The Daily Gwei Data Pump #3 - Ethereum and DeFi On-chain Analysis

Transcript

hello everyone and welcome to the third episode of the daily grade data pump in these episodes i go through the various on-chain metrics of both the ethereum network and d5 as a whole and give an analysis on them for today's episode i'll be going through the month of february and everything that happened then there's been a lot of growth so let's get right into it so let's start off with the price action for february so i've got the four hour chart open here and right on the left-hand side of the screen here you can see that we started february at about it was like thirteen hundred dollars and february was a very big month for its price right we went all the way up to two thousand and forty dollars on february 20th and then of course we had that massive kind of dump uh

towards the end of the month and and kind of like basically ended the month essentially where we started i think we went to 1291 so just under where we started the month at so very interesting right we we had such a huge price move and then just erased all those gains within a few days and it kind of just looks like a massive i guess not really a head and shoulders pattern but just like a really kind of massive just mountain right that we've kind of come down on now um it's interesting because we started moving back up in in march of course i think march generally is going to be a pretty good month for for ethereum and everything like that but yeah i'm not sure what what what happened with february right i mean we were pretty healthy up until then if we scroll out even more we can kind of

see that eth was just like kind of bunny hopping up right uh all the way back in in kind of like january here you know up and then we had like a bit of a crash here but it wasn't like i guess like you know it wasn't like as bad as kind of what happened here right uh where we erased all of february's gains this crash here came like only a few days after and then we kind of like recovered in in january so yeah yeah you can see the bunny hop and then the bunny hop and then the bunny hop and then we just kept going up and up and then you know obviously we can't go up forever but just a bit of a weird kind of thing that happened here we go kind of erased all of february's gains here right um you know and then came down

again and just erased further gains as well and we've started going back up which is really positive but yeah no don't want to talk too much about the price but i think it's good to contextualize it because the price action is very closely tied to the different on-chain kind of action especially like gas fees and stuff like that like if the market's more volatile there's going to be more activity on the network there's going to be more gas fees there's going to be more d5 activity so we're going to see that kind of play out in all these metrics that february was a really really big month across a various metrics so you know let's jump into the metrics so i kind of show this chart on on every uh data pump episode and it's basically the number of addresses holding um with a balance of more than ten

thousand eighth right uh and it's been growing since uh as i mentioned on last on uh kind of the last episode since october it's been growing pretty quickly and you know i think it grew from about a thousand and kind of like 27 addresses holding more than ten thousand eight to eleven twenty seven so about 100 new kind of whale addresses here now you can see here that i mean this is in march but like it's come down a little bit but for all of february it kind of like just went straight up right i mean you can see here we started at about i guess you could say 1100 and then we went right up to 11 28 so that's another two you know 28 addresses holding ten thousand eight each so that's almost three hundred thousand kind of eighth uh moved into these new addresses

here but as you can see here we've come down a little bit and that's only natural with the price going down i think we've lost about maybe six or seven or eight kind of like addresses here so that if holding ten thousand uh or more that doesn't mean that necessarily that they sold their a thought went to exchanges or anything and i'll actually show exchanges exchange balances in a bit because that's um that's pretty important to look at as well um but yeah it does show that the the kind of like i guess parabolic growth kind of like broke a little bit here we did have some downtrends a little bit here but nothing is kind of like steep as we've seen here since i guess like even here like back in december it's it's it's a bit steeper than that or it seems to be a bit steeper than

that but i don't think there's anything to worry about here i think you know the market's still quite strong going into march and i think you know whales are still basically accumulating at this point i think so i i i'm curious to see what this is going to be like kind of like at the end of this month but we'll have to kind of wait and see there so next metric is a number of active addresses on the ethereum network so this is basically the last year's worth of active addresses and you know it's kind of followed the price right it's like bunny hopped up with the price obviously you know whenever the price has like a a downside movement there's going to be less activity on the network and that's kind of what we saw uh back here right i mean august september last year wasn't great for the

price and then we kind of have the activity kind of coming down here but what's really curious is that it seems like the number of active addresses was basically a leading indicator here because the price didn't start dropping until the number of active addresses had already dropped by a fair bit so the blue line actually shows a number of active addresses so you can and and the gray line shows the price so you can actually see as i'm scrolling down the blue line fell like pretty rapidly right and then the price kind of like actually went went sideways and then up but then it came back down so you could say that the active addresses here kind of acted as a bit of a leading indicator but that's not always the case because as you can see here there's kind of like these just i guess you can call them bunny hills or

