Research Summary
The report provides an analysis of the NFT marketplace and the top tokenholders dataset. It introduces Dopex, a non-custodial exchange for options contracts, and discusses its performance. The report also presents a new dataset, Top tokenholders, which displays the top 200 governance tokenholders for projects listed on Token Terminal. It further explores the state of the NFT marketplaces sector, focusing on Blur’s dominance and OpenSea’s continued leadership in terms of revenue and daily active users.
Key Takeaways
Dopex’s Performance and Features
- Dopex’s Growth: Since its launch in mid-November ’23, Dopex’s Concentrated Liquidity Automated Market Maker (CLAMM) options product has seen over $110m in cumulative trading volume. Liquidity providers on Dopex have cumulatively earned over $600k in supply-side fees.
- CLAMM’s Functionality: CLAMM allows liquidity providers to contribute liquidity in a more focused and efficient manner, optimizing yield for LPs while offering a new, intuitive trading experience for options traders.
Top Tokenholders Dataset
- Dataset’s Importance: The Top tokenholders dataset offers a detailed breakdown of ownership percentages of a project’s governance token by address, which is crucial for investors as it directly impacts their stake and voting power.
- Dataset’s Utility: The dataset can help investors understand total supply distribution, token flow insights, and the activity of major tokenholders, providing a granular view into recent balance shifts among the top 100 tokenholders.
NFT Marketplaces Sector
- Blur’s Dominance: Blur has captured close to 80% of the total trading volume in the NFT marketplace sector, with its trading volume up 87.5% over the past 180 days.
- OpenSea’s Leadership: Despite Blur’s significant share of total trading volume, OpenSea continues to lead in terms of revenue and daily active users, highlighting the distinct strategies and value propositions of each platform.
Zora’s Performance
- Zora’s Downtrend: Following a surge in activity triggered by Coinbase’s “Base, Introduced” NFT drop, Zora has experienced a downtrend in the number of minters, raising concerns about the platform’s long-term demand and ability to retain users.
- Onchain Minting: Despite the decline in minters, there’s a noticeable increase in creators choosing to mint directly onchain, indicating Zora’s appeal within the creative community for promoting the web3 ethos.
Actionable Insights
- Monitor Dopex’s Performance: Given Dopex’s impressive trading volume and supply-side fees, it would be beneficial to keep an eye on its performance and growth trajectory.
- Utilize Top Tokenholders Dataset: Investors can leverage the Top tokenholders dataset to gain insights into token flows, total supply distribution, and the activities of major tokenholders, which can inform their investment decisions.
- Assess NFT Marketplaces: With Blur’s dominance and OpenSea’s continued leadership, it’s crucial to assess the strategies and value propositions of different NFT marketplaces to understand their potential growth and sustainability.
- Track Zora’s User Retention: Given the concerns about Zora’s ability to retain users, it’s important to track its user retention and demand over time.
