Try Quests to earn cryptoSwapping goBTC and goETH on DEXs
This dashboard attempts to look into different aspects of users who are swapping goBTC and goETH for other ALGO tokens over the past two months and see the price crash's impact on the swaps.
Introduction
AlgoMint's goETH and goBTC are wrapped versions of ETH and BTC. The launch of Algomint is yet another step toward the inevitable mainstream adoption of cryptocurrency, as it removes the speed and cost barriers for BTC and ETH in everyday use by implementing synthetic versions on Algorand, while users retain and enjoy the original assets' store-of-value properties.
Methodology
In this dashboard, The volume, as well as the transactions and users who had swapped Algomint tokens, are analyzed since April and their change in the volume after the crash in the price are accounted. Then the tokens for which this goETH and goBTC are swapped for apart from ALGO and the daily stats that show the overall characteristics of the swaps are checked out.
The data table contains data about the wallets that have swapped in for both the ones which bought goETH and goBTC and also the ones which sold these tokens. Furthermore the Volume of the tokens that are sold as well as bought per day.Now let us look into the Users who swapped over time:
The count of the users who have swapped in and out the goETH and goBTC tokens are charted per day since April 1, 2022. It is seen that the users who swapped remained stable almost till the first week of May.But then there came a big hike in the users swapping the tokens such as more than 5000 on May 11 and 12 .This may be because of almost two reasons,the instability of the UST peg played a significant role that made users sell their tokens and also motivated a few whales to buy all those and stake them for a better tomorrow. Furthermore, with the price crash of the ALGO tokens that it faced a critical drop in the price of the tokens that resulted in the hike in the number of swappers on May 12 and May 11 2022.
The volume of the goBTC and goETH in swapping over a chosen period of time is charted here.It is seen that as the number of users hiked on May 11 and 12th, Similar has affected the goBTC and goETH sold and bought by the users.
The trend of the users in the ecosystem who has bought and sold goBTC and goETH shows that the overall goBTC and goETH bought is higher than the tokens sold.Even though the trend has a hike due to price crash,the custom remained the same in this scenerio.
This answers the tokens that are swapped other than ALGO tokens.There are other tokens too that are preferred by the users.
The volume of the swapped amount that is swapped to other assets is charted here.As from the chart STBL is the highly preferred asset than ALGO
The transactions that are made to make swaps between goBTC/goETH with other assets are pointed with all the transactions that are used in swaps are counted.
Inference:
Users may offer liquidity on Tinyman and earn fees by using the BTC and/or ETH. They may lend these tokens to make interest revenue once platforms for lending and borrowing, such as AlgoFI, are active and support them. They may also use them as collateral to acquire YLDY, which they can stake on Yieldly for further incentives while being exposed to possible BTC and/or ETH price rises. This is known as asset leveraging. Of course, there are costs and risks involved. Bringing extra wealth to the Algorand ecosystem, which is now tethered to the BTC and ETH networks, is also a net positive for everyone interested in Algorand.