Try Quests to earn cryptoAre New Tokens Bringing New Users?
In recent weeks, we saw many new token listings, either bridged assets like AVAX, BNB, BUSD, or native assets like ACRE, ARUSD, MARS, NGM, etc. Did these new token listings bring new users into the ecosystem? Or did existing Osmosis users just start using them. Are there some assets that brought more users in than others?
✨Introduction
When a new token is listed on a decentralized exchange (DEX) like Osmosis, it can attract new users who are interested in trading or holding that specific token. Additionally, it can also encourage existing users to try out new tokens and diversify their portfolio. Therefore, adding new token listings can potentially increase the number of users and trading volume on the platform.
To understand the impact of new token listings on Osmosis community growth and adoption, you can track the following metrics over time:
- Number of new users: Monitor the number of new users who sign up on the platform after a new token is listed. This can give you an idea of how effective the new token listing was in attracting new users.
- Trading Transactions: Check whether the new token listing resulted in an increase in trading activities on the platform. If so, this indicates that the new token has generated interest among traders.
- Liquidity & Staking: Monitor the liquidity of the new token to see whether it is being actively Liquid providing on the platform. A high liquidity level can attract more traders and increase overall trading volume.
Overall, tracking these metrics over time can help you assess the impact of new token listings on community growth and adoption within the Osmosis ecosystem.
🛠️ Method
To determine the number of new tokens bringing new users to Osmosis, I distinguished new listing assets based on their minimum block timestamp in swaps to/from these tokens and bridging to Osmosis via Axelar transactions. Then, I identified new users who executed their first transactions over the past 90 days and old users who did not include new users. Next, I tracked the interactions of these two types of users with the new listed assets, including swaps to/from them and other activities such as liquidity provision and staking. However, I discovered that there were no transactions for providing liquidity or staking of these assets.
New users were identified by 👨🦰/👩🦰, while old users were identified by 👨🦳/👩🦳.
It's important to note that the lack of liquidity provision or staking activity for new token listings may not necessarily indicate a lack of interest in these tokens. It's possible that users are still exploring these new assets and waiting for more information before deciding to invest in them. Additionally, it's important to consider other factors that could impact user behavior on Osmosis, such as market conditions and external events. For example, a sudden market downturn could lead to a decrease in trading volume and liquidity provision across all assets, regardless of whether they are new or old listings.
Overall, I have used data analysis to track the impact of new token listings on the Osmosis community and keep monitoring user activity and engagement to gain insights into how new token listings can continue to drive growth and adoption within the ecosystem. \n
✍🏻 Conclusion
Based on the findings, both new and old users have interacted with the newly listed tokens on Osmosis, with the old users having a larger share of the interactions. While there has been an increase in the number of new users, the majority of users transacting with the new tokens are old users. This suggests that the new tokens have attracted existing Osmosis users to start using them.
Among the newly listed tokens, FTM, AVAX, PLQ, and AVAX.USDC have attracted the most users and transactions. These tokens have had the highest number of swap transactions and total interactions. Therefore, it can be concluded that these assets have brought more users into the Osmosis ecosystem than others.
Hey there 👋!
Firstly, I appreciate you sticking with it until the conclusion.
I'm Hamed, a civil engineering Ph.D.
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🔎 Findings:
The table right displays the new assets that have been listed on Osmosis within the past 90 days.
These tokens have been acquired for the first time through transactions involving swapping from/to or bridging to Osmosis via the Axelar gateway over the past 90 days.
The visuals below display the activity of old users (👨🦳/👩🦳) and new users (👨🦰/👩🦰) who have either performed transactions on the days when new assets were listed or on other days.
Based on these charts, it appears that on January 21st, when new tokens such as FTM, AVAX, PLQ, and AVAX.USDC were listed, both the number of transactions and the number of users reached their highest points, with over 600K transactions and 120K users.
🔎 Findings:
The PIE charts above depict the distribution of user counts (new and old) for each of the past 90 days listed tokens based on their respective listing day.
As can be observed, the majority of the total user count and total transaction count (47%) is made up of old users who have not performed transactions on the days when new assets were listed.
Following closely behind are new users, who make up 7.7% of the total user count and 5.5% of the total transaction count.
The bubble chart below displays the total interactions for the listed assets over the past 90 days, with the bubble size representing the total user counts (new and old).
As can be seen, for most of the listed tokens, over 20,000 old users and less than 5K new users have interacted, resulting in 100 to 200K transactions and below 20K transactions, respectively.
🔎 Findings:
The graphs in this section display the count of swap transactions and swappers, including new and old users, who have transacted to change to/from the newly listed tokens over the past 90 days.
As can be seen, these new tokens have attracted a significant number of users from both old and new users, resulting in a large number of transactions over this period of time. In total, old users have had 165.8K swap transactions and new users have had 50.6K swap transactions on exchanging these tokens.