THORChain Network Shutdown
THORChain was halted from 11/12 - 11/17 and re-started on 11/18 due to some exploits. In this dashboard, we will take a look at some metrics and traffics on Thorchain on the week before (11/4 - 11/11) and the week after (11/18 - 11/25). We will try to find some interesting comparisons and look at trends.
First let's take a look at the hourly price of $RUNE token a week before, a week after and during the network halt. In that period of 19 days, we can see that the price of $RUNE has declined gradually from almost ATH $14 to around $10 but during this time we also seeing $BTC decreasing.
Now we take a look at the Total Value Locked (TVL) of all pools which is the total of liquidity on THORSwap now. We can see that the TVL also has decreased from over 350M USD before the shutdown to just over 300M USD.
Daily swap volume of both from $RUNE to Assets and vice versa also has decrease on average before the half vs after the halt. But for swap counts, it seems that the number after halt is increasing.
Graph below shows the volume swapped from $RUNE to other assets. When network went down, some users would want to get out as soon as they can because of speculation. But from graph below, the swaps from $RUNE to other assets seems to increased only by small margin. Most of the swaps are to BUSD because when uncertain, people tend to go to safest option and that will be stablecoins. On THORSwap and thorchain, BUSD is the best stablecoin as of now because of dirt cheap fees. Once $UST will be available on THORswap, no question it will take the top stablecoins.
The graph below shows the net change of add and remove liquidity from THORswap pools. Before the shutdown, we can see very high positive volume for most of the pools but after the shutdown it has been negative. However, you also noticed that you won't be able to provide liquidity to THORswap as of now because the funding liquidity cap has been reached.
However, if we take a look at the remove liquidity only, we can see that the volume of liquidity removed after the shutdown is much lower compared to before the shutdown. After the shutdown, most the liquidity removed come from XRUNE.ETH pools.
There are total of 266 addresses that has withdrew at least 1 USD worth of either asset or $RUNE or both from the pools. Then, I queried the days since first transfer transactions to get the age for each address. It turns out that most of the address has been around for a while. 56% of the addresses has been around for more that 5 months followed by 23% of a month old address and 16% of couple month old address. So, I would say the distribution is pretty fair, both veterans and greenhorns removed liquidity after the shutdown.
There are 442 addresses that removed liquidity after network went back up online. Out of those addresses, let's see who owned THOR.RUNE, $XRUNE or ERC-20 $THOR. Most of those who removed LP after shutdown did not own any $xRUNE or $THOR. This is expected as those who removed LP from pool other than $xRUNE and $THOR will use different address. There is no way to link them together. Full table of what LP remover owned can be seen in table below.