This Week On-Chain #1
What happened On-chain during the Holidays?
You asked for it and I am a man of my word.
I was supposed to launch this after New Year’s, but there is no point in waiting, is there? These articles will be shorter weekly segments that will highlight interesting feats that have been taking place on-chain from a numbers standpoint.
DEX volumes
Let’s start with the basics as we look at the current DEX volumes on the Ethereum mainnet.
Uniswap is dominating as expected with 3B in weekly volume and will continue to do so for the time being. However, what sticks out from this is DODO surpassing 1Inch as the nr.1 DEX aggregator in volume which is probably a result of them paying out the fees generated to their token holders.
Onto pairs.
The dominating pairs are the following:
To no surprise, USDC-WETH is the dominating pair as expected (and will probably be so every week). However, what sticks out and is somewhat interesting is the volume the UST-WETH pool is still generating with $31M in volume this week which is printing for a small subset of liquidity providers. Prime degen activity.
(Will most likely add Arbitrum (and Optimism?) going forward)
NFT Trading Volume
Let’s take a quick look at the NFT volumes:
MineablePunks definitely sticks out from a volume standpoint and as a project, you wouldn’t expect it to top the leaderboard. Also, Sappy Seals exploded in price in case you might have missed that. Longing cults rarely fail. BEANZ edges it into the top 10. However, will Otherdeeds make a comeback? Time will tell.
Below are new projects that have experienced the highest number of NFT mints this week, their address, you will notice that project_name is empty(as they are obscure and not recorded on Dune Analytics yet), and the total amount of mints value in USD.
For curious people, the first address is Live Like a Cat which skyrocketed to a floor price of 2.2 ETH. There might be some hidden gems in there(and rugs so be careful) so enjoy going down the rabbit hole.
Arbitrum Net In/Outflow
How much money is flowing in and out of token contracts?
The holidays were not kind to the Arbitrum protocols as people withdrew capital and touched snow to celebrate Christmas.
GMX, the largest protocol on Arbitrum took the biggest hit from a net inflow standpoint, with a net loss of $2M. It dwarfs the rest and the next largest one is MAGIC with -345k.
(Do you want the same inflow for the Ethereum mainnet? Went for Arbi here as it’s the most interesting at the moment)
Interesting wallet movement
A wise man once said, follow the money.
Alameda making some alarming wallet movements funneling capital into BTC (ZachXBT highlights this in the thread)
Who thought it was a good idea to let Sam get his hands on computers? This clearly isn’t over. Stay vigilant.
“This Week On-Chain” will continuously iterate until I find the right balance of what you guys want to see on-chain in the format of a quick recap. I will develop this product publicly until it’s something you love. Don’t hesitate to let me know what you would want to see to improve.
Also, an important question, do you prefer simple tables or charts?
I hope you have a great New Year’s Eve. See you next year. Degen Sensei out.
Well done if you managed to congest all that information, I hope you enjoyed the post. Don’t forget that you are more than welcome to leave feedback or drop any questions in the comment section.
Sharing this post helps it reach out to more readers which would be great. If you are interested in future posts from me, do not hesitate to subscribe. Thanks for taking the time!
Disclaimer: All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing on the site constitutes professional and/or financial advice, nor does any information on the site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. I am just a random degenerate sensei sharing an opinion.