What matters deserve attention at the DuneCon Conference?

Source: @ Dr. DODO

Encrypted data analysis platform Duneanalystics  DuneCon  was held in Berlin on September 15; an assembly.The meeting is divided into two venues: Main Stage and Studio. The Main Stage lasts about 8 hours. Guests including Uniswap Labs, 0x Labs, 1Confirmation and Optimism were invited to share their adventures with Dune and blockchain data.

The live broadcast record of the venue can be viewed on the official website: https://dunecon.com/livestream

Classified by Topic, Dr DODO brings you a series of first-hand interpretations.

交易量

Topic 1: Conference Speech&DuneAnalytics API

1/Opening ceremony

In the keynote speech of the opening ceremony, Dune Co Founder @ hagaetc  The background of open finance and unlicensed innovation is discussed.

– Viewpoint: Innovation must have a dynamic and open economy, and new companies, rising stars and outsiders can challenge the status quo;

– Viewpoint: The encryption industry is the largest open data set on the earth, and Dune will accommodate the largest and richest open data set on the earth;

– Data: Dune runs more than 10 million SQL queries every month; In 20 days, Solana generated more data than Ethereum in its life cycle;

– The Dune engine is a future data platform, which will realize more functions.

交易量

2/ DuneAnalytics API

– A new product was announced at the meeting: DuneAnalytics API

– Dune Co-Founder & CTO @ mewwts  Think: "The API will really open the range where you can use Dune. Building APIs enables us to do what we are good at, and also enables our community to do what they are good at, and build wonderful things. "

– Official API service tutorial: https://github.com/bh2smith/dunecon-workshop …

交易量

3/Review Dune

In the Founder Interview&AMA at the end of the meeting, Mario Gabriele took you to review Dune's past:

Haga and Olsen personally provided customer service at the early stage of Dune, which was inefficient but represented the enthusiasm and original intention of the two founders. For example, on Friday evening, I solved the query problem for Matteo Leibowitz – Uniswap Labs members, and even taught SQL every week.

Dune's community cohesion is also special. The working mechanism of the community is similar to POW. Members of the community need to bring real skills and communicate with each other. Dune has become a channel for the Wizard to show research results in the community, and many people have been given ideal positions as a result.

When Dune is gradually recognized, the first thing they do is to create an API, so that they can access more protocols to give back to the community.

Finally, Dune adheres to the concept of "practical art", that is, since we want to create a product, why not make the process fun, beautiful and meticulous while ensuring its practicality.

Topic 2: How to use Dune as an investor to analyze projects - Richard Chen, 1 confirmation

There are three parts:

1/How to see Dune's chart

Richard summarized the overall trend of successful projects he saw on Dune:

– Exponential growth (e.g. 50% MoM), but the y-axis value is still small;

– Crazy vertical ascent;

– Withdraw from the historical high, but the new bottom is higher than the previous historical high.

At the same time, he took three projects (SuperRare, OpenSea and Nexus Mutual) as examples to support this view.

交易量

2/When reading Dune charts, the context of the content is important

There are three differences between Web3 and Web2. These three points confuse the data and make the judgment biased.

Compared with Web2, Web3 has:

– Ponzi model;

– mobile mining;

– The farce within the team will affect the whole Twitter encryption circle.

交易量

2.1/ Ponzi tokenomics

Richard mainly explained Reflexivity works in both directions through Axis Infinity in the Ponzi model, that is, reflexivity is bidirectional. You can't look at an upward looking Ponzi data image and think that it has reached the point where the product meets the market.

交易量

2.2/Mobile mining

Richard gave the opinion that "it is not in line with the product logic to pay people Tokens so that people can use your products" for mobile mining. He also talked about that the current state of the lending market has spawned such projects that do not conform to the product logic.

交易量

2.3/Product and team

In the third part, Richard once again explained the importance of products and teams through the comparison between Sushiswap and Uniswap.

If the product is merely copied, without differentiation and innovation, it will eventually fail. At the same time, the organizational structure of the team also has a great impact on the project. A good team, Mission, is more than Mercenary Founders.

交易量

3/ Hot Takes

a. Marketplaces > Aggregators

Richard believes that the role of the market is greater than that of the aggregator. Aggregators make sense only in a decentralized manner in the underlying market. However, the encryption market is still a winner take all situation.

Richard explained that he thought the aggregator was over hyped by the market. Until 2022, aggregators will still have a large market share, and the underlying interactions will still be involved.

As a banker or winner, when the market is very dispersed, they can take most of the profits. Richard also believes that the next market must be a decentralized market.

交易量

b. NFT  Financialization > NFT Marketplaces

Richard believes that NFTFi plays a greater role than NFT market, and NFT's financial mortgage loans are more resistant to selling pressure.

In a bull market, NFT holders want liquidity and high leverage.

