Try Quests to earn cryptoTransactions by Protocol
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==Overview==
In this dashboard, I will answer this question from Flipside Crypto:
- Q115. Using the following App ID lists from Folks Finance, AlgoFi, Tinyman, and AlgoDex, lets look at what percent of transactions their app calls and associated transactions(transactions in the same tx_group_id) make up on the Algorand blockchain.
- How have the number of transactions changed over time for each Protocol? Also how much in fees have been spent on transactions relating to each protocol? Other things that can be explored are what type of transactions are each protocol producing, or has the price of ALGO been an influence on the number of transactions produced by each protocol.
==Introduction==
About Folks Finance
Folks Finance is a capital markets protocol for lending and borrowing built and operated on top of the Algorand blockchain. Through the lending operations, Folks users can deposit liquidity and start earning a continuous economic return instantly. Through the borrowing operation, users can request crypto loans by locking deposited funds as collateral. The name Folks Finance is inspired by the mission to open decentralized financial services to the masses, welcoming all sizes of wallets, opening the protocol to global accessibility. The protocol’s friendly and straightforward user interface allows non-crypto experts to benefit from the DeFi high yield, shaping a new era of financial services.
How Folks Finance is using Algorand
Folks Finance has chosen Algorand for building a decentralized money market protocol aiming to provide secure and profitable financial services to all types of users. The protocol takes advantage of fixed, low-cost, and high-speed Algorand transactions being one of the sector's most efficient and competitive protocols. By leveraging the AVM (Algorand Virtual Machine), Folks Finance creates a financial business model that can ensure the economic viability of the protocol, involving siloed money market liquidity pools, risk-adjusted credit, health factors, and a robust incentive system.
About Tinyman
Tinyman is a reimagined decentralized trading protocol, utilizing the fast and secure framework of the Algorand blockchain to create an open and safe marketplace for traders, liquidity providers, and developers. Tinyman, built by a team with experienced fintech backgrounds, is on a mission to realize the full potential of DeFi, or financial tools that run on blockchain and are inclusive, accessible, and profitable for users far and wide. With the community-focused, cheap, fast, and fully permissionless Tinyman protocol, users are able to trade any Algorand Standard Asset (or Algo) through liquidity pools using an Automated Market Maker (AMM) algorithm.
How Tinyman is using Algorand
Tinyman has been able to overcome scalability and usability challenges--big hurdles for some emerging DeFi ecosystems--by leveraging the Algorand blockchain’s decentralized layer-1 solution, which utilizes the unique Pure Proof-of-Stake (PPoS) consensus mechanism. The Algorand PPoS protocol enables platforms like Tinyman to scale to millions of users while sustaining a high transaction rate without incurring significant cost to participants, and while remaining energy efficient and friendly to the planet.
About Algofi
Algofi is a fast, low-cost crypto lending market on the Algorand blockchain that makes decentralized lending broadly accessible. Algofi aims to be the first crypto-native bank that bridges the gap between traditional and decentralized finance. Algofi's simple fiat on-ramp allows users to buy crypto and earn interest without a bank or centralized custodian. In addition, traders can use Algofi to go short or to trade with leverage. In the future, Algofi will offer more traditional banking services like savings accounts and credit cards, all powered by the growing DeFi ecosystem on Algorand.
How Algofi is using Algorand
By leveraging the Algorand protocol and its Pure Proof-of-Stake (PPoS) consensus mechanism, Algofi is able to facilitate sub-cent transactions that settle in seconds--a key component of Algofi’s user-friendly, mass-accessible platform. This foundation will also enable Algofi to continue scaling its platform in terms of number of transactions as well as the introduction of new financial services in the future. In addition, Algofi chose to build on Algorand due to its very strong native community and the ready availability of robust developer tools, which enable the fast and simple creation of the smart contracts that power Algofi.
What Is Algorand?
- Algorand (ALGO) is both a digital currency and blockchain platform. -The Algorand platform is designed to process many transactions quickly, similar to a major payments processor like Mastercard or Visa.
- Algorand can host other cryptocurrencies and blockchain-based projects, making it a direct competitor to Ethereum. ALGO, the platform's native currency, is used to secure the Algorand blockchain and pay processing fees for Algorand-based transactions.
- Algorand is an open-source blockchain, meaning that anyone can view and contribute to the platform's code. Algorand uses an operating protocol called pure proof-of-stake (PPoS), which recruits network operators from the entire pool of ALGO coin holders.
- for more information read Here
==Method==
To solve this question and get this information, according to the guidance of the question, I separated the App IDs from the flipside_prod_db.algorand.application_call_transaction table and checked the transactions of each platform.
