Question:

The holidays and New Year are often chaotic in the crypto and defi space, as users make a spree of new transactions and wallets as they receive (and give) some cash and coins as holiday gifts.

How has this activity impacted the broader Ethereum ecosystems? Are users creating new wallets or buying tokens with their newfound holiday wealth? Are they staking all these new tokens once they get them? Or are they selling tokens to pay for their own gifts and holiday travel?

Choose an Ethereum chain, fork or Layer 2, such as BSC, Polygon, Arbitrum, Optimism, or Mainnet.

Create a dashboard that captures activity across metrics such as new users onboarding, token prices, NFT prices, or any other notable trends or events for your chosen chain. Feel free to examine multiple chains or ecosystems in your dashboard.

Overview of essay:

For this purpose various metrics have been utilized to assess the performance of FLOW.

This analysis divided into the following parts:

• Network performance
• Trade analysis on Flow
• NFT sale on Flow
• Bridge analysis on Flow
• Staking on Flow

The time frame of this investigation is set to from start of December, 2022 and the holidays and new year considered since December 25, 2022.

Flow Blockchain:

Flow is a blockchain that was created with the aim of solving the scalability problem for NFTs (Non-Featured Tokens) and video games. Sharding is a solution to the scalability problem in blockchain networks, in this method they divide the databases and in other words they divide a very large database into small components. But the Flow blockchain network has solved the scalability problem without the help of sharding method, and in this way, it has made possible very fast and low-cost transactions in the blockchain, which is suitable for DeFi (decentralized) software such as the NFT token market, as well as video games based on They are built on the basis of blockchain and are very practical. Another thing that makes the Flow Dapper protocol unique is the use of a new encryption technique called "Secret Proof of Expert Knowledge (SPoCKs)". This technique was developed by Team Flow. SPoCKs allow any number of provers to prove to intermediate observers that they have access to the same secret knowledge.

Flow uses a Proof-of-Stake (POS) consensus algorithm, which requires validators or approvers of transactions to stake a certain number of FLOW tokens in order to participate in the network.

The working method of Validators is also different from other blockchains. The Flow network has divided the tasks of the approvers into four different types of nodes; Consensus, Verification, Execution and Collection. All these nodes participate in confirming each transaction.

Another thing that makes the Flow Dapper protocol unique is the use of a new encryption technique called "Secret Proof of Expert Knowledge (SPoCKs)". This technique was developed by Team Flow. SPoCKs allow any number of provers to prove to intermediate observers that they have access to the same secret knowledge.

Methodology:

To handle this investigation, the Data provided by Flipside community has been adopted, accordingly.

The data related to FLOW network have been shown by FLOW tables on Flipside. The sub-parts of this mentioned table have been utilized by its application:

• FLOW is the native currency for the Flow network like SOL for Solana, ETH for Ethereum and BNB for Binance Smart Chain. It is the exclusive token for staking, governance, payment of transaction fees, and the principal reserve asset on the network. Contract: A.1654653399040a61.FlowToken
• The network performance has been investigated through various metrics like: Count of transactions, active wallets, new users, transaction per minute(TPM) and transaction per wallet.
• Trade analysis→
  • Swaps, traders, volume in USD, 7-day moving average, average trader and volume of trade per day
  • The most popular asset pairs and their statistics
• Bridge analysis→
  • Transfer analysis before and after holidays and new year
  • Draw a bridge path
• Determine the sale activity of NFTs on Flow
  • General metrics→ Count of sale and purchasers- Average sale volume- collection- Floor and highest sale price, Top NFT collections, Purchaser distribution by sale volume in USD and top purchasers
• Various staking actions:
  • Users, transactions and volume of $FLOW for each action
  • Delegator distribution by count of action and volume of $FLOW used for each action
  • Top delegators with highest net staked $FLOW amount and reward claimers

Part 1: Network performance

Part 2: Trade analysis

Findings:

The first part of this investigation belong to the performance of Flow network and price of its native token:

• The count of transactions on Flow blockchain has been decreased on the first days of new year but after that followed the increasing pattern and spiked on January 11, 2023.
• The price of $FLOW token decreased since start of December and also reached its lowest price in the final days of 2022 but after January 4 followed the increasing pattern as can be seen.
• The active wallets and new users on Flow chain followed the pattern of transactions during holidays and new year compared to other days. As can be seen, the highest count of newcomers on Flow network occurred on January 11, 2023.
• The average transactions per minute (TPM) is one of the important metrics used to investigate on the performance of network. According to the results, the average TPM on Flow network spiked on January 11 with over 1000 transactions in single minute.

