PYOR | Power Your Own Research
@pyorxyz
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Crypto protocols are businesses. We unlock their business performance. Check out our metrics on – protocol revenue, relative valuation, and retention cohorts.
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@CryptoJelleNL
Price is one way to look at it.
The other is revenue, as measured by gas fees of the respective blockchains. And
@solana
's gas fees has been soaring, in absolute terms, and as a percentage of
@ethereum
's gas fees.
🗓️ In February 2023 → Solana's daily gas fees < 0.2%…
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197
If 100 new addresses used these DEXs –
@Uniswap
,
@SushiSwap
,
@PancakeSwap
, and
@osmosiszone
– how many would remain?
🗓️ After 1 month:
• Uniswap: 25
• Sushi: 21
• Pancake: 33
• Osmosis: 34
🗓️ After 1 year:
• Uniswap: 3.4
• Sushi: 2
• Pancake: 3
• Osmosis: 9
Osmosis…
7
35
159
If 100 people use a chain, how many will be retained after a month?
@osmosiszone
has the highest retention rate at 33% while with
@Aptos_Network
, only 8 of 100 users remain after a month.
Here are the rest:
•
@SeiNetwork
: 8.8/100
•
@Polygon
: 19.4/100
•
@THORChain
: 19.8/100…
19
22
109
🔥 We've got some exciting news to share, folks! 🔥
We just closed our seed funding round, securing $4 Million to Accelerate Global Institutional Participation in Digital Assets
14
11
100
The
@SeiNetwork
saw a substantial increase in its Total Value Locked (TVL) between December and January because of a surge in $SEIYAN trading. This growth represents a staggering 3,500% increase compared to August 2023.
A contributor to SEI’s recent uptrend is the introduction…
16
22
73
DEX volume on
@celo
is blowing up like nobody's business.
DEX Volume:
📅 February 2023: $4 million
📅 January 2024: $480 million
Most of this increase happened in October 2023, a few months after Celo announced its plans to transition into an Ethereum L2.
During this time, the…
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9
55
What makes
@LineaBuild
different from most other zk chains?
To understand this we popped into the Linea booth at
@Token2049
Dubai and spoke with
@emacosc
, growth manager at Linea who broke down the zk chain with his baller cap and shades (even though the event was indoors lmao)
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Okay.
@cosmos
is confusing.
Are appchains on Cosmos – protocols or independent blockchains?
And what's the difference between:
• Cosmos
• The Cosmos Hub
• The IBC network
• Osmosis as a Layer 1
We asked
@aaronxkong
, contributoooor at
@osmosiszone
about this difference,…
5
9
45
Since fees between
@solana
and
@0xPolygon
are doing the rounds, here's some food for thought.
Solana was cheaper than Polygon till 2023. And by a lot.
For instance: In 2022 and 2023 (on some days) one could do 38 transactions on Solana at the same cost as a single transaction…
6
14
48
Is zero knowledge the key to unlocking the future of privacy?
Head of Zero Knowledge Technology at
@HelloTelos
,
@agaroffolo
discusses the critical role zero-knowledge proofs at
@Token2049
Dubai.
0
13
46
We’ve noticed that certain scammers are spreading rumours about PYOR launching a token and doing an ICO. This information is false.
We do not have a token, and we don’t intend to launch one. Please beware of scammers.
Follow the official handle
@pyorxyz
for verified news.
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Trading on
@0xPolygon
is seeing a QuickRise thanks to
@QuickswapDEX
.
Last month, QuickSwap's volume surpassed $2 billion. This was the first time in over the year when volume pushed past 2 billy.
At $2.4 billion in February, this was a 55% growth from January. More than:
•…
5
9
40
Forget churn! Linea's user retention skyrockets! 📷Linea's retention rate doubled in 8 months, addressing a user growth of 115%Linea's Linear Growth:
📅 Jul 2023: 189k retention, with M1 retention of over 65%
📅 Nov 2023: 468k retention, with M1 retention of over 50%
📅 Feb…
10
15
36
.
@SeiNetwork
liquid staking has grown by 7x by TVL in the last 3 months. Behind the scenes, this growth is driven by
@Silo_Stake
&
@Kryptonite_fi
Read the full report here:
A quick summary🧵
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39
Tis' the season of memecoins. 🐶🐸😺
But only a few people are having fun. The rest of us, aren't.
The reason?
Most memecoins are held by a few hodlers.
For instance:
- 99.7% of $BabyDodge is held by top-10 holders
- 96% of $MEME is held by top-10 holders
- 75% of $SHIB is…
2
11
37
@osmosiszone
fam!
