Try Quests to earn cryptoDistribution of Swaps in $RUNE and USD Values
Analyze the Distribution of Swaps size on Thorchain
Introduction
What is Thorchain ?
Thorchain is a solution for interaction between different blockchains that can seamlessly exchange digital currencies between them in a decentralized manner.
Thorchain allows users to trade digital currencies between different blockchains, without the need to transfer them to a single blockchain or perform additional transactions. By creating a communication contract, this protocol allows different blockchains to communicate securely with each other.
How does THORChain do cross-chain swaps?
THORChain adapts a protocol called Continuous Lending Pool that enables the cross-chain exchange of crypto tokens. It deposits all the non-native, THORChain-supported cryptocurrencies to the liquidity pool with THORChain's native currency, RUNE. The network model releases tokens from there for cross-chain exchange.
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Method
I used flipside_prod_db.thorchain.swaps table for all analyses that you see here.
For distribution, I divided the swap size into the following 6 categories :
- less than 10 USD | less than 2 RUNE
- between 10 and 100 USD | between 2 and 20 RUNE
- between 100 and 1,000 USD | between 20 and 200 RUNE
- between 1,000 and 10,000 USD | between 200 and 2000 RUNE
- between 10,000 and 100,000 USD | between 2,000 and 20,000 RUNE
- greater than 100,000 USD | greater than 20,000 RUNE
other thing we have here is Standard deviation of swap sizes which shows us the variation or dispersion of swap sizes, I used stddev() function for calculating it.
In the daily graphs i just include the last 365 days or last year
Observations:
Here we have graph that show us two values for pools which are average size (Rune and USD) and dispersion (size of the bubble). We can see the highest average in terms of USD size is for ETH.XRUNE with 9.3K USD and the most disperse pool is ETH.SUSH
in terms of Rune Value size, the highest average size belongs to ETH.THOR with 1.3K Rune and the most disperse pool is ETH.SUSHI also.
Observations:
Most of the swaps are done with a size between 1K and 10K USD which They form a share equal to 51.2%, in fact, we have approximately 2.61M number of swaps that are in this category, 20% percent higher than the second rank of this list, which belongs to swaps with a size between 100 and 1K USD. The lowest share belongs to swaps with a size greater than 100K USD with 0.05% which there is only 2559 swap in this category.
There were several days with 0 swap with greater than 100K USD size, the highest daily share for this category was on Nov 8, 2021 with 0.41% of swaps and interesting thing that With the passage of time, this share becomes less and less and the number of days with zero percent share increases.
As we said most of the swap size belongs to between 1K and 10K USD category, let’s see what is interesting about daily share of this category. From Feb 19, 2022 until Apr 1, 2022 we observe high decrease in number of swaps share which the share decreased from 57.96% to 7.87% and after this sharp decrease, we see a very sharp increase, the share of this category reached 70% by June 22.
Other interesting details :
2.8% of swaps have size between 10K and 100K USD
1.91% of swaps have size between 100 and 100 USD
only 1% of swaps have size less than 10 USD
we can say that almost 94% of swaps have size between 100 and 10K USD
Observations:
In most of the pools, swaps with a size between 1K and 10K USD have a larger share, but in the ETH.cream pool, this share reaches 91.43%, which is the highest among the pools, and in the BNB.AVA pool, this share is equal to 3.5%, which is the lowest among the pools. Other interesting thing is that share of swap with size greater than 100K USD are the highest in ETH.HEGIC pool with 0.87%. As we can see most of the swaps happen in BNB.BUSD pool, the distribution of swap sizes in this pool is that 57.7% of swaps number are between 1K and 10K USD and this form a majority in this pool and the lowest share belong to swaps that are greater than 100K USD with 0.02%.
In most of the pools, swaps with a size between 200 and 2K Rune have a larger share, but in the ETH.ALCX pool, this share reaches 96%, which is the highest among the pools, and in the BNB.AVA pool, this share is equal to 3.9%, which is the lowest among the pools. Other interesting thing is that share of swap with size greater than 20K Rune are the highest in ETH.HEGIC pool with 0.87%(same AS USD Value). As we can see most of the swaps happen in BNB.BUSD pool, the distribution of swap sizes in this pool is that 60.3% of swaps are between 200 and 2K Rune and this form a majority in this pool and the lowest share belong to swaps that are greater than 20K Rune with 0.03%.
Picture source : Link
Observations:
Majority of the swaps are with a size or size between 200 and 2K Rune which their share are equal to 61.1%, in fact, we have approximately 3.073M number of swaps that are in this category, 99% percent higher than the second rank of this list, which belongs to swaps with a size between 20 and 200 Rune. The lowest share belongs to swaps with a size greater than 20K rune with 0.04% which there is only 2072 swap in this category.
Over Time, we see continues increasing in daily share of swaps which they have size between 200 and 2k Rune, their share on the last day was 87.61% which is very higher than the first day of the graph with 21%, but anyway we must not forget that the price of Rune decreased also in this Time duration and this had effect the distribution
Other interesting details :
3.82% of swaps have size between 2 and 20 Rune
3.41% of swaps have size between 2K and 20K Rune
only 1.14% of swaps have size less than 2 Rune
we can say that almost 91% of swaps have size between 20 and 2K Rune
Observation:
The average USD size of swaps is 2.3K USD and in Rune Value is 527 Rune, in the daily stats the highest daily average of USD size was on Mar 28, 2022 with 4.7K USD and for Rune this was on Jun 12, 2022 with 859 RUNE value. We can see clearly that average USD value size increased over time and the average rune value size decreased, why is that? This is easy to answer. It is because the USD price of Rune decreased over time.
Other helpful data we have here is daily swaps size dispersion, we can see that on Nov 29, 2021 the variation or dispersion of swap sizes in USD value are in the highest amount And this shows us that the swaps that happened on this day were very different and scattered in terms of size. For Rune value this was on Jun 12, 2022 which the dispersion of swap sizes reaches the highest amount
Conclusion:
- most of the swaps are done with a size between 1K and 10K USD and the lowest share belongs to swaps with a size greater than 100K USD
- we can say that almost 94% of swaps have size between 100 and 10K USD
- there were several days with 0 swap with greater than 100K USD size
- Majority of the swaps are with a size between 200 and 2K Rune and The lowest share belongs to swaps with a size greater than 20K rune
- we can say that almost 91% of swaps have size between 20 and 2K Rune
- In most of the pools, swaps with a size between 1K and 10K USD have a larger share
- share of swap with size greater than 100K USD are the highest in ETH.HEGIC
- In most of the pools, swaps with a size between 200 and 2K Rune have a larger share
- share of swap with size greater than 20K Rune are the highest in ETH.HEGIC
- The average USD size of swaps is 2.3K USD and in Rune Value is 527 Rune
- the highest daily average of USD size was on Mar 28, 2022 with 4.7K USD and for Rune this was on Jun 12, 2022 with 859 RUNE
- on Nov 29, 2021 the variation or dispersion of swap sizes in USD value are in the highest amount and For Rune value this was on Jun 12, 2022 which the dispersion of swap sizes reaches the highest amount
- we can see the highest average in terms of USD size is for ETH.XRUNE with 9.3K USD and the most disperse pool is ETH.SUSH
- in terms of Rune Value size, the highest average size belongs to ETH.THOR with 1.3K Rune and the most disperse pool is ETH.SUSHI also.