PYTH is trending towards stability and seems to be on the rise, with a strong belief in Pyth Network and its token.

Author: ON-250

Compiled by: Deep Tide TechFlow

Exclusive On-Chain Report:

Data Protocols

The Graph, Arweave, Pyth & Covalent

1. The Graph ---------

Ricky Esclapon | Website | Dashboard

The Graph's monthly query fees exceed $1.4 billion, with over 7,000 subgraphs on decentralized networks

• Since January 2019, The Graph has provided critical web3 data infrastructure for decentralized applications (dapps) through its subsidized hosting services. Now, it has fully transitioned to decentralized networks. Despite the transition process lasting several months, there was a surge in traffic when hosting services began to be limited. The query volume in June reached 1.36 billion, an 85.9% increase from May, which itself grew by 23.4% from April. The graph below shows the accelerating growth trend in query volume before the deadline.

• Not only does the overall query volume show a trend towards decentralized networks, but the number of users making at least 1 million queries per week is also increasing. This growth has been ongoing for 9 weeks, indicating that more and more customers are migrating production data to decentralized networks before the deadline.

• This growth is not only reflected in query volume but also in the number of subgraphs published to the network. The number of active subgraphs surged from 3,942 in early June to 7,170 on June 30. Compared to the increase in query volume, subgraph migration showed the strongest growth in the 1-2 weeks before the deadline.

• Alpha information at the transaction level: Core developer StreamingFast uses smart contracts to charge for its substream data services with GRT tokens. The Graph is expanding its service range to include new data services. This transaction is the first value transaction for data services outside of core subgraph services on the network. New data services created by core developers and third parties may enable The Graph to provide developers with more use cases for accessing blockchain data.

1. Arweave -------

Garrett MacDonald | Website | Dashboard

Arweave's parallel computing layer AO deposits reach $447 million, with over 8,000 users

• AO is Arweave's native parallel computing platform, capable of executing any process, with each process able to use up to 16GB of memory. This advancement is crucial for the development of Web3, as we can now run large language models (LLMs) in a fully decentralized manner for the first time, allowing autonomous agents to natively leverage AI. Processes start as needed and can self-instantiate. AO is 100% allocated to the community, specifically allocated to AR holders and depositors of staked tokens, totaling $447 million in assets.

Image: Dune Analytics - @chairmanda0x

• To date, the AO test network has generated over 100,000 processes. All of these processes can be executed in parallel without shared memory limitations. The only restriction is that each process can only use 16GB of memory, as processes must currently run within the WASM64 virtual machine, but this limitation will eventually be lifted.

Image: ao.link

• Since the launch of the AO test network, data stored on Arweave (i.e., the encrypted native permanent data storage protocol) has doubled on average every week, increasing from about 1TB to 2TB per week.

Image: ViewBlock

• Alpha information at the transaction level: The first public large language model (LLM) has been deployed on AO in an interesting game format, demonstrating the beginning of the next era of computing: autonomous agents are now able to self-instantiate LLMs to make decisions, generate income, and sustain themselves.

1. Covalent 🟢 -----------

Maus | Website | Dashboard

Covalent's delegation space is close to 100%, and CQT is transitioning to CXT

• Covalent currently has 32 operators, including 18 Block Specimen Producers, 14 Block Results Producers, and 1 query node operator. The total staked amount on the network is 188,931,763.89 CXT, with a total supply of 1 billion CXT—22.06% of the current circulating CQT supply has been staked. In terms of delegation, there is currently only 6.5562 CXT available for delegation, with delegation space almost fully utilized, close to 100%.

Image: covalenthq.com/staking

• Top validators hold 12.25M CXT each, with an annual yield of approximately 13%. StakeWithUs and Allnodes have the lowest commission at 5%, while 11(k9) has the highest at 20%. The scarcity of delegation slots indicates high demand. Top stakers hold 13.08M CXT, and top redeemers have redeemed 50,615.7 CXT.

Image: Dune Analytics - @covent & covalenthq.com/staking

• The weekly trading volume of CQT peaked at the end of 2021, with over 2,000 transactions, trading 10.5 million CQT on decentralized exchanges (DEXs), before the volume declined. The overall trading volume remained low until early 2024, when both began to rise again—the recent peak coincides with the announcement of CQT transitioning to CXT.

• Alpha information at the transaction level: On July 10, Covalent migrated its native token from CQT to CXT. This transition includes staking and governance migrating to Ethereum, ensuring security and liquidity improvements for the token. Current CQT holders, stakers, and exchanges will automatically complete the migration.

1. Pyth ----

Anthony Loya | Website | Dashboard

Staking of $PYTH on Pyth Network has decreased to over $3.5 billion, with stakers decreasing to 133.59k

• Pyth Network has recently added support for more price feeds, now covering over 500 real-time price feeds, spanning various asset categories including cryptocurrencies, stocks, foreign exchange (FX), interest rates, and metals. You can learn more about the diverse price feeds provided by Pyth here. Pyth has over 650 upcoming price feeds on multiple chains.

• The price of Pyth Network's token (PYTH) has primarily declined due to a large token unlock in May 2024, which increased the circulating supply of PYTH by 140%. The increase in supply may have led to selling pressure, resulting in the price decline. Additionally, overall market conditions and the broader cryptocurrency market downturn have also impacted the value of PYTH. Currently, there is $3.5184 billion of PYTH staked, with a market cap of $10.8 billion. Staking volume has decreased by approximately 14.48% in the past 30 days. The price has also decreased from $0.39 to $0.30 during the same period, a 23.08% decrease.

Image: DeFiLlama

• Since April 9, 2024, PYTH stakers have decreased by approximately 30,000, with a current net staker count of 133.69k, totaling 248.77k unique stakers since January 2024. The average staked amount per user is $2631.76. Stakers have decreased since May, but have seemed to stabilize in the past few weeks.

Image: Dune Analytics - @sashimiboi

• Alpha information at the transaction level: In July, there were many six-figure $PYTH stakers, reflecting the recent sentiment that PYTH is trending towards stability and seems to be on the rise, with a strong belief in Pyth Network and its token. For example, this account staked 75,586.84 USD worth of PYTH on July 4, 2024, as seen in this transaction.

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