What Are Users Swapping gALGO3 For?

    This dashboard investigates how gALGOs (specifically gALGO3 for the third governance period) are traded on DEXes.

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    Introduction

    To participate in Alogrand governance, users must commit (lock) their Algo for a period of three months (the governance commitment period). This period starts every three months and currently we are in the third commitment period.

    While committing ALGOs enables users to participate in the decisions making on the future of the ALGO ecosystem, it deprives users to earn profit from their ALGOs.

    Folks Finance provides an innovative solution for this demotivating mechanism. Algo holders can deposit their ALGOs for participating in ALGO governance through FOLKS and receive gALGO in a 1:1 base. Using gALGOs users can participate in the governance, while they are able to earn extra money by utilizing them in DeFi protocols or trading their gALGOs.

    This dashboard investigates how gALGOs (specifically gALGO3 for the third governance period) are traded on DEXes.

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    Analysis

    The graph below shows the number of trades to gALGO3 and from gALGO3 by day.

    We can see that trading to and from gALGO3 went up and down most of the time hand in hand. However, the number of swap to almost always is higher than swap from.

    The graph below shows the volume of trades to gALGO3 and from gALGO3 by day

    Interestingly, in sparks, swap from is higher than swap to.

    According to the flipside data, two DEXes are used for swapping gALGO3: Tinyman and Pact.fi. The graph below shows how the daily number of swaps on Dexes has been changed over time.

    We can see that Tinyman is considerably most popular than Pact.fi in terms of number of swaps involving gALGO3.

    Breaking down the data into the DEXes, graphs below show the number of gALGO3 swaps(to or from) by day for Tinyman and Pact.Fi respectively.

    The data shows that the most popular tokens to swap from to get gALGO3and to swap to from gALGO3 are ALGO and Yieldly.

    Algo is by far more popular than Yieldly.

    Conclusion

    According to the Flipside data (table swaps of Algorand schema), the analysis above and the previous analysis we can have the following narrative:

    • gALGO3s began to be minted on April 7th, the minting gradually increased and on April 12th it spiked.

    • Swapping gALGOs also began on April 7th on Tinyman and later on April 12th on Pact.Fi as well.

    • While the minting spiked on the 12th, swapping spiked on the 13th on both DEXes.

    • The amount of swap from gALGOs in total is more than swap to, but it was not very much.

    • While the amount of swap from in overall is more than swap to, the number of swap from is less than swap to.

    • gALGOs were mainly traded by ALGO and trade to ALGO.