Part 3: NFT sale

Findings:

This part investigate on the trade activity on Flow blockchain during holidays and new year compared to other days:

• The average swap volume (in USD) per day has been increased during holidays and new year as can be seen. Also, the median of swap volume enhanced during holidays too.
• The count of swaps and unique traders on Flow network have been enhanced on holidays and new year in comparison with other days as can be seen.
• The significant part of this investigation belong to the swap volume in USD. According to the results, the swap volume during holidays increased tremendously compared to other days.
• The 7-day moving average swap volume in USD validate the previous statements and the enhancement on this metric can be seen obviously.
• The most popular swap pair on Flow after holidays and new year is USDT-USDC and USDT-FLOW from the volume in USD perspective.
• The highest count of traders belong to FLOW-USDT swap pair after holidays according to the results.

Part 4: Bridge analysis

Findings:

Flow ecosystem has rising trend in NFT sector due to the various advantages. This part contains the detailed investigation on NFT sale on Flow network during the considered time period:

• The sale and unique purchasers count on Flow blockchain have been decreased during holidays and new year compared to other days as can be seen.
• Also, the sale volume of NFTs has been decreased during holidays and follow the consistent pattern during holidays and new year.
• The 7-day moving average sale price reveals the increasing pattern on holidays and new year in comparison with other days.
• The most popular NFT collection on Flow network during holidays and new year is NBA TopShot collections.
• Most of the purchasers during holidays, bought NFTs for under 10 USD according to the outcomes of purchaser distribution.

Findings:

This section represents the bridge investigation on Flow network and the outcomes are as below:

• The count of bridges and unique users have been decreased during holidays and new year compared to other days as can be seen.
• From the USD volume of bridge, the holidays and new year have higher transfer volume accordingly and on January 7, 2023 the highest volume of bridge occurred as can be seen.
• The 7-day moving average volume of bridge in/out Flow network has been increased tremendously during holidays and validate the previous statement.
• The most popular bridge path on Flow network during holidays is Flow→ Ethereum from the volume of transfer perspective.
• The bridge between Flow and Ethereum network has been dominated the bridge activity on Flow network during holidays from various metrics.

Part 5: Staking on Flow

Conclusion:

As mentioned in the question, the end of the year holidays and the beginning of the new year have always faced many conflicts, especially in the world of digital currency. According to the results of different parts of this research, the following summary can be imagined in relation to the performance of Flow network in the new year and its future prospects:

• According to the parameters related to the network function and the price of $FLOW, it can be said that the Flow network has started a growing trend since the beginning of the new year.
• Also, the amount of trade in this network has increased compared to the last days of the previous year, which can be considered an effective factor in the progress of Flow network.
• Users have shown a great desire to stake in this network in the new year, which can be considered as a sign of users' trust in this network.

Findings:

This part contains the staking actions on Flow network during holidays and new year in comparison with other days:

• The average $FLOW amount of stake and claimed reward actions increased after holidays but average amount of unstaked $FLOW decreased on holidays.
• The average users per day for each action reveals that the users of Stake action increased during holidays and new year but for Unstake action the users count per day decreased during holidays and new year.
• The count of transactions and distinct delegators shown the domination of Stake action over the selected time period.
• The 7-day moving average amount of $FLOW for different actions demonstrated that the highest average volume belong to the Unstake action.

Useful links:

• Flow blockchain
• Flow explorer
• Medium article about Flow networks future

Author:

Credited by MZG

Discord handle: m.zamani#0361

Twitter handle: @GargariZamani

Findings:

Its important to find out the behavior of delegators on various actions:

• The most of the delegators for stake action, delegate under 5 $FLOW tokens after holidays and new year.
• The unstake action dominated by bucket of over 100 $FLOW tokens according to the outcomes.
• The delegator with the highest net staked amount of $FLOW staked about 140k $FLOW.
• The top reward claimer is obtained about 125k $FLOW tokens after holidays and new year as can be seen.