The State of Web3 in 2022 by Information by @ttunguz

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:

1. 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.
2. Binance, Solana, Polygon, & Ethereum wallets symbolize greater than 80% of these every day lively customers.
3. Centralized exchanges handle roughly 100m complete lively wallets.
4. 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.
5. Centralized & decentralized exchanges commerce on the similar a number of & transfer in lock step.
6. NFT patrons outnumber DEX merchants about 35:1 during the last 6 months however the traded quantity is roughly equal between the 2 teams.
7. NFT buying and selling volumes have fallen 97% from the highest.
8. 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.
9. L2s (Arbitrum & Optimism) account for 30-40% of all transactions on Ethereum, however devour solely 2% of the full fuel, cementing their worth.
10. About $250m flows into L2s every month.
11. 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.
12. Builders push about 300,000 sensible contracts to Ethereum each month, a determine that has been flat for the final 5 months.
13. 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.
14. Web3 firms (except for L1s) have begun to commerce at related multiples to their web2 counterparts.
15. 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.