Our Network: Issue #76

Coverage on Helium, The Graph, Pocket Network, and Flashbots.

This is issue #76 of the on-chain analytics newsletter that reaches nearly 12k crypto investors every week 📈

About the editor: Spencer Noon is an investor at Variant, a first-check crypto VC fund.

This week our contributor analysts cover decentralized infrastructure projects: Helium, The Graph, Pocket Network, and Flashbots.

① Helium

👥 Jamie Wilkinson

📈 Helium Network Size Up 15x YoY

💰 Buy a Helium hotspot

  • Helium is a crypto-economic protocol for deploying real-world wireless networks, starting with a LoRaWAN network for low-power IoT devices. In the last 12 months, almost 60k hotspots have been deployed around the world. The rate of hotspot deployment has rapidly accelerated as new manufacturers have come online.

  • Helium's peer-to-peer network now provides coverage in 80+ countries. Beyond LoRaWAN, work has started on expanding Helium to support 5G and LTE, which telcos could use as a low-cost backhaul for mobile phones.

  • Lastly, significant token-economic changes have been approved by the community. HIP20 added a capped supply to HNT via Bitcoin-style halving, plus a novel "net emissions" recycling mechanic; HIP25 moves blockchain consensus to a dedicated validator system that requires long-term staking of HNT.


② Flashbots

👥 Jon Itzler

📈 ~85% Of ETH Hashpower Leverages Flashbots

👉 Join the Flashbot’s community

  • Flashbots provides a private communication channel to Ethereum miners, where searchers can submit transactions with a bid for preferred ordering within a block. The goal is to provide a permissionless & transparent marketplace that democratizes MEV extraction across mining pools, and eventually across validators in Eth2. Since launching in January 2021, the ecosystem has seen an exponential rate of adoption, with ~85% of Ethereum’s mining hashpower now participating and ~$90M in cumulative miner payments to date.

  • The percentage of Ethereum blocks that include Flashbots bundles, as well as the total number of bundles landing on-chain, have both been steadily increasing. The former is hovering around ~60% of blocks and the latter is at ~90,000 bundles included weekly. With bundle merging (ability for miners to accept multiple bundles per block) added in late May, the number of weekly bundles included is expected to continue rising rapidly.

  • It is interesting to look at how Flashbots is affecting total miner revenues, with MEV payments continuing to account for an increasing portion. This is relevant when thinking about expected Eth2 validator revenue in the sense that: a) without Flashbots, validators that extract MEV themselves could compound their ETH stakes at a faster rate than non-extracting validators, potentially fueling increased network centralization and b) with Flashbots, MEV payments may ultimately make up a substantial portion of the revenue to all stakers. There’s also an intriguing debate as to whether miner payments are likely to converge asymptotically towards 100% over time as a portion of total MEV extractable in a given opportunity. This moves searcher profits towards 0 over the long run, so we’ve seen searchers instead engaging in off-chain coordination to keep bids low.


③ The Graph

👥 Eva Beylin & Ford Nickels

📈 25B Queries Processed In May

📜 Delegate your GRT to and Indexer today!

  • In its lifetime, The Graph's hosted service processed over 130 billion queries for top DeFi, NFT, and scaling dapps. From 1 billion queries in June 2020 to over 25B queries processed in May 2021 alone, the hosted service usage has acted as a good proxy for usage growth on Ethereum. Between April-May 2021, the hosted service saw 25% growth in queries. As we continue through subgraph migration, where subgraphs are migrated to the network, we thank the hosted service for serving us well.

  • This week, 8 dapps went live in production with The Graph on mainnet: Audius, Reflexer, Opyn, Livepeer, UMA, DODO, mStable, and PoolTogether. Indexers allocate GRT to subgraphs to process queries. While PoolTogether has the most allocations, the Opyn, UMA, and mStable subgraphs are picking up steam.

  • There are over 7K Delegators and over 150 Indexers contributing to The Graph. 2.9B GRT has been staked (allocated) on the network. Over 139M GRT in Indexing Rewards has been awarded to Indexers and Delegators. 95 Indexers have earned over 100K GRT, 41 of these Indexers have earned over 500K GRT.


④ Pocket Network

👥 Lewis Harland

📈 # Of Apps Staking On Pocket Approaches 400

👉 Join the Pocket Network community

  • Pocket Network is a decentralized relay network that provides apps with RPC access to the long tail of blockchain networks using independent full nodes. Average daily relays on Pocket has averaged ~4m and ~1/3 of the network’s peak at 12m in April. Over the last four weeks, 142M relays have been driven by the Pocket Gateway. In May, node operators served 169.7M relays from blockchain applications. The upcoming launch of wPOKT aims to boost relays by creating a data farming programme for apps.

