About Algofi

Algofi is a fast, low-cost crypto lending market on the Algorand blockchain that makes decentralized lending broadly accessible. Algofi aims to be the first crypto-native bank that bridges the gap between traditional and decentralized finance. Algofi's simple fiat on-ramp allows users to buy crypto and earn interest without a bank or centralized custodian. In addition, traders can use Algofi to go short or to trade with leverage. In the future, Algofi will offer more traditional banking services like savings accounts and credit cards, all powered by the growing DeFi ecosystem on Algorand.

About Tinyman

Tinyman is a reimagined decentralized trading protocol, utilizing the fast and secure framework of the Algorand blockchain to create an open and safe marketplace for traders, liquidity providers, and developers. Tinyman, built by a team with experienced fintech backgrounds, is on a mission to realize the full potential of DeFi, or financial tools that run on blockchain and are inclusive, accessible, and profitable for users far and wide. With the community-focused, cheap, fast, and fully permissionless Tinyman protocol, users are able to trade any Algorand Standard Asset (or Algo) through liquidity pools using an Automated Market Maker (AMM) algorithm.

About Pact.fi

As one of the most user-friendly Algorand dApps, Pact is a mobile-first designed trading experience offering deep liquidity and low transaction fees. With accessible smart contract functionality, transactions on Pact are available to users of all levels of wealth and experience.

About WAGMIswap.io

Wagmiswap.io is developed by QMG Labs and is part of the QMG.finance GameFi Play2Earn ecosystem. The mission of WAGMIswap is to support GameFi development and Play2Earn gamers in providing open and directly accessible DeFi options.

The first product in our suite is a decentralised Automated Market Maker (AMM) for providing liquidity and trading Algorand Standard Assets (ASA) tokens. It eliminates trusted intermediaries and unnecessary forms of rent extraction, allowing for safe, accessible, and efficient exchange activity.

Goals

In this study, we intend to evaluate the effect of activity on Algofi and Pact, WAGMIswap on Tinyman DEX since the beginning of April 2022 and answer the following questions:

• Do we see a change in the number of wallets swapping on these DEXs?
• Do we see a change in the volume of ALGOs being swapped on Tinyman and the other DEXs?
• Are ALGO whales swapping on certain DEXs more than others?
• Have we seen has the recent price change in ALGO impact the number of swaps/wallets/volume on the DEXs? If so, how?

The data query based on which the charts are drawn has been considered from 2022-04-01 onwards.

Number of Swapps

Figure 1 shows the number of swaps in DEXs. This chart shows that the number of transactions in Tinyman is higher than other Dex, and with the exception of the two exceptional days of May 11th and 12th (Terra Ecosystem Crash), the number of swaps in this dexchange is within a certain range (below 40,000 swaps).

Number of Wallets

Figure 2 displays the number of unique wallets activities on the DEXs. As you can see, the activity of wallets in Tinyman Dex is more than other DEX. However, there is a downward trend in it, which seems to be more related to the prevailing market conditions (downtrend market).

Volume of Swapped ALGO

Figures 3 and 4 show the volume of (from / to) algo swaps. It is clear that the volume of Algo swaps in the Tinyman dexchange is larger than in other Dex, although there is no trend change (except for the two days of May 11 and 12) and it fluctuates within a certain range (on average, about 2 million Algo volume).

Algo Whales Activities

In this section, we are going to examine the activity of whales on DESs and see if they are more active on a certain dexchange. But first, we need to have a definition of determining and recognizing whales in crypto. According to the definition of Crypto Whales in Investopedia, in most cases, the community seems to agree that a large percentage of the available coins make an account a whale. In general, whales seem to account for more than 10% of the total number of a specific cryptocurrency.

We know that the total supply ALGO tokens are 10 billion and according to the criteria defined in Investopedia, we referred to the table algorand.account and looked for wallets that have at least 10 percent of the total ALGO tokens (ie, 1 billion tokens). With this condition, the wallet could not be found. So we reduced the maximum number of ALGOs to the standard 100,000 (1e5). You can see the list of wallets that are a kind of wall in Table 1. The total number of wall wallets is recorded in the figure 5.

Number of Whales Swap

Now that we have identified the whales, let's examine their activity on different DEXs in terms of their number of transactions (swaps).

Figure 6 shows that most of the Walls' activity as of April 19 was focused on two decentralized exchanges, Tinyman and Algofi, respectively, and after April 20, this trend changed and most of the swaps of these special wallets were on PACT.fi is done.

Algo Price

Did the change in the price of the Algo token affect other parameters (number of swaps, number of wallets, and volume of transactions)? Figure 6 shows a comparison price of ALGO (in the desired time period) with the number of swaps in different dexchanges.

Note: In the following charts, in order to better show the price trend of the ALgo token, its dollar value is multiplied by a fixed coefficient based on 10. This value is written on the y-axis of each chart.

Algo Price and Number of Swaps

The price of Algo has been declining during this period, and according to Chart 6, the price of this token has not had much effect on the number of swaps, and even on the two special days of May 11th and 12th, the number of swaps has increased sharply, especially in Timyman, which we know why (Terra Chash).

Algo Price and Number of Wallets

Figure 8 shows the relationship between the price of the template and the number of unique wallets. It is clear that the number of wallets has decreased with the decline in the price of the token.

Algo Price and Swapped 'FROM' Algos Volume

Figure 9 shows the relationship between the price of Algo token and the volume of swaps from Algo to other tokens. What we see in this chart is that the trend of decreasing the price of ALgo has not had much effect on the volume of swaps 'from' Algo to other tokens (except for two days of Terra Crash).

Algo Price and Swapped 'TO' Algos Volume

Figure 10 shows the relationship between the price of Algo token and the volume of swaps from others tokens to Algo. What we see in this chart is that the trend of decreasing the price of ALgo has not had much effect on the volume of swaps 'to' Algo (except for two days of Terra Crash).

Conclusion

In this study, we sought to find the popularity of DEXs in the Algorand network. Especially the effect of Algofi and Pactfi DEXs on Tinyman. Various criteria such as number of swaps, number of wallets, volume of transactions, activity of the walls were examined.

• In this study, we found that the number of swaps and wallets in Tinyman is more than other dex. Also, the largest volume of Algo exchanges occurred in Timyman.
• However, most of the wallets are active in Algofi and Pactfi dexchanges, and the largest volume of their swaps has taken place in these two exchanges.
• The reduction in the price of Algo tokens has not had much effect on the number of swaps.
• But the number of active wallets has decreased.
• Comparing the price of Algo with the volume of swaps of this token, we came to the conclusion that there is no clear relationship between them.

In addition, all the charts show two specific days called Terra Crash (May 11 and 12). In these two days, we have witnessed the occurrence of peaks in the charts, which suggest that in the next research, the impact of these two special days on the activities of these exchange offices, especially Tinyman, should be further examined and evaluated.