Contributor
@aaronxkong
just spilled the tea on what makes Osmosis truly out of this world.
Let's hear it for the most EXCITING function on Osmosis according to Aaron!
7
2
30
Introducing XRAY, a product by
@pyorxyz
, purpose-built for institutional investors to make better investment decisions.
Data is meant to tell a story. A story beyond the headline.
We're here to help you uncover hidden stories with data.
Here's how.
🧵
2
6
30
The head of zK technology at
@HelloTelos
,
@agaroffolo
discusses the custom fee model on-chain that involves an incentive scheme in the protocol to make it decentralized.
Subsequently, this leads to fair transaction fees.
0
12
29
Read the opinion piece on the rise and war of stable coins written by our co-founder
@PositiveGamma
for
@CoinSwitchKuber
switch daily. Link below
1
5
25
With bullish crypto sentiment on the rise and trade volume surpassing 2023 records, the start of the year was opportune for
@GainsNetwork_io
. The perps DEX listed over 20 new assets like - $JUP, $SUI, $OCEAN, etc.
These additions brought gTrade’s total pairs to 137, including…
1
6
25
Cheap and efficient. That's how you can look at
@QuickswapDEX
.
QuickSwap is priced at 1.5x P/F, which is less than peers like - Uniswap, PancakeSwap, and Curve.
This means for every 1 dollar in trading fee generated, the $QUICK token's market cap rose by 1.5 dollars. This is…
2
11
28
A single transaction costs about $6 on
@Ethereum
.
In this amount, you can execute:
• 3150 transactions on
@Aptos_Network
• 3150 transactions on
@SeiNetwork
• 394 transactions on
@0xPolygon
• 57 transactions on
@osmosiszone
• 46 transactions on
@binance
SC
• 32…
6
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24
we are just getting started ⚡️
0
6
25
Osmosis = osWOAHsis.
Over $65 million airdropped to $OSMO stakers. This includes airdrops like:
•
@CelestiaOrg
•
@ComdexOfficial
•
@likecoin
•
@RebusChain
•
@Wyndlabs_ai
•
@Gelotto2
•
@StargazeZone
•
@stride_zone
•
@dymension
*This $65M figure is an…
4
3
21
Gnosis' daily active users doubled in January 2024. Over the last few days of January, the DAU of
@gnosischain
jumped 33%.
📆 January 1st: 10,053
📆January 29th: 14,469
📆January 31st: 19,282
2
5
22
Since
@axelarnetwork
launched ITS earlier this year, monthly active users (MAU) have been shooting up.
• MAU (avg) in 2023 – 8.5k users per month
• MAU in January 2024 – 18.4k users per month
• MAU in February 2024 (so far) – 37.1k users per month
That's 4.3x of the 2023…
1
4
20
Pulling data from crypto protocols is hard.
This might make things easier:
We've launched a simple Google Sheets extension [called PYOR Sheets] to pull fundamental data from:
•
@pyorxyz
(of course)
•
@DefiLlama
•
@TokenTerminal
You can use this to – check chain activity,…
3
5
21
Crypto regulations are evolving in India too!
Our founding team has long experience of building in Indian crypto & gets asked 'what is going on' & 'what to expect' frequently.
Distilled thoughts:
TL;DR- It is not simple but there is reason to be hopeful
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4
17
India's wholesale CBDC was used to settle Rs 275 crores in bonds on the first day of the pilot. The retail CBDC trial will be launched later this month.
This is an important moment in the country's journey towards crypto adoption.
1
3
17
Solana and Ethereum are getting boatloads of new users. But are these users staying?
Let's look at the numbers, based on 100 new users
After 1 month:
• Solana: 21 users
• Ethereum: 16 users
After 1 year:
• Solana: 2.3 users
• Ethereum: 2.5 users
But newer and more niche…
3
2
14
Every time you log onto X, how many actions do you take?
A single like.
A few comments.
Maybe a long thread.
The users of
@farcaster_xyz
took about 8.3 daily actions per user in January 2024. That's up significantly in the last year.
Last February, there were over 7k daily…
0
4
14
After the hack in July 2023,
@CurveFinance
's New Traders (30-day rolling basis) recovered to a new high of 24.13K in January 2024, a 71% increase since August. This rush of new traders came mainly came from
@0xPolygon
, 3 out of 5 Curve traders are transacting on Polygon.
