The Daily Gwei Data Pump #4 - Ethereum and DeFi On-chain Analysis

Transcript

hello everyone and welcome to the fourth episode of the daily grade data pump in these episodes i go over various on-chain metrics for both ethereum and d5 today's episode is going to be covering the months of march and april so let's get right into it alright so march and april were very big months for ethereum's price uh you know a lot of you will remember what happened in february uh we had like a pretty pretty nice spike up i think what was it at the start of february it was uh 12 70 we went up to 2100 or so and then by the end of february we were at uh back at about 1300 so uh since then up until today so i'm recording this on the second of may so basically all of march and april we started march first off at 14 20 here which is the old all-time high

the old all-time high and then we're up at almost three thousand dollars at time of recording over just two months here which is quite crazy that's uh that's over a 2x in that in that time frame there now the reason why i bring up the price it's not an on-chain metric but i do like to kind of contextualize the episode because once i go through all the metrics you'll be able to kind of relate it back to price and we'll be able to draw some conclusions from the metrics and what what possibly drove the price of ether and maybe what was bearish for eth you know during these kind of downtrends we saw here but yeah that's that's basically the price action for the last kind of two months there so i'm going to move into the on-chain metrics now so this is a new

one actually from a glass node here which is one of my favorite sites for tracking so this sort of stuff and this is basically the number of transactions on uni swap based on the seven day moving average now you can see how hard this spiked up like obviously this is more than much in april this goes all the way back to to basically july here but you can see like how hard it spiked up here and then kind of went sideways for a bit after d5 summer kind of cooled down and it's going back up again now which is which is quite cool right um and you know you can overlay the price here and see if there's any correlation doesn't seem to be really and i wouldn't expect any um correlation between the price and the number of trades happening on uni swap uh but still the growth is actually

quite cool because obviously the gas fees up until i guess the last couple weeks have been really high and people were still doing uni swap trades it wasn't like they they they kind of stopped and the trades fell off a cliff i guess during uh december it seems that you know we had a i guess december in january was like kind of a fall off there but since then you've gone back up and we're at basically all-time highs for a number of the number of uni swap trades uh per day here which are currently we're at 200 000 trades per day which is which is quite crazy just to give some context here back in july first it was only at 25 000 trades per day so yeah really good to see this uh i i really like this chart from from glass node here

as i said one of the new ones and they only started tracking it back in in june here uh you know the the data only goes back to june uh i think they're just tracking units of v2 here for now but obviously units of v3 will be out soon uh which which is going to be cool to see how that goes and then obviously layer 2 as well i'm going to go into different layer 2 metrics later in the episode because i've got some stats around that but i'm interested to see how these data kind of i guess centers and and trackers split out the layer one and layer two things and like if i actually have a toggle for that because i do believe you should toggle between layer one and layer two when looking at at least at the various data here uh and

be able to kind of like put it together as well so yeah really interesting metric here maybe not much you can kind of get from it for the price of um i guess eighth but maybe if you overlaid the uni price chart here you may get some correlation there but i don't know it's funny because you know unisop isn't just like uni trading or eat trading like the the the tokens trading on uni swapper there's thousands of them right so you know you wouldn't expect any of them to to kind of i guess like um correlate with with the number of transactions on uniswap but at the same time i guess like you know the more transactions the more fees uh and theoretically the more valuable the uni token is once the um fee capture gets turned on sometime in the future right so from

that perspective i think that does inform it um and you know probably has some correlation to the uni price but i would also say you would have to consider things like um is it a leading or lagging indicator right like is has did the uni price spike a couple weeks after the number of transactions on your news swap spiked i think maybe because i think it takes like a little bit of um time for that information to flow out into the ecosystem where they start you know recognizing oh my god there's lots of revenue kind of like being generated by uni swap pr and you could have picked it from the number of transactions uh chart so yeah i am i'm curious to see how this plays out with more data obviously we've only got uh maybe i guess like 10 months of data here not even nine months or something

like that um sorry yeah i'm curious to see if this informs any price movements in the future so this is the number of active ethereum addresses on ethereum so if we kind of uh uh kind of look back maybe six months here we can see i mean i was just showing like all here you can see that's an all-time highs basically and you know it's funny because i'll talk about this when i talk about the gas prices um kind of on ethereum but it's funny because you you look at this and you're like okay well you know gas prices are down but the number of active ethereum addresses are up so the network activity is still still kind of up and still kind of up there and is that all-time high so why gas prices down well i explained this in the daily grade newsletter and on the refuel last