steps where you know the price is just like going up pretty slowly and the active addresses are just like up and down up and down up and down and then obviously you know you have a big spike when the price goes up but yeah this metric in general i just look at for overall health of the network i don't really use it as a trading signal or anything like that because it's just it's kind of noisy right and there are a lot of things that can happen on the ethereum network that have nothing to do with east price movement so there could be some new you know hot new d5 thing that everyone wants wants to get in on you know for example there could be the uni airdrop where lots of people were kind of like claiming that but they weren't exactly buying ether or anything so it didn't

really affect you know the eighth price for example so that's why this metric i think isn't probably as relevant for ethereum as it is for something like bitcoin uh but it still you know shows overall health and if we scroll that to like the the old time kind of chart here the trend is really just up it doesn't matter about like these zigzags here um the trend is is really continuing up here uh and obviously as you would expect with the price going down over the past couple weeks you know the active addresses have come down a bit but it doesn't seem like that's like directly correlated um but yeah we'll have to we'll have to see from there but i think that you know it wasn't just ether went down right there's a lot of d5 activity too a lot of d5 tokens uh volumes are down a

bit market is picking back up now but yeah towards the end of february there the market got pretty spooked by such a large drop i think eighth dropped like 35 or something like that from kind of local top to bottom there um which was a pretty steep drop uh normal in a bull market but but pretty steep for people who had just seen it going up for the last few months so definitely a metric that i like to keep track of but not something that i use as an active trading signal so ethereum's grayscale inflow so for those who don't know grayscale runs a bunch of different funds where basically people can buy into these funds and get tax kind of advantages for doing so uh they had a very very big february as you can see here they had a ton of inflows right

uh coming into the fund but then the inflows kind of like tape it off right just about when the price came down because you can see the the kind of like price in the in the gray so you know it it tapered off like maybe i guess like three four four days before the price really went down right was that a leading indicator maybe i don't know i don't think there's enough data here to kind of like tell but that that is definitely interesting to see and as you can see the the inflows have actually gone down completely right there's only about i think 500 eth going in a day now when at peak it was about 15 000 or more eighth going in uh so quite a drastic change there and because of this there's actually a thing called the premium on the e

fund and the gbtc grayscale fund where they were trading at like a massive premium because there was so much demand through the product and there's no kind of like redemption function and there's like lock-in on these um all these funds so there was no way to close that kind of um i guess like premium until a certain amount of time i think for six months you have to wait for eth uh 12 months for for bitcoin um but because of that the premium got away but it's actually trading at a discount now so there's no premium i think gbtc is trading at like a 10 discount to btc's spot price uh so if you were to go buy gptc you'd buy it at a 10 discount to what btc is actually trading at on market so i think that's the the biggest kind of um

discount in in history there and it makes sense because you know the btc inflows looks the same as the eighth inflows here um and you know the market kind of like i guess people get spooked right like especially a lot a lot of people buying this product they're basically not really into crypto i would i would assume right they're they're definitely more just like trying to get exposure to eth because they heard about it or something like that um so they definitely will get spooked by such a large kind of drawdown i mean 2000 to 1300 in a matter of like a few days i think it was like a week uh is is a steep drop um and you know i think that scared a little bit of people off but i think as we keep having this positive price movement that we've been seeing we're probably going

to see these inflows tick up again so pretty interesting thing to watch um but you know there's also and i'll go through this in a sec there's also a kind of an etf that got spun up as well where um not not i don't i think there's one for eighth but more so for bitcoin where uh the bitcoin etf is actually a better product to get tax advantage exposure to bitcoin and i think i've got it up here yeah you can see here this is an etf not in the us it's in canada where you know it only launched basically on the 25th of feb right and you can see here that the inflows for for grayscale here kind of like really kind of i guess like just before that not you know maybe a few days before that etf launch but since then you know it's

kind of been on a downtrend here so you know that's interesting to see if we go to bitcoin actually we can see their their flows right i mean you know this this tapered off like earlier than than eth did um for example but still could the atf be playing a part here because this etf is extremely popular you can see here how many kind of bitcoins it's sucking up i mean that's like 10 000 on on march 5th here or 11 000 um btc in just one day on this etf because it's a better vehicle than the greyscale funds and i think that might be also affecting the inflows into grayscale here so again grace these etfs are canadian they're not us etfs but i feel like an etf in the us is coming like very soon it's it's just so weird that that