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2
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On
@osmosiszone
Q12024:
𝘍𝘳𝘰𝘮 𝘢𝘯 𝘰𝘷𝘦𝘳𝘢𝘭𝘭 𝘳𝘦𝘷𝘦𝘯𝘶𝘦 𝘱𝘦𝘳𝘴𝘱𝘦𝘤𝘵𝘪𝘷𝘦, 𝘣𝘦𝘵𝘸𝘦𝘦𝘯 𝘑𝘢𝘯𝘶𝘢𝘳𝘺 2023 𝘵𝘰 𝘵𝘩𝘦 𝘧𝘪𝘳𝘴𝘵 𝘩𝘢𝘭𝘧 𝘰𝘧 𝘔𝘢𝘳𝘤𝘩 2024, 𝘖𝘴𝘮𝘰𝘴𝘪𝘴 𝘨𝘦𝘯𝘦𝘳𝘢𝘵𝘦𝘥 $23.2 𝘮𝘪𝘭𝘭𝘪𝘰𝘯 𝘪𝘯 𝘳𝘦𝘷𝘦𝘯𝘶𝘦. 𝘖𝘧 𝘵𝘩𝘪𝘴 𝘰𝘷𝘦𝘳…
1
1
16
What's driving the surge? 📈
@puffer_finance
sees the highest single daily depositors on
@eigenlayer
.
The project allows users to provide liquidity and stake their ETH to acquire pufETH, Puffer’s liquid re-staking token, while providing security for the PoS blockchain.
It…
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Web3 gaming witnessed significant developments last month.
Let's have a look:
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3
13
Our Co-Founder,
@NairSharan
shares his view on the recent OECD crypto tax framework for
@moneycontrolcom
Read the full article here 👇:
2
3
12
Catch our founder
@NairSharan
as he decodes the Ethereum Merge alongside
@sathvikv
@gauravdahake
in a twitter space hosted by
@sangha_kar
@debanganaghosh4
and
@PriyankaIyer
only on
@moneycontrolcom
#TwitterSpacesAlert
📢
Decoding
#EthereumMerge
🔀
Join our panelists
@NairSharan
,
@gauravdahake
, &
@sathvikv
in conversation with
@sangha_kar
,
@PriyankaIyer
&
@debanganaghosh4
for some interesting insights.
Today, 7PM 🕖
🔗
#TwitterSpaces
#Ethereum
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These are the top three blockchains based on daily active users ⬇️:
1. BNB Chain: 798.7K
2. Polygon: 349.7K
3. Ethereum: 321.7K
PancakeSwap seems to be a crucial part of BNB's success with over 128K daily active users.
🤯🤯🤯
1
1
12
"Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value"
—
@ericschmidt
(Former CEO, Google)
0
2
13
We spoke with
@ReindlJordan
of
@1inch
at
@token2049
Dubai.
Some interesting insights on how the DEX Aggregator moved to custody solutions.
0
4
13
PYOR 🤝 Tezos
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1
13
US Treasury Secretary Janet Yellen & Indian Finance Minister Nirmala Sitharaman discussed crypto regulations at the 9th India-US Economic & Financial Partnership meeting in New Delhi.
Notably, India is also set to assume the G20 presidency next month.
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12
Alright guys, we might end up starting a fight with this shirt ngl.
1
2
12
@davidjgoosey
@osmosiszone
@DataLenses
Valuation wise also $OSMO looks decently valued.
@osmosiszone
's market cap to TVL doubled from 2.4x → 4.8x in 6 months. This is after a nearly 6x increase in price within the same time frame.
Comparing this with:
• Ethereum: 7.6x
• BSC: 13.7x
• Solana: 22.5x
• Polygon:…
5
1
12
Osmosis 🧪 has been on our radar lately.
$OSMO is up nearly 5x in 3 months. This is a lagging indicator, but it's led by – new users, better utilization, higher revenue, etc.
So, let's look at Osmosis':
• New users
• User Utilization
• Revenue
And finally, how that…
3
1
12
“Anything that can conceive of as a supply chain, blockchain can vastly improve its efficiency- it doesn't matter if its people, numbers, data, money.”
— Ginni Rometty, CEO of IBM
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2
10
BonkBot users stick like glue.
Trading Volume on
@bonkbot_io
is mainly traced to memecoins on
@solana
.
At the very top is $SLERF with 13% of entire trading volume on
@bonkbot_io
. It is followed by tokens like $BOME, $MEW and many more.
------------------------------------…
1
1
12
With 215 crypto ATMs, Spain is now officially home to the 3rd largest network of cryptocurrency ATMs, pushing El Salvador down to the 4th position.
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3
10
Nike is launching '.Swoosh', an NFT platform to design and trade virtual sneakers.
This indicates that the web3 mainstream adoption is growing, despite the chaos in the crypto markets.
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.