last week but essentially um there's a lot of transaction sorry there's a lot of um yeah transactions going through flash bots the gas limit was increased right uh so we get these cheaper transactions now uh and and you know the the network activity is still high like there's still num the number of active addresses are really high the number of transactions on the network is still at all-time highs and things like that so yeah just really cool to see that um it's at all-time highs here i mean this this crazy spike was just absolutely insane if we look at 2017 and from october to basically january 2018 so october 2017 to january 2018 was just absolutely insane growth it went from 130 000 uh active addresses to at peak

about 660 000 so you know maybe a bit about a four or five x there in in a matter of like two to three months which is absolutely insane but you can see here the growth has been more steady it has kind of spiked up here and i'm trying to find a reason i haven't found it yet so why this this spiked up so much uh there must have been something that happened on the network that caused this uh but yeah it was it was quite um maybe maybe it correlates with the cheaper gas prices maybe people got more active again because they're like they were waiting for gas prices to come down to do a bunch of things on or maybe their secondary addresses or whatever that they're farming with and it's maybe they've got some airdrop tokens they wanted to sell that could be an explanation there as to

why we saw this kind of spike here uh but this is based on the seven-day moving average so if i go to zero days here and we kind of like zoom in we can see you know i guess like it went up and peaked at 700 000 active addresses and then it kind of came down to 622 000 back up to 671. so there is some some variance here but still the trend is up over the last six months and over the last year as well of course and and you know this this spike happened in april and i i'm gonna i think i'm gonna chase that theory down maybe uh maybe a bit later where the uh the fact that the gas prices are low means there's more active addresses because more people are doing more things and they're not priced out anymore that could be a legitimate

reason i haven't actually looked into that um but yeah and the final thing here i guess is the price action obviously i don't know how much kind of like alpha you can get from this metric alone because if you look at the price action i would say it's obvious that the price going up would drive more activity on the network which means that this would probably be a lagging indicator the active addresses rather than a leading indicator um because i think that uh the activity on the network spikes with with price movements not the other way around so yeah still an interesting metric to look at and still great to see it at all-time highs here all right so this is the ethereum uh the the percent of uh of eth on exchanges on centralized exchanges here which is

currently at a i think it's a two year low so the percentage of eth on on centralized exchanges is around 12 right now and the last time it was that low was back here in uh november of 2018. so obviously people are looking at this as a really bullish signal that uh you know it's coming off centralized exchanges which means it's going into cold storage and all that sort of stuff and you can see there's a very kind of clear i guess like correlation at least lately between the price going up in the and eth going off exchanges but then if you look back and you kind of see during the bear market um which is quite quite i mean when you look at this i don't know if this is like a data error but it's kind of weird that you would see

um you know balance on exchanges being so low um when the price was kind of going down right um the the price was i guess like from the peak here going down like considerably and then the the percent on exchanges was going down you would expect that to go up right so maybe there's an error in the tracking here um but still i i think this is uh i mean i think it's more relevant lately simply because a lot of this 8 is actually going into d5 as well i think so what ends up happening is a lot of this eth won't just go into cold storage it'll go into backing as collateral for d5 it'll go into eth2 so it's actually being locked up right it's not it's not part of the active supply anymore a lot of it some of it is in d5 like within uni swap

and things like that but on make a dial you know being used as collateral for rv or compound you know the only reason to borrow these assets really is to short them or to do some yield farming but you're better off doing yield farming with stable coins than like eth so yeah a lot of that eat supply is just getting taken off the off the um the kind of active market here and pushing the price up you know it's basically an inverse correlation like exactly here um but again always hard to pick what's a leading and lagging indicator i think um but in general it's just really um insane to see how closely correlated this is over the last you know i guess what you can can you say here i'm just zoomed in here actually i should zoom back out

um to get a better picture of it but yeah basically i guess like the last six months or so or four or five months or so um so yeah quite quite insane there um and i there was a there's a chart that shows like the um the percent in smart contracts i can't remember if i have it up here uh yeah i do okay i'll show this next so basically the percent in in smart contracts is actually you know at almost all-time highs so it's at like 22.8 percent um which is which is quite crazy as well because a lot of i i'm wagering a lot of this is going into that and it's actually again an inverse correlation right where eth going in smart smart contracts is going up and ethan on a centralized exchanges is going down

but if we also think about ethan smart contracts this includes multi-signature wallets as well so it actually includes cold storage too so all of this eight isn't in d fire and e2 or whatever it's in or anything else or like nfts or whatever it's in um uh cold storage and and multi c contracts too which is which is even better right like just sitting there um being taken off out of the active supply as well and you know i mean the the last time it was this high was was the the the dow essentially when people were putting like all their eat into it the day out and at the time the price was like completely different i mean if you look at the price back here it was like fifteen dollars so twenty three three percent of the eat supply at fifteen dollars and twenty three

