Introduction

• In this Analysis, You will read about Swaps on Osmosis. I went through Osmosis Zone and analyzed swap activities in the last 90 days.

• To understand activities better, I analyzed these parameters:

  • New/Active Swappers

  • Swap Transactions

  • Volume

  • Top Tokens/Top Pairs

  • Swaps For Liquidity

  • Users Breakdown

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Analyzed by Hess - Reading Time Almost 10 Min.

Swap Activities

Tokens Growth

For swapped tokens, I first examined the volume growth per token. Then, I looked at top tokens based on different metrics.

From Token: Atom had the highest growth in volume in the last 90 days. The Cumulative volume of Atom is 190M US dollars. The second token was USDC. Since November 6, USDC volume increased significantly and reached 162M US dollars. Osmo, The native token of Osmosis, is in third place. Like USDC, Osmo token volume has increased since November and reached 147M$. Other tokens had a huge difference from the top 3 tokens.

To Token:

The Only Difference between the top from tokens and top to tokens is USDC has flipped Atom tokens. Total swap volume to USDC was 196M and Atom was 171M US dollars.

Top Swapped Tokens

So Far, I have examined the total number of swap transactions, Swappers, and volume in the previous sections. It’s time to look at the top swapped tokens on Osmosis in the last 90 days.

Swap From:

• Based on transactions, Osmo was in 34% of total swaps. The second top token was Atom, with 18.5% of transactions. USDC is the third token with 13.8% of total swaps.
• Based on Volume in USD, Atom, with 190M US dollars, is in first place. USDC and Osmo are in the following place.

Swap To:

• Based on Transactions, OSMO, Atom, and USDC are the popular tokens that users swap to.
• Based on Volume, USDC, Atom, and Osmo are three popular tokens with a combined 505M Volume in USD

Swappers Breakdown

Add Liquidity with Swapped Tokens

What is this part about? I tracked users’ swaps to find which users swapped their tokens to add liquidity. The amount of swap and added tokens was equal to or lower than Liquidities.

• The total daily number of users and Liquidity transactions decreased over time. It means the purpose of users using the Osmosis Swap zone wasn’t for Liquidity but for another reason.

• About 1.3K unique swappers use swaps to provide tokens for adding liquidity. About 25% of total swappers swapped their tokens for Liquidity.

  Top Tokens for Liquidity: Osmo is the top token that users swapped to and added liquidity with that token in the last 90 days. The second top token was Atom, and after that, Evmos was in third place.

  Top Pools by swappers: Atom/OSMO, Evmos/Osmo, and USDC/Osmo are three popular pools for swappers.

Users Breakdown

• The large group of swappers had only one swap; their swap volume was 100-1000 US dollars.
• The second large group of users had more than ten swaps; the swap volume was 10-100 US dollars.
• The third group of users had only two swaps in the last 90 days. This group of users swapped between 1000-10000 US dollars on Osmosis.

Conclusion

• Osmosis Zone had 108K unique swappers in the last 90 days. Among these users, 19K were active swappers, and 25K were new users.
• These 108K users made 2.9M swaps, and the total swap volume was 601M US dollars.
• The average swap volume was 205$ per user.
• Atom, USDC, and Osmo were three popular tokens that users swapped from and to.
• The Large group of users had only one transaction, and the swap volume of this group of users was 100-1K US dollars.
• 25% of total swappers swapped their tokens to add liquidity.

THANK YOU FOR READING!

ALL CODES AND CONTENTS WERE WRITTEN BY HESS

:bird: Twitter: @0xhess

:t-rex: Discord: hess#0890

:calendar: Analyze Date: 2023/FEB/10

New Swappers Vs. Active Swappers

Who is an Active user? I counted the total number of swaps per user. Then, I filtered those users who had more than 15 swaps in the last three months. I used those wallets as an active user.

• Osmosis had 19.3K new swappers and 25K active users in the last 90 days. Those active wallets had more than 15 transactions in the Osmosis zone.
• Compared to November, The total daily number of new swappers decreased on Osmosis. Osmosis had 300-400 new swappers in November, but after the New year, the total daily number of new swappers decreased. The highest number of new swappers in the last 90 days was on October 28, when 1674 new wallets joined the Osmosis zone.
• On the other side, Active swappers have decreased since November 2022. Between Late October and late November. Recently, Active swappers decreased from 10K to 5K. Also, the number of new users decreased from 300-400 to 150-200.

What is Osmosis?

• Osmosis is an automated market maker (AMM) built on Cosmos that enables cross-chain transactions through Inter-Blockchain Communication (IBC). This gives the protocol an added layer of interoperability and composability. Unlike most existing AMMs, Osmosis is deeply customizable and allows developers to leverage many different changeable parameters to build truly unique AMMs that can dynamically fit a variety of outcome goals. Ultimately, Osmosis enables developers to design and deploy custom AMMs that can quickly adjust to changing market conditions and allow market participants to decide which iterations provide the most optimal results, rather than relying on the protocol itself.

  
  Source:

What is Osmosis Zone?

• Osmosis Zone is an open-source DeFi platform based on Inter Blockchain Communication (IBC) technology developed for the Cosmos Network. Osmosis users can add their tokens to liquidity pools and exchange them on a decentralized exchange. Cosmos IBC technology enables cross-chain transactions.

Source:

Method

• We have a Swap table for Osmosis on Flipside. The only problem was USD amounts and token names. So, I extracted token names from DIM label tables then I joined my findings with the EZ price table to calculate token prices and swap volume in USD. Some tokens didn’t have a price. I handled some of them like USDC.grv, DAI.grv, WETH.grv, USDT.grv, and … But i missed tokens that don’t have prices on Flipside tables.

IMPORTANT NOTE: ==THE DASHBOARD WAS PREPARED FOR OSMOSIS OPEN ANALYTICS BATCH 22, BUT I SUBMITTED IT INCORRECTLY. I have updated it AGAIN for this batch.==

==MDAO Tema is aware of this:==

Full Analysis

I examined new and active swappers in the previous. Now, It’s time to examine swap activities during the last 90 days.

• Overall, 108K unique swappers made 2.93M Swaps and swapped 601M US dollars in three months on the Osmosis zone.
• Like the number of new and Active users, The total number of swaps and swap volume decreased over time. But the difference is, After January 2023, All metrics increased. Before the New Year, The total number of swaps was 19-22K, but after the New year increased to 35-44K. Became 2x higher than the previous year. The highest number of swaps happened between October and November.
• The highest swap volume was on October 28. On that day, The average swap volume increased to 853 US dollars, and the total swap volume was 50M US dollars. After that decreased to 3-4M US dollars in December. After the New year, The total daily swap volume increased to 6-10M US dollars.
• The average swap volume was 205$, and Median Volume was 9$.
• The highest volume in one swap was 857K US dollars.

Top Pairs

• Based on Transactions, Osmo → Atom, with 112K swaps, is in the first place. ATOM → USDC is the second top pair with 109K transactions. USDC → ATOM is the third most popular pair with 105K swaps. Other top pairs had lower than 100K swaps.
• Based on Volume, Pairs were almost like top pairs based on transactions. Atom → USDC, USDC → Atom, and Osmo → USDC are three popular swaps.