@0xPolygon
has partnered with Mastercard and a neobank to introduce a web3-focused NFT debit card.
It can be used to spend crypto or fiat at 90 million merchants globally, and users can mint any NFT as the cover for their card.
0
0
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Instagram is launching a new feature to mint and sell NFTs directly within the app.
It will become the second major social network to do this after Reddit, whose users have already created 3 million crypto wallets since launch.
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Earnings of a protocol are defined as revenue minus the token incentives.
Here are the top 10 protocols by earnings in the past 30 days.
0
1
10
The Ethereum merge (from PoW to PoS) affected millions of GPUs purchased in the past few years to mine ether.
It has obviated the use of graphics cards for Ethereum mining.
Here's what's happening in the graphic cards industry post the Merge:
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5
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Get this. 👇
On 16 January: $2.3 million of SEI was staked through liquid stakers. And
@Silo_Stake
accounted for $0.4 million SEI, about 31%.
Two months later: $20.1 million SEI is staked and
@Silo_Stake
accounts for 70% of total liquid staked SEI.
Dominance. 💪
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10
Headlines that you probably missed📰:
1️⃣ California DMV chooses Tezos blockchain to digitise car titles and title transfers
2️⃣ dYdX delays their token unlock to December causing a 38% surge in their token
3️⃣ Aptos - Over 1 million NFTs have been minted in the last few months
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Apart from the frequently observed metrics such as price and market cap, developer activity also plays a crucial role in determining blockchain’s health because:
More developers → Better+More products → More users.
Here’s a glimpse of developer activity on famous blockchains:
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DNS (Internet's Naming System) attaches IP addresses of the form "172.24.2.76" to the domain names like "".
Similarly, ENS domains attach wallet addresses of the form "0xj...9s" to "hegde.eth".
Here’s what monthly registrations for ENS domains look like
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What is happening on THORChain?
But, activity on this chain has been haphazard lately.
Over 8k users are active on the chain compared to just 3.3k in April 2023, showing a spike of almost 3x. In retrospect, each user has just 1.9k transactions per month as of March 2024. This…
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We are a strong team of individuals and we are excited about driving institutional adoption
1
0
10
@Starbucks
is partnering up with
@Polygon
($MATIC) to give its loyalty program customers a chance to buy and earn collectible NFT stamps.
0
3
10
Osmosis is a DEX. Many new tokens launch are traded on the DEX.But how do these “new tokens” have liquidity?We asked
@aaronxkong
, contributor at
@osmosiszone
about this, and:
Key considerations for token launch liquidity
Strategies for ensuring a smooth launch
Check this out:
1
2
10
dYdX moved from StarkWare → Cosmos.
Let's break down how it has performed based on:
- Operating Metrics
- User Engagement
- User Utilization
- Revenue and Earnings
--------------------------------------------
Operating Metrics
From a topline perspective, volume has been…
1
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9
Liquid Staking on SEI
Liquid Staking on Sei is a fairly new ecosystem. Only 3 protocols offer liquid staking on Sei as of now – SiloStake, Kryptonite, and Eris. The TVL on SiloStake has grown from just about $700k to over $11 million. This was after its launch mid-jan in 2024.…
0
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9
Most people are looking at – Solana's DEX volume outpacing Ethereum's.
That's impressive NGL. But what's more impressive is – the velocity of this volume.
Volume on DEXs comes from liquidity supplied through LPs. This is a DEX's – total value locked, (which is a vanity metric…
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2
9
Trading on L1s is popping off but which chain is seeing the most activity and on which exchange? Let's see:
Jupiter: Solana’s No. 1 DEX Aggregator
The DEX aggregator on
@solana
found its way up amidst the memecoin craze. A new meme coin recently launched on Solana last week, the…
1
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@benjamin_stars_
@osmosiszone
@Aptos_Network
@SeiNetwork
@Polygon
@THORChain
@aaronxkong
@dogemos
@sunnya97
Thanks for the question.
Adding Bitcoin and Ethereum to the chart above.
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TVL is defined as the value of assets that are currently staked in a protocol.
Here is a look at the TVL of different DeFi protocol categories over the past 2 years.
Interestingly, we are back to the TVL levels of Q1 2021.
1
2
9
Traders. Traders. Traders.
If you've lost (or made) money in crypto, we have something for you:
PYOR is organizing a short and fun crypto mixer for crypto traders.
You don't have to be a million trader like Ansem or Gainzy, you can even be a memecoin trader apeing into $WIF…
2
5
8
Dencun. ✅
Memecoin frenzy. ⏳
The top-two retail-focused L1s are competing for users.
But what do users really want? And how do we measure it?
