The State of Web3 in 2022 via Dune Data .pdf

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At the inaugural DuneCon, Dune’s first conference, I shared a presentation on the state of crypto in 2022. I aimed to characterize the health of the crypto ecosystem at the most basic level. For example, quantifying the number of active wallets, the population of active developers, & other dynamics within the ecosystem.

Technology

MEV
Developers
Valuations
05
06
Where are we going?
Centralized Exchanges
Decentralized Exchanges
NFTs
Ethereum & L2s
01
02
03
04
07

Around 90m Active Users in Centralized Exchanges
Exchange Active Users Total User
Base
Active User
Rate
Coinbase 8 109 7%
Binance 28
Crypto.com 50
Kraken 6
FTX 1.2
Est. Total 93.2

Coinbase Trading Volume Down 60% from
Highs

Activity Decline Similar in Custodial Eth Wallets
https://dune.com/queries/1244430

https://dune.com/ttunguz/eth-dex-activity
Unique DEX Buyers Increase 5.5% per
Quarter, But Volatile

https://dune.com/ttunguz/eth-dex-activity
DEX GMV Down 90% Since June

Average Transaction Size Declined from
$8k →$1.4k

Uniswap Dominant DEX at 66%; Curve at 12%
https://dune.com/queries/4323/8546

COIN Stock & UNI Token Trade in Parallel; R^2
0.79

NFT Volumes Have Fallen 97% from Summer
Highs
https://dune.com/queries/131483/258815

40% of NFT Buyers Using Solana
https://dune.com/ttunguz/nft-solana-vs-eth

https://dune.com/ttunguz/nft-solana-vs-eth
Solana NFTs about 10% the Price of Eth NFTs

L2s Represent 30-40% the Size of Eth by
Transactions
https://dune.com/queries/1266919?d=4

But Their Represent <2% of the Fees
https://dune.com/queries/1266919?d=4

About $250m of Inflows Each Month into L2s
https://dune.com/queries/1266919?d=4

50 Unique Daily Miners Down from 400+ in 2015
https://dune.com/chorus_one/ethereum-mev-data

About 100 MEV Bots, up 30% y/y
https://dune.com/chorus_one/ethereum-mev-data

wETH (53%) and USDC (36%) Top Extracted
MEV Share
https://dune.com/chorus_one/ethereum-mev-data

Developer Activity Relatively Constant at 300k
Contracts/Month
https://dune.com/queries/329/515

Non-L1s Trading at Bounded Multiples of
Revenue

Correlation to Revenue Now Material;
Should Impact Early Stage.

All together now
Most Activity Down 40-70% from Peak
L2s Soon the Majority of Transactions on Eth
Developer Activity & GMV Inflows Constant
Valuation Rationalization → Revenue Matters
01
02
03
04

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The State of Web3 in 2022 via Dune Data .pdf

1. Web3in Data DuneCon 2022

2. MEV Developers Valuations 05 06 Where are we going? Centralized Exchanges Decentralized Exchanges NFTs Ethereum & L2s 01 02 03 04 07

3. 2.5m DAU in Web3 Across Blockchains

4. CEX What's Happened

5. Around 90m Active Users in Centralized Exchanges Exchange Active Users Total User Base Active User Rate Coinbase 8 109 7% Binance 28 Crypto.com 50 Kraken 6 FTX 1.2 Est. Total 93.2

6. Coinbase MTU Steady at Around 9m

7. Coinbase Trading Volume Down 60% from Highs

8. DEX What's Happened

9. Activity Decline Similar in Custodial Eth Wallets https://dune.com/queries/1244430

10. https://dune.com/ttunguz/eth-dex-activity Unique DEX Buyers Increase 5.5% per Quarter, But Volatile

11. https://dune.com/ttunguz/eth-dex-activity DEX GMV Down 90% Since June

12. Average Transaction Size Declined from $8k →$1.4k

13. Uniswap Dominant DEX at 66%; Curve at 12% https://dune.com/queries/4323/8546

14. CEXvsDEX What's Happened

15. COIN & UNI Revenue Correlate at R^2 0.6

16. COIN Stock & UNI Token Trade in Parallel; R^2 0.79

17. COIN Active User Base 4x that of UNI

18. MTU Has Converged Across Platforms

19. NFT What's Happened

20. NFT Volumes Have Fallen 97% from Summer Highs https://dune.com/queries/131483/258815

21. 40% of NFT Buyers Using Solana https://dune.com/ttunguz/nft-solana-vs-eth

22. https://dune.com/ttunguz/nft-solana-vs-eth Solana NFTs about 10% the Price of Eth NFTs

23. Eth NFTs Remain 90% of GMV

24. Ethereum&L2 What's Happened

25. L2s Represent 30-40% the Size of Eth by Transactions https://dune.com/queries/1266919?d=4

26. But Their Represent <2% of the Fees https://dune.com/queries/1266919?d=4

27. About $250m of Inflows Each Month into L2s https://dune.com/queries/1266919?d=4

28. MEV What's Happened

29. 50 Unique Daily Miners Down from 400+ in 2015 https://dune.com/chorus_one/ethereum-mev-data

30. About 100 MEV Bots, up 30% y/y https://dune.com/chorus_one/ethereum-mev-data

31. wETH (53%) and USDC (36%) Top Extracted MEV Share https://dune.com/chorus_one/ethereum-mev-data

32. MEV Profit Has Leveled Off Since Q1

33. Developers What's Happened

34. 5k Weekly Active Developers, Down 15%

35. Developer Activity Relatively Constant at 300k Contracts/Month https://dune.com/queries/329/515

36. Valuations What's Happened

37. Non-L1s Trading at Bounded Multiples of Revenue

38. Correlation to Revenue Now Material; Should Impact Early Stage.

39. Summary Whew! We're there!

40. All together now Most Activity Down 40-70% from Peak L2s Soon the Majority of Transactions on Eth Developer Activity & GMV Inflows Constant Valuation Rationalization → Revenue Matters 01 02 03 04

41. tomtunguz.com Thank you Finish line

The State of Web3 in 2022 via Dune Data .pdf

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