The 0x Core Group is worked up to announce that we’ve teamed up with Dune Analytics to make 0x information publicly out there!
Dune Analytics is a platform for doing sensible contract evaluation utilizing SQL. By surfacing clear 0x information by way of the Dune interface, we hope to make key 0x metrics extra broadly accessible, editable, and auditable by the DeFi group.
The core staff has made two dashboards (the 0x buying and selling dashboard and the 0x staking dashboard) for these trying to observe key metrics of the 0x ecosystem in addition to to display the varieties of evaluation that may be carried out with Dune Analytics. Bookmark these dashboards or fork the queries and check out the instruments out for your self! You could find tables curated for straightforward querying by the 0x core staff by trying to find ‘zeroex.view’ on Dune.
The brand new 0x Buying and selling Dashboard on Dune Analytics exhibits key metrics associated to buying and selling exercise occurring over 0x protocol. As an example, we are able to see by quantity the highest relayer of 0x orders is Tokenlon, adopted by 0x API.
Dune Analytics can be utilized to grasp the drivers behind modifications in metrics. As an example, the general month-to-month variety of fills utilizing 0x reached a peak in January 2020. What’s driving the decline?
Digging deeper, we are able to see that breaking down fills by relayer exhibits that the spike beginning in November was largely pushed by TokenTrove. This coincides with an explosion of Gods Unchained card buying and selling following its graduation of card buying and selling in late November. Since then there was development within the variety of fills from different relayers together with 0x API and Tokenlon.
Among the many modifications enacted in v3 of 0x is a brand new system of token economics. ZRX is the governance token of the 0x protocol, nevertheless it additionally serves further financial features within the ecosystem. The approval of 0x Enchancment Proposal #56 launched stake-based liquidity incentives for the 0x protocol. Underneath this new incentive system, there’s a small protocol charge related to every commerce, which then distributed to market makers in proportion to:
- the protocol charges generated from their orders
- the scale of their ZRX stake relative to all ZRX staked
Market makers can accrue staked ZRX past their very own steadiness by creating staking “swimming pools” and sharing rewards with third-party stakers on the finish of 7-day “epochs.”¹
The brand new 0x Staking Dashboard on Dune Analytics exhibits key metrics for the well being of the token financial system. It exhibits that the quantity of ZRX collaborating in staking has elevated over time and is at the moment about 16.2M ZRX (~$5.5M).
Crucial metric for ZRX holders in search of to stake with market maker swimming pools is what return they will get on the ZRX they stake. The dashboard exhibits annualized returns for every pool by epoch. Returns have usually been between 0.5–1.5% with variation throughout swimming pools and throughout epochs.
To members’ profit, there was competitors amongst pool operators to draw capital from ZRX holders. Pool operators can select the proportion of rewards to share with ZRX holders who stake with them. A bigger share of rewards shared decreases the market maker’s share of the eventual reward pot, nevertheless it can also make their pool extra enticing to potential stakers, and extra ZRX staked means the reward pot will probably be greater. The latter impact is dependent upon how enticing the pool is relative to different swimming pools, so we must always anticipate to see swimming pools compete on rewards shared. Certainly, many swimming pools have elevated the proportion of rewards shared to pool members, as proven within the chart beneath. Of the highest 5 swimming pools, Volleyfire has set this worth most aggressively at 33%.
In an effort to get began analyzing 0x on Dune Analytics, you’ll want a free account. Really feel attain out to the 0x core staff on Discord or the Dune staff on Telegram for assist!
- Epoch size is at the moment 7 days, however was 10 days previous to epoch 19.