About the editor: Spencer Noon is co-founder of Variant Fund. Founders should reply to this email to get in touch.

Wow.

When I started a weekly newsletter dedicated to on-chain analytics in 2019, never in my wildest dreams did I expect we’d get to 100 issues, or for such an incredible community to form — but here we are.

Today OurNetwork is comprised of nearly 200 analysts, 15K readers, hundreds of Gitcoin Grants supporters, and a small core team who is obsessed with furthering the on-chain analytics space.

Thank you to everyone who has supported us over the past two years — and trust me when I say we are just getting started 😉.

— Spencer Noon

Network Coverage
This week our contributor analysts (the majority of whom are recent graduates of ON Learn!) cover Magic Eden, Impossible Finance, and RabbitHole.

• Magic Eden is a leading NFT marketplace built on Solana. The platform launched in September and has quickly become the market leader; notably, while OpenSea has ~99% market share in the Ethereum ecosystem, Magic Eden still only has about ~77%, with other major brands being Solanart, Solsea, and DigitalEyes. While Magic Eden’s monthly users are half of OpenSea’s, daily transactions are 2-3x higher; Magic Eden users transact ~6 times per day, on average, versus ~2 times per day on OpenSea.

• With lower gas fees, the marketplace seems to cater to a different audience — collectors favoring lower cost NFTs and higher velocity trading. This month, the average transaction on Magic Eden was $96.50 versus $1,872 on OpenSea. Magic Eden’s 7D average volume per user is ~1/5th of OpenSea’s.

• Both platforms charge similar fees: Magic Eden charges 2% on all transactions, and OpenSea charges 2.5%. While having more transactions, Magic Eden’s 30D revenue is ~1/10th of OpenSea’s; Magic Eden’s average monthly revenue per user is ~$42, versus ~$200 on OpenSea.

• The IDIA token is used by the IF launchpad to grant fair access to IDOs of partnered projects. While IDIA has seen solid growth in TVL since its inception, it increased 200% in the month of November going from around $20M TVL to over $60M. Currently, the price is reaching all time highs around $3.11 with TVL at ~$73M – around 10% greater than the last ATH for TVL.

• There is currently over 23M IDIA staked between ~8K users. The breakdown of how much is staked per user shows ~75% are "tiny holders", meaning they have staked less than or equal to 10 IDIA, while under 5% are considered to be "large holders" or "whales".

• The most recent launchpad projects are @OuroStable, @Fancybirdsio, and @Sportium_Fan. Examining the most recent staking track, no user holds above 5% of the total staked IDIA with the average stake amount being ~2.8K.

• By connecting enthusiasts and projects, RabbitHole is the place to learn and earn crypto while discovering the latest crypto applications. And, it's having an impact on the community with just under 40% of users having attempted at least one Ethereum transaction, and over 27% of users having 8 or more transactions on the platform. On the attached dashboard is a histogram of transaction counts per user, with at least one transaction showing the distribution of activity among RabbitHole users.

• Weekly transactions by users reached an all-time high in September with another peak in November. These highs were accompanied by highs in weekly distinct users. One important metric noted by the line is the number of weekly transactions per distinct users, averaging around 5 transactions/user.

• The five most popular DApps by transaction amount for RabbitHole users are uniswap_v2, ethereumnameservice, zksync, tether, and zeroex. The attached visual shows how transaction amounts have fluctuated over time, with uniswap being popular in the past but other DApps recently growing in activity.

• RabbitHole allows users to learn skills and earn crypto by completing quests on a variety of dapps. Based on a sample of 5K BrightID verified Rabbithole users and their transactions across a range of quests, approximately 4x as many users completed quests that required interacting with Polygon than those on Ethereum. This suggests that RabbitHole is best able to drive new user volume to dapps where gas fees are less of an obstacle, like the quest inviting users to deposit on PoolTogether.

• Far more sampled users completed lending quests than borrowing quests. In the case of AAVE, 9.64% of sampled users completed the supply quest, but only 0.1% of users completed the borrowing quest.

• Our sample of RabbitHole users were much more active on DeFi quests than NFT quests — in many cases, between 10-35% of users completed DeFi quests, while less than 3% bought an NFT on OpenSea. More than 12% registered an ENS name, so ETH gas fees may not be the only differentiating factor.