OurNetwork: Issue #93

Coverage on Yearn, 0x, and Visor Finance.

Letter From The Editor

Yesterday we announced a new educational program called OurNetwork Learn that I’m excited to flag for our readers. Produced by OurNetwork contributors and in partnership with Dune Analytics, the program will teach 30 students how to analyze data in Web3 and communicate their work publicly in just 30 days.

If you’re interested in applying to the program, or supporting us as a sponsor, please check out our Mirror page by clicking here.

β€” Spencer Noon

πŸ•› About the editor: Spencer Noon is an early-stage VC at Variant
πŸ‘‹ Builders should reply directly to this email to get in touch
πŸ†• Click here to apply to the OurNetwork Talent Agency

Network Coverage: DeFi
This week our contributor analysts cover DeFi: Yearn, 0x, and Visor Finance.

β‘  Yearn

πŸ‘₯ Will Leas

πŸ“ˆ Yearn surpasses $5.3b in TVL, $44m in revenue

πŸ‘‰ Community Chat πŸ“Œ Job Board πŸ”Ž Dashboard

  • Yearn’s TVL has crossed all time highs, surpassing $5.3 billion. Yearn is currently in the early stages of a multichain push. To date, Yearn has launched Vaults and a native Iron Bank on Fantom amassing $63 million in TVL. Yearn has signaled future expansion desires onto Arbitrum, Optimism, Polygon, Avalanche and others, and is close to launching Yearn v3, a revamped UI with user experience and the multichain future in mind. These initiatives should result in sustained TVL growth.

  • Cumulative protocol revenue has surpassed $44.5 million. Total protocol revenue in Q3 2021 was $15.2 million, down slightly from $18.4 million in the previous quarter. However, Q3 2021 revenue was still up significantly from $5.5 million in Q1 2021 and over 470% YoY.

  • The Curve stETH vault has emerged as Yearn’s most popular vault measured by TVL, growing ~10x in Q3’21 to over $788m in TVL today. The Curve stETH vault uses the Curve liquidity mining program to farm CRV, LDO, and trading fees, harvesting rewards into ETH and redepositing ETH/stETH into the vault.

β‘‘ 0x

πŸ‘₯ Danning Sui

πŸ“ˆ 0x API Accumulated 1.6Million+ Trader Wallets

πŸ‘‰ Community Discord πŸ“Œ Job Board πŸ”Ž Dashboard

  • 0x API now is on 4 blockchains, surfacing 47 dApps' customers' trading demands, connected to 39 liquidity sources, which also supports multiple asset types in 1 trade (ERC20, ERC721 and more). Until today, 0x API enabled 1.6m+ DeFi users (defined as trader wallets) to place dex trades. Over 1.2m of the wallets made a trade >$1 and over 1m wallets traded more than >$10 in 1 single trade. Cohort chart shows half million of users flooded in September, mainly on Polygon and Binance Smart Chain.

  • Wallets behaviors differ by chain. With higher volume and frequency, Avalanche is catching up with Ethereum on daily average and median trade size; while BSC and Polygon sizes are much smaller. Zapper dominates the trade count on Polygon and their quest campaign largely fluctuates trend for Polygon.

  • Matcha launched gasless trading open beta 2 weeks ago on Sep 28th. Early stats shows $18.6M volume has been traded and 670+ Matcha users has benefited from this feature to trade without paying Ethereum gas fees. A total of 17.41ETH ($650k+) has been consumed and burnt, paid by 0x's Market Makers.

β‘’ Visor Finance

πŸ‘₯ Lewis Harland

πŸ“ˆ Visor surpasses $14m TVL & $2.5m protocol revenue

πŸ‘‰ Community Discord πŸ“Œ Job Board πŸ”Ž Dashboard

  • Visor Finance is a DeFi protocol for active liquidity management by using NFT smart vaults. Visor manages assets in top pools on Uniswap V3 with optimisations and market making strategies. Total Visor TVL across vaults is at an ATH of $14.4m. The ratio of liquidity added to Uniswap V3 via Visor Finance has dropped from 0.7% to 0.4% over September but has since bounced back to ~0.6%. This is directionally positive as it indicates Visor is contributing more to Uniswap V3’s total TVL.