  • In May, the chain halted temporarily due to a change in transaction indexer but did not impact node count overall. Tendermint began treating nodes beyond the MaxValidators limit (5k) differently, causing a temporary spike in jailed nodes. PUP-8 upgrade increased the node limit to 50k to address this.

  • The number of apps integrated with Pocket has been consistently growing, indicating a growing demand for developers to route requests through Pocket’s independent nodes. This has lead to a growing amount of POKT being staked by those apps which stands at an all-time-high of 10M POKT.

Our Network: Issue #75

Coverage on COMP, AAVE, GTC, and CREAM.

✨ Looking to jump into the crypto space? Teams are hiring engineers, creator/dev evangelists, community, and product/design roles. Get in touch and we’ll do our best to connect the dots.

This is issue #75 of the on-chain analytics newsletter that reaches nearly 12k crypto investors every week 📈

About the editor: Spencer Noon is an investor at Variant, a first-check crypto VC fund.

This week our contributor analysts cover DeFi projects: Compound, Aave, Gitcoin, and C.R.E.A.M.

① Compound

👥 Nick Martitsch

📈 Compound Adds LINK and TUSD Markets

👉 Join the Compound Discord

  • The Compound protocol is a set of open-source interest rate markets for earning interest and borrowing assets. In late May, COMP token holders overwhelmingly passed governance proposals 45 and 46 to add TUSD and LINK as supported markets. Since then, the TUSD market has grown to $60M of supply and $6M of borrowing, while the LINK market has grown to $86M of supply and $9M of borrowing. Both of these markets have a 0% collateral factor to start, and can be upgraded by governance at any time.

  • The Compound protocol’s reserves continue to grow at a steady rate, from $15.8M on March 10 to $27.2M on June 10. Stablecoins make up 75% of the reserves, as these markets have the highest borrowing activity. Governance can use these funds for a variety of use cases to support the protocol.

  • Compound’s liquidation mechanism performed flawlessly during the mid-May volatility, as the price of Bitcoin and Ethereum tumbled 50% from their all time highs. $200m+ of collateral assets on Compound were liquidated during the downturn, ensuring that all suppliers of liquidity remained secure.


② Aave

👥 Alex Bertomeu-Gilles

📈 Record Transaction Volume On Aave

👉 Join the Aave community on Discord

  • The Aave Protocol reached a record $14B TVL in May. Shortly after, the general crypto market consolidation led to a 37% contraction in TVL. Within a couple of weeks, however, TVL returned to past levels due to organic growth since prices have not recouped.

  • Subsequent to the market volatility, Aave Protocol continued to see significant activity. Week 21 recorded the highest volume with $3B of borrows repaid—$110m of those borrows were repaid with collateral without the need to provide additional capital ($1.6B of Flash Loans).

  • Gauntlet Network took a deep dive into these May events in an Aave Protocol Liquidation Retrospective covering May 17th to 23rd, during which users engaged in approx. $310m of liquidations. Gauntlet concluded that the protocol handled the events well with now just $60k in underwater positions.


③ C.R.E.A.M.

👥 Regan Bozman

📈 Assets supplied on C.R.E.A.M. crosses $1.5B

📋 Sign Up For C.R.E.A.M.’s Newsletter

  • C.R.E.A.M. Finance is a decentralized lending protocol for individuals and protocols, live on Ethereum, BSC, and Fantom. The C.R.E.A.M. ecosystem has been exploding, driven in large part by the Iron Bank, which recently crossed $1B in assets supplied. Some of the Iron Bank’s growth is driven by Yearn’s crvIB vault, which recently passed $300M TVL.

  • C.R.E.A.M. revamped its interest rate model for the Iron Bank two months ago. It's now clear that C.R.E.A.M. is the most efficient money market in crypto, with a total market utilization rate of 64% (driven by protocol-to-protocol lending relationships Alpha Homora, yEarn, and mStable).

  • C.R.E.A.M. makes significant revenue as a validator on BSC and Fantom. C.R.E.A.M. launched its BSC node in May and became a top five validator within a week. Not only is CREAM helping to decentralize these networks, but it’s on track to contribute more than $2M annually to C.R.E.A.M.’s treasury.


