Task

• Have you seen an uptick in the amount of $RUNE being upgraded recently?
• Look at both the $RUNE volume + number of wallets.
• What is the trend over time + also how much is ETH vs BNB?

Intro

Conveniently continuing with FlipoCrypto's previous work I'll be retaking Rune ETH/BNB ratio were they left it.

With the difference that in February, 3 Thorchain Medium made the call to start upgrading the ETH-BNB RUNE people hold in the face of the incoming mainnet release.

And just a few days ago, in June, 22. Mainnet was officially achieved

Method

• To find upgrading activity Flipside's flipside_prod_db.thorchain.upgrades table was used.
• Ill be looking for upgrades occurred after January, 12.

Analysis

Since January 12, BNB users have upgraded most of the Rune volume.

• BNB upgraded 93 RUNE millions.
• ETH upgraded 7 RUNE millions.

The numbers do fluctuate a little bit when USD is accounted for.

• BNB volume upgraded was worth 330 USD millions.
• ETH volume upgraded was worth 44 USD millions.
  • This small change is due to variations in price respecting ETH-BNB to RUNE

• While in some days, ETH volume did spike surpassing BNB share, most of the upgrading volume was coming from BNB.

And as expected given the high differences in volume, in activity the differences are similar.

• The moments in which ETH-BNB spiked are usually parallel to each other.
• But BNB had spikes where ETH didn't react.

In summary

• The news from the imminent forced migration announced on June 22, could have something to do with the uptick in june 24 coming from BNB.
• And after a few weeks, during March, there was a huge increase in activity coming from BNB.
• Is possible to see the BNB upgrading reaction after the Terra crash on early May.
• Is too early to see if the news from June 22 have had any significant impact on the volume being upgraded.