percent was was less of the eighth supply sorry it was more of the supply back then because there was less of it but twenty twenty three at fifteen dollars is still doesn't even hold a candle to twenty three percent at three thousand dollars right um and twenty three percent now is uh how many how much each is that if just off the top of my head it's probably something like 20 25 million eighth at times that by three thousand you get a lot of eighth right you get a lot of dollars like tens of billions of dollars there whereas back here if you did 25 percent i think that the aid supply back in june of 2016 was maybe uh for 80 million maybe 90 million i'm not sure exactly but if you take that and do a 20 23 there you'd probably get around like 15 20

million or something like that if i'm doing my math right and at 15 that's basically nothing right that's that's not very much at all so it's not even a billion dollars if i if i'm doing my math right there so yeah you can see the stark difference here and i think that's simply because you know there wasn't much r reason to put your ether to smart contracts back here besides the doubt you can see the spike of the dow and then the dow hack happened and then you know all the eighth kind of got drained out again or at least most of it got drained out again there and then you know it went sideways for a long time even during the last bull market because actually you know a lot of icos weren't even using smart contracts so they didn't even count here a lot of

icos were actually just using a an eoa an externally owned account which is um it could have been a multi-sig it could have just been a um a normal wallet uh whereas you know you can see here like the basically the rise of d5 uh really uh made a difference here so yeah really really cool to see that again uh you know you can see the price is tracking this quite closely um but the scales are different here so you know i like the you just look at like the price going up and and the um the percentage smart contracts going up but again i i don't know if it's a leading or lagging indicator it seems to track price pretty closely um which would make sense i guess eth going out of cold storage into exchanges and things like that but uh yeah i i i wouldn't take much

alpha from this um maybe over the longer term you would because if you expect this trend to continue but the short term doesn't seem to something like you could trade on all right so we're at the fees now so i think this is the most interesting thing that's happened over the last uh i guess couple of months here uh definitely um the fees right now are very low like if you look at my extension here that's 26 gway for a for a fast transaction i don't think it'll come up on the screen here but yeah 26 for a fast 27 for rapid hovering around 30 for rapid um you know most of the time here but that's still very cheap right and as i said there's a few reasons for this happening there's the gas limit increase which means we can actually fit more transactions into a block

um which means that you know even though the the um the grade price is down if we if we're still at capacity and we're still fitting more transactions to a block more fees are being paid so it's funny how that works right and then there's also flashbots which is something you may have heard about where uh miners uh sorry not miners people who want to extract mev are skipping the public mempool and going directly to to miners which doesn't show up here in this chart so there could be all these other fees being paid like out of band right outside of what the network can see um and then and i think they are and that wouldn't count towards this um now the interesting thing is to see like kind of how it's evolved over the last i guess like six months is it's very

like i mean this is based on the seven day moving average in in usd of course so you can see here basically we seem to have peaked at about 34 million dollars 35 million dollars based on the seven day moving average and then we've dropped down to about 15 million dollars right now if we if we just do zero day moving average it looks a lot more pronounced you can see here that you know the highest was 50 million dollars in a day and then after that it dropped considerably as well kind of like went back up a little bit went up or the other day to another 50 million and then back down and we're at basically 14.3 million right now uh or actually 14 million so uh and then you know i mean you can go oh it's still like dwarfs basically all the other transaction fees

over the years it absolutely dwarfs 2017. um but i did want to want to stay on this a bit more about like kind of the gas fees being down and i've had people ask me they're like okay well if gas fees are down won't this hurt eip1559's ability to burn um you know lots lots of eight like everyone wants to happen it's like well yeah of course like if if the fees are uh if there's less fees there's less eighth being burned like straight up but this is where it gets it gets a little bit um interesting if flashbots is responsible for taking like a considerable amount of transaction fees out of sorry transactions out of the public mempool and rerouting around it but they're still making fee revenue then what ends up happening is that with

eip1559 these miners that are on the receiving end of the flashbots still need to pay uh eth to the base chain for the base fee so there's still going to be eighth being burned even though these my uh these mev extractors are going around the public mempool so from that perspective that base fee is based on the current gray price so will that drive up the the guay price like will we get to a point where it's like becomes more profitable to not go through flashbots again um and just go through the normal mempool it's gonna be interesting to see it play out but that's the beautiful thing about one five five nine is that even if you're going around the public kind of mempool and even if you're trying to avoid uh paying public fees