  • Visor takes 10% of re-invested Uni V3 fees by buying VISR and distributing those tokens to VISR stakers. 13.3m VISR is now staked by holders wishing to receive this fee distribution. Visor has generated over $2.3m in protocol revenue to date with over $250k distributed to VISR stakers.

  • Vault performance for LPs vs. passive strategies is important to attract liquidity to Visor. Since the 27th of August, Visor’s WETH-USDT pool performance has underperformed versus a passive Uni V2 and ETH HODL strategy. Managers are able to refine their strategies to stay competitive over time.

OurNetwork: Issue #92

Coverage on Terra, Bitcoin, Ethereum, NEAR, and Celo.

Letter From The Editor

Today I am thrilled to unveil OurNetwork’s new brand, completed by renowned independent creative studio Regrets Only. Check out this Medium post from the team which breaks down its major elements.

As the world of crypto gets increasingly complex, OurNetwork is doubling down on our mission of community-owned analytics. We are starting with a new identity but there is much more to come, stay tuned.

β€” Spencer Noon

πŸ•› About the editor: Spencer Noon is an early-stage VC at Variant
πŸ‘‹ Builders should reply directly to this email to get in touch
πŸ†• Click here to apply to the OurNetwork Talent Agency

Network Coverage: L1 Networks
This week our contributor analysts cover L1s: Terra, Bitcoin, Ethereum, NEAR, and Celo.

β‘  NEAR

πŸ‘₯ Tiffany Gao

πŸ“ˆ NEAR tops 1M accounts & 182% monthly growth

πŸ‘‰ Community Chat πŸ“Œ Job Board πŸ”Ž Dashboard

  • The NEAR ecosystem is exploding β€” having grown by 182% from August, NEAR has reached 1M total addresses. The increase is the result of multiple factors. There have been a series of high-quality project launches and partnership initiatives over the past few months, including Metapool, grants with Filecoin, Vorto Games partnerships. NEAR reached a new ATH price and ranked 1st for top gainer in mid-September. MetaBUIDL hackathon reached a successful end with hundreds of participants and 76 project submissions.

  • TVL on NEAR is increasing with momentum gained by all projects. Rainbow bridge TVL experienced 10x growth in September, ranked as one of the top growth among bridges. In addition to the record on DeFi Llama, Cheddar.farm has over $7M, and Skyward has $15M, in total surpassing 100M TVL on NEAR.

  • More and more developers are actively building and engaging on NEAR. Monthly Active Developer reached almost 1000 with an average MoM growth of 30% from May. NEAR also launched simple nightshade, announced a plan for private shards, and will be hosting NEARCON in October.

β‘‘ Celo

πŸ‘₯ Will Leas

πŸ“ˆ TVL on Celo has surpassed $865M, up 139% in Q3'21

πŸ‘‰ Community Discord πŸ“Œ Job Board πŸ”Ž Dashboard

  • TVL on Celo has surpassed $865M, up 139% in Q3 2021. Around 74% of that TVL is in Mento, an AMM native to Celo which is responsible for helping cUSD maintain its peg to USD. Ubeswap (DEX) and Moola (Lending) are the second largest protocols by TVL on Celo with ~$81M and ~$79M in TVL, respectively. Celo’s TVL is likely to continue to see strong growth on the back of the announcement of a $100m DeFi incentive program and the launch of Optics, a cross-chain interoperability solution.

  • The total number of Celo addresses has grown to over 1.3M, up 629% from 180,439 addresses at the end of Q1 2021.

  • Over the past 30 days, there has been an average of 457K transactions per day on Celo. This is significantly higher than the daily average of transactions on Avalanche, Near, and Polkadot over the same period, per each L1’s respective block explorer.

β‘’ Ethereum

πŸ‘₯ Alex Gedevani

πŸ“ˆ Ethereum tx fees surpassed $1B in September

πŸ‘‰ Community Page

  • Demand for Ethereum blockspace has rebounded, leading to $1B in network fees in September and average transaction fees of $28. Since EIP-1559 go-live, there’s been a 55% net reduction in ETH issuance with 474K ETH ($1.7B) burned. Sustained high fees on Ethereum hamper the user experience and can serve as a tailwind for more user adoption of cheaper L2s and alternative L1s. Active Ethereum addresses are at 577K, down ~27% since May highs.

