SlideShare a Scribd company logo
Web3in
Data
DuneCon 2022
MEV
Developers
Valuations
05
06
Where are we going?
Centralized Exchanges
Decentralized Exchanges
NFTs
Ethereum & L2s
01
02
03
04
07
2.5m DAU in Web3 Across Blockchains
CEX
What's Happened
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 MTU Steady at Around 9m
Coinbase Trading Volume Down 60% from
Highs
DEX
What's Happened
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
CEXvsDEX
What's Happened
COIN & UNI Revenue Correlate at R^2 0.6
COIN Stock & UNI Token Trade in Parallel; R^2
0.79
COIN Active User Base 4x that of UNI
MTU Has Converged Across Platforms
NFT
What's Happened
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
Eth NFTs Remain 90% of GMV
Ethereum&L2
What's Happened
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
MEV
What's Happened
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
MEV Profit Has Leveled Off Since Q1
Developers
What's Happened
5k Weekly Active Developers, Down 15%
Developer Activity Relatively Constant at 300k
Contracts/Month
https://dune.com/queries/329/515
Valuations
What's Happened
Non-L1s Trading at Bounded Multiples of
Revenue
Correlation to Revenue Now Material;
Should Impact Early Stage.
Summary
Whew! We're there!
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
tomtunguz.com
Thank you
Finish line

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