ON–157: Polygon Mega Issue

Coverage on Polygon, NFTs, Reddit, Uniswap and Blur Airdrop.

Feb 17, 2023

ON–157: Polygon Mega Issue

About the editor: Spencer Noon is Co-founder & General Partner at Variant Fund. Web3 founder or data analyst looking to connect? Reply back to this email.

Network Coverage

Coverage on the Polygon ecosystem, including NFTs, Reddit, Uniswap, along with a special BLUR airdrop feature.

① Polygon

📈 Polygon PoS active addresses climb 23% MoM

  • Polygon is a collection of scaling solutions for Ethereum, including PoS, Supernets, and multiple zk solutions including the upcoming zkEVM. January 2023 saw PoS monthly active addresses grow 23% month over month, and 155% year over year. February has seen weaker performance. Weekly active addresses dipped below 1m for the first time since September of 2022 (963k). Top 10 dApps by users span games (Planet IX, Benji Bananas), NFTs (OpenSea), social apps (Galxe, Lens), and DeFi (Uniswap, Paraswap).
Source: Polygon Analytics
  • Polygon PoS revenues hit $1.58m, a new all time high last week. Weekly network revenues have nearly 6x’d in the last month and half. Over the last 4 weeks, MATIC has vaulted 44% helping increase revenues.
Source: Polygon Analytics
  • While gaming and DeFi use cases dominate the top 50 dApps, social use cases are gaining traction. Last week two social dApps broke into the top 5 by unique active addresses. Top social dApps by unique weekly addresses are Galxe (48.7k), Lens (44.3k), and Phi (11.5k).
Source: Polygon Analytics

② Polygon NFTs

📈 YTD NFT volume (including financial) crosses $1b

  • The NFT ecosystem on Polygon saw a massive surge in transaction volume in the last three months, wherein January clocked in 80m+ transactions, of which a majority share was driven by non-financial NFTs. The sales volume in H2 2022 was steady for the most part, with an average of $595m+. YTD, $1.2b+ sales volume (including financial NFTs) has been recorded, with Uniswap V3 Positions NFT-V1 (370m), Algebra Positions NFT-V1 (327m), and Algebra Farming NFT-V2 (271m) leading the charts.
Source: Polygon Analytics
  • OnePlanet joined the Polygon ecosystem from Terra, with 63 collections on board and has recorded $2.8m in sales volume since launch. Key projects (by all-time volume) include Tracershoe (1.6m), HellCats (421k), Derby Stars Horse (310k), HellHounds (168k), and others.
Source: Polygon Analytics
  • While OpenSea continues to dominate in terms of volume, new marketplaces such as OnePlanet and MagicEden are emerging strongly with exclusive collections on launch - Polygon Citizens, HellCats, Rekt Dogs, Aston Martin, and more.
Source: Transpose

③ Reddit

👥 Peter

📈 1.82m Super Bowl/Reddit collectible avatar holders

  • Super Bowl LVII may have ended but Reddit has captured its history for future generations to remember on Polygon PoS. About 1.82m wallets have at least one Super Bowl LVII x Reddit Collectible Avatar Holders. Out of these wallets, 1,463 are holding more than two Super Bowl LVII x Reddit Collectible Avatars. To date, there are now more than 7m Reddit Collectible Avatar Holders on Polygon.
Source: Dune Analytics - @petertherock
  • More than 1.88m Super Bowl avatars were minted. “The Champs" avatar was the most popular with 734k avatars minted, followed by "Eagles" (475k), "LVII Super Fans" (392k) and "Chiefs" (403k).
Source: Dune Analytics - @0xmartijnb
  • In the week prior to Super Bowl LVII, people used their lunch hour and the rest of their afternoon to mint Super Bowl LVII Collectible Avatars on Reddit.
Source: Dune Analytics - @0xmartijnb

④ Uniswap

📈 Uniswap Polygon traders up ~3x YoY

  • Uniswap is a market-leading AMM-based DEX. The project deployed on Polygon in late 2021, and currently controls the vast majority of DEX volumes. When Polygon launched, the project surged to ~35% market share within a week. Uniswap’s market share continued to grow, and the project has controlled the majority of DEX volume on Polygon since around June of 2022. Uniswap is currently facilitating ~75-80% of daily volume.
  • Since launching in late 2021 on Polygon, Uniswap’s weekly volumes have actually held relatively steady in USD terms despite the market drawdown. Weekly volumes are tracking ~$550-700m, actually up from ~$400-600m levels in late 2021.
Source: DeFiLlama
  • Uniswap’s weekly active users on Polygon have grown ~3x YoY, despite mainnet users declining about ~19% over the same period. However, the vast majority of Uniswap’s traders remain on Ethereum mainnet: weekly users are currently tracking ~147.5k vs ~34k on mainnet vs Polygon.
Source: Dune Analytics - @vf2020

BLUR Airdrop

📈 >90% $BLUR were already claimed by 89k addresses

  • Blur, the pro-trader NFT marketplace launched in October of 2022, has quickly gained ~40% of the NFT market share in just four months, positioning itself as a mighty rival to OpenSea. On February 14, 2023, Blur airdropped 12% of its 3b total token supply in the first-season airdrop to the community, while initiating the second-season incentive program.
Source: Dune Analytics - @pandajackson42
  • Over 90% of BLUR tokens were already claimed by 89k addresses. The high demand caused Ethereum gas to surge to a new all-time high of 2000 Gwei, following Otherside's sale. The top airdrop recipient was anonymous and granted over 3.2m BLUR tokens, worth $3m at the time.
Source: Dune Analytics - @pandajackson42
  • Post-airdrop behavior analysis shows that out of the 89k wallets that received BLUR tokens, 72.7% (69k wallets) sold their tokens, with 19.7% (13.6k) of those deposited to CEXs. Only 2.8% (2.7k wallets) bought more. 24.5% (23k wallets) are still holding onto their tokens.
Source: Dune Analytics - @pandajackson42