④ Gitcoin

👥 Omni Analytics Group

📈 Gitcoin has facilitated >$20M in funding for Open Source projects!

🤝 Share your passion of open source with the world

  • Simply stated, Gitcoin’s mission is to support those who support open source software. With over $500B in economic output per year; creatively developed, carefully maintained and freely shared source code form the backbone of our modern digital infrastructure. Acting as a coordination command center, Gitcoin incubates digital public goods through funded bounties, sponsored hackathons, matching grant rounds, and educational quests designed to onboard new stewards of the digital commons. Platform stats below:

  • Most user engagement with the Gitcoin platform comes through the quarterly matching fund grant rounds, which feature a quadratic voting scheme that allocates matching contributions more favorably towards projects with many small donors. The most recent raised over $1.9M through 168k donations, bringing total lifetime funding to over $20M.

  • With the issuance of its governance token, Gitcoin itself was transformed into a decentralized public good. Now token holders guide the protocol by reaching consensus on proposals designed to improve the platform and grow the community even further beyond the 161k current monthly active developers.


About the editor: Spencer Noon is an investor at Variant, a first-check crypto VC fund.

Our Network: Issue #74 (Revised)

Coverage on Handshake, Polygon, and Livepeer.

This is issue #74 of the on-chain analytics newsletter that reaches more than 11k crypto investors every week 📈

About the editorSpencer Noon is an investor at Variant, a first-check crypto VC fund.

This week our contributor analysts cover Web3 projects: Handshake, Polygon, and Livepeer.

① Handshake

👥 Zach Brown

📈 Handshake Crosses 1 Million Names Registered

🛒 Own your own name on the decentralized internet

  • Handshake is a decentralized naming protocol where names are obtained through 2nd Price Vickrey auctions. More than 1.28M names have been registered to date, growing 25% month over month for the last six months. Daily bid volume is at all time highs with ~10k bids a day. Winning bid amounts are burned from supply, a deflationary pressure on the $HNS currency. Total HNS Burned to date is 21.7M HNS, equal to more than 1% of total supply burned in just sixteen months since network launch.

  • On the Namebase Marketplace, secondary sales of Handshake names have grown from 60,000 HNS a year ago to five straight months of over 1 Million HNS in volume. Resale value will continue to grow with the emergence of exchange protocol ShakeDex and use cases like registrars, email, usernames, and more

  • Our mining ecosystem maintains a healthy growth trajectory. With the combined network hashrate reaching 11 petahashes, we’ve seen roughly 50% growth since our last update. HNS is now producing around $100k+ daily in block rewards, surpassing the daily security of chains almost 5-10x its market cap.


② Polygon

👥 Joel John

📈 Daily transaction count reached an ATH of ~7.4M

🏗️ Start building on Polygon today!

  • Polygon's meteoric rise over the past few quarters has not come out of the blue. The macro-economic stage was set with Ethereum being flat in terms of transaction count. This was partly because the network was at capacity and rising gas costs meant individuals engaged with DeFi applications in fewer frequency. This was Binance Smart Chain's opportunity to shine as the network scaled from under a million transactions a day to over 11 million at its peak. Polygon's growth in comparison has been slow, steady, and relatively organic. The largest names building on Polygon are not strangers to Ethereum. In comparison to the numerous forks and rug-pull attacks on Binance Smart Chain, Polygon has had a smaller ecosystem of DeFi applications that have been already battle tested on Ethereum.

  • QuickSwap is a variation of Uniswap on Polygon's network. Sushiswap, Zapper, Curve, and 1inch are known names on Ethereum. Users transitioning towards Polygon's network are trying to escape the cost of transactions on Ethereum's network while seeking similar user experiences. The cost of every transaction combined on Polygon on a given day can come to a few thousand dollars in gas compared to the millions spent on Ethereum's network. There are security trade-offs at play here but, for the moment, it seems users are comfortable with taking that risk. To me, this data shows the role that DeFi can play in a low-cost transaction environment. While applications like NFTs are novel and can find large-scale business-to-consumer use-cases, DeFi dominates transactions given the higher transactional velocity.

  • The chart below looks at the source of transactions on Polygon. I have excluded transactions from "unknown entities" to understand how users have been using Polygon. Aavegotchi had a substantial rise right around the time of all-time high for crypto assets. This is likely an extension of risk-on behaviour due to profits emerging from existing digital asset holdings. However, if we exclude it - the dominance of AMMs become quite evident judging by the rise of Sushiswap and Quickswap within this distribution. Aave's integration has also been contributing to the share of transactions more recently.

