What's Happening On-Chain? Current Trends in On-Chain Data - TOKEN2049 Singapore 2023

okay GM excited to kick it off here today so uh I'm gonna talk a little bit about the latest Hypes and what they're looking like on chain so it's a small sort of reminder we're living in a pretty special industry and typically in the technology industry when you want to learn about what's happening in the product or in the business you have to actually wait for a company to go public and then they will put a report out every quarter about how they're doing in our industry we have the luxury of unchain data which means we can look into what any product is actually doing on a running basis and we can use the whole Collective community of understanding what's happening on the Chain which is um you know a lot more fast-paced and a lot more faster feedback loops in terms of what's Happening so I figured like let's take some of the news and the Hypes and the things you see around Twitter and and let's look at the numbers what what's what does this look like on chain so without further Ado let's dive into it so a few years ago we had D5 summer this year a big team has been Unchained summer so let's see what it looks like the one of the like headliner items the last few weeks has been friend Tech so friendtech launched just about a month ago um it now has 143 000 users and has been this huge hype across the space so let's let's see what their attraction looks like so they've actually created uh almost 14 million in in revenues in this month and about half of that is passed on to craters and people users engaging on the platform so pretty substantial number for uh early stage projects we can also see that the trading volume of various accounts on friendtech uh peaked at around over 15 million dollars on daily volume uh interestingly that has now been coming back sometimes in this space you see a lot of projects getting a crazy hype and then it falls off a cliff and then it never comes back um and so it's been interesting just the last few days um friendtech is actually researched in terms of volume and the reason for this is not entirely clear but what you can see is it's not coming from new users so they had a huge influx of new users a few weeks ago as you can see here but actually the recent trading volume surge has not been driven by new users it's actually by their existing user base so that that's maybe a bit of a unexpected thing to happen um so hopefully we'll get some clarity on on what this really is coming from but basically they have 3 000 daily Traders which if you zoom out is not a ton you know basically your your favorite concert venue or theater could could host 3 000 people so even though this is like a huge been a huge story in the space it's still only like 3 000 active Traders on there now um however if you look at the volumes um so friendtech has actually been doing bigger volumes than the whole nft markets daily nft Market on ethereum recently so the nft market is around 10 million dollars daily now and friendtech has been above that um as we just saw so in that sense it is a decent size but obviously uh front Tech is built on base coinbase L2 based on the optimism stack and so let's see what sort of um friend Tech looks like in the context of that so here we see the number of active addresses on base which you know they had had the slogan of on-chain Summer and it's been a good but been a good summer for them they've been you know a hundred thousand uh active addresses uh it's been sliding a little bit down we can see here that at some points the a decent fraction of that those users came from France Tech but it's not solely that the majority of Base activities sort of other users not using friends like um but you can see in terms of number of transactions so this is based transactions and you can see that they are pretty driven by French Tech especially when they have trading volume spikes so these spikes here um the last two ones are typically driven by here by French Tech you can also see this in the all over market share that friends Tech there's two blue spikes here so this is basically the number of transactions per L2 um and you can see that there's a couple of high spikes for Bass and they're correlated with the French Tech usage you can also see here that you have basically BNB and polygon driving the the majority of the transactions on l2s but um it's quite competitive there are several players here that has a decent market share we can also see that it's becoming more profitable to have an L2 so processing transactions and then submitting to them to to layer one for verification and you can see this chart has been trending up so this is the net profit from running in L2 and in total 6.4 million dollars was worth um worth of profits came from the l2s so this is becoming more of a lucrative thing to operate and do even though 6.4 million relative to say all the money raised in these systems is probably still pretty small so long way to go but at least the the graph is pointing in the right direction um another big theme as always is airdrops what's the latest airdrop who's going to do an airdrop um so for instance on June there's been a ton of interest in a potential layer 0 airdrop and there's a lot of dashboards and they're often trending and people are looking at it so basically people are trying to figure out will my address get money how much you know what would be sort of my potential airdrop allocation and in particular layer zero has been sort of a big uh on sort of thing for engagement for a long while so if we just look at that system overall they have now three million users 60 million transactions and about 21 billion dollars in uh bridged assets so people are looking at this and saying okay can I get an airdrop right and if we look at the transaction volume only zero it's been growing a lot but then slowly sliding so I think the question is if the airdrop farmers are getting tired are people you know not really spending this you know it's about a year in um and the