you still have to burn eth the miners would still have to burn eth um to once to put your transaction into a block because of erp-1559's base fee mechanism so it's going to be interesting to see how that plays out and you know 15 million dollars even if we say that only 10 million of the dollars of this will be burned which i think is going to be more than that but just say 10 million that's still 10 million eighth being burned every day right now and as i said the higher the gas limit the more transactions and it doesn't necessarily mean that uh and obviously the lower the the guay price but that doesn't mean that um uh we get less fever when you necessarily right because you can see here the the gas limit was about the same back here and we had even

lower fees during march so fees are highly dependent on like network activity as well um and you know general network activity especially arbitrage and a lot of the arbitrage activity and front running and kind of stuff like that has been taken into flashbots now uh so again i think flashbots counts a lot for a lot here obviously the gas limit may have made a big difference here as well but interesting to see uh how this is playing out and obviously like the prices you know has gone up but i don't think the price and the fee revenue is actually correlated at all i remember some people saying on twitter when when the gas price is kind of low it's like oh my god this is so bearish for eight it's gonna dump and it's like it's never been like that there's just been no correlation between the two

little little to no correlation i think the narrative of a one five five nine burning eth and and kind of like the fear revenue going to uh to burning eighth is going to be a fundamental driver because if you think about it uh where does eath go right now on face right goes to minus and and you know what what are miners doing well they're going to inevitably sell it so it's just selling pressure so like logically you know the the eighth price shouldn't go up right based on based on this sort of stuff it should actually go down if we're counting that um and you know network activity can spike for any number of reasons the fees can be high for any number of reasons that have nothing to do with the eighth price uh it could be some you know it could be

a d5 summer for example where the eth price is kind of trending up a little bit but not not really doing much where you know all these other d5 things are doing a lot more so from that perspective uh it's quite quite funny to see that and you know even look back at d5 summer here and like the highest that spiked to indeed some was like 17 million dollars and that was without flashbots or anything that was the old gas limit and stuff like that um and then you know you can see how we've dwarfed it here i'm curious to see where we baseline do we do we keep going down from here do we see like sub 10 gas or gray um transactions again going through that'd be that'd be kind of kind of cool i think um and then you know obviously people come

back to ethereum and and able to do a lot more things because the gas is cheaper and things like that but yeah the feed stuff is definitely something that i've been keeping a very close eye on myself and i know a lot of a lot of other people in the ecosystem are as well but yeah something to keep an eye on that's for sure and see what we bottom out on i'll definitely be following up on that one in the next uh data pump in in next month's data pump all right i'll do some data from the block here so ethereum's adjusted on chain volume is at all-time highs right now so if i just i mean this is the all-time high all-time chart you can see here just for some context we're well above like 2017's kind of like uh i guess 2017 2018's pkr

but if we just go like year to day let's zoom in here and see like where we're at so basically from at the beginning of the year the adjusted on chain volume based on the seven day moving average was 3.2 billion dollars a day so what that means is that the ethereum network is uh processing in in volume i mean it's it's it's kind of like um stipulated here the adjusted transaction volume is a measure of the economic throughput of eth on the ethereum blockchain so this only counts if this doesn't count um tokens or anything like that this doesn't count uh i guess um other value being settled on on the network other other kind of value flowing back and forth within the network it's just eth so you know it spiked up at 14.6 billion dollars here a 14.7 billion dollars here on

the 9th of april and that's settled at current uh time of recording about almost 12 billion dollars here but it still kept going up like and these spikes are fine but the general trend has been up i mean if i zoom back out to all here you can see the spikes on the chart and this is of course a linear chart but you know the general trend is still up uh and you know even if it comes back down considerably it still kind of like trends up there which is really cool to see that and i think at this point in time maybe not at this value but like most days uh ethereum is settling more value than bitcoin just but from eighth like not even including all the other tokens like stable coins and things like that which is huge and and last year i'm

pretty sure ethereum said or trillion dollars um on the network or even this year like if you annualize it out so uh yeah lots and lots of value being said and of course this this tracks the price right the higher the price of eth the more the less eth you need to move around to kind of have the same amount of impact here so if more heath is moving around it's going to have a more pronounced impact on on the on the kind of like adjusted volume here but yeah you can see big big kind of um april yeah with with what happened here and i think that may be because uh you know the eighth price started spiking uh after that obviously that that bad match that we had um and then you know it went back up into april uh and then you know basically uh continued

on from there dropped down here and then kept kept going from here there's probably another event that this correlates with that i'm not remembering right now um you know it could be the fey protocol launch actually um maybe maybe it could be the fey protocol launch i can't remember exactly but that sucked in a lot of eth really really quickly which means a lot of eighth moved on chain um but yeah i'm actually curious did much eath move around november uh yeah so it's funny because a lot of eighth moved around november which is the i guess like november 24th was the um the deadline for needs to be in the deposit contract for eth2 so a lot of um eth got got moved around there which makes a lot of sense as well so yeah just a really interesting start here uh from the block