  • Aave has been on Polygon for less than a quarter but its rapid growth is quite evident. As of writing this, the average user on Polygon's implementation of Aave does ~5 transactions on any given day. The combined gas cost for supporting over 4,000 users as of early June was under $15. Layer two implementations of lending platforms could unravel entirely new behavior in markets as the costs incurred for borrowing and swapping is reduced. One reason I believe this could be the case is Quickswap's numbers as shown below.

  • Quickswap's rapid growth can be linked to the rise of other DeFi projects building on DeFi but two things stand out for me: (1) it enables over 10,000 swaps consistently as of writing this - indicating that users likely make great use of the lower transaction fees, and more importantly the average value of a swap has risen from $186 to north of $30,0000 at its peak over the time. The recent pullback in markets may have affected user behavior but it is safe to say that Polygon is enabling whale-scale infrastructure within DeFi.


③ Livepeer

👥 Doug Petkanics

📈 Livepeer passes 1M minutes of unique video streamed per week

👉 Join the Livepeer community Discord

  • The number of minutes of input video streamed through the Livepeer network has grown to over 1,000,000 minutes/week, up from about 400,000 in March. As the most critical metric of the Livepeer network’s health, an accelerating [minutes of input video streamed] indicates a growing adoption amongst the video apps building on Livepeer, such as Korkuma.com and Playdj.tv

  • Global access to LPT has increased recently through several high profile exchange listings, resulting in 100 active worldwide orchestrators running GPUs to transcode video on the network. This is currently the max capacity of the network, but with a low threshold to enter the top 100, currently just over 2 LPT, node operation is still highly accessible to those looking to become a transcoder. In fact, these operators are competing for ETH fees flowing through the network which recently peaked at over $7000/week (in addition to inflationary LPT rewards at about 7% APY). 


About the editorSpencer Noon is an investor at Variant, a first-check crypto VC fund.

Our Network: Issue #74

Coverage on Handshake, Polygon, and Livepeer.

This is issue #74 of the on-chain analytics newsletter that reaches more than 11k crypto investors every week 📈

About the editorSpencer Noon is an investor at Variant, a first-check crypto VC fund.

This week our contributor analysts cover Web3 projects: Handshake, Polygon, and Livepeer.

① Handshake

👥 Zach Brown

📈 Handshake Crosses 1 Million Names Registered

🛒 Own your own name on the decentralized internet

  • Handshake is a decentralized naming protocol where names are obtained through 2nd Price Vickrey auctions. More than 1.28M names have been registered to date, growing 25% month over month for the last six months. Daily bid volume is at all time highs with ~10k bids a day. Winning bid amounts are burned from supply, a deflationary pressure on the $HNS currency. Total HNS Burned to date is 21.7M HNS, equal to more than 1% of total supply burned in just sixteen months since network launch.

  • On the Namebase Marketplace, secondary sales of Handshake names have grown from 60,000 HNS a year ago to five straight months of over 1 Million HNS in volume. Resale value will continue to grow with the emergence of exchange protocol ShakeDex and use cases like registrars, email, usernames, and more

  • Our mining ecosystem maintains a healthy growth trajectory. With the combined network hashrate reaching 11 petahashes, we’ve seen roughly 50% growth since our last update. HNS is now producing around $100k+ daily in block rewards, surpassing the daily security of chains almost 5-10x its market cap.


② Polygon

👥 Joel John

📈 Daily transaction count reached an ATH of ~7.4M

🏗️ Start building on Polygon today!

  • Polygon's meteoric rise over the past few quarters has not come out of the blue. The macro-economic stage was set with Ethereum being flat in terms of transaction count. This was partly because the network was at capacity and rising gas costs meant individuals engaged with DeFi applications in fewer frequency. This was Binance Smart Chain's opportunity to shine as the network scaled from under a million transactions a day to over 11 million at its peak. Polygon's growth in comparison has been slow, steady, and relatively organic. The largest names building on Polygon are not strangers to Ethereum. In comparison to the numerous forks and rug-pull attacks on Binance Smart Chain, Polygon has had a smaller ecosystem of DeFi applications that have been already battle tested on Ethereum.

