OurNetwork: Issue #97
Coverage on ENS, Hop, and Mirror.
About the editor: Spencer Noon is co-founder of Variant Fund. Founders should reply to this email to get in touch.
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.
📈 Close to 60% of ENS Airdrop claimed
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
📈 Hop breaks $100M TVL + large transfer volumes 🐰
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.
📈 Creators raise 5800+ ETH with public tool suite
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.