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Onchain Alpha

Unlocking the Power of Onchain Data: A Dive into Andrew Hong's Insights

Onchain Alpha Episode 6

TL/DR: Unlocking Onchain Data with Andrew Hong

Andrew Hong, a seasoned professional in the crypto space, shared insights on leveraging on-chain data effectively in a recent Onchain Alpha podcast episode. Hong's journey in the industry, spanning roles at EthGlobal, Consensus, Mirror, and now at Dune, emphasizes the importance of understanding crypto culture before diving into technicalities.

Key points discussed include:

  • Emphasis on sustainable business models in crypto, highlighting platforms like FunFair and Optimism.

  • The evolution of Web 3 and the creator economy, focusing on accessibility and cost-effectiveness for developers.

  • The role of transparency and social trust in decentralization and tokenomics, especially in meme tokens.

  • Introduction of Dune as a platform for on-chain data analysis and integration, enabling data-driven decision-making in DeFi and beyond.

  • Introduction of Bytexplorers, a community-driven initiative aggregating and analyzing on-chain data, fostering collaboration and rewarding contributions.


    01:12 Andrew Hong Introduction and Crypto Journey 

    07:07 Sustainability and Supporting the Creator Economy

    10:54 Evolution of Tokenomics and Meme Tokens

    16:19 Dune as a Platform for Data Analysis and Integration

    20:25 Dune Dashboards as Composable Pieces of the Web3 Stack

    22:09 Using Dune for Data Analysis and Insights

    24:10 Building User Recommendation Frames with Dune

    25:20 Improving Social Graph and Recommendations with Dune

    27:21 Introduction to Bytexplorers and its Mission; Token Rewards and Reputation System

    34:46 Building Composable Elements in the Web3 Ecosystem

    38:08 Getting Involved with Bytexplorers

    41:50 Future Goals for Bytexplorers

    45:05 Where to Find Andrew Hong

    46:02 Closing Remark


In the fast-paced world of cryptocurrency, understanding the nuances of on-chain data can be a game-changer. In a recent episode of the Onchain Alpha podcast, Andrew Hong, a seasoned professional in the crypto space, shared invaluable insights into leveraging Onchain data effectively. From his journey in the industry to the intricacies of sustainable business models and the role of platforms like Dune, Hong's perspectives shed light on the evolving landscape of decentralized finance (DeFi) and the creator economy.

Embarking on the Crypto Journey

Andrew Hong's journey in the crypto space began with EthGlobal and freelancing, where he grasped the importance of immersing oneself in the crypto culture and community. His subsequent roles at Consensus, Mirror, and now at Dune have equipped him with a profound understanding of token mechanisms, protocol development, and data education. Through diverse experiences, Hong underscores the significance of comprehending the broader context of crypto projects before delving into technical intricacies.

Sustainability and the Creator Economy

Central to Hong's discourse is the notion of sustainable business models in the crypto sphere. While acknowledging the allure of crypto-native solutions, he advocates for organizational sustainability, citing examples like FunFair and Optimism as pivotal in supporting development endeavours. Moreover, Hong delves into the evolution of Web 3 and the creator economy, emphasizing the shift towards accessibility and cost-effectiveness for developers, epitomized by platforms like Mirror and Farcaster.

Decentralization, Tokens, and Trust

The conversation takes a deeper dive into the core tenets of decentralization and the role of tokens in shaping the creator economy. Hong stresses the importance of transparency and social trust, particularly in the context of meme tokens, where creators wield significant influence over tokenomics and distribution. As tokens evolve, Hong underscores the need for creators to have more agency in designing and managing their tokens, fostering a sense of community ownership and trust.

Hong expresses his agreement with the idea of sufficient decentralization and the importance of transparency for newcomers to the ecosystem. The discussion then shifts to tokens, specifically meme tokens and their relationship with the creator economy. Hong argues that while tokens aim to decentralize, there is an implicit trust required in the creator, who can control the token's supply and price. He also mentions the emergence of token extensions and creators having more control over their tokens' design, which adds social trust and affects tokenomics. The conversation touches upon the fairness of token distribution and the comparison between traditional social media platforms and token projects.

