Top 5 Dune Analytics dashboards that you need
Navigating one's way in the DeFi space requires gathering as much information as possible, to make the most informed investment decision. There are tools to help, and Dune analytics is one of them.
Let's assume you are pretty new to crypto. You probably heard about centralized exchanges like Binance, Coinbase, or Luno, and maybe even bought, stored, and traded crypto on those platforms But what if you want to explore more in-depth in the crypto rabbit hole, the cool, edgy, so-called REAL DEAL of crypto experience, a new realm that goes beyond the safety rails of centralized exchanges - the world of Decentralized Finance (DeFi).
How to start your trading journey in DeFi?
Introducing Dune Analytics, your go-to data platform when you are too broke for paid analytics and want to stay frugal. What makes Dune Analytics cool is it community driven essence that makes analytics accessible to all. To elaborate, Dune transforms data directly from the blockchain to readable analytics through submitting queries via a click on the platform. Most importantly, everyone can create, access and fork specifically curated analytics to suit own needs. Enough said, here are 5 Dune dashboards that can help you in your DeFi journey:
The Ecosystem of Decentralized Exchange (DEX)
On-chain Analytics on Various Chains
User behavior and Trading Preferences
Industry Specific Comparisons: Layer-2 chains
NFT Market Overview
*Disclaimer: Due diligence is an important part of any data analysis process, due to the nature of crypto and the lack of regulatory disclosure, always be extra cautious when making financial decisions.
The Ecosystem of Decentralized Exchange (DEX) by @hagaetc
Want to know where people like to trade on DeFi? The dashboard below is the best visualization of users across different DEX. You can see that Uniswap is currently dominating the number 1 DEX choice, with a whopping 70% market share over the rest, and topping the chart on trading volume in the past week and 24 hours.
Another interesting metric to look at is the daily DEX volume. When there is a sudden big shift in activity, you can expect something is going on in the market. For example, Look at the daily chart below:
We can see that Curve finance (brown) has a massive in-flow in volume on the 13th of February. Turns out, it is due to a court investigation on BUSD by the SEC, causing users to move to Curve for better stablecoin yields according to news sources.
On-chain Analytics Volume on Various Chains by @Howard_Peng
To determine whether a blockchain ecosystem is active or not, one way to do this is to look at its network effect, meaning how many users are actually using the blockchain. One way to do so is to look at the number of active addresses on each blockchain. See Below:
Note: Dune currently supports contracts on Ethereum or other EVM compatible chains such as Polygon, Optimism, BNB, Avalanche (C-Chain), and others.
One interesting fact is that the BNB chain has the most numbers of active addresses at the moment. We can also observe that besides the dominance of the BNB chain, Ethereum and Polygon’s network effect is also a cut above the rest of the chain.
The motivation to use a particular blockchain is tied to many things, including transaction speeds, decentralization, security, and gas fees. Fun fact, it is impossible to fulfill all aspects (see Blockchain trilemma). Besides that, whether the blockchain is builder-friendly is also important for developers to create Dapps to attract new and returning users.
User behavior and Trading Preferences by bitgetresearch
The dashboard by bitget research provides great analytics on what users usually do on the blockchain. On the Ethereum blockchain, it is interesting to see that new users are leaning toward Stablecoin transactions, which goes as well for existing users to a lesser degree.
Out of all the EVM blockchains, Polygon has the most use case in terms of gaming, far exceeding other blockchains. However, similar to Ethereum in terms of new user preference, stablecoin transactions are dominant.
Perhaps the most “DeFi-centric” use case is found in Arbitrum a layer-2 rollup ecosystem, where the preference in DeFi out-weights other use cases, both new and existing users.
Industry Specific Comparisons: Layer-2 chains by @blockworks_research
Want to know more about the Layer-2 space? Here is a detailed side-by-side comparison of two of the largest L2 adoption in Ethereum: namely Optimism and Arbitrum.
In L2, all eyes revolve around gas fees and transaction fees, which is non-explanatory as they represent cost savings coming from Ethereum L1.
In the dashboard, you can have a clearer comparison of:
Average transaction fees
Active addresses
Retention rate
One interesting finding on the dashboard is there is a gradual increase in gas used by Optimism and Arbitrum as time goes by, to the extent of when combined, sometimes even than the rest of L2 Contracts. This could be suggesting that Optimism and Arbitrum are used more often and are gradually dominating the L2 space.
NFT Market Overview by @hildobby
Finding the right time to trade NFT? Or don’t know which platform to trade on? You can refer to an NFT market overview
The dashboard covers:
Top most expensive NFTs (and where you can them)
An Overview of the various NFT marketplace
How active are the traders (per count)
The volume of the trade
One interesting discovery is that competition in a new marketplace named blur is closing the gap to the all-time dominant NFT Market Opensea. More precisely, Blur has a majority in the market share with a sheer volume of nearly 50% of the entire market, while only having less than half of Opensea’s traders.