Uniswap Acquires NFT Aggregator “Genie” And Announces An Airdrop.

Source : Image

It is our aim in this article to analyze the user interaction with the NFT aggregator platform Genie and also check out the users who are eligible for airdrops. In addition, you can view the growth of new users, active users, and their volume ( ETH) over time.

Overview : Genie

The NFT marketplace Genie was launched in November 2021 and quickly became one of the top NFT marketplaces in the world. Genie, an NFT aggregation platform, is being acquired by Uniswap Labs, the company behind Uniswap, a decentralized exchange based on Ethereum.

There are a number of different marketplaces where you can purchase NFTs—individual blockchain tokens that represent ownership—like OpenSea, LooksRare, and Coinbase NFT. In contrast, few offer users the ability to buy multiple items in one transaction, while none provide aggregation tools that let traders see rival marketplace listings. Both are available with Genie. The goal of Genie is to bring every innovation we have brought to the ERC-20 space to the NFT space.

This tweet from Uniswap Labs shows what they wrote on Twitter about the Genie.

Getting to Know the Genie

Through Uniswap’s NFT aggregator Genie, users can purchase multiple NFTs in one transaction. According to Uniswap, it will launch a new tab on its main website later this year for NFTs as part of its push into the space. It will also introduce NFTs into its developers’ APIs and widgets.

In celebration of Uniswap Lab’s acquisition of Genie, Uniswap Labs will award an undisclosed amount of USDC to Genie’s early supporters. Anyone who owns a Genie Genesis NFT or uses the platform at least once before April 15 will be eligible for USDC Tokens . To welcome the Genie community to Uniswap, USDC will be airdropped later this summer to anyone who has used Genie more than once or holds a GENIE:GEM NFT.

Here is a tweet showing who is eligible for Genie airdrops,

Approach

The objective of this article is to analyze the user interaction with Genie’s NFT aggregator platform and to find out who is eligible for airdrops. As part of this process, we considered users who used the platform at least twice before April 15 to be eligible to receive USDC tokens as airdrops.And also by having a Genie NFT user also considered as airdrop eligible user.

  • As a first step, we notice how many users there are
  • Afterwards, we can see how Users are distributed based on transactions
  • Assuming that more than one transaction user is an airdrop eligible user, the Airdrop eligible users are calculated from this
  • Our next view shows Genie’s new user growth
  • Genie’s ETH volume of new users
  • The average amount (ETH) spent by new users on their 1st transaction – Genie
  • The number of active users on Genie is
  • The number of transactions made by active users
  • By active users, the volume of money made (ETH)

Visualization & Insights

Here are the graphs showing the total number of users in Genie and also those who are eligible for an airdrop.Users with at least two transactions on Genie before April 15, 2022, are eligible to claim 300 USDC, while holders of Genie Genesis NFTs are eligible to claim 1000 USDC. Approximately 16,000 wallets are eligible to claim the airdrop.

Based on the graph below, we can see that the total number of users across all categories is 49,917. On this graph, we can see how many users have been categorized according to their transactions over time. Based on this analysis, more than 2 transactions have been made by the users, and we can consider them eligible for the airdrop. Over 66% of users are not eligible to receive the airdrop tokens.

The total number of new Genie users from August 23, 2021 to November 28, 2022 was 49.92K. The maximum number of new users was 3.66K on January 3, 2022, and the minimum number was 2 on August 23, 2021. The number of new users has grown by 4.00 times since August 23, 2021 to November 28, 2022. In February 28, 2022 and May 9, 2022, the number of new users was lower than usual. On March 21, 2022 and January 3, 2022, the number of new users was higher than usual. There is a decreasing trend in the growth of new users.

Taking a look at the Volume(ETH) generated by new users with Genie between August 23, 2021 and November 28, 2022, the total Volume(ETH) was 59.07K. A maximum Volume(ETH) of 5.12K was observed on April 25, 2022, and a minimum Volume(ETH) of 0.09 was observed on August 23, 2021. There is a decreasing trend in the total volume (ETH) by new users. It is lower than normal in February 7, 2022, but higher in April 25, 2022, and January 24, 2022.

Initially, the average amount (ETH) spent by new users on their first transaction is larger than the average amount (ETH) spent by recent new users on their first transactions. As a result of the bear market in the crypto market, this is happening.

We can see from the graph below how many active users there were on Genie over a period of time. In the recent market, we can see that the active users are not much. We can conclude from this that the active users are declining due to the volatile situation in the crypto market. From August 23, 2021 to November 28, 2022, 94.11K active users were recorded. It was observed that maximum Active Users of 5.8K occurred on January 3, 2022, and minimum Active Users of 2 occurred on August 23, 2021. Active Users in February 28, 2022, June 13, 2022, and March 21, 2022 are lower than normal, but higher than normal in December 27, 2021 and March 21, 2022.

The total number of transactions between August 23, 2021 and November 28, 2022 was 159.13K. Maximum Transactions of 11.48K were observed on January 3, 2022, and minimum Transactions of 5 were observed on August 23, 2021. The number of transactions in February 28, 2022 and June 13, 2022 is lower than normal, and the number of transactions in March 21, 2022 and December 27, 2021 is higher than normal.