doesn't exist yet especially for something like bitcoin i feel like bitcoin will get you know a bunch of them first then it's going to be shortly after but at this point the us is lagging and they need to do it right they've gotten to a point now where they're actually a king maker the scc are approving because there's so many different companies that want to have their etf approved and there's so much demand for it that whatever company gets there's approved is going to have like massive inflows so i think they're going to approve a bunch of them once and then we're going to see eighth ones approved as well and that's just going to be like a huge thing because there is really like potentially hundreds of billions of you know fresh capital waiting to come into these these products that may not go into

greyscale's kind of funds anymore so we're gonna have to see how that plays out you know maybe it's not bearish that grayscale isn't getting inflows because it's going into these etfs instead we'll see we'll see how that plays out over the next i guess like month or so so this is another metric that i've been keeping an eye on it's called the net unrealized profit slash lost or an um shortened as a knuckle what this basically measures is how much of i guess like the network is in profit so how many eighth holders are in profit and by how much now you can see here uh we're basically in the green zone right now you know if you're in the blue zone you're basically it's basically saying that like the you know so many of the eighth holders are in so much profit right now they've made

so much money that it's getting like really overheated and they kind of like call this the euphoria um slash greed stage um so yeah we're not there just yet we're just in the green we're trending up towards the blue but because we had that kind of like downturn we've kind of gone down here and if i zoom into just like the last year you can kind of see it you know better here now um if this goes into the blue i would expect us to you know we can stay there for quite a while i mean as you can see in 2017 you know we stayed in the blue here from april of 2017 until basically uh july of 2017 uh where we stayed in the blue and you know during that time eth had like a kind of like pretty wild swing here i

mean went from 50 to 420 i think it peaked at and then it came back down into 240 before going back into the green now i'm not saying that you should sell every time it goes into the blue but every time it has gone into the blue it is a pretty good signal that the market is extremely overheated a lot of people have made a lot of money and it's a high chance that these people are going to be cashing out right this is the way it goes and you can see here it works both ways i mean the red is basically i guess like the you know how many people have basically underwater essentially um and you know how many people would be selling at a loss if they sold now usually this is you know where you want to buy right because uh your but you're

basically buying the blood which is always a good kind of time as you can see you know in the long run it pays off like maybe you bought kind of like down here you know when this was basically the end of the not the end of the bear market but it's the first time eat went to like 80 bucks uh and then you can see that was really kind of like extreme and if you bought there eth didn't really revisit um kind of like 80 until black thursday and even then it was like a blip and i think it only got to like 90 so you know buying down here was like the buy of a lifetime for eth and that's when you know this metric was basically showing so much of the network was underwater here that they're probably just not even going to cut their losses anymore

they're just going to not sell which is a pretty good kind of like metric there but generally over the last kind of like i guess february was basically all green you know we almost headed into blue but you know we had to cool down before we did that and i'm curious to see if that actually happened at any point in the past it did it didn't really like when we were in the green in the past in 2017 we actually went into the blue and i think that's because eve had such a rapid price rise right like if you see the beginning of 2017 eighth was about ten dollars and then you know by the time i got to the blue it was 50 so that was a 5x this measures based on not on price but based on like gains so that's a 5x for anyone who's held since

january in in march right that's over just two or three months you had a five times your money whereas this green started in november of 20 of 2020 eighth was about you know say 550 and then peaked at like you know kind of like i guess 2000 which is kind of less than a four times um so not as drastic of a move like oh pretty much you know still a pretty pretty good move but not enough to push us into the blue zone still though like you know in green like as you as you can see here like sometimes green can like kind of go sideways for a bit and then kind of like um you know go into the blue and then dump down um yeah it's just funny that we we kind of didn't go into the blue here but i guess we didn't move up fast enough

for this kind of metric to show that and also it doesn't mean as i said because it measures kind of how many people are in profit and by how much i think a lot of people got blindsided by each move um towards kind of the end of december here i think what ended up happening is a lot of people bought in around here right the end of december because you know btc was was going up and eat btc was bleeding and not and many people were underexposed to to kind of like eat so i think what happened is that a lot of people jumped in here at around the 700 mark and that's why we didn't go into blue because 700 to 2000 is only you know about a 3x right so if we went to something like 3000 then i fully expect even 2500 i fully

expect that this would have started going into the blue and we would have been like really overheated but it's actually really healthy that we didn't it's healthy that we stayed in the green because we're in a in a relatively safe zone you know ideally you want to stay in the kind of yellow if you if you want like a healthy healthy price right where we just like slowly grind up the markets don't work like that but yeah this is one of my favorite metrics to watch not so much as a you should sell right now when it goes into the blue because as i said you can stay in the blue for a while uh because it stayed in the blue from like you know april to june here sort of thing um or at least like even to like july uh whereas you know sometimes it doesn't