question is like will people like keep engaging or are they just trying to get into the airdrop and then they fall off um and there's actually quite a few lessons that we can learn from in previous airdrops so what what has the industry learned so far about doing airdrops well the unit swap airdrop was obviously a hugely prominent one and those results are not super promising so basically what you see from the uni sport airdrop is that seven percent of the wallets that receive the the airdrop are still holding uni today so not a lot a lot of people get the air up and they dump it and 98 of airdroppers don't participate in governance so for the most part people want to make money they don't want to go over these protocols um you can also see that thorough for engagement and retention it's not necessarily working out that well so the unit swap airdrop um the receivers of of the airdropped at the erupt they accounted for around 40 percent of the trading volume on um uni swap today that number is one percent so only one percent of today's uni swap volume is driven by airdrop receivers um of unusual so this is like a massive Capital spend to actually give out these airdrops and in in this case it's kind of hard to see how that plays out in the on-chain data how you get a return on that investment um but there's other examples so there's optimism they also did an erupt and they had a huge run up in usage up until their airdrop last spring and as you can see here on the chart basically you know from a relatively small base they had crazy growth going coming up to announcing this aerop then seemingly it dropped off a cliff um and it seemed like a lot of the engagement would die out after the actual airdrop was announced in around May last year but it turns out obviously as you can see here that they've been growing a lot so it's not entirely obvious that sort of all kinds of airdrop doesn't make sense or is sort of a very inefficient use of capital um there's cases where where it maybe seemed like that in in the moment but it turns out that you know the system has grown uh optimism is getting a lot of adoption and maybe that is partly due to to the air rope uh so that's basically just a small rundown of some of the things happening in the space and and what we can observe up on chain and we at Dune have thousands of these dashboards so basically anything that's happening you you can look at and so again it's an amazing opportunity in this space to go insanely deep in data we have more data accessible to anyone than like any other industry and you don't have to be like a resourced investor or anything like that this is like all open for people to explore and contribute to um I think that's an amazing thing I think it will help grow the industry we can learn from each other instead of just learning from your own little startup you can learn from all the other startups out there and that hopefully will sort of Drive The evolutionary Loop of the space and and really push things forward so hopefully you found those things insightful and I think we have a couple of minutes for a q a if anyone has any spicy juicy questions hey they're just um interested in in your thoughts around the the database design schema you have in place and like how you see that scaling with new um platforms and new data coming through and obviously different use cases the question was um systems like base uh no sorry like in terms of your um database design and schema and kind of preparation for scale like what you built in place a few years ago how is it looking now how do you foresee the future and what kind of latest Innovations are you looking at yeah um so the question is essentially you know our database schema and how we sort of sort all of this information I guess um so that that's an ongoing big effort um and I think luckily on Dune we have a big community so we have a bunch of people contributing to making sense of all this data not just in building dashboards but so across various layers of the stack and it was quite clear is that crypto data is becoming more fragmented like you know initially it would be like ethereum layer one would be the main thing and and most everything happens there but now there's all these layer cues all these various execution systems and abstractions and that of course makes it harder to make sense of it all across all the systems but again I think the great thing about while crypto is the community the ability to have a bunch of people come together and try to solve problems together instead of in silos and I think we see that on the data side as well like there's a great um urge to or interest in contributing and helping understand these things and so we're trying to sort of at you and we try to abstract away a lot of like the running of the systems and then the community can come together to create understanding on top of that and and sort of Leverage it in various ways we have time for one more hello um how do you decide uh which chain which next chain to to index next what's your rule of thumb for this yep uh great question so it's a bit of a chicken and egg problem because we would have loved to have Dune to figure out who's using a system to decide whether to to integrate it but um we typically look at just like how many people are actually building things on the Chain how many people are um using those products and what's the general like interest to to analyze it I think typically anyone building a project will say oh please come integrate our thing but at the end of the day we care about people engaging with the data and creating novel interesting things that people want to look at so that's kind of like the main there needs to be sort of end user demand and sort of a active community one uh it's it's not uh necessarily super easy it's like talking to to people and doing some polling and uh yeah but we're trying to make it easier for more people to get data on June as well so we're not the bottleneck for everything um yeah thank you think time's up so thank you everyone [Applause]