OurNetwork #148 (Part 2)
Coverage on Ethereum.
📈 Optimism's L2 grows 10x+ YoY
Optimism is an L2 seeing four consecutive months of all-time highs that uses the majority of its sequencer profits to retroactively invest in builders of public goods. With a 10x increase in YoY transactions, Optimism is capturing fee revenue at scale to make these public goods profitable. Upgrades to Optimism include modularizing via the OP Stack & Bedrock.
Teams Building on Optimism have increased 1,000%+ Year-Over-Year. Optimism is EVM Equivalent, thus making it an accessible home for developers. There have been a variety of dApp deployments ranging from options protocols, perpetuals, NFTs, and even entire voxel op-chains (OPcraft).
Optimism’s fee revenue is nearing ATHs, despite L1 gas prices being off by 50%. Profits go to fund RetroPGF, with a 2nd round coming soon.
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⑤ Ethereum NFTs
👥 ElBarto (Block119)
📈 Shifts in NFT market share, Blur with 20%+
Royalties, new exchanges, and debates on fees has led to significant shift in the NFT marketplace landscape. While volume has been relatively flat since August, Blur has carved out a significant share of the market as users are tempted to list, considering an upcoming airdrop. The share expense has mainly come from OpenSea, which had around an 80% share at the beginning of August, but now sits around 60%. Data shown below excludes wash sales.
Using NFT profiles from a previous OurNetwork, we see Blur users have a similar overlap with X2Y2. This makes sense - NFT Traders and Flippers are looking for a venue with the lowest fees as they can make a higher ROI on their trades. LooksRare has the least usage of sophisticated NFT users.
One perplexing trend to watch is the number of NFT orders that have expired. Data from Resevoir0x shows expirations as a percent of total NFT transactions spiked during the last two weeks of November (does not include Blur). It's unclear what’s causing the spike - it could possibly be Blur/Sybil related.
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