Introduction

Take a look back at when THORChain was halted from November 11, 2021 to November 18, 2021. When trading was re-enabled, what did it look like? How quickly did prices on THORChain reflect the true values? (Since trading was halted, prices were stuck at the values they were at before the chain was halted). Did it seem like mostly bot activity? Did those bots then sell off any $RUNE they got from their swaps?

Method

Analysis

The following figure presents a comparison of asset values on a daily basis by pools 4 days before the swap break and 4 days after the activation of the swap.

Observation in the next graph

The following graphic makes a daily comparison between the number of unique swap wallets that existed 4 days before the swap break and the number of swap wallets that existed 4 days after activation.

What are shown in the following chart

The graphic that follows makes a daily comparison between the number of swaps that took place eight days before the swap break and the number of swaps that took place 4 days following activation.

Discord: 0xHaM☰d#8391

What is indicated in the following PIE charts?

The percentage of bot activity that occurred before the swaps were halted is depicted in the graphic that follows. This percentage was approximately 77% of the total bot activity.

Please take note that in this scenario, the term "bot" refers to a wallet that has completed more than 50 trades every day.

Findings

This can be observed in the swap volume chart as well as in the number of wallets; there is a discernible decrease in volume as well as the number of wallets when the pools were reopened for 4 days in tolerance. The price chart clearly demonstrates that immediately after the swap was activated, asset values saw a precipitous decline. On the other hand, after a delay of four days, it seems as though prices are perhaps returning to their prior trend. More than 77% of the swaps that took place before the halt were associated with bots, while around 63% of the exchanges that took place after the halt were associated with bots. We have observed an increase in the level of activity exhibited by the bots, and it would appear that the bots have liquidated more than 46 percent of the dollar revenue they have generated from the swaps during this period of reduced trading activity.