Try Quests to earn cryptoSwapping goBTC and goETH on DEXs
goETH and goBTC are wrapped forms of ETH and BTC minted by algoMint. Let's look at goBTC and goETH swaps across the DEXs since the beginning of April and get a better understanding of how wallets are swapping goETH and goBTC - especially during the price crash in May.
In the following two consecutive figures, respectively, the volume of all swaps performed from goBTC to other currencies and the number of swaps are plotted based on the most commonly used destination tokens.
Similarly, the same diagrams from the previous section are provided for goETH, which can be seen below.
One thing that catches our eye is the high frequency of ALGO and STBL compared to others. This made it easy to form a clear understanding of the calculations and analyzes performed by simply highlighting these two items and placing all other transactions in the same group. In the case of ALGO, which is the main asset in the ALGORAND network, the situation is clear. This means that it is not strange that it has the largest share of transactions. But next to this, we see the powerful performance of AlgoFi, which with its famous Stablecoin was able to take second place in this comparison. This is the power of STBL!
Another useful classification that can give us valuable information is the table below. In this table, each of the two tokens, goETH and goBTC, appears once as a primary token and once as a secondary token. The initial token is a token that I intend to turn into something else in the swap process. In contrast, the secondary token is the token we receive during the swap process.
Evidence suggests that goBTC has been more successful than goETH in both of its roles. This is a good reason for goBTC to behave, although this difference is not huge.
What has happened in the last few days for the cryptocurrency market, and especially for the Terra network, has overshadowed the activity of all users, and this is one of the main reasons why May 11th and May 12th have become so crowded in this chart. It was turbulence and fluctuations.
For more security and online review, the price of passwords and useful information can be tracked through sites like tradingview.com.
In the last chart, we see the number of daily transactions in which at least one of the two tokens is present in the swap process. Of course, in this count, the number of swaps that one of these two tokens has become another token is also counted. That is, goETH to goBTC and vice versa.