Crypto Fundamentals #002

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

This has arguably been the wildest week the crypto ecosystem has ever seen. With that said, we will continue to support the fundamental investors in the space with the metrics that will matter over time. meanwhile the 🤡 world we all live in continues to exist

Overview:

This week, we saw the CPI print coming in below consensus has caused a huge rally of $1.8tn of value added to the US stock market on 11/10/22.

Meanwhile, crypto saw a ~8% week over week decline (not that bad???) on one of the worst rug-pulls of all time and a ton of drama to boot.

We have heard this horrific moment compared to equally consequential moments in history including the Lehman collapse , LTCM, elizabeth holmes, and the announcement that the McRib would be permanently removed from McDonalds. The price action has honestly been relatively light given the massive event

Solana saw a ~48% 7D price decline seemingly driven by selling by FTX / Alameda-related participants after the entities were found to be insolvent.

Polygon has maintained the best 7D change and remains up ~9%, likely buoyed by the big institutional news from last week (see last week’s Weekly fundamental issue).

Elsewhere in the ecosystem, TVL, commits and active devs continue to fall across the board vs. 1 month prior figures, with only Cardano 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 Solana TVL and user activity. Maybe no devs will be left as everyone jumps to more traditional roles at McDonalds after recent events,

Further ecosystem dives below

Solana

Solana has seen a continued decline across all metrics, with a ~60% 7D decline in TVL 🤯🤯 but ~10% increases across weekly commits and active addresses (probs people tryna get money outta there, amiright). Solana led the pack, but the layer 1 universe saw a median decline of ~7% over the past 7 days.

MC / TVL dropped from 12.3x last week (11/04/22) to 11.0x today (11/11/22) as price declined faster than TVL left the system.

Ethereum

Weekly commits and active devs continue to fall (1M 26% decline and 1M 5% decline, respectively), while TVL has also dropped off heavily on the wake the FTX news after having stayed steady for most of the past month (13% decline over 7D period, 16% decline over 1M period).

Ethereum continues to serve bellwether of the crypto ecosystem and continues to trade in line with its broader peer set in the wake of recent events, with 7D change of -17% vs. median of comps of -16%.

Things to watch out for: Will TVL continue to pour out of Ethereum, or has the tide began to slow? We shall find out

NEAR

NEAR continues to see declining TVL with 60% decline vs. 7D prior and 64% decline vs. 1 month prior.

Weekly active devs and commits have increased vs. 1 month ago (up 6% and 1%, respectively) but are still down vs. 3 months ago at the peak of the Sweatcoin craze.

NEAR traded down to a 17.4x 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 ~207.3x).

Cardano

It’s actually kind of interesting seeing the activity on Cardano - there was a 15% 7D decline in daily transactions (while the median of the peer set saw a ~10% increase) likely cause everyone was busy trying to take money off of decentralized exchanges on all the other L1s. Meanwhile, Cardano only had TVL of ~$58mm which actually INCREASED over the past 7 days (up 1%!!) as some smart cookies thought it’d be a good idea to start parking their money on Cardano in the wake of everything else going on in the world.

Go Cardano!

Polygon

MATIC has continued to power through the tough week and is the only token in our peer set to end the week up (and a healthy ~9% at that🤠🥳)

MATIC likely continues to ride the broader news of their major partnerships with institutions such as JP Morgan and Meta

Polygon saw minimal outflow in TVL from the carnage (-1% 7D change) and a 16% increase in daily active transactions.

BNB

We have to mention BNB this week.

After SBF’s sparring partner left FTX to fend for itself, BNB has seen a 7D price movement of -13%, in line with the median decline of its peer set of -16%.

The biggest things to note are that BNB saw flat movement (0% change) in 7D TVL whilst there were major declines across most L1/L2 chains (-26% in AVAX TVL, -29% in Optimism TVL, etc.).

Other

Osmosis saw a 10% 7D TVL increase, the largest gainer across the L1 ecosystem. Could this be a flight to what is perceived as a strong, decentralized alternative in the Cosmos ecosystem?

Wrap.

And that’s it for now! We at Artemis believe that with recent events, transparency and truth is more important than ever. We will continue to ship on our mission of providing best in class data for all participants in the crypto ecosystem. until next time artemists

note: dev metrics and active addresses / transactions as of October 30th, 2022.