Transactions by Protocol
ALGORAND
Algorand (ALGO) is both a digital currency and blockchain platform. The Algorand platform is designed to process many transactions quickly, similar to a major payments processor like Mastercard or Visa. Algorand can host other cryptocurrencies and blockchain-based projects, making it a direct competitor to Ethereum. ALGO, the platform's native currency, is used to secure the Algorand blockchain and pay processing fees for Algorand-based transactions.
FOLK FINANCE
Folks Finance is a capital markets protocol for lending and borrowing built and operated on top of the Algorand blockchain. Through the lending operations, Folks users can deposit liquidity and start earning a continuous economic return instantly.
TINYMAN
Tinyman is a decentralized trading protocol which utilizes the fast and secure framework of the Algorand blockchain, creating an open and safe marketplace for traders, liquidity providers, and developers.
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.
ALGODEX
Algodex is a decentralized exchange with the order book and funds completely on Algorand. It uses smart contracts and escrows to hold limit orders, and facilitates peer-to-peer trading of all Algorand assets.
Scop of this report
- What percent of transactions Folk Finance, Tinyman, ALgofi and Algodex app calls and associated transactions (transactions in the same tx_group_id) makeup on the Algorand blockchain.?
- How have the number of transactions changed over time for each Protocol?
- How much in fees have been spent on transactions relating to each protocol?
- What type of transactions are each protocol producing?
- Has the price of ALGO been an influence on the number of transactions produced by each protocol.
Note anything interesting that you find during your analysis!
Results
Folk Finance
Figure 1 shows the number of transactions of each APP ID belonging to the Folk Finance protocol. The highest number of transactions is assigned to APP IDs: 686498781 (ALGO Pool), 686500029 (USDC Pool), and 694464549 (gAlgo3 Pool) respectively.
Folk Finance APP IDs transactions produce:
Figure 2 shows Folk Finance transactions, associated with app IDs (transactions in the same tx_group_id). In this chart, the highest number of transactions are the same as the ranking of transactions in the App IDs of this protocol in the Figure 1.
According to graphs 1 and 2, it can be concluded that the trend of Folk Finance protocol transactions is gradually increasing.
Figure 3 shows paid fees on Folk Finance transactions relating to each App ID in ALGO Asset. Most paid fees belongs to 686498781,686500029 and 694464549 App IDs respectively.
Figure 4 shows the ratio of transactions of each App ID and associated with TX Group ID transactions in Folk Finance to the number of transactions that happened in the Algorand network. This ratio is less than 0.1 for both metrics on all days.
Figure 5 shows ratio of paid fees for Folk Finance App IDs to total Algorand fees. Most ratio is about 0.063%
Tinyman
Figure 6 shows the number of transactions of each APP ID belonging to the Tinyman protocol. Until January 18, 2022, the highest number of transactions belongs to App ID = 350338509, and after this date, App ID 552635992 has taken the lead in the number of transactions. These IDs are Tinyman AMM v1.0 and Main-net Validator App ID respectively.
Tinyman APP IDs transactions produce:
Figure 7 shows Tinyman transactions, associated with app IDs (transactions in the same tx_group_id). The results of this graph are the same as graph 6.
According to graphs 6 and 7, it can be concluded that the trend of Tinyman protocol transactions is gradually decreasing.
Figure 8 shows the highest paid fees belongs to ID 350338509 Until July 18, 2022, and after this date it is assigned to ID 552635992.
You can see percentage of App IDs’ and associated tx group id transactions in Tinyman to Algorand transactions in the Figure 9. The highest ratio happened on January 2, 2022. On this day, 6% of all Algorand transactions are related to App IDs Transactions and 21.86% to group transactions of these IDs.
Up to 18.4% of the total fee related to the Algorand network is related to the Tinyman protocol (Figure10).
Algofi
Figure 11 shows the number of transactions of each APP ID belonging to the Algofi protocol. The most transactions related to App IDs in Algofi belong to 465818260 ( Lending Manager Contract), 658336870 (Poll Manager Contract) and 482625868 (Staking Manager STBL Staking Contract) IDs, respectively.
Figure 13 shows paid fees on Algofi transactions relating to each App ID in ALGO Asset. Most paid fees belong to 465818260, 482625868, and 641500474 IDs respectively.s
Figure 12 shows App IDs transactions in the same tx_group_id for Algofi Protocol. The most number of transactions belong to 465818260, 482625868, and 641500474 (Staking Manager DEFLY Staking Contract) IDs respectively.
According to graphs 11 and 12, it can be concluded that the trend of Algofi protocol transactions is fluctuating within a certain range.
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Figure 14 shows the ratio of transactions of each App ID and transactions associated with TX Group ID in Algofi to the number of transactions that happened in the Algorand network. This ratio is less than 0.1 for both metrics on all days. Maximum App IDs and associated group transactions are about 0.45% and 6.85% of total transactions on Algorand network, respectively.
Up to 10.12 % of the total fee related to the Algorand network is related to the Algofi protocol (Figure15).