stay that long right sometimes it's only about a month or so you know it's just hard so i guess like any time in the green or even in the kind of like in the blues is probably like an ideal time to take some profits uh based on the risk metric but again you know it can go another two or three times and still be kind of like in the blue and still not be the market top so you always have to be comfortable with that i actually prefer this metric for just buying kind of like i guess market bottoms like i i loved buying in the red here um basically you know this was like the 100 to 200 mark is where the red was that was the best time to buy heath like hands down and you had so long to do that right you had like

multiple times during 2018 2019 to buy there and now you're sitting on like a i mean at this price what is it seventeen hundred dollars right now you're sitting on like a kind of like over an 8x from from 200 here and then if you bought it like the 100 mark you're sitting on a 17x which is crazy returns for for kind of like a year or even less than a year here so yeah i don't really like to use this for bull markets because bull markets are just way too frothy and you know it can go like so much higher than what you think you can um and and kind of like bear markets is you know a lot of the bear market just seems to be ranging right bull markets don't really kind of like do this range they kind of like do way more violent moves where they go

up really quickly then dump 30 and then keep going up right you just you just don't know so generally this metric i like to just look at in in more of a kind of bear market context but still a very good metric uh i'll have this all linked in the youtube description by the way so you can go check them out for yourself you can sort the moving averages right by like zero days here i mean if you sort by zero days you can see that we like literally almost got into the blue um and then if you sort by like kind of like the 90 day moving average right it's just like it it gives you a smoother picture but it's it's more of a long-term kind of outlook not a short term but you can go play with all this um it'll be linked in the youtube

description so as i said before we'd be looking at the kind of exchange balances for eth now uh this is basically i guess like you can see since kind of like august last year it's kind of been going down like really really rapidly right uh if we were to just kind of like zoom in more and maybe take january two to march here uh we can see that january you know i think it started off at 20 maybe 22 million 22.3 million eighth and then down to about like 20.9 so you know about 1.3 million each kind of came out of exchanges here um basically came out of exchange reserves um and this is all exchange wallets i think including cold wallets which is pretty healthy right and then and then if we can kind of like i guess

like zoom back out we can kind of like see oh how do i zoom out here i think you have to kind of like reset the chart somewhere here oh man this isn't very intuitive right now well i'll just refresh the page maybe that's easier but um yeah i mean this is just really healthy to see all the kind of like um uh i guess like reserves coming out of exchanges i mean this is as i said measuring kind of cold wallets as well i think glass node kind of has like a a metric for this too where you go exchange balance kind of like percentage here which i think just counts like maybe hot wallets too you can see this has been coming down as well right during kind of like the later months of last year and like recently and it's still going down

i think you know thirteen point eight percent of all well almost fourteen percent of all eighth is probably but it's probably about the same actually twenty twenty something million eight but i think i like the percentage better because it kind of gives you a better picture that it's only 14 of all ethan exchanges whereas you know there's a there's ether in a lot of other places right there's ethan defy there's ethon kind of like a la uh in heath 2. there's there's eth in people's wallets just holding it there i mean there's everywhere right now um and you know especially in d5 there's ethan like liquidity pools as used as collateral so yeah i think it's just really cool to see you know eth coming off centralized exchanges and going into other places because it's very healthy for i guess the decentralization of the network right

uh but yeah really cool metric to kind of keep a keep an eye on here as well so the block has a bunch of different metrics and you know i actually just want to have a look at all of them today i want all of them but like go over like an overview of what they have here and this is cool because a lot of these data is actually normally behind a paywall but the block is kind of offering it to people for free here so you can see kind of like the you know metrics like the transactions on the ethereum network but like and that sort of stuff's usually given for free there's a kind of a couple of deeper metrics here like um on i adjusted on chain volume which absolutely exploded and this is just eighth this isn't um this isn't including like all the tokens

so this is basically just eighth moving on chain and you can see that february was a record month where 271 billion dollars worth of eth moved on chain and this you know basically dwarfs what we saw at the top of the last market in january of 2018 when it was 152 billion dollars and what's even more impressive about this is that you know back in january 2018 we didn't have stable coins on the market which take up a lot of the the um the on-chain kind of volume here so to to see that ether is just like still being used very strongly here is is incredible um it's absolutely incredible so there's that metric obviously minor revenue is was huge in february as you can see here on this chart like they made a crap ton from freeze i think they made more in fees than they