  • QuickSwap is a variation of Uniswap on Polygon's network. Sushiswap, Zapper, Curve, and 1inch are known names on Ethereum. Users transitioning towards Polygon's network are trying to escape the cost of transactions on Ethereum's network while seeking similar user experiences. The cost of every transaction combined on Polygon on a given day can come to a few thousand dollars in gas compared to the millions spent on Ethereum's network. There are security trade-offs at play here but, for the moment, it seems users are comfortable with taking that risk. To me, this data shows the role that DeFi can play in a low-cost transaction environment. While applications like NFTs are novel and can find large-scale business-to-consumer use-cases, DeFi dominates transactions given the higher transactional velocity.

  • The chart below looks at the source of transactions on Polygon. I have excluded transactions from "unknown entities" to understand how users have been using Polygon. Aavegotchi had a substantial rise right around the time of all-time high for crypto assets. This is likely an extension of risk-on behaviour due to profits emerging from existing digital asset holdings. However, if we exclude it - the dominance of AMMs become quite evident judging by the rise of Sushiswap and Quickswap within this distribution. Aave's integration has also been contributing to the share of transactions more recently.

  • Aave has been on Polygon for less than a quarter but its rapid growth is quite evident. As of writing this, the average user on Polygon's implementation of Aave does ~5 transactions on any given day. The combined gas cost for supporting over 4,000 users as of early June was under $15. Layer two implementations of lending platforms could unravel entirely new behavior in markets as the costs incurred for borrowing and swapping is reduced. One reason I believe this could be the case is Quickswap's numbers as shown below.

  • Quickswap's rapid growth can be linked to the rise of other DeFi projects building on DeFi but two things stand out for me: (1) it enables over 10,000 swaps consistently as of writing this - indicating that users likely make great use of the lower transaction fees, and more importantly the average value of a swap has risen from $186 to north of $30,0000 at its peak over the time. The recent pullback in markets may have affected user behavior but it is safe to say that Polygon is enabling whale-scale infrastructure within DeFi.


③ Livepeer

👥 Doug Petkanics

📈 Livepeer passes 1M minutes of unique video streamed per week

👉 Join the Livepeer community Discord

  • The number of minutes of input video streamed through the Livepeer network has grown to over 1,000,000 minutes/week, up from about 400,000 in March. As the most critical metric of the Livepeer network’s health, an accelerating [minutes of input video streamed] indicates a growing adoption amongst the video apps building on Livepeer, such as Korkuma.com and Playdj.tv

  • Global access to LPT has increased recently through several high profile exchange listings, resulting in 100 active worldwide orchestrators running GPUs to transcode video on the network. This is currently the max capacity of the network, but with a low threshold to enter the top 100, currently just over 2 LPT, node operation is still highly accessible to those looking to become a transcoder. In fact, these operators are competing for ETH fees flowing through the network which recently peaked at over $7000/week (in addition to inflationary LPT rewards at about 7% APY). 


About the editorSpencer Noon is an investor at Variant, a first-check crypto VC fund.

Our Network: Issue #73

Coverage on UNI, ETH, BTC, DOGE, and DOT.

This is issue #73 of the on-chain analytics newsletter that reaches more than 11k crypto investors every week 📈

About the editorSpencer Noon is an investor at Variant, a first-check crypto VC fund.

Welcoming Jake Chervinsky to Variant

In case you missed it, yesterday we dropped the news that Jake Chervinsky is joining Variant Fund as a strategic advisor.

As General Counsel at Compound, Jake has unparalleled expertise on crypto law and policy earned by pioneering a multi-billion dollar DeFi marketplace—the first to run the progressive decentralization playbook and make their users owners.

Jake is going to unlock a ton of value for our portfolio founders, and we’re absolutely thrilled to have him as the newest member of the Variant community.

PS—join us, we’re hiring!


This week our contributor analysts cover Uniswap, Ethereum, Bitcoin, Dogecoin, and Polkadot.

① Uniswap

👥 Teo Leibowitz

📈 Uniswap v3 Flips v2 In Volume After Just 3 Weeks

👉 Join the Uniswap Community Discord

  • Just three weeks after its launch, Uniswap v3, the latest iteration of the Uniswap protocol, has officially flipped v2 on volume. Together the protocols have facilitated over $65bn in the month of May, up from $26bn in January 2021. The Uniswap protocols continue to hold 50%+ DEX volume market share. A testament to v3’s trade execution quality, the Uniswap protocols now receive 40% of weekly aggregator flows, up from 20% pre-launch. v3 activity is highly concentrated in the ETH/USDC, ETH/USDT, USDC/USDT, and ETH/WBTC markets, which collectively account for 78% of volume over the past 7 days. 