uh this is a really really interesting interest interesting start percentage of each supply in profit based on the seven day moving average now this obviously tracks the price right like this is based on the price it tracks the price but i still think it's super interesting because it can act as a measure of i guess kind of um i i wouldn't say calling tops because you would expect uh you know as as it's hitting more all-time highs 100 of the supply is going to be in profit and this is the on-chain supply but if you look at the the bear market kind of um you know chart here and you look at basically 2018 and 2019 it seems to have stopped at about 20 20 to 25 percent 25-ish percent every time

right every time the the three bottoms that eth painted here or like almost this one as well 30 it seemed to stop at 25 of addresses in profit so i would say that those addresses are the ones that were like the ogs right the ones who just have no reason to sell even at like eighty dollars at what eighth bottomed out around here so i actually think this might serve as a really good indicator of the bottom of the next bear market uh there's three there's only you know three or if you count this one four data points um it is not going to be anything like super predictive but i do think that if this if this kind of like keeps holding and i do think it makes sense that that kind of like 25 here but you know i i definitely think that it can be an

indicator for like a local bottom here and there's actually another um another kind of uh chart that i want to show um actually i didn't show it i haven't got it loaded up here maybe i should show it actually i'll just show you what i mean by percentage in profit so there's this thing called uh the net um realized profit and loss indicator or knuckle um this is really great as well so you can see here the green zone is essentially like you know most people are in profit um okay so i should explain how this metric works the way this metric works is that it measures the addresses in profit but also measures how much they're in profit buy so are they up 10x are they up 15x right and aggregates that all together and basically the the blue zone is essentially like everyone's like super

rich right paper rich everyone's made so much money off eve you know and and it and it has worked before as like a kind of like local top indicator here so like the perfect example is what happened in 2017 when ether ran from 10 to 420 in six months everyone was in massive profit right and then they had there was that massive dump where eth went from 420 to 120 in like a month so you know we're not we haven't been in the blue zone yet we've just stayed in the green zone um and the green zone basically everyone's you know not nicely in profit or at least most people are in profit but they're not in profit by like a huge amount just yet so when we start going into the blue and we can stay in the blue for a while i mean

the blue started here in 2017 in april and went until july so we can stay in the blue for a while but once we're in the blue and if you if the price keeps going up while you're in the blue it just means that uh you know sooner or later the price is going to have like a massive pullback because too many people are in profit people want to take profits here so that that might be like a nice indicator there but you know and one more thing i will mention this is the longest streak of green that eth has ever had so if we look here november 2020 to today that's six months the the last longer streak of green was september 2017 to november 22 so like two to three months here so the longer we stay in the green i actually think the better

and it just feels healthier right i mean we all look at the price a lot and if you kind of look at what the price is doing and how it's growing it just seems much healthier that it's not like just teleporting you know for instance like you know it's at almost 3 000 today if it went to 4 000 in the next few days that would mean that a significant majority of the network were in significant profits um or 100 of the network were basically insignificant profits and you would expect a pullback from there right you would expect like quite a quite a large pullback and you know if we went three thousand to four thousand in a week i would expect this to go into the blue because of that as well um and you know it could stay in that mania face for quite a while as well

that's why this indicator is is cool is okay but like it's it's kind of hard to use it as a as a like a i guess a top signal at times because if you say for example you sold like right here on april when it went into the blue the first time well the eighth price in in in in april here uh if you look here it's about fifty dollars right and then eight went to 420 after that in the blue the whole time so manias can get really crazy crazy like if we go into the blue at 4 000 you know if we go to 10 000 or something before it kind of tops out and comes back down so this is just a good i guess indicator to look back in the past and say you want to be as you know as risk averse as possible well

then when it goes into the blue maybe maybe you sell right maybe maybe you sell and you're fine but in general i i think this again is better at spotting kind of bear markets because it stays red for quite a while and you can see here like the this massive kind of spike down uh to eight dollars the first time meant that you know most of the network wasn't in profit uh and basically uh you're not in profit but you know by i guess like in negative in loss essentially sorry losses were amplified here um for a lot of people and that's why you had that massive kind of like dip here in the red so i do think this is a better bear market indicator than a bull market one um but still interesting to see when this is going to go into the to the blue

