Our Network: Issue #61

Coverage on Balancer, 1inch, 0x, and DODO.

Our Network is hiring—click here to see our current job openings.

This is issue #61 of the on-chain analytics newsletter that reaches nearly 10k crypto investors every week 📈


✨ Together with our partners:
Image 2020-11-13 at 10.54.34 AM

1inch, whose v2 offers the best rates by discovering the most efficient swapping routes across all DEXes—swap on the customizable new UI. And also Aave, where you can experience DeFi: Deposit, Earn, & Borrow on Aave.


Scaling Variant and Our Network

Before we dive into this week’s project coverage, I wanted to call attention to some exciting team-building developments we’re announcing today at Variant:

We’re honestly just getting started. Variant has roles open from the investment team to community building at Our Network, and we’re actively searching for qualified candidates from a myriad of backgrounds to join our growing team.

Click here to see open roles at Variant


This week our contributor analysts cover DEXs: Balancer, 1inch, 0x, and DODO.

① Balancer

👥 Jeremy Musighi

📈 Accelerating LBP Volume with 5 IDOs Hitting $236M

👉 Join the Balancer community Discord

💰 Start earning yield by becoming a Balancer LP

  • Balancer Liquidity Bootstrapping Pools (LBPs) are growing as a platform for IDOs, with 5 of the token sales in February (xHDX, RAZOR, HOPR, RAD and MASK) combining for $236M USD in volume. This impact is shown in the rotation of the weekly top 5 tokens in volume on Balancer (outside the leading 6).

  • On February 8th, Aave launched a "proof of liquidity" smart pool on Balancer for staking in their Security Module. In 3 weeks, it has grown into Balancer's largest pool with <$300M in liquidity; aggregating the most liquidity $AAVE has ever had and making it the 5th highest volume token on Balancer.

  • For 5 weeks, Balancer has paid out gas reimbursements to traders and this will continue for at least 3 more weeks. 17,324 BAL (~$700K) has been distributed to 8,210 unique addresses so far, of which 84% did not hold BAL before the program. 75% received >1.44 BAL, indicating an even distribution.


② 1inch

👥 Nikita Ovchinnik and Valeriya Minaeva

📈 TVL increases 15x to over $1.5B

👉 Join the 1inch community on Twitter

  • The TVL of the upgraded 1inch Liquidity Protocol has risen significantly, from $100М to $1.5B (1,500% growth over a 2-month period). 1inch.exchange has achieved a great milestone of more than 1M total swaps and the number of active wallets has continued to climb too, reaching 167k.

  • The 1inch network has expanded to Binance Smart Chain. The promising move has already gained enormous traction and continues to step up daily. Trading volumes of the 1inch Aggregation Protocol have reached $138M, and the number of swaps totaled 72k+ only in a few days following the integration.

  • Finally, Version 1.1 has improved the governance procedure on 1inch. Over the last 7 days, 1inch has collected more than $1M (237K 1INCH tokens) to be paid out as governance rewards to our community!


③ 0x

👥 Danning Sui

📈 $6.6B+ in Feb, v4 upgrade brings volume to ATH

👉 Join the 0x Community on Discord

  • The first 2 months' volume ($12.6B+) on 0x outperformed the entire year of 2020 ($9B). Daily trading volume hit ATH of $455m on Feb 23rd, and the monthly avg. trade size of Feb also doubled the peak record from 2020. With the appreciation in ETH price, ZRX stakers have already earned $1.2M+ in protocol fee rewards.

  • The 0x team launched v4 protocol recently, with a major upgrade on gas optimization. Its current contract logic reduces gas cost and can save ~4% for Uniswap fills, compared to Uniswap's itself. 0x API and Matcha now support the v4 upgrade. RFQ order volume largely benefited from the upgrade.

  • New integrations on the 0x API include Totle, dex.guru, LedgerDex, TokenSets and Zerion. Among them, Totle generally brings larger orders in, with an average trade size of $22k since Jan, and $130k for the past week; other new apps serve smaller retail trades, with a relatively larger user base.