I also used the flipside_prod_db.algorand.prices_swap table for the Algo price, and since the prices were in hours, I used the date_trunc('day', BLOCK_HOUR) function to update the prices, and then I used avg(PRICE_USD). I put my information in the CTE database and in the select command, I compared each platform separately with the price of Algo
Comparison of the total fees of each protocol
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Observations show that the total daily fees were up to 200 Algo for each protocol on most days
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On June 13, 2022, the highest fee was taken over time, which is almost equal to 730 Algo.
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On May 11, 2022, a high fee was charged, which is almost equal to 650 Algo
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The highest fee taken in 2021 was taken on December 30, which is 120 Algo related to Tinyman protocol and 56 Algo related to Algofi protocol.
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The highest fee taken in 2022 was taken on June 13, which is 51.7 Algo related to Tinyman protocol, 671.4 Algo related to Algofi protocol and 2.3 Algo related to Folks Finance protocol.
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From January 6 to January 18, 2022, the fee charged per day is less than 50 Algo
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It seems that the oldest protocol is the Tinyman protocol, and from September 30, 2021 to December 13, 2021, only this protocol received fees.
Comparison of the number of group transaction of each protocol
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Observations show that the Tinyman protocol has been group transactions for most of its transactions over time
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The daily number of Tinyman group transactions is always more than the rest of the protocols
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The highest number of group transactions in 2021 was on November 8. On this day, nearly 150,000 group transactions were made only with the Tinyman protocol.
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The highest number of group transactions in 2022 was on Jan 2. On this day, nearly 215,000 group transactions were made only with the Tinyman protocol and 3,816 group transactions were also recorded by the Algofi protocol.
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The number of group transactions is decreasing from January 20 to today
Comparison of the number of transaction of each protocol
- Observations show that the number of Algofi transactions is more than the number of transactions of other protocols in 2022
- The highest number of transactions was recorded on May 11, 2022, which is nearly 300,000 transactions in one day Of these, 211 thousand transactions related to the Algofi protocol
- 1000 transactions related to Folks Finance
- 1105 transactions related to Algo dex
- 93.322k transactions related to Tinyman
- Transactions in Algofi protocol have started since December 14, 2021
- Transactions in Algo dex protocol have started since Jan 20,2022
- Transactions in Folks Finance protocol have started since April 1, 2022
Comparison of the total fees of each protocol
Tinyman and Algofi have a slight difference and both accounted for nearly 99.1% of the total fees.
- Tinyman total fees received 14.87 m Algo and 49.7% from total fees
- Algofi total fees received 14.75 m Algo and 49.3% from total fees
- Algo dex total fees received 164.13 Algo and 0.54% from total fees
- Folks Finance total fees received 122.45 Algo and 0.4% from total fees
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The opposite chart shows the daily price of Algo against the total number of transactions of Folks Finance
No particular relationship is observed
The opposite chart shows the daily price of Algo against the total number of transactions of Tinyman
It seems that since January 18, 2022, with the decrease in the price of Algo, the number of Tinyman transactions has also decreased, and these two lines have been constantly in contact with each other since this date.
The opposite chart shows the daily price of Algo against the total number of transactions of Algofi
No particular relationship is observed
The opposite chart shows the daily price of Algo against the total number of transactions of Algo dex
No particular relationship is observed
Conclusion
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The number of Tinyman transactions has started a downward trend since January 20, 2022
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Transactions in Algo dex protocol have started since Jan 20,2022 and transactions has started a downward trend since Feb 11, 2022
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Transactions in Algofi protocol have started since December 14, 2021 And since February 21, 2022, the number of transactions has increased compared to before
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Transactions in Folks Finance protocol have started since April 1, 2022 And no particular trend is observed
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Only since January 18, 2022, as the price of Algo has decreased, the number of Tinyman transactions has also decreased. The rest of the protocols do not have a special relationship with the algo price
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Comparison of the number of group transaction of each protocol
The Tinyman protocol has the highest number of group transactions among the rest of the protocols
- Tinyman total group transactions 14.58 m and 92.8% from group transactions
- Algofi total group transactions 944.7k and 6.01% from total group transactions
- Algo dex total group transactions 164.12k and 1.04% from total group transactions
- Folks Finance total group transactions 29.27k and 0.18% from total group transactions
Comparison of the number of transaction of each protocol
- the number of Tinyman transactions is more than the number of transactions of other protocols
- Tinyman total transactions 14.83 m and 56.3% from transactions
- Algofi total transactions 11.30 m and 42.9% from total transactions
- Algo dex total transactions 164.13k and 0.62% from total transactions
- Folks Finance total transactions 42.21k and 0.16% from total transactions