In a bear market, NFT holders (especially those who own blue chip NFTs such as Bored Ape Yacht or Cryptopunk) prefer to obtain downside protection. It is more like a put option, which can provide hedge protection for your assets.

交易量

Topic 3: Interpreting Uniswap V3 Data - @ AustinAdams10  And @ xin__ wan , Uniswap Labs

It can be roughly divided into three parts:

1. How is Uniswap data generated?

Events record most of the useful data. The difficult part is to parse these events and record them in the database; Dune solved this problem and built many indexes on the Event.

交易量

2. How to use Uniswap data?

a. Briefly analyze the user retention table, Token transaction volume table and DEX comparison table made by Dune. In DEX comparison, Uniswap ETH/USD transaction volume accounts for more than 60%, and DODO stable currency transaction pairs account for a large part, which has certain advantages.

交易量

b. Uniswap Labs uses Dune to assist product development and decision-making, such as user retained data to assist product function development.

交易量

3. Analyze JIT (Just In Time) liquidity.

a. To put it simply, JIT liquidity means that when LP detects a swap with a large amount of transactions, it immediately injects a large amount of liquidity and withdraws after the swap ends. According to data analysis, JIT liquidity was less than 1M in most of the history, accounting for less than 1% compared with the overall Uni liquidity. From the perspective of service fees earned by LP through JIT, the proportion is lower.

交易量

交易量

b. In fact, JIT liquidity has become the counterparty of a large swap, providing it with sufficient liquidity, which makes the trader's price optimal. These analyses can be easily completed on Dune.

交易量

4. Q&A link

Q1: Considering that the large amount of swap will lead to large profits in the price difference, the JIT proportion may be smaller, but the actual proportion may be higher?

A: LP is rational. The price difference caused by large swap will have many opportunities to make money. LP will choose the best trading strategy. In many cases, JIT is not the best choice. The JIT that has occurred should be the best choice for LP after being measured.

Q2: You have demonstrated in your blog that JIT is not a problem to worry about, so what areas will you focus on next, and what actions will you take on products?

A: We continue to focus on how to improve the market efficiency of Uniswap. I'm sorry that we can't share more details about the products under development, but we have done a lot of economic analysis and simulation. Follow us and we will see more progress in the next few months.

Topic 4: Evolution of DeFi user base - Danning Sui, 0xLabs

交易量

I Diversification of DeFi application track

The track can be roughly divided into the following categories:

– Debit/Credit: currency user, debit, credit, and clearing party; – Derivatives: options, futures, synthetic assets;

– NFT (mainly order book): transaction user, matching/relay;

– Cross chain bridge: user, LP;

交易量

By the way, take a look at the evolution of DEX transaction:

– 2016-17: Order book format;

– 2018-19: AMM (stable currency/revenue aggregation innovation);

– 2020-21: institution mobilization, Dex aggregator (arbitrage and RFQ comparison, 0x labs made a prediction model);

– 2022: Individual investors enter the site and anti mev functions are embedded;

The transaction volume of aggregators accounts for about 20%, which sounds unreasonable.

交易量

The following figure shows the 7-day transactions of Ethereum DEX. A single color means that only a certain dex is traded, such as pink and blue. Yellow indicates transactions between different dexes, while red indicates large amount of degen transactions or MEVs.

Metamaskswap mainly uses the 0x api.

交易量

2、 Transaction role:

– Small white users

– Active mid-level users

– Smart money/big money – institutions

– Excellent MEV users (including smart money and institutions)

交易量

DEX transaction stakeholders fall into the following categories:

– LP: active management tools, MEV tools, mining;

– Transaction users: retail investors, arbitrage robots, institutions, and peer trading;

– Single order: market makers, institutions, arbitrage robots;

交易量

The share of professional RFQ market makers is growing, and they are also more efficient than AMM market makers.

交易量

Uniswap provides 50% of the transaction volume from five addresses, while the transaction volume through 0x api is different:

1. There are many bots on DEX;

2. The aggregator is better.

交易量

交易量

III Multi chain comparison of Solana account registration shows that the number of users has increased, but this is not equal to the number of wallets.

交易量

By comparing the number of multi chain DEX transaction wallets, we can find that there are many more users in Ethereum.

交易量

Topic 5: Using Dune and other data to view Crypto tracks from a macro perspective - Tomasz Tunguz, Redpoint Ventures

1) At present, DAU of public chains is an important indicator to measure the ecology, which is about 2.5 M (currently the number of Internet users is 5B), mainly concentrated in BSC, Solana and Ethereum:

交易量

2) About 90M CEX active users, including; http://Crypto.com  ; highest. In the past, large investors generally traded on DEX, while retail investors generally concentrated on CEX. However, as institutions enter CEX, their user distribution begins to converge.

