2022 Retrospective

    Introduction

    what is web3?

    If we want to explain the third generation web or web3 as simply as possible, we can say that web3 is a space and a platform where all related matters are decentralized and dependence on big companies is minimized. In the Web 3, the power of companies like Meta (Facebook), Amazon, Google, etc. is shared among people, and each person can play an effective and important role in making decisions in this space.

    how was 2022 for Ethereum and web3 in general?

    In this crypto winter, we saw the collapse of the biggest companies, the hacking of famous protocols, and the sharp decline in the value of famous NFTs, so it cannot be said that it was a good year, but at the same time, Web3 was able to show good strength in many aspects, which we in this dashboard examines various aspects of the health of this space

    Method

    Necessary Information:

    1. for GAS price data I used ethereum.core.fact_transactions and GAS_price column

    2. to project ETH supply for 2023, first I calculated current supply with help of

      ethereum.core.ez_current_balances then I assumed the sum of staking reward is 2K ETH/day than with the gas that you can give on the above the dashboard you can calculate the ETH burned Amount/day:

      GAS price*100= ETH burned Amount/day (source)

      with the staking reward, ETH burned Amount and the current supply we can project the supply for 2023

    3. For all the data related to DEX swaps I used ethereum.core.ez_dex_swaps table that is available on flipside

    4. we can collect Mint event data from ethereum.core.ez_nft_mints and identified the collection that get minted with help of label table

    5. except the yearly charts, the start date for this dashboard is ‘2022-01-01’ so all the numbers that you will see below are base on that

    our approach for answering the bounty questions

    we will have 3 sections:

    1. ETH supply:

      Here we examine the supply of ETH and what it will look like in 2023

    2. DEX swaps:

      We will discuss their swap size and how they differ from each other, of course we will also take a look at the number of swaps and swappers.

    3. NFTs mint:

      How much will users spend on minting NFTs in 2022? Which token had the highest fee payment? Which project? We answer these and other important questions about this topic

    1. ETH supply

    Observations

    1. In the second half of the year, GAS price has significantly decreased compared to the first half, and this decrease can be due to various reasons, such as merge and reducing network congestion.
    2. With GAS price=50 and 2K ETH reward, it can be predicted that in of 2023, we can see a further decrease in supply and 119.8M ETH in Dec 2023
    3. The first half of the year has a higher share of burned ETH amount
    1. DEX swaps

    Observations

    1. Curve has the highest size of swap between all the DEXs with 69.9M USD almost 300% higher than uniswap V3 with 17M USD
    2. synthetix has the highest average swap size with 142.97K USD
    3. uniswap V2 & V3 have a share equal to 84% of the number of swaps and both had the highest swaps number in all months
    4. We have seen an upward trend in the number of monthly swaps for UniSwap in the last few months
    1. NFTs mint
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    Observations

    1. The Total Gas fee consumed by NFTs mint event in 2022 is 1.43M ETH 200% higher than Fee amount in 2021

    2. in 2022 we had 84M mint events which is almost 5 times the number of mints in 2021

      Therefore, we can conclude that NFTs were able to reach the peak of their popularity in 2022

    3. Compared to the first half of the year, in the second half of the year, less GAS FEE has been spent on minting NFTs.

    4. the average gas fee that consumed for minting is higher in 2021, This could be because the collections that were released in 2021 were very popular collectors who were able to attract the opinion of many users for Mint, which could be a reason for the GAS war.

    5. the otherside with 60.8K ETH had consumed the most gas fee among all the collections that released on 2022. the otherside mint event was on Feb. we can see that the highest average fee belongs to The otherside collection Also with 1.34 ETH

    6. tubby cats have the Highest Fee amount for a mint transaction with 204 ETH

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    Thanks For your time

    Twitter: Abbas_ra21

    date: 2022-12-21

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    Conclusion

    1. With GAS price=50 and 2K ETH reward, it can be predicted that in of 2023, we can see a further decrease in supply and 119.8M ETH in Dec 2023
    2. Curve has the highest size of swap between all the DEXs with 69.9M USD almost 300% higher than uniswap V3 with 17M USD
    3. uniswap V2 & V3 have a share equal to 84% of the number of swaps and both had the highest swaps number in all months
    4. The Total Gas fee consumed by NFTs mint event in 2022 is 1.43M ETH 200% higher than Fee amount in 2021
    5. the otherside with 60.8K ETH had consumed the most gas fee among all the collections that released on 2022
    6. tubby cats have the Highest Fee amount for a mint transaction with 204 ETH
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