④ DODO

👥 Ricky Wang

📈 $100M+ volume record, vDODO gaining popularity

👉 Join the DODO Community Forum

💰 Mint vDODO to start earning

  • In February, DODO released its v2 product suite and trading volume on the platform saw a significant boost, reaching a record-high $102.7M on the 17th. Since then, DODO’s volume has been oscillating in the $40-90M range (a 2-5x increase pre-v2) as market movements continue to fluctuate.

  • DODO token holders are being drawn to the newly introduced loyalty program and its proof-of-membership token, vDODO. As of March 5, 2,064 addresses have staked a total of more than 16.1 million DODO tokens to earn membership rewards. The exit fee for vDODO has gone down from the initial 15% to 7.6%.

  • Crowdpooling campaigns, which provide fundraising options for projects and gives users equal access to participate in token launches, are attracting considerable amounts of interest. One campaign that ran from February 22-23 had more than $25M of funds staked by participants in the last three hours.


About the editor: Spencer Noon is an investor at Variant.

Our Network: Issue #60

Coverage on Handshake, Numerai, Chainlink, The Graph, and Arweave.

We’re hiring a research analyst at Variant Fund — apply here.

This is issue #60 of the on-chain analytics newsletter that reaches 8000 crypto investors every week 📈


✨ Together with our partners:
Image 2020-11-13 at 10.54.34 AM

1inch, whose v2 offers the best rates by discovering the most efficient swapping routes across all DEXes—swap on the customizable new UI. And also Aave, where you can experience DeFi: Deposit, Earn, & Borrow on Aave.


This week our contributor analysts cover The Graph, Chainlink, Numerai, Handshake, and Arweave.

① Chainlink

👥 Blaise Cavalli

📈 LINK rewards +257% YTD

👉 Join the community on Telegram

  • Chainlink’s holder community moved from 183k to 400k wallets all along the last 6 months, representing a 118,5% growth over the period. Wallets labeled as holders here are holding at least 1 token on their wallets, with a residual balance evolution (+/-10%) and a residual on-chain volume (<20% of their balance) on a weekly basis.

  • The overall on-chain volume has also reached a new ATH recently, with our indicators being at $3.8B representing the value of weekly on-chain flows. The average transaction value sits at $30k. Both figures have been multiplied by 3 since the beginning of the year.

  • This growth has been fueled by an increasing number of incoming investors on LINK, moving from 15k to 30k wallets on a weekly basis. Incoming investors are defined as wallets having a balance evolution superior to 10% of their balance. 

  • Finally, LINK rewards have skyrocketed the last quarter, moving from 700k LINK in early January to +2.5M in late February, representing a 257% growth (source).


② Numerai

👥 Omni Analytics Group

📈 TVL increases 4x YoY

👉 Join the Numerai community forum

  • For Numerai the name of the game is staking and the platform has maintained a positive growth trajectory in locked value from Q4 2020 well into Q1 2021.  The classic tournament recently clocked in over 248,000 NMR staked across 1,299 model submissions.  This was an over 4x year over year increase in value locked in the protocol. 

  • Signals is Numerai’s more generalized tournament that focuses on capturing insights from models built on datasets procured by the participating data scientists. Naturally the barrier to entry for this tournament is higher, but with the aid of collective community on-boarding initiatives, Signals has reached a new all-time high of 2,700 staked NMR.

  • With solid increases across multiple on-chain metrics, Numerai has shifted their efforts toward promoting more community-developed content.  The community forum contains sample code and guides that walk new participants through the process of making their first submission. Webinars discussing data science techniques have become a bi-weekly staple and more technical content is being regularly published to Numerai’s Youtube channel.


③ The Graph

👥 Eva Beylin and Brandon Ramirez

📈 11B queries in January, 37% MoM growth

👉 Join the GRT community forum, 💰 become a delegator

  • 2021 is off to the races with over 11B queries processed in January by The Graph’s hosted service, which is 37% MoM growth or ~20% 3mo MoM, with avg daily query volume exceeding 400M. DeFi continues to be the main volume driver but adoption of NFT subgraphs is picking up.

  • It’s been 2 months since mainnet and there are 160+ indexers and 5,000+ delegators contributing to The Graph network. Delegators stake GRT on indexers to earn a cut of their rewards. To date, ~17.7M GRT has been awarded to indexers and ~33.2M GRT awarded to delegators (and rising)..

