This Week On-Chain #3 - Volumes Are Coming Back
Euphoric vibes on Ethereum.
This last week has been the most fun on-chain in a long time, volumes are clearly increasing and tokens are pumping left, right, and center. People are screaming that the bull is back (which means you should be wary and take profit) let’s look into what has happened this week.
Uniswap is doing over 1.5x the volume in comparison to the previous week. There is no doubt that AI coins also play a big part in that. I hope you’re enjoying the chain thus far.
Note: DEX volumes on Optimism haven’t been recorded in the Dune database since Jan 3rd. I have reached out to the Dune team and it will hopefully be back soon. Thanks for your patience!
Pair Volumes
On the mainnet, the trading pair causing the most noise outside of the standard stablecoin and ETH/USDC pairs are stETH and LDO as expected with the LSD narrative in full swing and Apecoin which is being promoted due to the current staking environment being profitable for many. Let’s see how long it lasts.
The OP/WETH pool is experiencing 2.5x more volume in comparison to last week, that’s quite the increase in volume. The same can be said for the rest where most of them are experiencing a 2x increase (this is while everyone on CT is fading Optimism so be aware).
Arbitrum is seeing a slight volume bump after people pour more money into tokens. CAP makes the top 10 this week after having been heavily dumped and down 45% after the announcement of the team building a centralized exchange which wasn’t appreciated. Also GMX, still making substantial volume although this time Andrew Rewkang’s liquidation might have played a big part in that which is shared in the “Wallet Movement” section.
Onto Jpegs.
NFT Trading Volume
Regarding NFT trading volume on Ethereum, More Loot takes second place to CryptoPunks during the week. Azuki makes it into the top 10 after it started pumping in anticipation of the project’s one-year anniversary.
I was planning on switching this to volume-based until I saw that it provided boring data(I will alternate depending on what is the most interesting) and the current mints were interesting for this week. I highly doubt anyone NFT interested has missed the pumpamentals of Friendship Bracelets that was a free mint.
Net In/Outflow
I finally got around and added Ethereum for this one as well, considering it has the highest volume it makes sense.
Ethereum mainnet:
The one that sticks out to me is ILV (crypto gaming) here, might be one you want to take a deeper look into, outside of the LSD coins.
Arbitrum
The tide has turned for Arbitrum where almost all tokens have experienced positive net inflow in the last 7 days. The ones that stick out are GMX, Umami, and RDPX which make up what I refer to as “Mt Arbitrum”. rETH facing negative net inflow can be explained by people turning into wstETH instead which is a direct competitor.
Another week another vote to make this the best weekly roundup for you degens:
Wallet Movement
Excuse the French:
That’s it for this week, I hope you’re having a good time on-chain. If there is any data or feature you would like to see in this weekly roundup don’t hesitate to let me know. See you at the next one.
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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.