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What is the Question?🚨
This past week the Flipside team released Mars EZ tables - let's put them to work!
Create your best Mars dashboard leveraging these new tables. Top dashboards will not only provide professional grade visuals, but will incorporate sound insights to guide the reader towards the most important data points.
Analyzed Topics:
- Overall & Over Time Mars Protocol Statistics
- Actions and Currencies on Mars
- MARS Pools on Osmosis Analysis
- Swap Activity on Osmosis Related to $MARS
Method⚡
In this dashboard, I analyzed the Mars protocol that was recently launched, including its newly introduced table on Flipside called ==osmosis.mars==.
I aimed to provide an overview of the protocol's activity and trends since the launch day, including $MARS paired pools and $MARS paired swaps that users are interacting with on the main Osmosis platform. To achieve this, I utilized the osmosis.mars.ez_redbank_actions table to analyze the overall and over time activity of the Mars protocol. For LP activity of $MARS pools on Osmosis, I used the osmosis.mars.ez_liquidity_provider_actions table. Meanwhile, to evaluate the Swap activity for $MARS pairs, I utilized the osmosis.mars.ez_swaps table.
To ensure that the data is accurate, I only considered successful transactions with tx_succeeded = ‘TRUE‘. I also excluded lp_tokens_minted and lp_tokens_burned data from the LP table. Doing so allowed me to calculate the statistics for adding and removing liquidity only on $MARS pools with action not in ('lp_tokens_minted','lp_tokens_burned').
Findings👀
- Among the three currencies currently being transacted on the Mars Protocol, OSMO has recorded the highest number of interactions by Mars users with over 15K transactions. Most of these transactions were deposits, contributing to a volume of over 25M.
- Out of the four actions available, including deposit, borrow, repay, and withdraw, deposits are leading with over 10K transactions. As mentioned earlier, OSMO accounted most of the deposits on Mars protocol and also accounted 12M out of 14M generated volume on Mars protocol deposits.
Findings👀
- After experiencing a sharp decline on February 7th, this platform was able to recover within a week and even surpassed its previous success. On a single day, it recorded a huge spike with over 2K deposits and 1K borrows. The highest volume ever recorded on Mars Protocol occurred on February 18th, with a total of 7M , of which 4.8M were deposits.
- Despite several fluctuations in the average volume chart, Mars finally broke its all-time high and set a new record on February 28th.
- Overall, depositing assets have been the most popular activity on Mars Protocol, followed by borrowing in second place.
Findings👀
- After experiencing a massive hype, the LP activity in Mars pools such as MARS/OSMO and NGM/MARS LP started to decline and has not recovered significantly since then.
- The majority of LP activity generated by users on $MARS pools consisted of pool_joined transactions, indicating that users added liquidity to these pools and rarely removed their liquidity. Among $MARS paired pools, the MARS/OSMO pool recorded the highest LP activity, with similar statistics being observed in the past month. However, in terms of volume, $OSMO outperformed other tokens like $MARS and $NGM, generating over $8M in USD volume over the past few weeks.
- The reason behind MARS/OSMO pool's higher statistics compared to NGM/MARS is because $OSMO is the native token of Osmosis, which is very popular among Osmosis users. As a result, OSMO paired pools tend to record larger statistics than other pools.
- Since early February, the MARS/OSMO pool has recorded over 13.8K LPs from 2.7K LPers and has generated over $8M in volume.
Findings👀
- In this section, I presented the $MARS related swap activities on Osmosis using the
ez_swapstable from ==Osmosis.mars== database. Similar to LP activity, swap activity also experienced a sharp decline after February 4th, and the highest $MARS swap stats belong to that day so far. - Although more users swapped FROM $MARS to other tokens, the number of swaps TO $MARS has recorded more transactions during this period. However, we should also mention that the volume of swaps FROM $MARS to other tokens dominated the volume of swaps TO $MARS, with approximately 1M more volume.
- The last set of bar charts shows the top 10 most swapped $MARS pairs on Osmosis. As evident from the charts, the MARS/OSMO swap pair has been used the most by $MARS swappers, but in terms of volume, MARS/USDC recorded the highest USD volume, with more than 2M. Overall, MARS/OSMO, MARS/USDC, and MARS/ATOM were the most popular swap pairs among Osmosis users who intended to swap $MARS.
Conclusion💡
- The Mars protocol reached its highest level of activity on February 18th and 19th, with the majority of this activity being attributed to deposits.
- Users of the Mars protocol have deposited significantly more funds than they have borrowed.
- Among Mars users, $OSMO has been the most frequently used currency for both deposits and borrows, surpassing both USDC and ATOM.
- The highest LP and swap activity for $MARS occurred on February 4th.
- In recent weeks, it appears that users have been more interested in adding liquidity to $MARS pools than removing liquidity.
- There are currently two pools for $MARS on the Osmosis zone: MARS/OSMO and NGM/MARS. Pool #907, also known as the MARS/OSMO pool, has recorded significantly more activity than the NGM/MARS pool.
- The MARS/OSMO swap pair has seen the highest number of swaps and swappers, while the MARS/USDC swap pair has recorded the highest volume in USD among all $MARS swap pairs.