ON–099: DeFi

Coverage on Genie and IndexCoop.

Nov 26, 2021

The #1 Crypto Analytics Newsletter

About the editor: Spencer Noon is co-founder of Variant Fund. Founders should reply to this email to get in touch.

Editor’s Note

This week’s newsletter features our students from OurNetwork Learn, Web3’s first learn-to-earn data program.

Spearheaded by the incredible Andrew Hong, the course ran over the last 30 days and taught a cohort of 30 students how to analyze data in Web3 and communicate their work publicly.

The results were even better than expected, so we’re going to feature more students in next week’s issue as well. We’ll also try to run the program again in the near future.

Enjoy this week’s coverage and if you have some free time, be sure to check out the course lectures and materials, which we recently open-sourced.

— Spencer Noon

Network Coverage
This week our contributor analysts cover Genie and IndexCoop.

① Genie

📈 Genie crosses $14.5M in its first week public

  • Genie is an NFT marketplace aggregator that enables users to batch buy and sell NFTs in one transaction easily. Although they launched in stealth mode earlier in the year, they opened up the platform to the public last week. While they've done ~$32.6M worth of swaps in total since their beta launch, nearly half of that ($14.5M) was done in the last six days after their public announcement.
Dune - @tejuadeyinka
  • While Genie aggregates NFT trades from several marketplaces, 98% ($32M) of all completed trades have been done through OpenSea, accruing revenue of $801K. The rest of the trades have been completed through Sushi Swap Market and Rarible.
Dune - @tejuadeyinka
  • Over the last week, for the transactions where users traded multiple NFTs at once, an average of 3 NFTs were bought in one swap.
Dune - @tejuadeyinka

🧞 Genie (Part ②) 👥 Chuxin Huang 🔎 Dashboard

📈 NFT marketplaces collected over 300 ETH via Genie

  • Genie is the first ever NFT marketplace aggregator, offering buy and sell options for users in a single transaction across major NFT markets. It had the official public launch on November 17th, and has enabled marketplaces such as OpenSea to collect 377 ETH (~$1.6M) to date.
Dune Analytics - @chuxin
  • Average swaps per transaction is 7 tokens with an average value of 3 ETH. The most swapped collection to date is @loomlocknft with a total of 437 tokens swapped (including double counting if a token was swapped multiple times).
Dune Analytics - @chuxin
  • On the day of public launch, an NFT trader @NFF_eth spent > 200 ETH (~$1M) to sweep the floor of Cool Cats NFT in 3 single transactions! Up to 22 Cool Cats NFTs were bought with price range between 8 - 9.5 ETH, and the trader paid a total gas of 0.77 ETH.
Dune Analytics - @chuxin

🧞 Genie (Part ③) 👥 Anna Vakulyuk 🔎 Dashboard

📈 Over 4000 NFTs bought at floor on Genie

  • Genie allows users to buy and sell multiple NFTs in a single transaction. This allows for floor sweeping, a strategy of buying the cheapest NFTs in a collection in hopes to raise the floor price in the market. There are two distinct groups where sweeps happen: newly minted NFT collections and collections that undergo a price dip. Floor sweeping in newly minted collections shows to be unfavorable, with both the price and amount of tokens being traded trending downward the following days.
Dune Analytics - @anya004
  • Floor sweeping in more mature collections seems to be a gamble with the floor price going in either direction while token trades decrease.
Dune Analytics - @anya004
  • However, these particular floor sweeping transactions are in collections with high distributions, and therefore floor sweeping is not significant enough to affect it. Even in recently minted collections, the distribution levels off within a week.
Dune Analytics - @anya004

🧞 Genie (Part ④) 👥 Meghan Heintz 🔎 Dashboard

📈 Only 4.5% of Floor Swept NFTs Are Resold

  • A floor sweep is likely the first exposure of the collection to the buyer. Roughly 74% of purchases are from first-time collection buyers.
Dune Analytics - @msheintz
  • Upon resell, the 25th percentile of sweep buyers is making a slight profit, whereas non-sweep buyers are taking a moderate loss. However, upside for sweep buyers is more limited compared to non-sweep buyers. The profit for non-sweep buyers in the 75th percentile is more than double that of sweep buyers.
Dune Analytics - @msheintz
  • Sweep buyers may be less likely to take a loss when reselling, but that doesn't mean they are necessarily making savvier buying decisions. Sweep buyers have resold at a substantially lower rate, 4.5% to 26.5%.
Dune Analytics - @msheintz

⑤ IndexCoop