Algorand Free Square

    What Will You Read?

    Question: Bitcoin Price dropped about 40% at the beginning of June. Due to that Algo's price dropped about 50% too. In this Analysis, We want to know how Bitcoin Price impacted Algorand DEXs in terms of the total number of swaps, users, and volume. What Did Algorand Whale?

    Is there Any Spike? Let’s find out.

    Written By Hess - Reading Time Almost 10Min.

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    What is Algo?

    The Algo is the crypto-currency of the Algorand blockchain. The Algorand blockchain has been built to help create an open, borderless economy where everybody can participate. This new type of digital economy can only run on a truly digital currency that works instantly, for everybody. This is the Algo.

    What is BTC?

    Bitcoin is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.

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    Method

    • I Drew BTC and Algo daily prices since June 2022.
    • I used Algorand Swap Table and counted the total number of swaps per DEXs.
    • Also, count the total number of unique users that swapped per DEXs.
    • From Algorand Swap I calculated swaps from and to volume of ALGO.
    • Share of Total Swaps volume From and To.
    • Share of Total Swaps volume From and To Per DExs.
    • Whales Activities. Those wallets that hold at least 200K Algo are whales.
    • I used the Algorand Swap table and selected whales from my previous finding.

    Algorand DEXs activities

    BTC Vs. Algo Prices

    • The below chart shows the average price of BTC and Algo.

    • Until June 9th, the prices haven’t changed and were on a daily average.

    • After June 9th, The drop happened. Almost in 10 days, Both coins lose their Value by 30-40%.

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    Total Number of Swaps and Share of DEXs

    • The below charts show the total number of swaps Per DEXs and the share of swaps among these DEXs.
    • We Already know that Both Algo and BTC prices dropped on June 10th.
    • If We Eliminate the first two days of June, The total number of swaps didn’t change when the price dropped.
    • When BTC price dropped to 24K dollars and Algo to 0.30$, The total number of swaps increased significantly.
    • On June 13th, The total number of swaps increased from 28K daily to 67K.
    • Almost the total number of swaps increased by 100%.
    • Most transactions were for TinyMan on that day.
    • The second one is Algofi and the third one is Pactifi
    • There were only three days that caused a spike. After that, the total number of swaps decreased to normal days.
    • 65% of total swaps, were swapped in Tinyman. 19.6% went through Algofi and 14.8% of swaps were in Pactifi.
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    Unique Wallets

    • The below chart shows the total number of unique swappers each day per DEXs.
    • The Most popular Dex was Tinyman.
    • On June 13th, Nearly 40K unique wallets used Tinyman to swap their Assets. In comparison to the day before June 13th, The total number of unique users increased by 120%.
    • After three days, The unique users decreased to an average daily.

    Swaps Volumes from ALGO

    • The below chart shows the Volume of swaps from Algo.
    • Most Algo swapped in Tinyman.
    • On June 13th, 6.7M swapped from Algo only in TInyman. Also, 3.8M on Algofi and 2.5M on Pactfi were swapped from Algo to other tokens.
    • In Total 13M Algo swapped only in one day. Those Algo worthed about 4M dollars.
    • After June 13th, The Algo Volumes decreased to average daily.
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    Swaps Volumes To ALGO

    • The Below graph shows the total daily Volume of Swaps to ALGO.
    • Trends are like the previous chart.
    • The most popular Dex was Tinyman.
    • On June 13th, 6.5M Algo swapped to Algo only in TInyman. 2.6M on Pactfi , 3.6M on Algofi and 930 on Wagmiswap.
    • On that day about 3.8M dollars swapped to ALGO.
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    Share Of swaps Volume to and from ALGO

    • Both From and To Volume were similar to each other.
    • Tinyman with 62M From Algo and 60M To Algo, is the most popular DEXs.
    • The second one is Algofi with about 34M from and 34M To.
    • The third is Pactifi with about 17M from and to Algo.
    • 50.4% or swaps volume swapped From Algo and 49.6% to Algo.
    • Both Numbers are totally like each other.
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    Whale Swaps Volume From Algo

    • The below chart shows the total daily whale Activities.
    • Whales Swapped about 4M Algo from Alo on June 13th.
    • Almost most whales chose Tinyman to swap their Algos.
    • 46% of whales chose Tinyman, 30% of Whales used Algofi and 23.3% of whales swapped their Algo in Pactfi.
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    WHALE Definition:

    Those Algorand wallets that hold at least 200K Algo Are Whales in this Analysis.

    Whale Swaps Volume To Algo

    • The Below Chart shows the Volume of whale swaps to Algo and total whale.
    • Like the other side of Swaps, 4M Algo Swapped to Algo by whales.
    • Tinyman was the most popular DEXs for whales.
    • Only one Day Algofi was higher than the Tinyman which was June 8th where Whales swapped 2.4M Algo to Algo on Algofi.
    • 44% of whales chose Tinyman, 27% of Whales used Algofi and 27% of whales swapped their Algo in Pactfi.
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    Conclusion

    1. The Most Popular Dexs is Tinyman.
    2. The total number of Swaps, The total number of unique swapper and Algo volume in Tinyman was higher than Pactfi or Algofi.
    3. When Bitcoin prices dropped about 20%, Spike happened.
    4. There were only 3 days that swap activities increased.
    5. Almost 115M Algo swapped from Algo.
    6. Whales with above 200K Algo were active but Whales with above 300K weren’t too active.
    7. 40M Algo swapped from Algo by only 2 Whales.

    > # Thank You For Reading

    All CODES AND CONTENT WRITTEN By Hess

    Twitter: @hessaminanloo

    Discord: hess#0890

    ENS: he3am.eth