Deciphering User Behavior in DeFi Protocols

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    Methodology:

    The objective of this dashboard is to comprehensively analyze and explore various decentralized finance (DeFi) platforms in terms of user behavior. To achieve this goal, a multi-faceted methodology has been employed.

    Data Collection and Preparation: To initiate the analysis, a robust dataset was curated utilizing data from Flipsecrypto datasets. This dataset incorporates a range of essential attributes, categorized by segmenting users into cohorts based on their respective sign-up months. The dataset includes vital parameters such as cohort ID, total transactions executed by each user, average gas price, total USD value of non-ETH tokens received and sent by users to/from the platform, number of unique symbols (tokens) received and sent, total ETH received and its corresponding USD value, total ETH sent and its corresponding USD value. Additionally, the dataset aggregates total USD amounts sent and received by each user, denoted as "all_outflow_usd" and "all_inflow_usd" respectively.

    For precision, transactions exceeding $100,000 were exclusively considered in the analysis.

    Dataset Exploration and Insights: The resultant dataset facilitated the extraction of meaningful insights, which are presented through distinct tabs in the dashboard, enhancing user-friendliness.

    Cohort Comparison: This tab delves into a comparative assessment of different cohorts. Derived from the core dataset, it offers insights such as:

    • Total users and average transactions per user per cohort.
    • Aggregate daily transactions and daily user counts per cohort.
    • Cohort-wise averages for inflow and outflow, both daily and overall.
    • Gas price per transaction across cohorts.
    • Average count of unique symbols transacted, excluding ETH, per user in each cohort.

    User Behavior Analysis: This tab dissects the distinctive behaviors exhibited by users in each cohort. It covers:

    • Distribution of outflow and inflow in USD across cohorts.
    • Identification of the top five favored platforms (DeFi and DEX) within each cohort, along with the most prominent sectors.
    • Breakdown of token preferences within cohorts.
    • Top five prevalent user actions within each cohort.
    • Distribution of the count of symbols sent.
    • Evaluation of user retention within cohorts.

    By structuring the analysis in this manner, the dashboard provides a cohesive and comprehensive understanding of user dynamics across various DeFi platforms, thus aiding in strategic decision-making and trend identification.

    The analysis utilized several data tables to derive the results:

    • ethereum.core.ez_decoded_event_logs: This table was employed to identify users who engaged with the platform's contract_address. It facilitated the tracking of interactions within the platform.

    • ethereum.core.dim_labels: The platform was targeted through its label and address, and this table played a crucial role in enabling such targeting, ensuring precision in the analysis.

    • ethereum.core.fact_transactions: Navigating users' transactions and gas prices was made possible through this table. It contributed to understanding transactional behavior and associated costs.

    • ethereum.core.ez_token_transfers: To comprehend token movement within the platform, including tokens sent and received by users, this table was consulted. Additionally, it provided insights into the usd_amount associated with these tokens.

    • ethereum.core.ez_eth_transfers: Monitoring transfers of ETH between users and the platform was accomplished through this table. It shed light on the movement of this cryptocurrency within the ecosystem.

    By leveraging these interconnected data tables, a comprehensive view of user interactions, transactional behavior, token transfers, and ETH movement was achieved, resulting in a more nuanced and informed analysis.

    How to use this dashboard ?

    This dashboard functions as an interactive tool that empowers users to navigate and derive insights effortlessly. Positioned at the top left corner, the user interface features a selection dropdown (platform selector) that allows users to conveniently choose a platform from the list provided: (aave, abracadabra, aura, beefy finance, celsius network, compound, cream finance, curve fi, lido, mirror, opyn, onyx, rocket pool, ribbon finance, uniswap v2, uniswap_v3, yearn finance).

    Additionally, users have the flexibility to input their desired analysis starting point by specifying the preferred number of months back in the corresponding section, also located in the top left corner. (Note: To generate 12 distinct cohorts, kindly input the value 11).

    This design empowers users to effortlessly interact with the dashboard, facilitating a seamless experience. Users can swiftly select a platform of interest and tailor their analysis by setting the appropriate temporal scope, resulting in a customized and insightful exploration of the data.