Introduction

DeGods is an NFT collection in Solana that has been gaining traction since it's launch in January 2022. As they define themselves: "DeGods are a deflationary collection of degenerates, punks, and misfits. Gods of the metaverse & masters of our own universe"

They have a economic concept based on the following:

• DeGods owners can stake their NFT to earn 10 $DUST Token per day.
• DeGods can also be burned to get a variable value of $DUST = 1000 + (# of Remaining DeGods - Rarity Ranking)
• DeGods can be upgraded to DeadGods by paying 1000 $DUST. Amongst other things, this will increase the staking rewards to 30 $DUST per day.

Let's dig into the data and find out:

Methodology

Several queries have been made to answer the questions posed.

• First query joined the solana.fact_nft_sales and solana.dim_nft_metadata tables to obtain the number of unique purchasers and the daily volumen on Magic Eden for the DeGods Collection. The join is needed because the sales table has no information of the NFT collection.

• Second query looked at the solana.swaps table to identify the $DUST swaps using swap_to_mint = 'DUSTawucrTsGU8hcqRdHDCbuYhCPADMLM2VcCb8VnFnQ' as a constraint and also was joined with a table following the structure of the first query to add the number of DeGods purchased to each wallet.

• Third query looked at the populat traits by using a flatten command on solana.dim_nft_metadata.token_metadata attribute following the structure of the first query to aggregate the most popular traits by week and type.

Results

Figure 1. shows the number of unique purchasers and daily volume in SOL. As the price of the NFTs rises, so does the daily volumen as peaks of unique users appear on the graph. The first two peaks in unique users had over 1k and 2k SOL volume while the most recent ones had over 12k with similar number of unique users.

Conclusions

After analysis DeGods, I think the project has a well thought dynamic and will start a very interesting price discovery phase, both for the DeGods and for the DUST, with the launch of the DeGods, specially until the $DUST generation halving happens when half of the $DUST tokens are minted. Due to the fact that supply of DeGods will only be reduced, via burning or upgrading to DeadGods, it can well be that price surges very much. Who will be the last DeGod standing?

##Acknolwedgements

This bounty was discussed with user s.castellano and I reused his code for the third query to add the visualizations from Figures 4. to 7. He provided great insight and this bounty would have been much more difficult without his helps. Thanks!

Sources

DeGods

DeGods Staking

DUST Tokenomics

Figure 2. shows the top 10 $DUST swappers in Jupiter. First address is a massive swapper with over 50k $DUST swapped, followed by two significant swapper with 21k and 11k respectively. The rest 7 swappers range between 8k and 4k of volume swapped.

Figure 3. shows the correlation between

Figure 4. to 7. show the trait popularity of different types of traits (Background, Skin, Head and Specialty) by number of repeated traits in sold DeGods per week.

• For Background, Blue was the most popular trait on February 21st week after being ranked 3rd the previous weeks.

• For Skin, Turquoise and Pink Granite are dominating the popularity over time, with the exception of Leopard which was the most popula on January 30th week.

• For Head, Prince Hair reached the top on February 27th week after being ranked 7th and 5th the previous weeks.

• For Specialty, the reigning traits are Quarterback, Archer and Earring more or less consistenly.

Due to the high number of traits, it was difficult for the to make a better visualization to understand the trends. Maybe a list of the 3 most popular traits per type could be a solution but don't have time to implement it before the deadline.