Probably one of the wildest crypto charts of the cycle. From peaking to over $500k in revenue in a single day to doing less than $500 today.
It's been about a week since a new agent launched on Virtuals.
Sharples
761 posts
Sharples
@0xSharples
Joined May 2021
- NEW PUBLIC @pumpdotfun ICO dashboard just published. Here are some of the highlights:
- The market cap of tokens launched from The Arena, a SocialFi app on Avalanche, surpassed $100m yesterday. It is currently one of the only launchpads to have a rising aggregate token market cap in the past month.
- The number of Zora coins launched on @base continues to increase. Around 28k tokens were launched from launchpads yesterday on Base. For context, about 32k tokens were launched on pumpfun yesterday.
- An uncomfortable truth that this industry needs to address is the level of wash-trading that occurs on some of these DEXs. Look at the top Uniswap pools on Ethereum for November. Do you believe GOLDEN-WETH is doing over $5b in legit trading volume with 14 unique traders, anon?
- Almost all tokenized asset volume takes place on Ethereum and Base. For Ethereum, tokenized gold is the most significant driver. For Base, it's tokenized equities.
- Base currently has about a 70% market share in foreign exchange volume across blockchains. The biggest FX pair is EUR/USD on @AerodromeFi. Even excluding EUR/USD, other FX pairs have also been rising, such as CAD/USD, GBP/USD, and CHF/USD.
- Base just recorded its highest DEX volume since early February, three days after Coinbase announced their DEX integration. The top three pairs were ETH-USDC, ETH-cbBTC, and cbBTC-USDC. 3 out of the 4 top pools were on @AerodromeFi
- Base DEX volumes surpassed $2B again, the highest since January. Most of this volume is currently being driven by ETH-USD and Bitcoin-related trading. - $1B in ETH-USD trading - $600M in Bitcoin trading Both of which @AerodromeFi have over 50% market share.
- For context on the size of @RaydiumProtocol's buyback program, there is currently more RAY accumulated from buybacks than held on centralized exchanges.
- Ethereum had one of its largest weeks of tokenized gold volume onchain. Similarly, FX DEX trade volume reached a 2-year high on Ethereum.
- A thing this industry still gets wrong is basic accounting. Take Axiom, for example; headlines claim they've generated over $120 million in revenue, but in reality, this is their gross revenue number. Axiom runs a fee rebate program and has currently paid out over $50 million
- Spot FX volume on Base continues to go vertical. Over $173 million in spot volume last week. Most of this volume takes place on @AerodromeFi.
- An interesting downstream effect of prop AMMs is the turning of CEX-DEX arbitrage into atomic arbitrage. Since prop AMMs are active in quoting pairs, rather than the passive approach of public AMMs, there's more opportunity for atomic (cyclic) arbitrage now between onchain