  • The thriving NFT markets have led to a shift in the makeup of network usage by asset type when it comes to transfers. NFT growth alongside DeFi enables a more robust Ethereum ecosystem. The % of ERC-721 NFT token transfers relative to ERC-20 transfers has risen as high as 29% in October.

  • HODL waves track how active the current ETH supply is based on last on-chain movement. 76% of the supply hasn’t moved in over 6 months and 46% of the supply is in age bands of greater than 1 year. A few factors impacting HODL waves are ETH in DeFi, ETH staking, and CEX ETH reserves in cold storage.

β‘£ Bitcoin

πŸ‘₯ Nate Maddrey

πŸ“ˆ Lightning Network Capacity Tops 3000 BTC

πŸ‘‰ Bitcoin Resources πŸ“Œ Job Board  πŸ”Ž Dashboard

  • Bitcoin Layer 2 usage exploded over the summer with the launch of Lightning tips on Twitter and the continued rollout in El Salvador. As of October 6th, the Lightning Network has over 77K open channels and a capacity of over 3.01K BTC (about $160M), up from 1.66K BTC on July 1st.

  • Bitcoin Layer 1 usage has also been increasing since July 1st. Monthly unique active BTC addresses has rebounded back to about 17M after a drop-off following the May crypto crash.

  • The amount of new BTC addresses has also been trending upwards over the last three months. There were 479.13K new BTC addresses created on October 5th, the highest number since May 13th.

β‘€ Terra

Click here to read Part 2

OurNetwork: Issue #92 (Part 2)

Coverage on Terra, Bitcoin, Ethereum, NEAR, and Celo.

Continued from Part 1.

β‘€ Terra

πŸ‘₯ Brendan Murray + Brian_

πŸ“ˆ 29,670 LUNA Collected by Galactic Punks

πŸ‘‰ Community Discord πŸ“Œ Job Board πŸ”Ž Dashboard

  • The Terra community has recently been stargazing at Galactic Punks, a collection of 10,921 randomly generated NFTs. In just the initial minting, 29,670 LUNA and 102,579 UST was collected over an airdrop minting, a private whitelist, and a public whitelist (and a public sale that never occurred - sold out very quickly).

  • During the Private Whitelist minting, the first transactions began just 14 seconds after the planned start time. By the time the first block was processed, 132 Galactic Punks were minted β€” a sure sign of high interest in the project.

  • Almost 90% of Galactic Punks minted came from the Public Whitelist. This minting never approached the planned ending time, lasting a total of just 8 minutes and 8 seconds. All told, 10,921 Galactic Punks were distributed to 3,642 addresses as part of the minting, generating 29,670 LUNA and 102,579 UST.

Our Network: Issue #91

Coverage on Cross-Chain Bridges, Solana, Polygon, and Kava.

The #1 On-Chain Analytics Newsletter
⭐ About the editor: Spencer Noon is an investor at Variant.
⭐ Founders should reply directly to this email to get in touch.
⭐ Click here to apply to the πŸ†• Our Network Talent Agency

This week our contributor analysts cover Emerging L1 & L2 Networks: Cross-Chain Bridges, Solana, Polygon, and Kava.

β‘  Cross-Chain Bridges

πŸ‘₯ Brendan Murray + Aadharsh Pannirselvam

πŸ“ˆ Level of Daily Bridge Usage Reaches >5K Unique Addresses

πŸ‘‰ Community Discord πŸ“Œ Job Board πŸ”Ž Dashboard

  • There is a significant infrastructural need to navigate from blockchain to blockchain safely, quickly, and cheaply. At present, the best available solutions are bridges. Analyzing trends across both directions of these bridges offers a deeper view into DeFi users' decision-making. Axie Infinity’s Ronin Bridge leads the way in the number of transactions. There exists a direct relationship between unique outbound addresses and price, while price seems to have a minimal impact on daily traffic across the bridge.

  • Meanwhile, the Terra Bridge has increased engagement on Terra network since its launch in March. The increases in inbound volume shown below, combined with minimal change to the number of inbound/outbound addresses, show that whale activity on bridges has increased dramatically with price runs.

