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.

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