Try Quests to earn crypto2022 Retrospective
What is the Question?🚨
Let’s explore some key indicators of the health of the Web3 industry.
- Project ETH supply growth for 2023 by using various average gas prices.
- What is the highest value DEX swap, by protocol?
- Where was there the most DEX swaps by protocol?
- Which were the highest gas consuming NFT mints?
Analyzed Topics:
- Ethereum Ecosystem Growth and Fees Behavior
- Ethereum DEXs Swap Activity
- Ethereum NFTs Mint Activity
Introduction🚩
What is Ethereum?
Ethereum is a technology for building apps and organizations, holding assets, transacting and communicating without being controlled by a central authority. There is no need to hand over all your personal details to use Ethereum - you keep control of your own data and what is being shared. Ethereum has its own cryptocurrency, Ether, which is used to pay for certain activities on the Ethereum network.
More Info
What is Web 3.0?
Web 3.0 is the third and present generation of the world wide web, which is also referred to as read-write-execute web or semantic web. The evolution of web 3.0 began in 2020 with the onset of dynamic applications, interactive services, and machine-to-machine interaction. With Web 3.0, computers can interpret information like humans, via machine learning and artificial intelligence. Machine learning and artificial intelligence help to intelligently generate and distribute useful content, tailored to a particular need of the user.
More Info
Methodâš¡
In this dashboard i analyzed ethereum ecosystem growth and what is coming in 2023 and how it performed in 2022 by far after so many incidents that happened on crypto market.
At first i take a look at its monthly transaction fees, then i compared its multiple DEXs in terms of swap activity in 2022 and at the end i take a look at NFT minting on ethereum and how was it in past 12 months.
For this matter i used ==Ethereum.core== database provided by Flipsidecrypto and multiple tables such as fact_transactions & ez_nft_mints and etc.. from that database to extract the needed data for my analysis.
I analyzed all the data and ethereum chain since the beginning of 2022.
Dashboard made on ==2022-12-21==
Findings👀
- Ethereum Fees were bearish most of the months of 2022 except for August which is recorded the highest maximum fee of all time in 2022. As we look more precisely, we can see ethereum’s average fee dropped over 90% since January and so many factors were effected this matter in a long term such as bearish market, Ethereum merge and etc.. .
- In top 10 contract based on max fees we can see mev bot is in the lead which has recorded over 100K maximum fees in 2022 followed by aave in the second place with almost 50K and the otherside in the third with approximately 40K maximum fees.
Findings👀
- We can clearly see that Uniswap v2 and v3 are accounting most of the swap activity between ethereum DEXs and they are more popular than others. We can consider it as the most popular dex on ethereum because of its low swap fees. AS we see in the pie chart above which is showing average swap fee among these 6 DEXs, it seems uniswap v3 is in the 4th place and even uniswap v2 is in the last place in terms of average swap fee. If i was a trader or swapper or anything in crypto market, i would rather transacting with the lowest fee and for this matter i would’ve check all the dexs to find the lowest fee possible. In addition, uniswap v2 and v3 are accounting over 80% of swaps and swappers together in past 12 months since January.
- Synthenix is in the first place in terms of average swap fee with almost 0.5 followed by curve in the second with 0.27 average swap fee.
Findings👀
- Minting NFTs on ethereum after recording its all-time high on number of mints, minters and minted NFTs on September 2022, dropped significantly almost 50%.
- Monthly TX fee and average fee charts are showing a huge turndown after May in terms of spent fees on ethereum multiple kind of transactions.
- As we know, ethereum used to know with its high fee transactions in the past but after merge on September 15th and because of the bearish market as well, its spent fees were decreasing significantly after the beginning of 2022’s second half and much more after September 15th, Ethereum’s merge day.
Findings👀
- Ens has the lowest average fee in both ETH and USD and the highest belong to tubby cats since January 2022.
- As we see in left and right, the charts are showing top 10 projects with the most consumed fees in ETH and USD. Tubby cats is in the lead among ethereum nft collections in terms of the most consumed fees in 2022 with over 260k consumed in ETH and over 695M consumed in USD followed by the otherside, one of the most popular and well-known collections on ethereum with over 127K spent fees in ETH and 353M in USD over time.
Conclusion💡
- Ethereum ecosystem is growing although the crypto market is bearish and users are getting disappointed more and more by the time passes.
- Ethereum by far has done many things to lower its high transaction fees such as its merge on September 15th and the upcoming shanghai update that has been scheduled for the second half of 2023.
- mev bot contract was the biggest contract among all on ethereum in terms of spent fees with over 100K spent fees over time in 2022.
- Uniswap is totally outperforming other dexs on ethereum in terms of swap activity.
- NFT activity has been bearish since January and many factors could effect on this matter such as bearish market or crypto winter and users are disappointing from crypto after Terra’s crash and FTX’s collapse.