for the first time here all right so since the last data pump video the block has added uh scaling solutions metrics which is i think is really cool here so you can see here now the value locked of ethereum scalings by scaling solutions by type in the first chart on the left tier so they've got valydian volidium which is a form of zk roll up oops sorry get rid of this they've got plasma which is obviously a layer 2 solution that's been around for a while zk roll ups optimistic roll ups and state channels now this growth has been quite phenomenal lately actually uh and you can see like if i take out optimistic roll-ups here oh sorry if i take out optimistic roll-ups uh because they've been live um uh as as on synthetics right only as far as i know

um you know we can kind of get a cleaner picture here because i do want to kind of i guess look at things that have more than just one app behind them so uh validium i'm pretty sure is is um man which one's validium i can't remember which app is using validium right now but it's it's stock waste technology so uh whatever apps are using that plasma i'm pretty sure that's matic uh uh the matic plasma chain um and an msa go as well uh zk roll ups is uh stuff like loop ring optimistic wraps i'll just add that back in that's synthetics right now and state channels there's ryden and connects network and things like that um so yeah i mean the this will this will obviously follow price because this is denominated in us dollars so

when the assets fall sharply in value then the value locked will fall sharply as well but still general uptrend again here and then they've got a value locked of ethereum l1 bridges here so you can see that you know the bridges i guess like bsc has been dominating uh you know for a while now bc's in in dark dark blue here but the polygon pos chain is is making moves you know we're widening uh kind of like their market share here avalanche xdi ronan and uh i guess others here are a small share of the network so essentially it's a battle between bsc and polygon right now and what this measures is basically the amount of value locked in the smart contract that you send your um you know funds to to be able to use them on bsc

or or polygon here or the polygon pos chain so yeah cool metric there uh value locked in plasma solutions so yeah as i said like polygon omisega and gluon as well which uh which i am pretty sure is part of the leverage uh decentralized exchange uh validium here's the validium thing so zk swap okay yeah now i remember and and stock we're here so um zk swaps darkware and i wonder where they have dyda so the dydx is in the zk roll up section here along with uh loop ring so you can see you know loopering had had dominance for quite a while here but then uh you start stackable got released recently and they've been growing and same with zk sync's been growing because of git coin aztec and immutable and hermes are relatively new so

they're they're kind of less here but yeah loot ring still dominates here and then value locked in optimistic roll-ups obviously synthetics dominates because they're the only major app live on optimistic roll-ups here so yeah i can't wait to visit this uh you know maybe even in a few months like these these charts and see how things progress here i want to see this when optimism goes live like a public main net when arbitrary goes live with optimistic roll-ups when starkware goes kind of live with more of their stuff that they're doing and obviously polygon as well and things like that because i think it's going to be really cool to keep keep an eye on here so yeah that's that's the scaling solutions metrics uh you can find all this data i'll link it all in the youtube description for you guys to go check out as well

so btc on ethereum has been a big theme since d5 summer and it has not slowed down it's just kept growing like you can see here uh there is a i guess like a huge amount of btc on ethereum i think it's over 200 000 and i mean it does go down sometimes but you know the general uh trend is just up right and this is obviously about bitcoin is dominating but you know second in place here is is hbtc which is hobby bitcoin uh ren btc seems to be uh kind of like steady with market share here and then the smaller one synthetics btc tbtc and imbtc so um you know i'm actually surprised that hbtc is second here i would have thought maybe that was ren btc but i guess like they're not too far apart but not surprised at all by wbtc being the

dominant thing here they were first to market their liquidity biggest liquidity so they were able to get like a massive market share here um but yeah i guess like if we if we just look at march and april and see how kind of like it progressed from there i guess we can do the last three months uh let's go march march here the total was 175 000. so yeah two hundred thousand thousand five thousand so another thirty thousand bitcoin was added over the last two months so obviously it's slowed down right if we zoom out here it's slowed down but still it's trending up uh and i think you know as bts price goes up as well you know this btc is worth more it can be used for more within ethereum within d5 so it makes sense that i guess like it would slow down too

so this is a fun one and this is one that was way more relevant in uh i guess like 2017 1819 but this is the ico treasury balances chart which tracks the amount of eth in different ico treasuries now i do think that icos were a major driver of the bull market in 2017 and also a major driver of the bear market in 2018 especially because these icos had millions and millions and millions of ether in them and they were selling them into the market right while the market was coming down so you can see here that a lot of them don't have much eighth left essentially i think the gnosis kind of like uh one is wrong here i think gnosis actually has a fair bit of eighth left but you can see the biggest ones like obviously the eighth foundation which is