did from the block reward uh for what it looks like yeah they did they made 644 million dollars from the block reward and 722 million dollars from the fees absolutely insane and you can see why miners don't want eip1559 to come in which is funny because you know and i'll talk about this a little bit later actually i'll i'll leave the discussion until i talk about like the gas prices and how that plays into this but still funny to see that you know the ethereum kind of hash rate is at an all-time high here almost 400 terra hashes you know that's like i think pretty much almost double the last bull market um which is which is some incredible growth there um you know you scroll down here you can go to the hash rate by pool you know obviously there's a bunch of different

pools that dominate here spark pool uh ether mine and and i think um what's this pool here the blue one um i think just others uh yeah they kind of like dominate the network here uh we scroll down a bit more you know you can see the transaction fees obviously we're very big in february have come down lately because the market kind of actions down i think and they also have a metric for like ethereum addresses with balance over dollar amount so this metric uh i i think i went through it kind of like last on the last episode but basically you can see that that there's over you know 1 000 uh there's over 1.6 million addresses with over a thousand dollars on in them which is which is really cool and you can see how much this has spiked i think this is a function of having to

you know to have eighth in your wallet for gas fees though because if the gas space is really high you know maybe after like 20 or 30 transactions you've spent thousand dollars right um so i think that's a big reason why but also the fact that the price went up too right is correlated to that and you can see the percentage of the eave supply that's active here so you know the this basically shows like that i mean the five year thing is pretty cool like you can see that you know for uh five years um i think three point three percent of the supplier hasn't been active for more than five years which is which is pretty crazy right five years i mean the ethereum network's only been around for six years so i think that's like you know a lot of our original ico addresses that didn't

kind of claim their their genesis kind of ethan stuff like that but yeah you should go check out this i mean this isn't just like their blocks dashboard isn't just ethereum they've got like obviously bitcoin they have d5 stuff here they have nfts i mean i think this nft section is quite new and you know actually i was going to talk about nft stuff so i'm going to move this over here when i talk about the nft volumes because there's one more thing i wanted to talk about with regards to just ethereum on chain and that's basically um this metric from into the block that measures uh twitter sentiment which i thought was pretty cool because it's not obviously the ethereum network on chain it's just sentiment in general and they kind of classify tweets as positive neutral or negative and they follow the price here so

as you can see here during february we were pretty heavy on the positive tweets you know there was about 33 percent positive 63 neutral and only four percent negative but then as we moved throughout i guess like the month and towards the end of the month right you know the positive tweets came down a little bit and the negative tweets kind of like went up so you can see here the positive tweets at i guess like oh god even if you go like down maybe i think here um i think this was like uh i guess like the bottom basically or almost the bottom actually if we follow the price we can go to the bottom uh the negative tweets basically spiked up to like six percent i think around here or over six percent positive tweets kind of dropped by about the same um and then yeah we've kind of like had

a i guess like a a a resurgency as the price has been going up so yeah it's funny because a lot of the tweets are classified as neutral so you don't exactly know kind of like and i don't know if you can use it use this as a trading signal but it's just fun to see that like a lot of the tweets are positive here and i'm curious to see how far back that data goes yeah it actually goes back to like kind of 2019 here and 2019 was a very neutral year for ethan you can see neutral was like the majority of the sentiment because 2019 nothing kind of happened for eth it started the year like 130 ended the year at 130.

so you know people weren't either kind of like positive or negative on it they were just like yeah okay it's a stable coin right but then towards the end of d5 summer we had like the you know i mean i guess like coming into d5 summer we had kind of compound liquidity mind launch and then all of that kind of stuff happen and the positive tweets kind of you know exploded right and then we've kind of been positive ever since i think you know there are a lot of neutral tweets of course but you know overall positive here so as i said i wanted to talk about the nft growth during the last month so i think february really was the month of nfts right you can see that over just i guess this site shows just the volume of the last seven days which

which you know includes a bit of march of course but basically over the last seven days crypto punks did 14 million dollars worth of volume uh sarare which is a i think a collectible kind of like uh um a trading card game called like soccer did six million uh super red it's 5.6 hash marks almost five million i mean this is just the last seven days you can see all time volume i mean crypto punks has done 100 million dollars worth of all-time volume 25 million from sorara 25 million from super rare i mean if i sort this actually here you can see actually hash marks has done 52 million decentralized 40 million i mean this is there's some good numbers here right just for nfts and and i think the block has more data here you know with the trade volume i mean look at this like basically