  • Each indexer has a delegation cap of 16x their stake to guarantee a base level of security and decentralization, after which rewards are capped to encourage re-delegation to other indexers. The delegator to indexer stake ratio is currently 3.08x, so delegators are receiving a substantial share of indexing rewards.

  • Indexing reward cut is a delegation parameter that indexers toggle to attract delegators. The lower the cut, the great the share of rewards earned by delegators. Today most indexers take over 90% of rewards, but others take less to attract delegators. Interestingly, the distribution is bi-modal and another smaller cluster of indexers has chosen rewards as low as 10-20%.

  • Finally, the volatility of indexing reward cuts is an indication of how stable indexers have kept their indexing reward cuts over time, which is an indicator for the predictability of delegator income. As seen below, rewards have not been perfectly stable, which may mean indexers are delegating to themselves to deter other delegators.


④ Arweave

👥 Garrett MacDonald

📈 57% of AR wallets active, PSTs blossoming

👉 Join the Arweave community Discord

  • As of 1:41PM UTC on Feb 25th, there are 56654 Arweave wallets, and 57% (32302) of them have been active in the past 6 months. 58% of these active addresses own PSTs (Profit-sharing tokens).

  • At least six notable projects now use Arweave to back up their code bases: Polkadot, Solana, Skale, Mirror, Nervos, and Mask Network. Arweave is differentiated in the crypto ecosystem as a L1 which can provide essential utility to other protocols.

  • With the new SPORA (Succinct proof of random access) mining algorithm implemented on Wednesday, each piece of data uploaded to Arweave is checked for integrity once every ~14.4 seconds by miners. Mining incentives are now biased toward data storage.


Click here to read Part 2, featuring Steven D. McKie’s deep dive on Handshake.

Our Network: Issue #60 (Part 2)

Coverage on Handshake, Numerai, Chainlink, The Graph, and Arweave.

Continued from Part 1.


⑤ Handshake

👥 Steven D. McKie

📈 The Name Economy has shaken up

👉 Join the community Telegram, ✏️ Learn HNS

  • Handshake qualitatively and quantitatively has made many strides since our last update. The number of opened TLDs (or NFTLDs) on the network have increased immensely, now with over 638,000+ names open for auction to date; the $HNS price has seen a ~150% rise, driven to over $0.30+ in the last month as it enters price discovery. To put this into real-world perspective, there are only about 1,514 in the ICANN DNS namespace active today. Handshake is economically, and now extendably, a more robust namespace, with embedded incentives over the legacy system. Time is now the only factor standing between Handshake and long-term success. On February 3rd of 2021, HNS celebrated the 1 year anniversary of its formal launch; and February 14th, 2021 was the anniversary of the 2016th block, which marked the beginning of Handshake’s name bidding and transactions following its consensus aware slow-roll launch.

  • As Namebase.io permeates the Handshake ecosystem as the sole Handshake exchange and name registrar, their recently launched secondary marketplace has also seen impressive month-over-month growth and remains unchallenged. With February having already exceeded 1.6 million+ HNS in name sale volume as of the 21st, with 7 days remaining in the month. With the increase in demand for names already registered, the secondary market resale value of HNS will continue to explode as new markets emerge and price discovery of these non-fungible name assets expands.

  • The on-chain network activity of HNS remains healthy and constantly growing as well. We’ve exceeded 3 million + transactions now to date, with monthly bid volumes for HNS exceeding over 25million+ in January alone. Bids per day for HNS names (transactions calling the BID covenant function to update their namestate during a name auction) continue at a steady pace of around 7-10k daily. The process of buying a Handshake name is a 2nd price Vickrey auction, and is gamified to the point where merely buying a name is an enjoyable experience; and a massive community has arisen to enjoy, and profit seek, together because of it. Internet domains are the first real digital non-fungible asset, so it comes as no surprise that domainers and internet savvy folks have rallied so quickly behind HNS in its first year.

