Crypto Fundamentals #003

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

Overview:

Another week, more fud. Overall ecosystem price was down an average of ~15% over a 7D period, with Solana continuing to lead the pack down ~26% vs. 7D prior price, and NEAR following closely behind down ~24% vs 7D prior price (mebbe due to Barry fud?). Previous stronger performers including Polygon and Cosmos have also seen significant declines this past week (down ~23% and ~19%, respectively), which could indicate a broader flight from the crypto ecosystem.

In other news, we have added APTOS (!) to the Alt L1 section of our update, which got a lot of spotlight in the past few weeks for being a part of the FTX ecosystem, so it will be interesting to monitor developments on that platform going forward.

TVL, daily active addresses and transactions continue to decline week over week. TVL is down ~12% with continued bleeding from the Solana ecosystem (~32% 7D decline). Optimism also saw an insignificant TVL outflow of ~17% (~$110mm) while actually seeing an uptick in weekly commits (up 52% WoW) and weekly active devs (up 17% WoW).

NOTE for NERDS: TVL is still constructed of two variables - price and token volume. Price could come down for underlying assets which would reduce TVL in a system, or it could result from straight withdrawals with people taking tokens entirely out of the system. Two separate factors can impact TVL declines. We will work to parse out the data in future articles.

Further ecosystem dives below

NEAR

NEAR has faced some major fud this week as it is part of group of tokens known as “Barry coins.” This affable term refers to a few tokens that Barry Silbert, CEO of DCG (one of the “Systematically Important Crypto Institutions”) has been involved with.

Unfortunately for Barry, one of the subsidiaries of DCG is a heavy lender to players in the crypto ecosystem and has been facing some strugglez in the midst of the FTX fallout.

Network participants have also seemed to have declined - we got 65 weekly active devs on NEAR holding down that fort 👌

Ethereum

Ethereum gets a shout-out this week for being incredibly resilient despite the crypto ecosystem collapsing down around it. DeFi continues to operate smoothly, devs continue building (up 5% WoW) and TVL has only marginally declined (down 4% WoW).

We also have a new largest bagholder of Ethereum. Congratulations to 🎉the Bahamas🎊 as a candidate to lead us to a brave new decentralized world

there’s still been some noise around the exact details of what transpired between them and FTX so there’s a chance 🎉the Bahamas🎊 looks something like this👇

Cardano

nothing here tbh just wanted to note that there’s 35 BILLION cardano tokens out there in the world

MC / TVL of 210.5x makes sense too

Other things

Over the past week there was some news around Jump spending a lot of gas on-chain. Our very own Nirmal was the one to break the news around their heightened market activity in the aftermath of the FTX incident which was highlighted using the Protocol Composition feature from Gokustats.xyz

On our Protocol Composition tab, you’re able to see categorization of daily gas spent on Ethereum L1. Below you can see the heightened days of Jump trading’s and the specific contract that interacted with a number of different DEXes (Uni, Curve, etc.)

Wrap.

And that’s it for now! We at Artemis are continuing on our mission to provide cool, best in class data for all participants in the crypto ecosystem. until next time artemists

Note: Weekly Active Devs and Weekly Commits as of 11/06/2022