i mean nfts weren't really a thing until recently right look at this trade volume in just january and february here i mean if we kind of like just go to the last three months you can see that february was a breakout month where basically crypto punks and i guess like nba top shot i mean this might be controversial but i don't consider nba top shot to really be an nft they're kind of like a centralized thing where you have to kyc and everything to me nba top shots more like a digital collectible rather than nft so i wouldn't really count it here so if we remove uh kind of them from it and just look at like you know the rest of them you can kind of see that the growth is still kind of amazing and a lot of it was actually crypto punks

which is quite funny and you can see the weekly kind of users of different nft platforms um you know again excluding nba top shot from here um you know you have uh like kind of actually infinity leading the charge here on a lot of it um but if we do include nba top shot i mean you know as i said like they're it's very centralized right there's been withdrawal issues you can't really do anything with it it's not built on ethereum it's kyc but this works right because this centralization is easier than decentralization and obviously the mba is extremely popular so they've got you know a ton of users into kind of like this platform here but again i would i just don't classify them as like a true nft and maybe that sounds like maximalist me thinking that nfts can

only live on ethereum that's not it it's more about the fact that like if it's just like behind a centralized kind of i guess paywall if it's like a well uh not paywall but like a centralized ecosystem it's like a walled guard and you can't withdraw your assets to and do whatever you want with them it's not really in the spirit of nfts right uh so yeah i wouldn't really count that count that here but you know taking i mean definitely they have the growth like i'm not going to deny that right but i think that they shouldn't be classified as nfts uh but anyway i mean outside of that everything else has been growing uh you know it's fine if cryptokitties is still here um in terms of like transaction volume and then the average price of a sale i mean crypto punch is definitely leading

the charge i mean a lot of you would have seen the million dollar crypto punks right and stuff like that and i think the floor on crypto punks is like 30 000 right now i think it was like 50 000 at one point where kind of like the cheapest crypto punk is 30 000 so that's pretty crazy as well but yeah a big month for nfts here big month for nft platforms as well openc did five million dollars worth of sales uh in february i think like oh this was back in february second so even at the start of the month and i think uh wait when was this when did they post this february 4th i don't know if they've got an update here um maybe they do if i click through here uh no it doesn't look like it but yeah that was back at the beginning of february i

think they've done a lot more than that at this point because openc's are very very great a very very good platform um full of like a lot of the trading activity going on so yeah big month for nfts i think i'm gonna try and find some more like metrics for nfts for next data pump than the next data pump episode because only recently have people started putting together stuff i mean this the dashboard from the block is very new i think uh and they're kind of like backfilling data here but still really cool kind of new i guess area to keep an eye on so d5 of course had a very big february as well i mean looking at the tvl growth you we had we started the month at i think it was what 20 30 billion you know we went all the way

up to 45 billion came down because the price went down and we're kind of at you know 40 billion dollars uh now in terms of eighth locked that actually went up quite a bit um we had like uh 7.8 million eighth at the end of jan uh up to like i guess like the end of feb was about 8.7 so almost a million more eighth went into d5 which is really really positive to see uh because if you go like the old time chart we're still not an all-time high here i think the all-time high was about 9.7 or 9.8 and i explained on last uh i guess the last refill episode that i think a lot of that eighth went into eth2 right and i'll talk about e2 in a bit but basically i think you know a lot of that stopped now so

people are going back into d5 with their eth uh tvl of course like a lot of platforms had a lot of growth i mean make a doubt especially had still had a lot of growth you can see here that since the beginning of feb they had 4.6 billion uh locked and now they have about 6.3 billion so they've been a big beneficiary here uh they picked it like 7.16 uh we know because a lot of their tbr is eath so you know as eath goes down they go down but in terms of eath going into it you know it's still going up very fast right the end of uh i guess like the beginning of feb was 2.8 million eighth and then the kind of like end of feb was three million um so yeah i mean two point eight three man that's like

three hundred thousand eight just going to make a dollar loan so yeah been a beneficiary of that for sure the die supply is of course at all time high um almost three billion die is supplied right now a lot of that is drawn from eth you can see 1.3 billion dollars is coming from the if a volts and then you have uh some coming from i guess like other things like uh bat usdc uh wbtc accounts for a lot cats for 250 million dollars worth of die um you know they've got a bunch of tokens here now i mean you can just keep scrolling down and find them all on the on the left hand side here um i think it's wbtc eighth link as well 34 million dollars with from link that's 27 million dollars from from dye yeah so i mean maker is just like growing i mean