um uh the the core uh development for ethereum they're not going to be dumping their eth you know anytime soon gollum is a surprise here golem is one of the first icos they raised all these eight like 300 000 eth uh back when ethan was basically worth nothing it was like during 2016 when it was you know ten dollars something like that um and then you have like these are these smaller ones and i think at this point you know everyone every one of these treasuries that wanted to just dump their eighth has done so already so it's just funny to see like it went from millions and millions of millions like tens of millions of eth in these kind of treasuries to essentially i guess like if you add all these up it's probably be about a million um and if you added gnosis toward

probably 1.5 million i guess you could get two so not much at all and you know that uh definitely won't be uh the ethereum foundation and it seems gollum are not going to be just like market dumping all at once right um you know i'm surprised golem still has this much and uh you know the project's still going and everything like that but that's a lot of money 300 000 eth that's god how much is that today it's it's got to be 600 billion dollars i think um 600 600 million not billion dollars um still like a crazy amount of cash that they're sitting on there so yeah i will uh i i don't think i'll be revisiting this chart i just wanted to show it because i haven't shown it before but i still think it's very interesting to kind of like see how far we've come

from from the 2017 era era of icos so another uh kind of uh i guess like breakout metric over the last few months and especially during march and april is the total die supply so you can see here it's exploded up i mean if we go to just like uh i guess what is it march 1st 2.3 billion to today's 3.9 billion so it's about 1.7 1.6 billion dollars of die being issued over the last two months and die our supplies at all-time high uh as you can see in the chart here and it was steady growth for a while but then it just like exploded up and this is after d5 summer too and it just shows that the um i guess like the hunger for stable coins is

really there and diet being like a decentralized stablecoin is even better like usdc has had some incredible growth of course and obviously tether and stuff like that but seeing diet continue to compete and grow has just been just been really really great and you know obviously maker dao is not just backed by ether anymore because it's multicollateral it's backed by usdc and wraps bitcoin and things like that but i think i i i i think you know diet can still be considered decentralized as a stable coin and i think that you know for them to scale they needed to add those assets so yeah and then die is basically used across like the entire d5 ecosystem like every defy apple access support die um and you know i think a lot uh some of this has got to do with alchemics as well alchemix has i think 25

of the die supply in it or something crazy and that's because they were they have some yield farming programs going on but they also have a a really amazing product that that lets you pay down your automatically pays down your debt and you can take loans against your debt and then yield fund with it and it's just some crazy wizardry going on there so yeah good to see the die supply at all-time highs here so another interesting kind of i guess a bunch of charts here from the block is protocol revenue so you can see here the different d5 protocols and the revenue that they're generating for d5 it is definitely on an uptrend went down a little bit i guess uh you know in april but still back on the uptrend here and that's revenue i guess like for not maybe not

i guess like not not the token holders specifically maybe it is the token holders um actually no this is daily so i don't think it is the token holders i think with this it's just basically the total revenue that the protocol is generating whether that be for liquidity providers or token holders and you can see here just a breakdown of the monthly d5 revenue that's obviously been going up as well cumulative d5 revenue this only goes up crossed a billion dollars recently which is quite cool um and then default revenue by recipient here so as i was saying protocol or supply side so supply side basically means that is it revenue being paid to like liquidity providers on unisof for example rather than the protocol itself so protocol revenue is much less because a lot of these protocols don't have um you know a lot of fee capture

going on some of them don't have it at all but still that has i think that's been on a general uptrend here if i click into it yeah that's been on a general uptrend as well which is which is cool to see uh annualized default revenue by protocol uni swap still leading but again none of that goes to the protocol which means none of it goes to token holders um compound i don't know if this goes to token holders but they have a bit of protocol revenue there uh sushi swap is is pretty high are there and then maker so all of maker's revenue actually goes to um to make up and they have the most protocol revenue out of any of these uh kind of rpc as you can see here they are currently making 123 million uh dollars uh i guess like per year i

think this is annual annualized you annualize per year uh much more than than any of the others besides like sushi swap and compound which is actually quite cool here and then on the supply side you know the leader is obviously uni swap but again none of that is going to token holders right now uh there's a bunch of others like tvl annualized revenue ratio and market cap annualized revenue ratio which is used to see if things are overvalued or undervalued here so sticking to the d5 theme here it's good to i think go over d5 pulse and see like how much usd and how much each is kind of locked here so we're at about 68 million usd locked according to default pulse in d5 maker is still leading at 10.72 billion but alvarez is at 9.8 billion with compound at 9.2

if we go to eth locked it gets a bit more interesting now we actually broke a new all-time high in april which was about 11 million we're back down to 10.7 million now but i think with d5 pulse they just track ethereum based d5 there's also been upticks in layer 2s and also upticks in polygon the pos network on polygon where i think rv has two billion dollars there curve has a bunch there as well um you know there's some other dfi apps on there too so i think a lot of kind of like liquidity is going there a lot of a lot of tbr's going there as well which would make sense here but still it's not like ethereum's kind of um d5 is is uh slowing down or ethereum's layer 1d5 slowing down here at all it's still going quite strong and again