Taking a look at the graph below, we see that the total volume(ETH) was 198.96K from August 23, 2021 to November 28, 2022. January 24, 2022 observed a maximum Volume(ETH) of 16.04K and August 23, 2021 observed a minimum Volume(ETH) of 0.41. Volume(ETH) by active users is decreasing. Which we can suspect this is because of the volatile situation in the crypto market . The total volume (ETH) for February 7, 2022 and May 9, 2022 is lower than usual, while for April 25, 2022 and December 27, 2021 it is higher than usual.

Observations

  • Airdrop eligibility for approximately 16,000 wallets was determined from the above analysis.
  • As a result of this analysis, we can count the users as eligible for the airdrop since they have made more than two transactions. There are over 66% of users who are not eligible to receive the airdrop tokens.
  • Based on the above analysis, it appears that the average amount (ETH) spent by new users on their first transaction is higher than the average amount (ETH) spent by recent new users. There is a bear market in the crypto market, which is causing this.
  • Recently, we can see that the number of active users has decreased. Due to the volatile crypto market, it can be concluded that active users are declining.
  • There is a decrease in the volume (ETH) by active users. This can be attributed to the volatile situation in the crypto market.
  • Based on the analysis, we found a downward trend for active users and new users. We hope that users who missed airdrops will receive in next time airdrop release in the future by keeping their status active and connected with Genie’s network. Wishing you better luck next time!

Reference Query

1. 
with genie_txs as (
	SELECT
     *
    FROM ethereum.core.fact_transactions
    WHERE
        TO_ADDRESS IN ( lower('0x31837aaf36961274a04b915697fdfca1af31a0c7')
                  ,lower('0xf97e9727d8e7db7aa8f006d1742d107cf9411412')
                  ,lower('0x0a267cF51EF038fC00E71801F5a524aec06e4f07')
                  ,lower('0x2af4b707e1dce8fc345f38cfeeaa2421e54976d5')
                  ,lower('0xcdFace5643B90ca4B3160DD2B5De80C1bf1cB088')
      )
      AND STATUS ='SUCCESS'
	  AND ETH_VALUE >0 
  	  AND block_timestamp >='2021-08-23'
),
total_users as (
  SELECT 
    	COUNT(DISTINCT FROM_ADDRESS) total_users
  FROM genie_txs
),
eligible_users as (
  	SELECT 
  		COUNT(DISTINCT FROM_ADDRESS) AS airdrop_eligible_users 
  	FROM (
  		SELECT 
  	 		FROM_ADDRESS
  		FROM genie_txs
  		WHERE block_timestamp <= '2022-04-15'
  		QUALIFY row_number() over (partition by from_address order by block_timestamp) = 2
	)
)
SELECT * 
FROM eligible_users, total_users


-----------------
2. 
with genie_txs as (
	SELECT
     *
    FROM ethereum.core.fact_transactions
    WHERE
        TO_ADDRESS IN ( lower('0x31837aaf36961274a04b915697fdfca1af31a0c7')
                  ,lower('0xf97e9727d8e7db7aa8f006d1742d107cf9411412')
                  ,lower('0x0a267cF51EF038fC00E71801F5a524aec06e4f07')
                  ,lower('0x2af4b707e1dce8fc345f38cfeeaa2421e54976d5')
                  ,lower('0xcdFace5643B90ca4B3160DD2B5De80C1bf1cB088')
      )
      AND STATUS ='SUCCESS'
	  AND ETH_VALUE >0 
  	  AND block_timestamp >='2021-08-23'
),
user_txns as (
  SELECT 
  	from_address,
  	count(distinct tx_hash) as txns,
  	case 
  		when txns > 100 then 'More than 100 Transactions'
  		when txns between 50 and 100 then 'Between 50-100 Transactions'
  		when txns between 10 and 50 then 'Between 10-50 Transactions'
  		when txns between 5 and 10 then 'Between 5-10 Transactions'
  		when txns = 4 then '4 Transactions'
  		when txns = 3 then '3 Transactions'
  		when txns = 2 then '2 Transactions'
  		when txns = 1 then '1 Transaction'
  	end as category
  FROM genie_txs
  GROUP BY from_address
)
SELECT 
	category,
	count(from_address) as users
FROM user_txns
GROUP BY category 
--------------
3. 
with genie_txs as (
	SELECT
     *
    FROM ethereum.core.fact_transactions
    WHERE
        TO_ADDRESS IN ( lower('0x31837aaf36961274a04b915697fdfca1af31a0c7')
                  ,lower('0xf97e9727d8e7db7aa8f006d1742d107cf9411412')
                  ,lower('0x0a267cF51EF038fC00E71801F5a524aec06e4f07')
                  ,lower('0x2af4b707e1dce8fc345f38cfeeaa2421e54976d5')
                  ,lower('0xcdFace5643B90ca4B3160DD2B5De80C1bf1cB088')
      )
      AND STATUS ='SUCCESS'
	  AND ETH_VALUE >0 
  	  AND block_timestamp >='2021-08-23'
),
first_txs as (
  SELECT 
  	*
  FROM genie_txs
  QUALIFY row_number() over(partition by from_address order by block_timestamp asc) = 1
)
SELECT 
  	date_trunc(week, block_timestamp) as date,
  	COUNT(DISTINCT FROM_ADDRESS) users, 
	sum(eth_value) as volume_eth,
  	avg(eth_value) as avg_first_txn_eth
FROM first_txs
GROUP BY date