Andrew Hong discusses the complexity of analyzing various data points in the blockchain space, including ERC20 tokens, NFT tokens, attestations, and points. He emphasizes that there is no standard playbook for their usage and encourages forming personal opinions as an analyst or builder.

Dune: Unlocking Onchain Data

Hong introduces Dune as a platform that redefines on-chain data analysis and integration. Beyond traditional analytics, Dune works as a versatile tool for exploring on- and off-chain data, facilitating data-driven decision-making in various sectors, including DeFi and marketing. Using composable dashboards and API integrations, Dune empowers users to glean actionable insights, bridging the gap between on-chain data and real-world applications.

Andrew Hong discusses the various ways Dune is being used beyond traditional analytics. Humpty suggests considering Dune dashboards as composable pieces of the web3 stack, similar to smart contracts. Hong highlights examples of Dune's usage in the DeFi space, such as Balancer's liquidity pools, and mentions its application in marketing and CRM systems. Humpty also shares his experience using Dune to analyze user data for a loyalty protocol called Mosaic. 

The discussions focus on the expanding connectivity between on-chain and off-chain flows, and Dune's rising role in aiding data-driven decision-making in the Web3 ecosystem. Hong concludes by highlighting the versatility of Dune, which goes beyond just viewing dashboards and can be integrated into various data pipelines and products.

Humpty discusses the challenges of finding valuable content on social media platforms like Farcaster and the potential of using Dune to analyze personal interests and discover new people to follow. He also highlights the alpha opportunities available for on-chain data analysis, specifically on Farcaster, and predicts that Farcaster data may be used for future airdrops

Bytexplorers: Empowering Data Collaboration

Andrew Hong then introduces his project, Byte Explorer, which aims to solve the problem of disjointed data work by allowing data contributors to own the issuance of token rewards. He uses an ERC 6551 system to issue reputation tokens for completing various data-related tasks on Farcaster and other platforms. Bytexplorers serves as a collaborative platform for aggregating and analyzing on-chain data, fostering community-driven insights, and rewarding contributions through reputation tokens. With an emphasis on composable tools and collaborative efforts, Bytexplorers shows the Web 3 mentality of using collaborative intelligence to drive innovation and advancement.

Andrew Hong discusses the importance of building composable tools in the crypto ecosystem that can easily plug and play together. He mentions how projects have built great products, but setting them up can still be a complex process for less technical users. Hong explains that becoming data literate or finding someone who is, can help connect these tools in innovative ways. He compares what they're building with Bytexplorers to middleware in Web 3 and invites listeners to get involved. To do so, they can mint a Byte Pass for 0.01 ETH, join the telegram group, or engage with the data community through Byte Light. In this mechanism, users can buy and use tokens to ask questions and earn a reputation by correctly answering them.

Andrew Hong discusses various token projects and tools that aim to bring users closer to their respective communities. He mentions Bytexplorers and its token, which he believes will become a standard for communities to own how they interact across platforms. Hong also talks about how the tool allows users to choose their bonding curve supplies and fees, and how it is more powerful than traditional transactional setups. He expresses his hopes for the growth and acceptance of these projects within the next year. Throughout the discussion, Hong emphasizes the importance of social trust and community leadership in the success of these token mechanics.

Stay Connected: Final Thoughts, Resources

As the conversation draws to a close, Hong shares his vision for the future of on-chain data analysis and community-driven initiatives like Bytexplorers. With a focus on creating composable tools and encouraging social trust, Hong envisions a future in which on-chain data is more accessible and usable for individuals and communities alike. He invites visitors to join the Bytexplorers community, which shows his dedication to encouraging collaboration and knowledge-sharing in the cryptocurrency industry.

Andrew Hong shares his social media handles and contact information, encouraging viewers to connect with him for questions and assistance in getting the most out of their data journey. He mentions his pseudonym "ilemi" on Warp Cast and invites viewers to join the Cryptodatabytes and the Bytexplorers community for learning resources and interaction with him directly. Hong expresses his responsiveness and commitment to helping individuals in the space.


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Andrew Hong

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In summary, Andrew Hong's insights offer a compelling narrative on the transformative potential of on-chain data and the role of platforms like Dune and initiatives like Bytexplorers in unlocking its power. As the crypto landscape continues to evolve, leveraging on-chain data effectively will be paramount in driving innovation and fostering community-led solutions.

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