Algorand - Transactions by Protocol
Introduction
Algorand is a proof-of-stake blockchain cryptocurrency protocol. Algorand's native cryptocurrency is called ALGO. The problem with many blockchains is they sacrifice at least one of the key properties of security, scalability, and decentralization, known as the blockchain trilemma. Algorand team solved the blockchain trilemma by inventing a new Pure Proof of Stake (PPoS) consensus protocol, which is the protocol that the Algorand blockchain uses.
In this dashboard, we are going to take a look of transaction of the following protocols: Folks Finance, AlgoFi, Tinyman, and AlgoDex.
Daily Transaction Distribution
The chart below shows each protocol's share of total transaction calls on the Algorand chain. It can be seen that:
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Since its inception, Tyneman has accounted for a significant share of transactions.
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Folks Finance, AlgoFi, Tinyman, and AlgoDex, make up about 45% of all transactions.
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It seems that these protocols are competing with each other, because as AlgoFi has grown over time, Tinyman's share has decreased.
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Folks Finance and AlgoDex have a negligible share of transactions.
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Approach
In order to find all the transactions, first of all we get the TX_GROUP_ID
using APP_ID
provided by the bounty from the flipside_prod_db.algorand.application_call_transaction
table, then we will query against flipside_prod_db.algorand.transactions
table using TX_GROUP_ID
that was acquired in the past query.
This study is done from October 2021, because before that time, none of the mentioned protocols were operational.
Daily Transaction Count
The following chart depicts the daily transaction count per each platform. The following can be inferred:
- First of all we can clearly see the first day each protocol went operational.
- AlgoDex → Feb 2022
- Tinyman → Oct 2021
- AlgoFi → Dec 2021
- Folks Finance → Apr 2022
- Around Jan 2, there has been a sharp increase in transaction count, according to the price chart, this event happened after a few days of green days for the market.
- During Jan 7 to Jan 18, the entire Algorand chain have seen a drastic decrease in transaction count. during this period, ALGO price have been so volatile.
- On Jan 19, exactly after mentioned event, transaction count have increased sharply and stayed up for a few days, during this period, ALGO price have dropped significantly.
- Since then, both the number of transactions and the price of ALGO have only decreased.
- On May 12, the number of transactions increased dramatically, probably because of the Terra LUNA crash.
Daily Fees Paid
By looking at the following chart, the amount of daily fees paid by each platform can be seen.
- It’s not surprising to see that Tinyman has paid most fees. As already discussed, Tinyman accounts for most number of transactions, which means most fees paid.
- Around May 12 and June 13, It is interesting to note that AlgoFi had two moments where it paid out massive amount of fees, while other platforms did not pay out much during those days. This could be due to massive liquidations.