AlgoDEX
Figure 16 shows the number of transactions of each APP ID belonging to the Algodex protocol. The most transactions related to App IDs in Algodex belong to 354073834 (AlgoDEX - Sell (Order Book)), 354073718 (AlgoDEX - Buy (Order Book)) IDs, respectively.
The following table shows Fee, the number of APP IDs and Associated Group ID transactions in Folk Finance Protocol, and their ratio to transactions and fees in the Algorand network.
The following table shows Fee, the number of APP IDs and Associated Group ID transactions in Tinyman Protocol, and their ratio to transactions and fees in the Algorand network.
The following table shows Fee, the number of APP IDs and Associated Group ID transactions in Algofi Protocol, and their ratio to transactions and fees in the Algorand network.
The following table shows Fee, the number of APP IDs and Associated Group ID transactions in Algodex Protocol, and their ratio to transactions and fees in the Algorand network.
Algofi APP IDs transactions produce:
Algodex APP IDs transactions produce:
Figure 17 shows App IDs transactions in the same tx_group_id for Algodex Protocol. The greatest number of transactions belong to 354073834, and 354073718 IDs respectively.
According to graphs 11 and 12, it can be concluded that the trend of Algofi protocol transactions is decreasing.
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Figure 18 shows paid fees on Algodex transactions relating to each App ID in ALGO Asset. Most ==paid fee==s belong to 354073834, and 354073718 IDs respectively.
Figure 19 shows the ratio of transactions of each App ID and transactions associated with TX Group ID in Algodex to the number of transactions that happened in the Algorand network. This ratio is less than 0.66 for both metrics on all days. Maximum App IDs and associated group transactions are about 0.173% and 0.65% of total transactions on Algorand network, respectively.
Up to 0.454 % of the total fee related to the Algorand network is related to the Algodex protocol (Figure15).
Comparisons
Figure 21 compares the aggregation of App IDs transactions of each project, separately, with the number of Algorand network transactions in a normalized chart (0 to 100). In this comparison (ratio), Algofi won the first rank and Tinyman won the second rank. The third and fourth place belongs to Algodex and Folk Finance protocols.
This time, Figure 22 compares the aggregation of transactions related to each App ID (in a tx_group_id) with Algorand network transactions. In this chart, we see the same ranking as Figure 21.
Figure 23 shows a comparison between the fees paid for App IDs Call per project versus the total fees paid on the Algorand network. Algofi and Tinyman are ranked first and second in Paid Fee metric.
In Figure 24, we have compared the number of transactions performed in Algorand with Fees Paid per project. It seems that with every increase in the number of transactions, the fee paid per protocol has also increased.
Note: due to the large number of charts, we had to compare the 4 projects presented in this report in one chart with Algorand transactions.
The effect of َALGO Asset price on the number of protocol transactions
Due to the importance of this criterion and in order to better compare the number of transactions of each protocol with the ALGO price, we had to draw a separate graph for each project.
Figure 25 shows the comparison of Folk Finance transactions with ALGO price. From July 5 onwards, it can be seen that despite the decrease in ALGO price, the number of transactions in this protocol is increasing.
Figure 26 shows the comparison of Tinyman transactions with ALGO price. This chart shows that with the decrease in price of ALGO, the number of transactions in Tinyman also decreased.
Figure 27 shows the comparison of Algofi transactions with ALGO price. This chart shows that with the decrease in price of ALGO, the number of transactions in Algofi also decreased.
Finally, Figure 28 shows the comparison of Algodex transactions with ALGO price. This chart shows that with the decrease in price of ALGO, the number of transactions in Algodex also decreased.
Conclusion
- In this report, we first compared the transactions of the four protocols Folk Finance, Tinyman, Algofi and finally Algodex. This comparison also included the transactions and paid fees related to each group of transactions (transactions in the same tx_group_id) (Figure 1 to 20).
- And under each project, we named the top 3 App IDs in the number of transactions of each App ID, Associated tx_group_ID, and the fee paid, and we also specified their application (product).
- In Tables 1, 3, 5, and 7, we have shown the applications (product) of each App ID along with its corresponding link in Algoexplorer.
- In Tables 2, 4, 6, and 8, we showed the number of transactions and fees paid in each project related to the protocol App IDs in relation to the number of transactions and fees paid in Algorand blockchain in general.
- In order to make a general comparison, we specified transactions in each project in the form of aggregation in two criteria App ID Transactions, Associated App ID transactions (tx_group_id) and the Paid Fees and compared them in different ways with the total transactions and paid fees in Algorand network. For each Figures (21, 22, 23, and 24), we have mentioned the outstanding results of the comparison.
- Finally, we compared the number of transactions of each protocol (only transactions under each App ID group) with ALGO price in four separate charts (25, 26, 27 and 28). By comparing the number of protocol transactions with the price of ALGO, we came to the conclusion that, except for Folk Finance transactions, the remaining transactions of three other protocols (namely Algofi, Tinyman and Algodex) have a direct relationship with the price of ALGO and have decreased along with the price of this asset.