it's funny because the mkr price is not really doing much but the makeup platform itself is just growing exponentially the uh make a burn uh in terms of like the the total you can kind of see like the make a burn site where it basically shows you the kind of like uh the amount of mkr that's going to be burned um and the mkl that has been burned based on the stability fees that are owed so there's 60 million dollars worth of stability fees owed which means that um the annual maker burn right now will be 42 000 mkr so four percent or over four percent of the supply is going to be burned each year based on the stability fees that are owed to the system so that's pretty crazy right i mean that's that's huge that's uh and the mkr price is doing not much

so i think that the market doesn't really understand mkr doesn't understand like how it's going to be valuable in the future this is an investment advice but i actually think mka is one of those things you can just buy and hold for like a while and it'll just go up slowly over time based on this by pressure from the stability fees um but i think you know a lot of people in the ecosystem prefers the the staking mechanism where you stake your tokens and you get like a dividend whereas this is basically instead of doing that you know the stability fees go on buy maker off the market and burn it um but yeah i mean it doesn't really do much to pump the price but it's fundamentally pretty strong so definitely keep an eye on that so uh layer 2 had a really big month in

february especially loop ring due to the high gas fees you can see here that i guess even just during january they had a big month of liquidity flowing in the loop ring wallet kind of sign-ups was pretty good as well you know they had a i guess like almost a thousand kind of signups here um you can see here like all the metrics i guess the total trading volume is going up to almost a billion you can see uh the exchange balance for for their blueprint v 3.6 obviously spiked up a lot during february um and you know all their metrics are kind of like up and to the right here one metric that i really liked about loop ring was something that matt feinstein posted here that um because they're a letter to exchange they pay ethereum's layer one for security so basically this is

uh the the cost that's being paid to to layer one and you can see that it's in red and it's actually kind of like i guess being hidden by the green here but that's all the kind of amount in usd that just like just loop rig's layer 2 is paying to ethereum to secure itself and this is a lot of money right i mean look look at that like that's thousands of dollars tens of thousands of dollars in february being paid to to the l1 uh and that's all being paid by l2 fee income as well so very very uh kind of healthy growth there and kind of like healthy um uh security paid uh two loop ring uh because they're paying for it from you know the ethereum main chain here uh speaking of decentralized exchanges they had an absolutely massive february if i scroll down here you'll be able to

see why that was it was the record month for decentralized exchange volume at 75 billion and i actually think that both january and february if you add these up together account for more volume than we saw in the total of 2020. yeah that's that's crazy right two months in 2021 account for more volume than the whole year of 2020 which is just absolutely insane growth here you do not see this growth anywhere else in the world right now not in fintech not in tech startups this is just absolutely incredible in crypto uh for growth here on dexa's i mean and we're like firmly over the 1 billion dollars of kind of like volume over over 24 hours even in markets where it's quiet it's still over a billion dollars here i mean we did over 11 billion dollars over

the last seven days right absolutely crazy growth and a lot of that's coming obviously from uni swap sushi swap curve 0x you know all of your favorites and there's actually a new chart here that they added recently where it shows like how much volume is coming from aggregators and how much is coming from direct centralized exchanges so aggregators are taking up about i guess like you could say maybe on average 20 of the pie with direct taking up 80 i actually would have thought aggregators are more but it seems a lot of people are just going directly to things like uni swap and sushi swap instead of going to aggregators which which was surprising but yeah very big month for for dexes here so this dashboard shows the gas prices on the network over time so as you can see you know gas prices i

mean if you scroll down here you'll be able to see you know january february kind of like they spiked up and were like pretty high during february but have come down lately and you know i'm sure you've all noticed how much the gas prices have come down like over 50 i think from their peaks here and this also shows you like the gas limit of the network which is basically the block size the median gas you know cumulative gas prices i mean we all know you know the gas prices are very high right now but for me it's just interesting to see kind of this chart here on the left the medium gas price by day over the last 90 days we had like obviously a big spike during february and then a really big spike when the price was coming down and then you know

we've kind of taped it off and the market's kind of gone quiet and the gas market's gone quiet as well you can kind of see that play out here um this is gas now.org which is basically a site that shows you i guess the current gas price and they also have historical gas prices and like when the best time to get your transactions in you know i think the this is i guess march over the last week or so you know we're seeing 70s again like i can't remember the last time i saw 70s and i've been seeing 60s lately as well this is for rapid if you just go to fast i think yeah rapid is like the fastest and fastest the second kind of fastest you can see the 60s right i mean that's that's pretty crazy after going through february where it