  • The same relationship between news interest and traffic/interactive addresses has applied to Solana’s Sollet Bridge in the wake of a massive wave of public interest in Solana.

β‘‘ Solana

πŸ‘₯ Craig Burel

πŸ“ˆ Solana hits 40M tx/day & 100K daily active wallets

πŸ‘‰ Community Discord πŸ“Œ Job Board

  • Solana on-chain activity has maintained its uptrend through the second half of September, with daily (non-voting) txs breaking through 40M/day and daily active wallets hitting 110K. The increase in activity has likely been driven in part by a series of high-profile product launches over the summer and the ongoing Ignition Hackathon that runs through October 15th. Phantom (>500K WAU) and Solflare ($10.3B TVL) wallets rolled out updates that significantly improved the UX for using Solana dapps.

  • A series of new Solana DeFi protocols have risen to prominence over the last few months, with TVL market leaders Saber ($2.83B), Sunny Aggregator ($2.36B), Raydium ($1.37B), and Orca ($711M) lifting the ecosystem’s collective TVL to $8.12B.

  • Solana recently hit a new ATH for % of SOL staked in the network at 77%. SOL staking has been on a steady climb throughout the year and recently hit an inflection point, as Phantom and Solflare launched in-wallet staking, and liquid staking pools have gone live through Lido, Marinade, and Parrot.

β‘’ Polygon

πŸ‘₯ Raphael

πŸ“ˆ Polygon achieves record growth with 288K DAU

πŸ‘‰ Advocate Program πŸ“Œ Job Board πŸ”Ž Dashboard

  • Polygon's userbase is exploding. Growing 38.52% week over week, the network averages over 287K unique daily active users. On September 27th, Polygon eclipsed Ethereum's users for the first time, spiking to over 350K.

    User growth has many catalysts β€” First is NFT adoption. Since July, traders on Polygon OpenSea have multiplied 45.5x, and NFTs sold by 17.5x. Second, gaming is taking off. Arc8 is one example, achieving 104K DAU days after launch.

  • In addition to new users, existing users are re-engaging with Polygon at an incredibly high rate. Older cohorts are maintaining weekly retention rates of over 20%! In fact, many cohorts are displaying "smiling" retention curves, with retention improving over time.

  • The jump in users translate into higher network transactions. Transactions increased in 7 of the last 8 weeks, reaching 6.5mm tx/day. Despite the growth, average transaction costs remain well under a cent at $0.0059. Last week, transactions generated $38K/day for stakers.

β‘£ Kava

πŸ‘₯ NullAp3

πŸ“ˆ Kava Swap Nears $100M Total Volume

πŸ‘‰ Community Discord πŸ“Œ Job Board πŸ”Ž Dashboard

  • Kava Swap is a decentralized exchange and automated market maker (AMM) powered by the Kava Platform. Since the launch of Kava Swap to the Kava mainnet on Aug 30th, the cumulative total volume has grown consistently to approach $100M in the first 4 weeks. We believe that this growth was driven by the high demand from our users for a native swap that allows them to easily convert their assets on-chain without off-ramping from the Kava Ecosystem.

  • As with other Kava Platform products, Kava Swap offers users a safe, reliable way to earn significant returns with their crypto. Since its launch a month ago, Total Value Locked (TVL) has grown to more than $24,850,000, with over 1.8M $SWP tokens paid out to liquidity providers in rewards.

  • The Kava Ecosystem has shown consistently strong growth in TVL over time, with a combined TVL at writing of $400M+. With the addition of Kava Swap and the upcoming ETH bridge as onramps, along with the Kava Ignition Fund accelerating development, we anticipate that this trend will continue.

Our Network: Issue #90

Coverage on OpenSea, Foundation, SuperRare, RMRK, and Fractional.

The #1 On-Chain Analytics Newsletter
⭐ About the editor: Spencer Noon is an investor at Variant, an early-stage crypto VC.
⭐ Founders should reply directly to this email to get in touch.
⭐ Click here to apply to the πŸ†• Our Network Talent Agency.

This week our contributor analysts cover NFTs: OpenSea, Foundation, SuperRare, RMRK, and Fractional.