• Speed – TPS
• Cost – Avg fee per transaction
• Volume – Transaction count
Most users also want ease of conducting…
2
2
9
New York Fed is collaborating with the Monetary Authority of Singapore to launch a joint experiment exploring wholesale CBDCs.
This comes in an otherwise tense regulatory environment at the moment. Notably, India also tested its wholesale CBDC last week.
0
2
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Gas is a fee required to conduct a transaction on the Ethereum blockchain.
Here are the top 10 smart contracts (by gas consumption)
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US Government has become a Bitcoin whale after the Department of Justice (DOJ) recently announced that it seized 50,000 BTC.
The government's total holdings are believed to be north of 214,000 BTC and worth ~$3.5B.
0
1
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Gnosis' Monthly Fee charged per User soars 60x in December 2023 to $0.48 per user. In January 2024, it halved to a $0.24 fee charged per user.
📆 August 2023: $0.008
📆 December 2023: $0.48
📆 January 2024: $0.24
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Osmosis generated over $300K in Gas Fees in January 2024. 🚀 This is a staggering 1700% increase in gas fees of
@osmosiszone
since August 2023.
📅August 2023: $19.1K
📅January 2024: $343.8K
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0
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QuickSwap’s Gross Profit increases 28%.
The rise in Trading Volume of
@QuickSwap
lags behind rise in New Traders MoM, 18.6% to 44.3%, respectively leading to fall in ATV by 6.2%.
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After the market chaos over the last 24 hours, it is surprising that no large on-chain liquidations are likely around the current price levels.
Some on-chain data around liquidations for top tokens 👇
(NOT A FINANCIAL ADVICE)
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Our Co-Founder
@PositiveGamma
drops bombs on product thinking at an event hosted by
@TiEBangalore
@ElevCap
0
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Is comparing – Solana to the Bitcoin + Ethereum futile?
Not really.
Solana and its native token $SOL are on an uptrend. Not just:
• In price metrics, or
• In absolute terms
Fundamentally and relatively (relative to BTC and ETH) Solana fared very well in 2023 and the first…
3
1
8
Thanks,
@solana
and
@SuperteamDAO
for the shout-out in the recent Ecosystem call.
But really, the data speaks for itself. 🤷♂️
Here's a quick list of everything (data-wise) we've covered on Solana. 👇
1
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DeFi (decentralized finance) refers to financial services that run on smart contracts instead of trusting a third party such as a bank or an exchange.
Currently, the DeFi protocols hold ~$100.3b in total.
Here’s a breakdown for the same:
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In Dec 2023, all the DEXs ended the year on a positive note in terms of trading volume, except for
@KyberNetwork
which saw a 97% fall in its monthly volume, and
@Level__Finance
, which fell by 37%.
@PancakeSwap
and
@SushiSwap
were the biggest gainers, going up by close to 50%.
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SushiSwap’s working capital has gone up by about 400% in the last 2 months. Also, the monthly trading volume per trader has risen by 50%.
Notably, the working capital of SushiSwap rose by $834M in the month of November.
This indicates increased trader confidence in SushiSwap.
1
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.
@PancakeSwap
had a positive 2023 with its Average Transaction Vaule going up by ~125%, while its Trading Volume went up by a whooping ~200%.
Notably, PancakeSwap's overall trading fee TTM fell by ~50% in the same period.
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In many cases, smart contracts need off-chain data to execute but they cannot access it on their own. This is where oracles come into the picture.
They help smart contracts access off-chain data.
Here’s a breakdown of TVS (Total Value Secured) of top blockchain oracles:
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Did Bitcoin hit its ATH?
No.
In USD terms, there was no daily or weekly close over the November 2021 ATH.
However, in other currencies, Bitcoin is way ahead of its ATH.
Let's see which ones 👇
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Osmosis founder Josh Lee [
@dogemos
] in a reply to our tweet said – nearly 48% of Osmosis' early users were active last month.
Checks out.
Of the 9,874 users who used
@osmosiszone
in June 2021, 4,630 (or 46.9%) were active last month.
The interesting thing is, this cohort's…
1
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7
Gnosis, an Ethereum-compatible blockchain boosted its TVL by 200% since August, quickly surpassing newer, buzzier blockchains like
@zksync
and
@Aptos_Network
.
According to
@gnosischain
co-founder
@koeppelmann
, it all boils down to the anticipated rollout of
@gnosispay
.
🧵
1
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Monad the "parallelized-EVN" chain recently raised $225m in their latest funding round.
But what is Monad?🤔
We have created a detailed report on the blockchain here:
Here is quick TLDR 🧵
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