Situation before Binance Listing & Terra Collapse

In this section, we’ll analyze trading on Osmosis and the OSMO token before the Binance Listing and collapse of Terra.

As said in the Methodology section, tables used are osmosis.core.fact_swaps for Osmosis swap data and osmosis.core.dim_prices for price data.

Time periods are before the Binance listing: 2022-8-25 ~ 2022-10-24, before the Terra Collapse: 2022-3-8 ~ 2022-5-7

OSMO swap volume - observations

In the graphs, we can see that the average daily swap volume 60 days before the Binance listing was about 2.05M OSMO.

Before the Terra Collapse, the OSMO swap volume was slightly higher at 2.33M OSMO.

OSMO swap volume USD - observations

For the 60 days before the listing, the OSMO swap volume in USD is comparable to the OSMO volume over the same period: 2.48M USD. This is because the price of OSMO was around $1 in that time period.

However, for 60 days before the Terra collapse, the price of OSMO was much higher. Therefore the OSMO swap volume in USD was much higher in that period at around $16.5M daily.

Number of OSMO swaps - observations

Again, the metrics show higher values for the time period of 60 days before the Terra collapse compared to 60 days before the Binance listing. About 2x this time, at 13k vs 28k daily OSMO swaps.

Number of OSMO swappers - observations

We can also see that way more unique users were swapping OSMO, about 3x as much. 6.8 compared to 18.3k daily unique OSMO swappers.

Other tokens that spiked

Situation during Binance listing week

In this section, we’ll analyse the metrics during the week and day of the Binance listing.

How much did OSMO trading increase compared to before the listing?

How much did OSMO trading increase compared to before the Terra Collapse?

Analysis

We can see that all the values for the metrics increase signigicaly, when comparing the 28th vs the 60 days average before the Binance listing.

Notice that especially the volume increased significantly, 1356% for the swap volume in USD and 1004% for the swap volume in OSMO. More on the reasons for this later.

Analysis

Interestingly, the metrics did not increase as much compared to the 60-day average before the Terra collapse. We can even see that the number of OSMO swappers was lower during the listing day compared to the average.

Weekly comparison

Observations

We can see a clear peak on the 28th for all metrics. It seems that especially OSMO swap volume increased significantly.

Binance Flows

Analysis

In this final section, we look at the flow of OSMO to, from and between Binance addresses. The Binance addresses are osmo129uhlqcsvmehxgzcsdxksnsyz94dvea907e575 and osmo1krmqr8zhvteevq4hnl7q0pxtff6xpnqz4ckxcu. All funds moved into these addresses by other addresses are considered inflows and all funds more out of these addresses to other addresses are considered outflows. Funds that are moved between the two Binance addresses are considered inner flows.

On October 28th, we can see that over 10M OSMO was brought onto Binance and a similar amount was transacted between the addresses.

Using the distribution table we can see that around 40% of the OSMO transacted by the addresses is inflow.

Analysis

For these graphs, the following methodology was used. First, we calculate the 60-day average for the metrics (excluding volume in USD as some tokens did not have accurate price data), then we calculate the metrics for October 28 and then calculate the percentage increase for the 28 compared to this 60-day average. We can clearly see that two tokens stand out: the LAMB and the LUMEN token. I could not find any particular news as to why these tokens also saw a significant increase in volume, swaps and swappers.

Methodology

For this dashboard, a number of different tables were used.

• osmosis.core.fact_swaps for Osmosis swap data.
• osmosis.core.dim_prices for price data.
• osmosis.core.fact_transfers for Binance Transfer data.

In this analysis we use two time periods of 60 days:

• before the Binance listing: ‘2022-8-25 ~ 2022-10-24
• before the Terra Collapse: ‘2022-3-8 ~ 2022-5-7

Introduction

What is Osmosis?

Osmosis is a DEX protocol, which means it uses smart contracts to determine the price of digital assets, to produce liquidity via a peer-to-peer (P2P) methodology, and to exact trades between users. This approach to an exchange platform is known as an AMM — a DEX protocol that prices crypto assets in liquidity pools.

What is Binance?

Like other crypto exchanges, Binance offers services around the trading, listing, fundraising, and de-listing or withdrawal of cryptocurrencies. Cryptocurrency enthusiasts willing to launch their tokens can use Binance for raising funds through initial coin offerings (ICOs).

What is the question?

On October 28th, the Osmosis token OSMO was listed on Binance. This caused the price of the OSMO token to spike over 30%. In this dashboard, we’ll look at how this listing impacted the trading of the OSMO token on Osmosis using the following metrics:

• OSMO swap volume,

• OSMO swap volume in USD,

• number of OSMO swaps

• the number of unique users making a swap.

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Topics analyzed

• How did trading look like before the listing using the metrics above? We do this by analyzing the metrics over two time periods:
  • 60 days before the listing
  • 60 days before the collapse of the Terra ecosystem, which had a major impact on the Cosmos ecosystem.
• Then, we take a look at the metrics during the day of the Binance listing on October 28th.
• Compare the metrics of October 28th to 60 days before listing and 60 days before collapse of Terra
• Compare the metrics on a weekly timeframe
• Analyse other token that spiked using the same metrics
• Analyze the inflow and outflow of OSMO to Binance.

Analysis

In this section, we look at the week of the Binance listing compared to the week of the Terra collapse. It is clear that all metrics show higher values of the week of the Terra Collapse compared to the week of the Binance listing.

Key findings

• In general, the daily number of OSMO swaps, swap volume and the unique number of swappers was on average higher 60 days before the collapse of Terra compared to 60 days before the Binance listing.
• On October 28th, OSMO trading volume increased 1004%, OSMO trading volume in USD increased 1356%, unique swappers increased 135% and number of OSMO swaps increased 141% compared to the 60-day average before the listing.
• Compared to the 60-day average before the Terra collapse, OSMO trading volume increased 871%, OSMO trading volume in USD increased 119% and the number of OSMO swaps increased 15%. The unique number of users that made a OSMO swapped decreased by 12%.
• Other tokens that spiked because of the Binance listing were LAMB and LUMEN, which increased their token volume by over 6000% and 3000% respectively on the listing day compared to their 60 day average before the listing. The number of swappers and number of swaps increased significantly as well for these tokens.
• On Binance, about 40% of all OSMO transactions were inflow transactions, 40% was between addresses (innerflow) and 20% was OSMO leaving Binance.