All the old projects are getting refunded and contracts returned by
@ZAGABOND
. He's doing everything possible to right his wrongs. And CT is dead quiet about it. All we do is tear people down in this space and we need to change.
Since reading this tweet earlier this month, I felt there was more to the story and wanted to dig deeper. Now with Celo data on Dune, we can match the analysis apples to apples with data for each of the blockchains. A 🧵on Blockchain usage.
I’m thrilled to announce that I have joined
@variantfund
as their first Data Scientist! I'm incredibly excited to work with
@spencernoon
,
@ljin18
,
@jessewldn
and the whole team to support and invest in the next generation of world-changing web3 companies.
Sadly I was laid off from my position as Data Lead
@utopialabs_
along with the majority of employees.
If you know of any job openings for senior data folks please reach out.
DM’s are open and I appreciate anything that people send my way!
@Jason
@OpenAI
First thing a Data Scientist would tell you. Texas probably has more than 4 EVs in 2022 and this data set is most likely incomplete to answer some of your questions.
Reddit NFTs/Collectible Avatars have gained massive attention for their quick growth. But how many of these users actually leave the confines of Reddit and use their wallets in the broader web3 ecosystem? Let’s dive in!
Super excited to join
@utopialabs_
as their lead of data! Huge shoutout to
@JacobKerr17
at
@paradigm
for connecting me with many of their great portfolio companies!
Excited to share some of the dashboards I've put together that analyze
@sudoswap
! Understanding the metrics around Sudoswap pools is crucial to LPs and individuals who are interested in becoming an LP. I've put together the most important stats here: here:
When we account for this, we see that the growth over the past 2 years on EVM blockchains is significantly reduced; with growth since October 2022 being relatively flat at only 1% through May 2023. This paints a very different picture compared to the first non-deduped graph.
Removing Solana from the graph to observe the trend of EVM chains alone, we see that total transactions among all the top chains have been flat to slightly declining.
Matcha is looking a bit different today 🍵
@matchaxyz
Our new transactions module is now live which highlights the best routes possible for your swap when taking into account estimated slippage!
Overall, when we break down the metrics of the original growth graph, it looks like there’s more to unpack. From June 2021 to May 2023, non-deduped data shows a 146% growth in active wallets, but if deduped the growth is only 65% over the same time frame.
This doesn't paint the prettiest picture for crypto in the short -term, but I absolutely believe in the long-term future of crypto and expect to see billions on wallets over the next decade.
While the initial multichain graph can be useful in specific instances, I believe this deduped wallet metric is the best way for us to assess the true number of users within the ecosystem and measure the future growth of new entrants.
The big spike that occurred in May was primarily driven by Solana Active wallets and appears to be an outlier among a declining trend. The May spike in Solana usage appears to be unsustainable with June numbers coming in drastically lower for the month so far.
I retweet way more than posting original content. But my constant DCAing $ETH $SOL and $AVAX doesn't excite CT. Will make a bigger effort for more on-chain analytics posts to be cool like
@sui414
. And shill my $TIME bag.
Got my birthday meme from work
@0xProject
. Glad to know they think I'm the most interesting man in the world. More shenanigans coming this week with my wedding on Saturday!
But, when counting active wallets across EVM chains, most analyses do not dedupe for the same wallet being used on multiple chains. If I make transactions on various EVM chains with the same wallet, I would be counted as 2,3,4 or more users if the data is not deduped.
Separately, when looking at the # of transactions it is a different story - the trend has been decreasing over the past ~1.5 years with Solana accounting for most transactions.
Going through the home buying process has convinced me that it can and needs to be put on the blockchain. So many middlemen who are adding absolutely no value and complicating the process.
What this means: Many new wallets are being created to mint/transfer World Cup NFTs while a minority are trading for them on NFT Marketplaces. While this is new behavior compared to previous collections, it is still not showing a large amount of onboarding to other areas of Web3.
Guy walking around claiming to have bought 1.6k of btc back in 2011 and minted 30 apes including the 3rd most rare. I expect him to be kidnapped by the end of the day.
I’m particularly excited about projects in these areas:
Improving access to Web3 data
Real world assets on-chain
DEFI that lowers barriers to entry for sophisticated financial tools
Looking at total active wallets across the major EVM chains and Solana, we can see that my graph below matches up with
@a16zcrypto
for the past 2 years. We observe growth in active wallets with a strong spike in May 2023.
We might be in a bear market but the crypto community is strong! I received 4x the messages on here for my looking for a job post compared to LinkedIn ❤️
0x is still hiring across many roles: Please reach out if you've been affected by any of the layoffs and if any of these positions pique your interest!
Matcha is now live on
@optimismPBC
!
Optimism has become synonymous with fast, cheap, and secure transactions, and we're excited that Matcha users can take advantage of rollups when deciding how to transact.
Learn more:
#MultiChain
#Optimism
My journey through crypto has been long, first mining BTC during graduate school to several years working in the Web2 world and then working at
@0xProject
on
@matchaxyz
to now arriving at Variant.
Ever wondered why realized price can differ from quoted price when trading on a DEX?
Enter the world of slippage
In our new report, 0x data gurus
@dumbbets1
&
@sui44
peel back the curtain on slippage & dig deeper into 0x API data to quantify its impact
@ttunguz
Had a great newsletter recently and called Reddit Collectibles the most successful Web3 launch of 2022. I’m on the path to believing this but would love to see these wallets engage more in the broader Web3 ecosystem to truly realize the potential that Reddit has created!
When I first started looking into Collectible Avatars, the numbers were very clear that a large number of wallets were acquiring them, which you can see in the Polygon graph below.
The easiest way for most people to on-ramp money to alt L1s is to buy AVAX on Coinbase and then directly transfer it to Avalanche. If you didn't know you could do this now you know.
I work in crypto because of the immense positive impact I believe it can have on the world, removing gatekeepers and increasing access to value and ownership.
I’m proud of the ways
@Uniswap
Labs has contributed to that effort and want to make sure we’re creating sustainable
At Variant I will be building out our data science discipline to help our amazing portfolio companies understand their data and build out the best products possible, and also use data analytics to inform our investment process.
1/22
After my Yearn thread last week () I said I'd do more 2020 predictions, based on governance, product & fee capture.
More exciting stuff later in the week, but starting with a classic that just makes it into my top 10 for long term
@0xProject
$ZRX
This led to my original hypothesis that Reddit was successfully onboarding users to their Collectible Avatars, but very few of these users were translating to the broader web3 ecosystem.
On the investment side, data will be helping to uncover the on-chain signals of early projects which are being missed by the crypto narrative and adding to the diligence process.
That last limitation has driven users to accumulate multiple avatars by either creating multiple wallets and transferring them or by trading on an NFT marketplace. We see that the percentage of minting wallets with an outgoing transaction has spiked from < 1% to over 11%!
Euro time zone positive: Gives me time to catch up on tweets and news before the day begins. Negative: No one to chat with. Need more European friends.
Very impressed with the
@Azuki
team on the community call today. They addressed many of the points of frustration that have been seen across Twitter. And it sounds like many in the community feel the same. IKZ!
Watching a lot of the on-chain SAFE metrics and there were some big transactions over the weekend. 👀 you
@BitDAO_Official
. Come work with us at
@utopialabs_
for all your treasury management❤️