交易量

3) DEX: The daily activity address of the hosting ETH wallet (similar to CEX's DAU) decreases slightly. However, the single DEX buyer rose 5.5% every quarter. Since June, DEX trading volume has dropped by 90% as a whole. Compared with CEX, DEX's trading volume fell faster.

交易量

交易量

4) NFT trading volume has fallen by nearly 97% since the summer. OpenSea's market share continues to rise, with 40% of NFT buyers buying NFT on Solana. Due to the small volume of NFT on Solana, Ethereum NFT still accounts for 90% of the total commodity transactions.

交易量

交易量

5) Ethereum&L2: The trading volume on L2 accounts for 30-40% of ETH trading volume. However, the transaction cost on L2 only accounts for 2% of the total transaction cost. In addition, about 250M of assets pour into L2 every month.

交易量

6) MEV: The number of unique MEV bots has increased by about 30% in the past year. Value extraction is mainly conducted for wETH (53%) and USDC (36%). It can be seen that the profit space of MEV is getting smaller and smaller, which is a good thing for the entire ecological space.

交易量

交易量

7) Developers: There are 27M developers in the world, while the developers of Web 3 are only 16K. It seems that there is still a long way to go to encourage developers to join Web 3. The number of active developers per week is relatively stable, with about 6K contract deployments per week.

交易量

8) Valuation: It can be seen that the P/S ratio of NFT and e-Bay (3.4) is very close, and DEX is also similar to the P/S ratio of the traditional trading platform, reflecting that investors will look at these two markets the same when investing, which is of great significance.

交易量

Topic 6: Round table: Paths&Careers&Sparking Joy in Web3 Data Science – Florian Barth, Hildebert Mouli, Kofi Kufuor, Chuxin Huang, Elias Simos

Hildebert Mouli from 1Confrication, Chuxin Huang from Optimism, Hildebert Mouli from Dragonfly and Florian Barth from Dune talked about how and why they entered Web3 and their thoughts and feelings about working in Web3.

Rated's co finder Elias Simos tells his story with Dune. He spent 6-8 months getting started with SQL, and finally successfully built the first wbtc supply dashboard on Dune.

At first, there was no creator signature on the Dune panel, and the creators spent a lot of time. When he and the Wizard community gave feedback together, Dune responded quickly, adding features such as signature, star rates, etc. to the creator's credit.

He used three words to summarize the characteristics and advantages of Dune: a community, proof of work and duration of truth

Topic 7: Understanding the governance status of Gitcoin DAO through the Dune Kanban - @ ivanmolto  And Fred Hjalmarsson, Gitcoin DAO

First, Ivan interpreted the GitcoinDAO: Governor Alpha&Timelock panel and explained the meaning of each indicator one by one.

https://dune.com/ivanmolto/GitcoinDAO: -The-case-for-Governor-Alpha

交易量

The panel data includes:

– Historical total number of proposals, ongoing/failed/approved proposals;

– total/independent number of people voting;

– Number of votes cast;

– GitcoinDAO's current proposal;

– Proposal voting and voter distribution;

– Address of the initiator and the number of proposals initiated;

– the address of the voter and the total number of votes cast;

– Governor Alpha: queue/execute caller, GTC from Treasury to Timelock.

The Governor Alpha is a protocol governance module that allows addresses that exceed 1000000 GTC (proposal threshold) to propose protocol changes.

The address with voting weight at the beginning of the proposal called through the getprimarvotes function can submit the vote during 40320 Ethereum block voting.

If the proposal obtains a majority of votes and there are at least 2500000 votes (quorum), it will be queued in Timelock and executed in 2 days.

交易量

Ivan believes that with the growth of the operation time of the DAO, GitcoinDAO gradually matures and presents a trend of increasingly decentralization. This means that communities are more and more reliable, governance participation is more and more high, and governance is more transparent.

Fred interpreted the GitcoinDAO: Governance&Financial overview panel.

https://dune.com/ivanmolto/Gitcoin-DAO

This panel interprets the distribution of governance Token GTCs from different dimensions. Including: GTC Token Number of holders, number of agents, number of agent directors, etc. It shows that the number of agents is gradually increasing, and the distribution of agent directors tends to be uniform. Data shows that when the number of agent directors exceeds 9, the voting power exceeds 50%.

On the other hand, this panel also includes the analysis of the stable currency assets of the national treasury. With the maturity of DAO and the advent of bear market, more Workstream configured stable currency to diversify the treasury assets.

Finally, Ivan added that the relevant addresses listed in the panel: treasury address, workflow address and donation address can be found in the panel.

Fred introduced Steward Health Card&Workstream Card, a new product to be launched soon. Steward Health Card will pay more attention to the offline data related to governance members to assess their participation. Workstream Card can track relevant data of each workstream in real time through Dune's API.