Intro

pNetwork is the first decentralized bridge to launch on algorand.

It supports wrapped USDC, BTC, and USDT for now.

The screenshot shows the graphical user interface of pNetwork. Clearly, the bridge is still experimental since the security audit is ongoing.

Research Questions

1. Look at inflows and outflows by volume and number of transactions for each pUSDT , pBTC, and pUSDC by day

2. Show the top 10 wallets that have bridge in each assets

Method

• pBTC swap-appID = 770103640, asset-id = 744665252

• pUSDC swap-appID = 770102986, asset-id = 748211185

• pUSDT swap-appID = 770102986, asset-id = 748208047

For pUSDT and pUSDC you will have a “swap” to signify bridging in and “withdraw” bridge out in the argument For pBTC you will have “issue" to signify bridging in.

The main source for these queries is the algorand.application_call_transaction table.

Preliminary Analysis

Firstly, let's visit the algoexplorer to find out more about the wrapped ASAs.

Insights

• pUSDC has a higher volume than pUSDT.
• DeFi activity is minimised during bear markets.
• Bridges hibernate because liquidity is drained from the crypto markets.
• The same pattern was observed in the previous crypto winter in 2018, where the daily volume on centralised exchanges decreased substantially.
• It was difficult to query the top 10 wallets that used the bridge because there are so few participants so far.
• Perhaps it's worth monitoring the tables and graphs to know when the next market cycle will begin.

Conclusion

• The total transactions for each are less than 100, meaning that pNetwork Algorand bridge has not been very popular since launch.
• Bear in mind that some of those transactions are just opting in to the ASAs, therefore the actual bridge swaps are even lower!
• pUSDC & pUSDT have 6 decimals and are pegged to the USD, so my analysis will combine the two and refer to them as the stablecoin bridge.
• pBTC has a circulating supply of less than 0.03!

Visualisations

The first section will focus on USDC & USDT, showing the inflows and outflows to Algorand from the pNetwork bridge.

• Only 16 completed transactions have bridged stablecoins and the daily volume is minimal.

• Likewise, there is only 1 experimental outflow transaction since launch, which is presented in a table instead of a bar chart.

The second section will present daily actions regarding pBTC bridge swaps.

• Once again, the daily inflow transactions are always less than 10, with disappointingly low volume.

Warning - The BTC_inflow column is not accurate in the dashboard. Please click on the table's title to visit the query directly.

The volumes on Jun 14 and Jun 15 are not BTC. The stablecoins (USDC & USDT) also use the same app id sometimes. Therefore, the algorand.asset_transfer_transaction was used to join the pBTC asset id with the pBTC app id and eliminate any outliers.