β‘  OpenSea

πŸ‘₯ Richard Chen

πŸ“ˆ OpenSea set a record $3.4B in monthly volume

πŸ‘‰ Community Discord πŸ“Œ Job Board πŸ”Ž Dashboard

  • OpenSea had a record August with $3.4B in gross merchandise volume (GMV)! OpenSea even did more volume than Etsy and most publicly traded marketplace companies. The NFT explosion the past month was driven by new avatar projects and generative art. OpenSea's search and discovery infrastructure, especially custom integrations for filtering a project's NFTs by attributes, made it the leading platform for buying NFTs.

  • OpenSea earned $236M in fees in August. The fees included both the OpenSea marketplace fee (2.5% of GMV) and seller commission fees. Thus, the take rate for OpenSea was $85.6M in August, giving an annual run rate of $1.027B and a P/E ratio of 1.46!

  • Whereas NFTs are great at onboarding mainstream users to crypto because they're fun and easy to understand, DeFi is more catered towards financial elites who understand trading vocabulary. A total of 240K unique wallets bought or sold at least one NFT on OpenSea in August.

β‘‘ Foundation

πŸ‘₯ Chris Collins

πŸ“ˆ Sales surpass $100 million in less than 7 months

πŸ‘‰ Community App πŸ“Œ Job Board πŸ”Ž Dashboard

  • We hit a major milestone in August - Foundation eclipsed $100M in sales, less than seven months after our launch. Our fast growth is due largely to our engaged global community and our strong product which is enabling our creative economy to take off. Collector excitement is palpable as new talent continues to enter the Foundation network. Notably, generative artist Shvembldr has achieved over 1,400 ETH in sales since his first sale in late July.

  • Our collector base is expanding at an accelerated rate, reaching over 13,700 unique bidders since February. More collectors are jumping on board to take advantage of the opportunity to build out collections that could define the future of culture across a wide spectrum of categories.

  • Collectors continue to enjoy significant returns on the secondary market, with an average price appreciation of 329% across all secondaries. Notably, The Carpoolers collection by Alejandro Cartagena has generated 48.65 ETH in secondary volume and an average of 3.5x returns for collectors.

β‘’ SuperRare

πŸ‘₯ NiftyTable

πŸ“ˆ SuperRare Trading Volume eclipsed $100M in August

πŸ‘‰ Community Discord πŸ“Œ Job Board πŸ”Ž Dashboard

  • SuperRare is the leading curated marketplace for 1/1 NFT art. In August, $14.8M was paid out to the 1,556 artists on the platform. $13.5M was the result of primary sales of the NFTs from artists to collectors. $1.3M was secondary sale royalties. Every time one collector sells an NFT to another, the original artist gets a 10% royalty cut of the transaction.

  • Last month, SuperRare airdropped 150M $RARE tokens, 15% of the total supply, to the artists and collectors who have used the marketplace. This is the first step in their long-term plan to decentralize curation on the platform. The chart below details the distribution of the new token.

  • On August 26th, trading volume on the platform hit $100M and today, that metric has grown to $122.5M. This year has been excellent for SuperRare. The top 10 highest sales on the platform all happened in 2021, the largest being the $1.7M sale of β€˜Death Dip’ by XCopy to Punk4156.

β‘£ Fractional

πŸ‘₯ Julian Rachman

πŸ“ˆ Fractional passes $563M in TVL, 1.9K NFTs locked

πŸ‘‰ Community Discord πŸ“Œ Job Board  πŸ”Ž Dashboard

  • Fractional is building a permissionless and decentralized NFT fractionalization platform to enable greater ownership of the world’s most sought after NFTs. It allows you to split an NFT into some capped supply of ERC20 tokens (inside of a vault), and then list these tokens on some DEX pool to start a "live swap." Since its launch only a couple of months ago, Fractional has traded a total of $887M to date and over 23K unique collectors.

  • The number of Fractional vaults has 4x’d in the past month, producing $400M in total trading volume, and with 25 vaults having implied valuations over $1M.

  • Despite launching just a few months ago in July, Fractional already has ~1000 unique curators and ~1000 daily unique traders.

Click here to keep reading (part 2).

Loading more posts…