House of Wizard

on-chain analyst community in Indonesia. Also talk about anything on web3 industry. So don't worry, let's learn a new spell 🔮
Founder: @0xgulali

[House of Wizard @House_of_Wizard]

GWhiz 🪄 everybody!
Who we are?
Who are HoW?
Well, let me tell you the story about us 🧵

[House of Wizard @House_of_Wizard]

@arno39 Cool!
Coach Arno 🔥

[gulali jawa @0xgulali]

NUMBER IS NEVER LIE!!

According to @stacy_muur : Revenue > Narrative.

The data really shows it -> Tron’s revenue is dominating. The interesting part is, @trondao barely gets talked about on X, but they actually have real, loyal users. It’s the complete opposite with @SuiNetwork and @solana . Those two have been trending non-stop for the past year, but their revenue doesn’t come anywhere close to matching the hype.

Source data @Dune :
https://t.co/qI32IzLqfl

[gulali jawa @0xgulali]

Setelah kita bisa ambil datanya dan bisa visualisasinya trus step selanjutnya apa???

Kita mesti paham tentang proyek apa yg mau kita bedah datanya, apakah Proyek itu termasuk dalam Defi? Dex? Dex perpetual? Bridge? Blockchain? Launchpad? atau proyek yg lain.

Jadi ini yg menjadi tantangan tersendiri bagi seorang Onchain Analyst karena "dipaksa" paham dengan berbagai macam proyek di crypto dengan segala "challenge"nya.

Tapi tenang, di era AI sekarang kita bisa belajar dengan lebih mudah soal proyek crypto tersebut tanpa capek2 baca whitepapernya, Jadi itu dapat memangkas waktu kita dalam memahami sebelum menganalisa suatu proyek.

[gulali jawa @0xgulali]

Trus ambil datanya dari mana? pake bahasa pemprograman apa? visualisasinya pake apa?

Itu pertanyaan yang sering banget ditanyakan orang awam saat mendengar soal Onchain Analyst.

mari kita bahas satu2
# kita bisa ambil data dari @etherscan @solscanofficial @coingecko @nansen_ai @DefiLlama dan @Dune

# bahasa yang biasa digunakan adalah SQL or Pyhton karena besaran data yg diproses bisa menyampai jutaan data.

# visualisasinya bisa pake native web 3 seperti @Dune @DefiLlama @tokenterminal @artemis atau mau dashboard yg interaktif di web 2 seperti @tableau atau @PowerBI

Jadi kalo kalian merasa data di web 3 ribet dan susah dibawa ke dunia web 2 mungkin kalian belum "digging" lebih dalam lagi

[gulali jawa @0xgulali]

Apa sih sebenarnya Onchain Analyst ???
Apakah sama dengan Data Analyst ??
konsep besarnya sebenarnya sama tapi beda ekosistemnya jadi cara mendapatkan datanya berbeda, besar datanya juga beda.
cek poster dibawah ini untuk lebih jelasnya dan terus pantengin akun ini buat info selanjutnya, karena aku akan share info seputar Onchain Analyst

[gulali jawa @0xgulali]

Ada ada saja caranya mengumpulkan liquidty di masa sekarang bukannya memperbaiki wajah crypto di mata orang awam malah memperkeruhnya.
It’s ugly business

[House of Wizard @House_of_Wizard]

Every friend has their season, and every season has its friends.

House of Wizard's random gathering, where we connected with folks from other communities.

[gulali jawa @0xgulali]

Kalau ngitung "fee" di @initia gimana kak?

Data "fee" initia di database @Dune gak ada di initia.tx_message, tapi ada di initia.transactions(gambar 1).

Kayak misal kalian mau cari ARPU(Annual Revenue per User) di Initia(gambar 2), ambil data fee dari tabel transactions.
Tapi...kalian harus combine data di tx_message sama di transactions dulu untuk dapetin kolom `block_timestamp` karena di tabel transactions ga ada.
Uniknya lagi, data type untuk "fee" ini adalah `varchar` bukan INT atau DOUBLE -> contoh: 2060uinit

Bingung? Gak papa, normal kok 😄

[gulali jawa @0xgulali]

Kalian penasaran gak sih isi "message" di setiap transaksi @initia kayak gmn?

Mari kita bedah!

Misal kita mau hitung active user di blockchain initia...gimana cara ambil data address-nya?

Kalo kita buka initia scan -> pada transaksi bakal muncul "message" yg isinya "sender", "receiver", & "amount". (gambar 1).
Tapi, yg ditampilkan di Database @Dune (gambar 2) amount, sender, & receiver nested di kolom "message".
Pusing gak?
Bersyukurlah karena kalian masih berfikir 🤣

[gulali jawa @0xgulali]

Ini project @cosmos kedua yang aku kerjain setelah @injective
udah ada yang pernah ngulik datanya @initia belum?

Kalau gitu yuk kita bedah datanya satu-satu:
- Blockchain ini pakai cosmos SDK, tp bahasanya pakai Move.
- struktur data beda dengan EVM
- Perbedaannya dengan EVM, initia menggunakan "message" dalam setiap transaksinya.

Contoh @Dune dashboard Intia:
https://t.co/SIVI99828L

[gulali jawa @0xgulali]

Dashboard analitik pertama aku di @Dune tuh soal token $INJ.

Waktu itu aku masih bangun portfolio, tapi entah kenapa orang-orang suka. Mungkin saat itu injective baru hype dan harganya baru ~$6.

