How is Ethereum flowing around the metaverse?

  1. Non-entity 52%
  2. NFT 18%
  3. CEX 14%
  4. DEX 10%
  5. Others 5.97%

According to a newest research from Nansen.ai, these are several channels Ethereum moving around.

Approximately 52.3% of the Ethereum from primary NFT sales is still circulating among non-entity wallets. 10.4% have been used on a DEX, either as liquidity or for swaps. 3.6% have been deposited on a Centralized Exchange, while 17.7% is poured back into NFT projects. This includes NFT mints and marketplaces like OpenSea or Rarible.

  1. OpenSea 22%
  2. Binance 14%
  3. Uniswap 9.2%
  4. dYdX 7.64%
  5. CryptoPunks 5.63%
  6. Wrapped Ether 5.52%
  7. Coinbase 3.17%
  8. FTX 3.11%
  9. Huobi 2.34%
  10. MetaMask Swaps 2.01%

Almost 22% of this flow is returned to OpenSea, presumably to purchase more NFTs. Binance tops the list in terms of CEX deposits, capturing 13.75% of the Ethereum flow to entities. Uniswap trails close behind with 9%. Around 6% is also used for CryptoPunk related activity, possibly as capital to make a purchase.

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