deployed.

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