What Are Users Swapping gALGO3 For?
In this article, You will read about gALGO3. I went through gALGO3 and analyzed these metrics:
- What is the number of trades to gALGO3 and from gALGO3 by day? Also, chart the volume of trades to gALGO3 and from gALGO3 by day? Also, I determined chart trends.
What DEXes are users swapping gALGO3 on? Show the breakout of the number of gALGO3 swaps(to or from) by day for each dex.
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What are the top 10 most popular to swap from to get gALGO3?
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What are the top 10 most popular to swap to from gALGO3?
All data from this analysis is from April 7th until May 4th.
gALGO3 is an asset that is pegged to ALGO. Users can lock their ALGO up on Folks.finance for governance and while their ALGO is locked they receive gALGO3 and you can use it for other defi activities. Read more about it here: https://docs.folks.finance/protocol-architecture/algo-liquid-governance Let’s look what users are swapping their gALGO3 for while their ALGO is locked in governance.
In order to draw charts, I needed some Key parameters. All metrics in Swap from and swap to. So I used the Algorand Swaps table and set the asset id to gALGO3 id which is 694432641. Then calculated
- Total number of swaps from and to
- Total amount of swaps from and to
- Total Volume of swaps from and to in USD dollars
- Average swaps amount
- Swapped gALGO3 from per DEXs
- swapped gALGO3 to per DEXs
- Top Assets swapped from gALGO3
- Top Assets swapped to gALGO3
The below chart shows the total daily amount and average of swaps from gALGO3 to other assets. As you can see, there are some trends on this chart.
More than 180K gALGO3 swapped to other assets on April 13th. In my opinion, the gALGO3 launch time was on April 13th, 2022. So many users wanted to try gALGO3 and you can see the results in the chart.
Besides that day, About 90K gAlgo3 swapped to other assets on April 25th.
From April 16th until 24th, swap amounts decreased to 2K daily. But after that time frame, it seems the total amount of gALGO3 increased.
The black line in the below chart is the average amount of swapped from gALGO3. The highest amount of average swap was on April 25th with an average of 3K gALGO3.
We examined the total number of swaps in the previous chart, Now it's time to take a look at the Volume of swaps from gALGO3.
The average total daily number of swaps is under 20. But on some days like April 12nd, 13th, 25th, May 1st, and 2nd they were above 20 swaps daily.
The highest volume occurred on April 13th with 134K dollars and the lowest amount was on April 8th with 30K US dollars.
The total volume from April 27th increased until now.
The below two charts show the other side of gALGO3 swaps. These charts are based on Swapped to gALGO3. All trends are like the previous charts.
About 624K were swapped from gALGO3 and 654K swapped to gALGO3. The total amount in and out are similar to each other.
The below chart shows the total number of swaps from and to gALGO3 per DEXs.As you can see, Most swaps occurred on Tinyman. More. users use Tinyman in comparison to the Pactfi. There is a trend in this chart is that About 181 swaps happened on April 13th in Tinyman and 40 swaps in Pactifu.
The below chart shows the total amount of swapped to gALGO3 per dexs and the other chart shows the total amount of swapped from gALGO3.
Share of Total volume from swapping gALGO for Tinyman is 87% with 1.5M US dollars and for Pactfi about 12% with 215K US dollars.
We can name only ALGO as a top asset swapped from and to gALGO3. Yeildy doesn't have any showable number. There are only 2 assets.
Written by Hess
where
discord_id: hess#0890
and
twitter_id: @hessaminanloo