Puncaknya di 2024 pas Devcon di Thailand. Aku ketemu langsung sama @ericinjective, co-founder @injective. Langsung aku tunjukin dashboard INJ-nya ke dia sama timnya...dan mereka apresiasi dashboardnya.

Link dash:
https://t.co/eOrcblqEjM

[gulali jawa @0xgulali]

Setelah mendapatkan kepercayaan mengerjakan dashboard yg lumayan "fenomenal" 😆😆
2 bulan berikutnya kembali dipercaya mengerjakan dashboard untuk proyek Monad Momentum.
Ada 3 proyek yg kebetulan aku handle

* @MondayTrade_ - dex perpetual
Link dashboardnya https://t.co/OFn4F3aoED

* @LeverUp_xyz - dex perpetual
Link dashboardnya
https://t.co/ZrOiJHXZEq

* @kizzymobile - media sosial prediction
Link dashboardnya
https://t.co/oQB0jW8qNx

Masih inget banget 2022, mulai belajar OnChain analyst sendirian. Di Indonesia waktu itu? Orang2 pada nggak aware. Tapi aku tetep lanjut, bikin portfolio dari nol, coba-coba query, bikin dashboard yang kadang jelek,belum lagi ketemu syntax error.
Sampai aku di notice tim Dune. Mereka kasih kepercayaan buat ngerjain proyek analitik dashboard Monad Momentum.
Sekarang aku resmi wizard grantee di Dune.

Dari belajar sendiri di kamar sampe dibayar timnya, rasanya lega banget.

[House of Wizard @House_of_Wizard]

What we see?
@AerodromeFi -> @base ecosystem proxy
@CurveFinance -> Aging but still monetizing deeply

[gulali jawa @0xgulali]

Most DEX users generate almost no revenue per user.

That’s the hidden story.

Protocols like @Uniswap , @PancakeSwap , and @Raydium dominate on user scale -> but ARPU stays minimal.

Meanwhile, smaller DEXs like @0xfluid , @CurveFinance , and @BreederDodo monetize far more efficiently with significantly fewer users.

More users ≠ better business.

In this market, monetization efficiency matters more than vanity growth.

Source @Dune dashy:
https://t.co/fwDezAqV8o

[gulali jawa @0xgulali]

The data already backs this up.

Chains racing to launch without a real revenue model are just burning runway.

ARPU (Annualized Revenue Per User) across 18 L1s tells the story clearly!
@KaiaChain & @SeiNetwork : millions of users, ARPU under $0.01. Meanwhile @trondao , with no "fastest chain" narrative, quietly sits at $27.04 ARPU and a P/F of 11.14x.

Speed without monetization isn't a product. It's a pitch deck.

Source: @Dune dash
https://t.co/fwDezAqV8o

[gulali jawa @0xgulali]

DeFi P/F Ratio Snapshot (April 2026): updated numbers just dropped:

- @llamalend → 6,000x (extremely overvalued)
- @aave, @Morpho, @0xfluid, @VenusProtocol, @maplefinance, SparkLend, @kamino Lend & @hyperlendx → still extremely undervalued with strong revenue yields

🔥 7D MCap movers worth watching: Gearbox +399% | SparkLend +63% | HDX +49%

Real yield is winning.

Source: @DuneDash
https://t.co/bOegxFoPy6

[gulali jawa @0xgulali]

With multiple high-profile exploits shaking DeFi lending lately (@KelpDAO - @aave crisis being the latest), real on-chain revenue has never been more critical.
DeFi P/F Ratio Snapshot (April 2026):
- @llamalend → 5,785x (extremely overvalued)
- @aave , @Morpho , @0xfluid , @VenusProtocol , @maplefinance , SparkLend, @kamino Lend & @hyperlendx → extremely undervalued with strong revenue yields
Source: @Dune Dash
https://t.co/bOegxFoPy6

[House of Wizard @House_of_Wizard]

Apologies for used the wrong token contract for $PHAR

[gulali jawa @0xgulali]

Correction on $PHAR!

apologies everyone! In my prev post I accidentally used the wrong token contract for $PHAR, so the data shown was incorrect.

Here's the real data straight from the P/F ratio DEX table:
@PharaohExchange
- MCap: $10.95 M
- Annualized Fess: $1.26M
- P/F ratio: 8.67x
- Rev. Yield: 11.533%
- Category: Extremely Undervalued 🔥

Sorry for the mistake, now correct with the accurate numbers!
Prev post: https://t.co/5jsC0p9qff

[House of Wizard @House_of_Wizard]

Valuation Metrics for DEX protocols.

What other DEX protocols should we add?
comment below 👇

[gulali jawa @0xgulali]

Latest P/F Ratio analysis across major DEX protocols:

Extremely Undervalued
• @QuickswapDEX – 1.46x
• @MeteoraAG – 3.15x
• @orca_so – 7.83x
• @Raydium – 15.25x
• @JupiterExchange – 20.96x

Extremely Overvalued
• @PharaohExchange – 37,772x
Real on chain revenue is clearly the new valuation filter in DeFi.
Which DEX do you see as the most undervalued right now? comment below.

Source @Dune Dash: https://t.co/fwDezAqV8o

[House of Wizard @House_of_Wizard]

We've decided not to run any free classes in the near future.

However, we are planning to hold more regular discussions focused on blockchain data analysis and its ecosystem.

Stay tuned!