  • With registered names on the network approaching, and soon surpassing over 600,000+, HNS is being utilized exactly as it was meant to be. We’ve seen parabolic growth in the usage of resolvable names on-chain as well, as education and outreach catches up with the community-made resources and infrastructure since Handshake’s launch.

  • And finally, as with any healthy and spry public blockchain, our mining ecosystem maintains a full bill of health as well. Mining difficulty has soared and surpassed over 1 billion in network difficulty. With the combined network hashrate reaching nearly 8 petahashes, we’ve seen roughly a 100% growth since our last update. HNS is now producing nearly $100k+ daily in block rewards, surpassing the daily security of chains almost 2-7x its marketcap. If price follows security, and the Handshake ecosystem continues this parabolic growth pattern with its core use case, what may emerge could be one of the most impressive creations of wealth we’ve seen in crypto thus far as the New Internet finally emerges right in front of us. The DWeb is ripe for innovation, and we stand at the precipice of sweeping change.


About the editor: Spencer Noon is an investor at Variant.

Our Network: Issue #59

Coverage on NFTX, SuperRare, Foundation, and Rarible.

Read the NFT primer that my partner at Variant, Jesse Walden, published earlier this week on Mirror.

This is issue #59 of the on-chain analytics newsletter that reaches 8000 crypto investors every week 📈


🚨 Variant is hiring a research analyst

In case you missed it, last week I announced on Twitter that Variant is hiring for a Research Analyst to join our investment team.

The O.N. community is perhaps the strongest collection of independent analysts and data-driven thinkers in crypto, so I’m hoping interested readers will apply for this role.


✨ Together with our partners:
Image 2020-11-13 at 10.54.34 AM

1inch, whose v2 offers the best rates by discovering the most efficient swapping routes across all DEXes—swap on the customizable new UI. And also Aave, where you can experience DeFi: Deposit, Earn, & Borrow on Aave.


This week our contributor analysts cover NFTs projects: NFTX, SuperRare, Foundation, and Rarible.

① NFTX

Contributor: Alex Gausman, Founder at NFTX

📌 Latest update: CryptoPunks single index funds now on Sushiswap
👉 Join the community: NFTX Forum
  • NFTX is an NFT-focused project that launched on December 22nd. Normally NFTs must be traded individually, but NFTX allows anyone to create a “fund” token that is pegged to a group of NFTs—for example, there is a PUNK-ZOMBIE fund that is pegged to the minimum price it costs to purchase a zombie cryptopunk (currently over 100 ETH).

  • NFTX was the first project to include NFTs in its capital raise and now holds over $5M in NFTs in its DAO treasury in addition to ~$10M in ETH and ~$40M and NFTX tokens. The community raise for NFTX began at a valuation of ~$3M and was open for anyone to join in. Since then, the circulating market has grown substantially and is now about $120M.

  • Sushiswap is a popular DeFi DEX which lets people deposit assets and earn fees from traders. Colloquially, this is called “supplying liquidity” and is usually done in pairs, with the second asset being ETH. The NFTX/ETH “liquidity pool” on Sushiswap began with ~$2.9M in liquidity and now has ~$13.4M. This means that it is currently possible to buy/sell up to ~$135,000 without moving the price more than 2% (slippage).

  • One of the recent funds which was created on NFTX is called MASK and is designed to track the minimum price it costs to purchase a Hashmask NFT—a popular collection that recently went viral within the crypto-community. The fund token, MASK, was launched on February 4th with an initial market cap of $0 and has since grown to a market cap of ~$2.4M.

  • There is also a MASK/ETH liquidity pool on Sushiswap which currently holds ~$630,000 of liquidity for those assets. This means that it’s possible to buy/sell about $6,000 of MASK without changing the price more than 2%.


② SuperRare

Contributor: Richard Chen, Partner at 1confirmation

📊 Resources: get industry data on cryptoart.io
🐤 Stay in the loop: follow the SuperRare twitter bot for artwork sales
🕳️ Dive deeper: read the SuperRare editorial for artist and collector opinion pieces
  • The crypto art industry has exploded in the last few months, with the total crypto art market cap surpassing $100M just a few days ago. Monthly crypto art volume is on pace to surpass $20M in February. Nifty Gateway and SuperRare are the two largest art marketplaces, with SuperRare focusing on 1 of 1 “super rare” pieces rather than 1 of N editions.

