Try Quests to earn cryptoOn May 4th, THOR staking was enabled. Stakers now get a 75% share of the swap fees on THORswap, as well as trading discounts on the AMM.
Thanks to these enticing benefits, we can expect to see increases in THOR purchases after the launch of the staking feature.
On May 4th, THOR staking was enabled. On that day we see the highest daily amount of THOR purchased.
During the following 7 days, daily THOR purchases remained elevated above trend.
The bars on this chart show the daily amount of THOR swapped to on THORchain. I am calling this the amount of 'THOR purchased'.
The line is the seven day moving average THOR purchased.
Shown here are the daily purchases of THOR, measured in USD.
When measured in USD, THOR purchases started reverting below the trendline on May 10.
On April 13, THORswap launched a new version of the protocol.
We don't see a corresponding increase in THOR purchases after the launch of THORswap V2.
We saw that the launch of THOR staking increased daily amounts of THOR purchases for a few days.
The charts above also show some earlier spikes in April. Where there some important announcements that may have convinced users to buy more THOR?
In this post we looked at the daily amounts of THOR swapped to (or purchased) on THORswap. We looked more closely at the amounts purchased after the launch of THOR staking. Finally, we attempted to explain previous spikes in THOR purchases seen in April.
On April 21, THORswap first announced the upcoming launch of THOR staking. In that post, they explained the benefits of THOR staking, including revenue sharing and fee discounts.
There was a spike in THOR purchased on April 24, but it is difficult to conclude that it was caused by the initial announcement of THOR staking.
- Daily THOR purchases increased when THOR staking became available. Purchases remained elevated above trend for a few days afterwards.
- Daily THOR purchases fell back down one week after the launch of THOR staking.
- There were also some spikes in THOR purchases earlier in April. We could not find an announcement or feature launch that directly corresponds to these earlier spikes.