  • The crux of the v3 value proposition is Concentrated Liquidity, and the protocol’s performance to date reflects the power of enhanced capital efficiency: v3 is already the highest volume DEX with just $1.3bn liquidity, counting 100%+ turnover rate on a daily basis. For perspective, Uniswap v2 sees just 15-20% daily liquidity turnover. v3 currently supports over 7,800 unique LPs across 1,370 unique markets — while 1% fee tier pools make up ~35% of all markets, they have attracted just 7% of cumulative volume. The median LP balance is $1,800, while the top three largest LPs have balances of $96m, $53m, and $47m respectively; this disparity reflects v3’s ability to cater to a broad range of users. As with volume, the majority of v3 liquidity is concentrated in ETH, USDC, USDT, WBTC, and DAI.

  • The Uniswap protocols continue to dominate Ethereum activity, with the v2 and v3 routers attracting ~25% of all network transactions. The month of May has seen over 850,000 unique addresses swap on v2 and v3, up from 327,000 in January, together accounting for over 80% of DEX monthly user market share. V3 median trade size currently stands at $3,350, more than double that of v2.


② Ethereum

👥 Ashwath Balakrishnan

📈 Ethereum Fundamentals Shrug Off Price Volatility

🧭 Explore Ethereum research and resources on ETH HUB

  • Ethereum’s fee ratio multiple — a metric that measures how reliant miner revenue is on block subsidies — has consistently been under 5 for all of 2021, which indicates a high, organic security budget. Bitcoin’s fee ratio multiple, while impressive, is much higher than Ethereum’s (lower is better).

  • 456,000 ETH ($1.25bn) have been deposited in the ETH 2.0 staking contract in the last 10 days, 51% of which occurred in the last 3 days. With over $14bn staked and 80,000+ validators, ETH 2.0 is already the largest Proof of Stake network (and it isn’t even functional yet).

  • Despite the last week’s volatility and price decline, Ethereum usage remains at all-time highs. The percentage of ETH supply locked in smart contracts was unfazed by market conditions, and smart contract usage from users has remained at elevated levels seen since DeFi summer kicked off.


③ Bitcoin

👥 Nate Maddrey

📈 Bitcoin Security Still Strong Despite The Crash

🧭 Explore Bitcoin

  • Over the last two weeks, reports have surfaced that the Chinese government is starting a crackdown on Bitcoin miners. Bitcoin’s estimated hash rate (7-day avg.) has dropped about 20% since then, which could potentially be a sign that some Chinese miners are going offline. In this scenario, hash rate should bounce back as displaced miners start to relocate. Despite the drop, the network is still secure - even if hash rate dropped by 50% Bitcoin would still be resilient against attacks.

  • The amount of bitcoin sent from miner addresses also spiked over the last fews weeks, which could be partially caused by Chinese miners moving their coins to sell. However, it peaked on May 23rd and has been declining since then, hopefully signaling that selling is abating.

  • Despite the uptick in miner outflows, there has been reduction in flow from miners directly to exchanges — potentially due to miners selling OTC. However, in the past miner outflows have correlated with transfers to exchanges, which suggests something has changed with this recent outflow.


④ Dogecoin

👥 Lewis Harland

📈 Elon Spurs Dogecoin Developer Activity

👣 Follow Doge Activity On Github

  • Santiment indexes developer activity from Github repositories based on a wide range of event variables and is useful as a proxy measure for developer commitment to maintaining/upgrading a network’s codebase. After being largely nonexistent since 2017, developer activity has picked up significantly in 2021. Elon’s Dogecoin tweets have preceded upticks in developer activity [the following numbers correspond with the graph below]: (1) “Dogecoin Our Network” (2) “Dogecoin is the people’s crypto” (3) “Picture of Doge on The Moon” (4) Elon's GitHub call to action

  • DOGE has historically made up 10% of all LTC merge mining revenue. Litecoin miners are seeing 5x increase in daily revenue (80% from DOGE income). Opportunistic LTC miners have driven up Dogecoin’s hashrate by 48% YTD (30D) with the merge-mined coin now having a higher market cap than its base coin.

  • As of May 26th, only 62% of Dogecoin nodes are synced within 5 blocks of the chain tip, partially driven by Dogecoin’s 1-minute block times. Lower numbers of fully synced nodes make it harder for new nodes to connect and sync to the network, highlighting certain deficiencies at the network layer.


Click here to read Part 2

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