  • SuperRare, in particular, is on pace to reach almost $8M in volume in February, more than triple its previous all-time high in January. There is a notable increase in secondary volume in February, as blue chip artworks from Pak, Hackatao, Coldie, and others are being resold for 50-100 ETH each.

  • As a result of new NFT demand, average artwork prices have gone exponential and not just because ETH price is increasing. Right now, the average SuperRare piece is sold for just over 3 ETH. The data also implies that crypto art is decent at storing value denominated in ETH.

  • Monthly active collectors, which is measured as the number of collectors who successfully purchased an artwork, is steadily increasing MoM and is projected to reach almost 650 in February.


③ Foundation

Contributor: Chris Collins, Head of Business Operations at Foundation

🖼️ Start collectingFoundation.app 
👉 Join our communityFoundation Discord 
🏗️ Build with usfnd.dev
  • Foundation is empowering its community of artists and collectors to build the new creative economy — an economy where digital work is valued and collectors are rewarded with upside in an artist’s career. We launched v2 of the platform on February 3rd. Since then we’ve done:

    • Total bid volume: 789.33 ETH (~$1.53mm)

    • Total sales volume: 232.72 ETH (~$452k)

    But more importantly, creators are making real money selling digital work. In just two weeks, creators have earned over 197.81 ETH ( $384k USD).

  • We have attracted a wide range of high-profile creators as well as up-and-coming artists. Some of our most active creators include:

    Creator works are sold through an auction system — once there is a bid equal to or greater than the reserve amount, a 24-hour countdown begins. One of our most active auctions was on a piece by Robbie Tilton called “Fire Sword,” which ended up selling for 10.5 ETH. As we are starting to see in our auctions, when an auction nears its end,, bidding intensifies and creators benefit.

    Click here to keep reading our NFT coverage.

Our Network: Issue #59 (Part 2)

Coverage on NFTX, SuperRare, Foundation, and Rarible.

Continued from Part 1.


  • (Foundation, cont.) For “Fire Sword”, early bids increased by around 10% increments in the early rounds and toward the end they began increasing in 15-25% increments as bidding got more intense. Robbie’s works focus on digital toys, holograms, and collectibles. He has sold all three of his minted artworks for an average of 7.5 ETH each.

  • We have been empowering our creators to onboard new creators through our invite system. As creators have seen how much works are appreciating in value during our auctions, there has been increasing demand to list on our platform. Daily mints by creators have been trending upward, with our top three days occurring this week. Currently a total of 478 works have been minted across 86 creators.


④ Rarible

Contributors: Austin Barack and Christian Murray, Investments at CoinFund

📌 Latest update: Rarible daily volume reaches $1 million with more than 1k daily protocol users 
💰 How to earn: Participate in a Rarible DAO with staking rewards and RARI treasury 
👉 Join the community: Rarible DAO mailing list or Discord
  • Rarible has continued to see strong growth across all key activity metrics. Rarible has grown to more than 5K monthly protocol users as of the end of January 2021, an increase of approximately 5x compared to mid summer 2020. Between late January and early February 2021, daily active users on Rarible protocol increased to more than 1K per day. The number of transactions per day has also increased to more than 2K per day by February 15th. Minting events have seen significant growth in 2021, with 747 NFTs being minted on February 16th alone. Website traffic has grown over the past month from 4K unique daily visitors to over 20K daily.

  • Top influencers from technology, media, and the arts including Mark Cuban, Lindsay Lohan, Tyga, and Sean Lennon have minted NFTs on Rarible. The permissionless and open nature of the platform has driven significant adoption and reduced friction points for new entrants.

  • The Rarible community has made significant strides in building out the token economics of the RARI token and is in the process of establishing the framework for RARI staking. The community has shaped incentives to promote continued growth in protocol engagement among token holders. Since the initial release of the RARI token during the summer of 2020, Rarible has continued to push forward in aligning the interests of all key network participants and introduced staking along with updated governance as key next steps in the protocol’s roadmap.


About the editor: Spencer Noon is an investor at Variant.

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