sticking with the d5 theme here we can go to the dex metrics which i'm just going to have a quick refresh to make sure i've got the most up-to-date data here so this is my favorite decentralized exchange tracking dashboard on doing analytics volume over the last i guess uh 24 hours and seven days probably isn't very relevant here but basically 2.1 billion over the last 24 hours and 15 billion over the last seven days what i do like to look at is basically down here the the monthly dex volume grouped by year now uh april was almost a record month i think i think it basically i think it was just a record month um uh beating out february by just a little bit here uh march was in the middle um but yeah i think uh it's fine this is like this seems to

have maybe capped out here on layer one um i guess uh you know it's been four months now where it basically stayed around the same here i'm curious to see how may goes i mean we're only two days in so far so it's not gonna there's not much data here but you can see the general trend is that you know 2019 is in blue just like you can't even see that on the chart really you have to squint to see it 2020 is in gray and uh you know you when you when you start getting candles of of 2021 that's making gray look look look like nothing as well and you know i think these two candles here these two monthly volumes here dwarf the total volume that that was done in 2020 on dexas which is quite cool now let's see who's dominating still and

of course it's still unisop uni stop still has 55 dominance with sushi swap at 16 uh 0x at 10 which has been the breakout star actually lately xerox has been um you know what was was kind of like i guess not doing much volume for a very very long time but now they're doing a lot thanks to the xerox api and match our decentralized exchange aggregator and then uh you can see here that there's a bunch of uh other ones like curve and bancor and balancer and all the rest here and then on the on the right you've got the aggregator share of decentralized exchange volume which has remained steady again it's uh about i guess like 14 uh and direct dex volume is 86 which is quite insane right you would expect a lot of people to go through aggregators but i think they don't i

think a lot of people just go to uni swap right and just use uni swaps contracts directly because that's what they know and there's a lot of people like a lot of newer people who won't use an aggregator but we'll use unisop right off the bat here so cool to see that um but this chart on the left the daily decks volume kind of uh is pretty illuminating as well there's some times where like you know there's spikes and stuff like that but unit stop is still is still kind of leading here so very interesting uh interesting kind of metrics on the decks front all right uh it's for playing smart contracts so i think i've already gone over this one this might be a duplicate here we'll leave that um so yes basically uh the eth2 metrics so essentially we crossed a four million eighth state

in april we're at 4.18 million here which represents over 10 billion dollars currently securing the e2 network stakers are getting seven point seven percent apr right now uh and there's over 127 000 validators so you can see here that apr changes as more atheist stakes so if we went to like 10 million each steak it would go to 4.9 percent but this is just protocol or block reward ap apr there's estimates now that when the merger goes through the eth1 to e3 merger this api is going to spike to 20 25 plus because fee revenue all the unburned fee revenue is going to be going to stakers as well so i think we can expect to see the total eighth stake just you know basically once the merge goes through we

can expect it to go to north of 10 million easily i think especially if the ap apr stays around you know five ten percent like comes down from 25 percent because more people stake but it stays around five ten percent and then as more people stake more eth gets locked up uh and naturally the price should appreciate um and you know i guess like the the uh when the merge happens isn't there's going to be about a 90 issuance reduction like uh you know immediately as well and stakers don't have a huge ongoing cost like miners so they're not going to be dumping as much so i can only say that you know obviously the more eth locked up in staking the better it is for the price like it's just that's an over obvious correlation for me it may not play out day to day or

week to week or even month to month but it'll play out over the longer term for sure so that's something that i'm keeping a very very close eye on and checking it regularly and checking it for any spikes i know coinbase started rolling out their staking kind of service recently um but they're going to be i guess like um doing more of that over the coming coming weeks and coming months so it's going to be interesting to see what uh you know amount of ethy staked in the next data pump um but on that i think that's it for today's episode or for for this episode that's that went over the months of uh march and april so thank you everyone for tuning in i hope you enjoyed it i do these as i said once a month um but uh you know i i kind of like it uh i ran out of time

to do it uh last month i kept kind of delaying it and didn't get to it so that's why i've done two months this time but usually these come out once a month so if you don't want to miss that definitely subscribe to the channel you'll also get access to the refuel videos too which i do every weekday basically ethereum updates and all that sort of stuff and yeah give the video a thumbs up if you haven't yet and i'll catch you all uh next month for the next daily grade data pump thanks everyone