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 throughout the ecosystem.
The slides are embedded right here with abstract commentary under and linked right here.
My Prime 15 Observations from the Information:
- 2.5m wallets are lively every day throughout web3. Flat pockets depend probably means comparatively fixed GDP within the ecosystem. We’d like extra merchandise to draw new customers to herald extra GDP.
- Binance, Solana, Polygon, & Ethereum wallets symbolize greater than 80% of these every day lively customers.
- Centralized exchanges handle roughly 100m complete lively wallets.
- Buying and selling volumes are down 60% which is generally 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 during the last 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 common Solana NFT is value 10% of the common Ethereum NFT, Ethereum retains 90% of NFT traded worth.
- L2s (Arbitrum & Optimism) account for 30-40% of all transactions on Ethereum, however devour solely 2% of the full fuel, cementing their worth.
- About $250m flows into L2s every month.
- MEV (most or miner extracted worth) has tapered off resulting from FlashBots’ searchers. Decrease MEV means customers pay decrease charges once 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 firms (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 learn how to worth a web3 firm. This milestone will start to shift the early & late stage non-public markets’ valuations. That is why advertising will develop into so vital within the subsequent 12 months.
General, 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 most effective purposes of the 4 basic improvements of web3.
A number of notes in regards to the information:
- web3 information 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 information, not airtight proof of a Higgs boson hidden inside a blockchain.
- the info is collected primarily from Dune, but it surely contains information from others like gokustats.xyz & tokenterminal.com
- lots of the queries in Dune are linked within the dashboard. I’d respect any assist, pointers, steerage to enhance them. My aim is to enhance accuracy & precision over time.