On the inaugural DuneCon, Dune’s first convention, I shared a presentation on the state of crypto in 2022.
I aimed to characterize the well being of the crypto ecosystem on the most elementary stage. For instance, quantifying the variety of lively wallets, the inhabitants of lively builders, & different dynamics inside the ecosystem.
The slides are embedded right here with abstract commentary under and linked right here.
My High 15 Observations from the Information:
- 2.5m wallets are lively day by day throughout web3. Flat pockets depend doubtless means comparatively fixed GDP within the ecosystem. We’d like extra merchandise to draw new customers to usher in extra GDP.
- Binance, Solana, Polygon, & Ethereum wallets signify greater than 80% of these day by day lively customers.
- Centralized exchanges handle roughly 100m whole lively wallets.
- Buying and selling volumes are down 60% which is usually pushed by asset worth reductions. DEX common transaction measurement declined from $8k to $1.4k.
- Centralized & decentralized exchanges commerce on the similar a number of & transfer in lock step.
- NFT patrons outnumber DEX merchants about 35:1 over the past 6 months however the traded quantity is roughly equal between the 2 teams.
- NFT buying and selling volumes have fallen 97% from the highest.
- 40% of NFT patrons use Solana. As a result of the typical Solana NFT is price 10% of the typical Ethereum NFT, Ethereum retains 90% of NFT traded worth.
- L2s (Arbitrum & Optimism) account for 30-40% of all transactions on Ethereum, however eat solely 2% of the overall gasoline, cementing their worth.
- About $250m flows into L2s every month.
- MEV (most or miner extracted worth) has tapered off as a result of FlashBots’ searchers. Decrease MEV means customers pay decrease charges after they commerce as a result of the market is extra environment friendly.
- Builders push about 300,000 sensible contracts to Ethereum each month, a determine that has been flat for the final 5 months.
- Roughly 5,000 builders push code to web3 each week, down 20% from the start of the yr. This quantity wants to extend considerably for the ecosystem to thrive.
- Web3 corporations (except for L1s) have begun to commerce at related multiples to their web2 counterparts.
- Web3 multiples are more and more correlated to income. The investor group has matured its understanding of the right way to worth a web3 firm. This milestone will start to shift the early & late stage personal markets’ valuations. That is why advertising and marketing will change into so important within the subsequent 12 months.
Total, the crypto ecosystem finds itself in a winter. I see it because the coiling of a spring. A lot innovation has been unleashed in the previous couple of years, most of us are nonetheless absorbing the implications & working to establish the perfect purposes of the 4 basic improvements of web3.
A number of notes in regards to the knowledge:
- web3 knowledge is fuzzy. None of those numbers have the precision or accuracy of a publicly traded inventory whose figures have been audited and are ruled by accounting requirements. I share these figures as directional knowledge, not airtight proof of a Higgs boson hidden inside a blockchain.
- the information is collected primarily from Dune, but it surely contains knowledge from others like gokustats.xyz & tokenterminal.com
- most of the queries in Dune are linked within the dashboard. I’d recognize any assist, pointers, steering to enhance them. My aim is to enhance accuracy & precision over time.
