Introduction and methods

Celsius Network is a platform that allows users to buy cryptocurrencies, as well as borrow or invest their cryptoassets to earn interest. In the latter case, the company offers to pay annual interest in dollars of up to 18.63%, a rate similar to that offered at the time by Terra's Anchor Protocol.

Recently, Celsius made the decision to halt trading activity due to ‘extreme market conditions’, including a pair of events that had a severe impact: the depegging of stakehound eth STETH and the Luna crash.

In this dashboard, we are gonna track the swapping behaviour of Celsius network on Sushiswap and Uniswap DEXes. The main features analyzed are:

• Daily swaps by platform
• Distribution of token swaps
• Distribution of wallet swaps

Results

In this first chart, we can see the daily swaps on the DEXes made by Celsius Network. It can be seen how during the first days of activity (around October 2020), all of the swaps were made in Uniswap. However, at finals 2020, the first Sushiswap swaps started to appear.

The activity was practically stopped from September 2020 to April 2021. In April, the amount of swaps increased and the major of them were made on Sushiswap. In July 2021 the activity spiked again and all of the swaps were made on Sushiswap. Then, from October 2021 to April 2022 the activity remained constant at around 5 daily swaps. The swaps were made in both Uniswap and Sushiswap. During the past days, the activity decreased and few swaps were made on DEXes.

Taking into account the number of swaps by token, it can be seen how almost 50% of the swaps were made involving wETH. Another important token has been LDO, with almost 15% of them. The top 5 tokens have been filled by wBTC, VSP and CRV, all involved in more than 3.8% of the swaps.

Finally, regarding the distribution of swaps made by each Celsius wallets, we can see how there have been 4 main wallets. The first one doing around 38% of the swaps, the second one around 20% and the other 2 around 15%.

Conclusions

In this dashboard we have analyzed the swapping activity of Celsius Network. The main metrics analyzed have been the daily swaps as well as the distribution of swaps by token and also by Ceslius wallet.

key insights

The main insights extracted from the analysis have been the following:

• While Uniswap was the most popular DEX for Celsius during the first days, the situation was flipped in April 2021 and the Sushiswap become the leader in swaps.
• The major of the activity was concentrated betweeen April 2021 and July 2021.
• The most tokens swapped have been: wETH, LDO, wBTC, VSPand CRV.
• The major of the swaps were made by 4 main Celsius addresses.