Thorswap allows users to swap layer 1 assets accross blockchains. The service enables swaps without wrapping assets and without using a centralized counterparty. Thorswap supports the following six chains: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Binance and Thorchain. Additional blockchains (including Terra) will be integrated in the future.

Source: Thorswap.finance

Most common swap pairs

To find the most common swap pairs, let's begin by filtering the thorchain.swaps schema by 'pool_name'. We produce a dataset that counts the distinct number of swaps by pool. We also produce a second dataset that sums up the total volume of swaps by pool (in USD). Let's take a look at the results.

The above tables are problematic because they do not indicate precisely what assets where swapped. Let's try again using another query. This time we will Group By 'from_asset' and 'to_asset' (instead of by 'pool_name' as in the previous query).

This is much more informative. Now we can see the most active swap pairs.

Let's look at a similar dataset for swap volumes.

Insights - What Can We Learn?

The most active swap pairs by far are the BUSD -> RUNE and the RUNE -> BUSD swaps. This is true both in terms of the number and also the volume of swaps.

The third and fourth most active pairs are the RUNE -> BNB and the BNB -> RUNE swaps. Things get interesting in fifth place. For the number of swaps, the fifth most frequent pair is from Binance-Wrapped-ETH -> Rune.

When it comes to the total volume, the fifth places goes to the Native Bitcoin -> Rune swap pair. This makes sense because the dollar value of Bitcoin is very high so a small transaction count can generate a large volume (in USD).

-Zook#2707

Bonus Table

We may want to know if the rankings changed over time. Let's isolate the total swap volume for June 2021 only.

The rankings for the total volume of swaps remain fairly consistent.