Crypto Fundamentals #001

note: all analyses in this document created using the Artemis Sheets plug-in ✌

Welcome to the Artemis Weekly Wrap, your source for regular fundamental updates on your favorite platform tokens

Overview:

This week has shown some signs of life from the layer 1 / layer 2 ecosystem, with all tokens showing positive 7D price change. Polygon is leading the pack with a ~24% 7D change, primarily due to new partnerships with large cap institutional firms (Best BD team in town? methinksso —> more detail below).

TVL, commits and active devs mostly continue to fall across the board vs. 1 month prior figures, with only BSC and the Cosmos ecosystem (ATOM and OSMO) growing over that time frame. Meanwhile, average and median daily active addresses have seen growth over the past month despite steep declines in NEAR TVL, user and transaction activity. Below are some deeper dives into a few of the ecosystem happenings ~

Ethereum

Weekly commits and active devs have been falling (1M 42% decline and 1M 21% decline, respectively), but TVL has been holding steady (0% change over 1 month period).

Ethereum as a bellwether of the crypto ecosystem has traded broadly in line with the broader market, with 7D change of +7.2% vs. median of comps of +14%, and 30D change of +19% vs. median of comps of +16%.

NEAR

NEAR has seen a significant drop-off in TVL with 58% decline vs. 1 month prior and 56% decline vs. 3 month prior, largely due to NEAR removing $40mm of USDN liquidity from the system for its protection program.

Weekly active devs and commits have also declined vs. 3 months ago. With that said, daily active addresses have still grown by ~688% over the past 3 months due to the mainstream adoption of Sweatcoin.

NEAR now trades at a lofty 21.6x MC / TVL, significantly higher than its core peers (ETH, BSC, AVAX, SOL), but still significantly below the KING of Coins ADA (trading only slightly above its peers at ~213x).

Solana

Solana has seen a continued decline across all metrics, with a ~26% decline in TVL vs. 1 month prior and double digit declines across weekly commits and active addresses.

Where are liquidity, devs and users going? Stay tuned, we here at Artemis plan to **** around and find out!

Polygon

MATIC has come out with some BIG news this week and a big price increase to boot. Polygon announced partnerships with Instagram and JP Morgan this week, making inroads into some of world’s largest institutions.

Meanwhile, Polygon has continued to post some of the best daily active address increases in the ecosystem with a ~40% month over month increase.

Optimism

OP has also seen significant 7D price action (up ~22%) on the back of a surge in daily active addresses (43% MoM change) and daily transactions (40% MoM change). DeFi still appears to be the largest driver of activity, with the top 5 applications by volume on Optimism over the past 7 days all related to DeFi or exchanges.

Wrap.

And that’s it for now! The team continues to ship and add metrics and analyses for a broader host of applications and verticals. until next time artemists

note: dev metrics and active addresses / transactions as of October 14th, 2022.