ON–148: Ethereum (Part 2)

Coverage on Ethereum, Flashbots, Stablecoins, Optimism and NFT Market.

Dec 2, 2022


📈 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.
Source: Dune Analytics - @optimismfnd
  • 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).
Source: Alchemy
  • 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.
Source: Dune Analytics - @optimismfnd
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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.
Source: Nansen Query
  • 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.

    Source: Nansen Query
  • 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.

Source: Dune Analytics - @Resevoir0x