was like consistently in the high 100s or 200s we've come down a bit here but this is really good because you can see you know what time in i think this is in utc time that is best to kind of like put your transactions in if obviously if you're sleeping it's not great i think this is actually when the us is sleeping uh or or at least the us and europe are sp are sleeping um because that would make a lot of sense and then you can say the worst times around here which is like peak times to get your transaction in so something to keep an eye on for sure is this sort of stuff but yeah interesting to see the gas prices have come down and actually i was talking about this before and i mentioned how i how like the the miners were kind of like fighting back

against the ip1559 which was which was approved last week for inclusion and a hard fork because they're saying their revenue is going to drop and the the biggest estimates i think i've seen or at least the best estimates i've seen on how many fees are going to be burned with erp-1559 is between 20 and 35 percent and so that would burn 20 and 35 of current miner revenue but they just got like a massive pay cut right because the gas fees went down by over 50 so i don't hear them complaining about like the gas fees coming down right um and then this just goes to the core point that gas fees are very volatile it's highly dependent on network activity highly dependent on market activity and how hot the market is so no one can really kind of tell what's

going to happen so fee kind of revenue is variable and miners should just rely on the block reward not the fees because the fees are you know going to vary wildly from time to time as we've seen so that's just a very interesting thing to note as well but yeah definitely go check out this site there's actually a chrome extension you can get as well that'll basically show you rapid fast you know standard and slow prices for your transactions and and will help you get your transactions into to the next block a lot faster than just like trying to guess it i guess on your own so this is as i was saying fees this is the total transaction fees and you can see they've come off a kind of cliff here right i mean if i zoom in to like a year i guess or

maybe like the last six months would be better look at that right the the fees spiked to i think 32 million dollars you know on i guess february 23rd 24th which was like when the eighth price was coming down a lot right um and then it's just kind of like falling off a cliff due to the market volatility going down it's it's more than halved right it's more down more than 50 here um and that's that's pretty crazy to see right this is minor revenue as i was just saying getting half just based on market activity so yeah very interesting there but you know we're still at kind of like all-time kind of highs here i mean this is i think a linear chart so it looks a bit more pronounced i wonder if i can actually change it to like a log chart actually i can yeah and get

rid of the price here i think as well um yeah it doesn't look as pronounced if you look at a look at it in log um because it's still up a lot and we're still near all-time highs and i do expect the fees to go back up again when the market heats up again so yeah interesting kind of thing to keep an eye on uh here so eth2 uh the funny thing happened with eth2 over the last week or so is that the validator qm emptied which means that there's no more pending validators which means that the eth going to the deposit contract flatlined so it seems that we've reached equilibrium where all the people who wanted to be eat stakers in the current setup were are each stakers and now they're either waiting the people who are on the sidelines that are either waiting for centralized kind

of solutions or decentralized solutions like coinbase staking and um rocker pool and things like that to stake the wreath and you can see here uh i mean sorry it's up here on this chart on the left here you can see it flat lined right there's just not much happening here and also the ap that means the apy at the current state is 8.5 percent or around eight point five percent so all eight stakers are currently still earning eight point five percent as more if comes in obviously that'll go down but it seems like we've flatlined until maybe coinbase sets up their staking and then we're probably going to see like a massive inflow i guess i've kind of eaten to the staking contract here but yeah fun fun to kind of keep an eye on this i think you know as we kind of like get

uh these centralized kind of like solutions coming on board uh and not just that i think decentralized solutions like rocket pool more of these staking services coming on board there's going to be just more eighth going in but i don't expect like anything major you know unless it's like a exchange like coinbase um you know i could see coinbase putting in a million million eighth at once right you know we'll have to see how that plays out that'll obviously collapse the apy a bit because if we go and add a million to 3.4 million each and go to 4.4 million that'll be just 7.5 instead of 8.5 percent you know which isn't too bad but you know you can imagine if we get to the point where like 10 million eighty stake it goes down to four point nine percent and you know that i mean it depends on

on kind of like how much risk you want to take and how much gains you want because you can get much more than that in d5 right now with your eth but you know d5 is riskier usually have to take leverage to get that so yeah but interesting to see where it kind of like i guess like tapered out at but i feel like we haven't seen the last of this and i feel like we're going to see more eighth kind of coming over the coming uh days and weeks so yeah definitely keep an eye on that one all right that's it for today's uh daily gray data pump video thank you everyone for listening and watching if you haven't done so be sure to subscribe to the channel you know i don't just do the daily the data pump videos i also do the daily

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