Do Whales Have Diamond Hands?
Does the swap behavior of OSMO whales differ from everyday users? How does it differ? Create visuals showing what whales swap to and from compared to a normal Osmosis user.
Introduction and methods
Osmosis is a network, developed through the Cosmos SDK (software development kit), using the infrastructure provided by this giant, which seeks to be a bridge between the different blockchains of this ecosystem. In addition, it provides service to projects connected through the Interblockchain Communication Protocol (IBC).
In this dashboard we are gonna analyze the swap behavior of OSMO whales in comparison to common users. The main metrics analyzed to track the behavior are the aily swap activity and percentage numbers, and the distribtuion of swaps.
As well, we are gonna analyze the swaps from and to volumes and the type of tokens swapped by each group of users.
Note: For this analysis, a user who have more than 25k OSMO staked have been considered as a whale
Taking into account that a whale has been catalogued as a user who holds more than 25k OSMO, and taking a look at the first chart (which is in a log scale), we can see how the amount of whale swaps are lower in comparison to the everyday user swaps. In fact, if we take a look at the second chart, we can see how the percentage of whale swaps is around 2%. This number remained constant voer time despite some specific day in finaals December 2021 when it increased to 6-7%.
In global numbers, only around 1% of the swaps are done by OSMO whales.
In terms of swaps from, in the first chart we can see each token swapped from by each type of user. In all of the tokens, more swaps are done by common users than whales.
In terms of top popular tokens swapped from, the top 1 in the rank is OSMO in both cases. However, the rest of the tokens are distributed different on the rank. While HUAHUA, ATOM and JUNO ara also important for whales, only ATOM have the same importance for common users. Other important tokens are JUNO, USDTC, HUAHUA and STARTS but in a low popularism.
Finally in terms of swaps to, in the first chart we can see each token swapped to by each type of user. In all of the tokens, more swaps are done by common users than whales.
In terms of top popular tokens swapped to, the top 1 in the rank is different in whales than in common users. While ATOM is the most token swapped to by whales, OSMO remained the most popular token to be swapped to for common users. However, this tokens are in the second places for the other group respectively with similar percentages. In both cases, USTC and JUNO are also important.
It is important to highlight that Terra Classic tokens (USTC and LUNC) are usually swapped from and to for Osmosis users which is curious due to its problems during May about the UST depegging.
Conclusions and key insights
In this dashboard we have analyzed the swaps on Osmosis. Basically, it has been compared the whales swap behavior against the common users swap behavior.
The main key insights extracted from the analysis are:
- The amount of whale swaps are lower in comparison to the everyday user swaps. The percentage of whale swaps represents around 2% of the total Osmosis swaps.
- In terms of top popular tokens swapped from, the top 1 in the rank is OSMO in both cases. However, the rest of the tokens are distributed different on the rank. While HUAHUA, ATOM and JUNO ara also important for whales, only ATOM have the same importance for common users.
- In terms of top popular tokens swapped to, the top 1 in the rank is different in whales than in common users. While ATOM is the most token swapped to by whales, OSMO remained the most popular token to be swapped to for common users.
- It is important to highlight that Terra Classic tokens (USTC and LUNC) are usually swapped from and to for Osmosis users which is curious due to its problems during May about the UST depegging.