Weekly Report

Each week, the NEAR Foundation publishes data to help the NEAR community understand the ecosystem's health as part of their Transparency Report.

We want your help in making the NEAR ecosystem even more transparent. How can you improve on the existing NEAR Transparency report?

Explain which metrics should be taken into consideration and why. Then, analyze those metrics over the last several weeks and draw your own conclusions on the health of the NEAR ecosystem.

Grand prize-winning dashboards will go above and beyond the existing report, allowing readers to get the best possible snapshot of NEAR, its users, and its ecosystem.

Introduction

Humans can engage with physical structures of ecosystems in various ways such as through mining, staking, trading, and using decentralized applications built on the ecosystem. Safety concerns for users may include issues such as potential hacking or theft of their digital assets, as well as concerns about the security and decentralization of the protocol.

A trend towards using the ecosystem can be measured through metrics such as the number of active users, transaction volume, and the development of new decentralized applications.

The typical time a new customer spends on the site can also be an indicator of engagement and interest in the ecosystem, and can be tracked through website analytics tools. The study aims to uncover insights and data points that can provide a deeper understanding of user behavior and engagement within the ecosystem.

Method

In this analysis, we will look at key user activities on NEAR and explore what do NEAR users commonly participate in and track the tends of them.

To do these I used the following tables:

• ethereum.core.fact_event_logs
• near.core.fact_transactions
• near.core.fact_receipts
• near.core.fact_actions_events_function_call

I also dive into newcomers from other chains and liquid staking on the NEAR blockchain currently. Specifically, I will explore:

• how many users came from other chains via rainbow bridge and how those interacted with NEAR ecosystem
• how much NEAR has been staked through liquid staking platforms
• how many users have utilised liquid staking & the type of users on liquid staking

The Past_days & Past_Weeks parameter above allows you to select the number of days and week prior to the current date to use in computations, and the Frequency field lets you customize the time interval of over-time charts to be daily, weekly, or monthly. The evaluations over ==past 7 days== performed by ==hour== and over ==past 4 weeks by daily==.

> (You need a Flipside account to make adjustments)

The queries have brought from the TZM#8337, Pinehearst#1947 & mhm#1465 dashboards and modified, Thanks to them.

Analysis

✍🏻 Conclusion

The dashboard is monitoring user behavior on the NEAR protocol to assess the loyalty of users to the ecosystem over past week and month (by hour & day). A healthy ecosystem typically has an increasing number of active and new users, indicating that the ecosystem is gaining traction and users are finding value in it.

Based on the current dashboard results, it appears that the health of the NEAR protocol has improved and it is expected that as market conditions improve, the NEAR protocol will also continue to grow and improve.

The number of new and active wallets has increased steadily, which is a positive sign for the ecosystem. Additionally, the fact that delegation is higher than undelegation is also a positive signal for the ecosystem, as it indicates that users are committed to participating and supporting the protocol.

References of Queries:

Hey there 👋!

Firstly, I appreciate you sticking with it until the conclusion.

I'm Hamed, a civil engineering Ph.D.

student interested in data analysis.

I've made many similar dashboards and visualizations since I started at Flipside in January.

Please take a look at my various contact details and let me know what you think.

About:

• Author: HaM☰d

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• Discord: 0xHaM☰d#8391

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• Twitter: @arjmandi_hamed

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• Email: h_arjmandi2012@yahoo.com

:gear: Development

New depoloyed contracts smoothly decreased over past week and month.

:droplet::cut_of_meat: Liquid Staking on NEAR

:mag_right: Findings:

Daily and hourly new decelerators smoothly decreased over past week and month.

On the above charts, we can see how many delegations and undelegations happened over time (by hour and day). Interestingly enough, the chart almost looks mirrored with the more tend to delegating.

The Lorenz Curve shows the cumulative share of voting power in the validator set. In a case of perfect equality, the chart would show a straight 45-degree line connecting the x and y-axis.

• The distribution of staked Ⓝ NEAR should be incentivized toward smaller validators.
• The inflow and outflow of delegations are quite healthy considering the broader market conditions.

🌉 Discharging Bridge Interaction

As of following charts can be seen the bridging transactions count from Near to Ethereum and Aurora had some fluctuations with more tend to increaseing over past month and week. and in some days like Jan 5th it has spike .

🌉 Entrance Bridge Interaction

An upward rend is clearly observed in bridging transactions and Bridger counts and consequently in bridging volume($) from Ethereum and Aurora over past month and week according to the following visuals.

🚗 Traffic & Interactions

How are the users spending their time? Is there a notable difference between whales and non-whales?

• Interactions with DeFi products
• Interactions with the NFT scene
• Other transactions such as staking, transfers, bridging, etc…

Let’s go to track this over past week and month by hour and day.

As expected, whales transactions are mostly restricted to DeFi platforms, staking and moving funds from one wallet to another, whether that is on or off chain.

:mag_right: Findings:

As of charts above charts, can be seen that

Newer wallets make up for the majority of the DeFi traffic

Same goes for the NFT dApps respect to common active users.

🥾 First Steps

Finally, how does a brand new wallet usually spend its first several days? The first 10 transactions of every wallet have been studied to provide a solution to this query.

• Defi & NFTs are a far more significant factor in the success of the user onboarding process.
• Some whales use DeFi devices, but for the most part whales just "stake and forget."

:hourglass_flowing_sand: Transactions Overview

The following visuals show the daily and hourly transaction count over past month and week, respectively.

As can be seen swap on dexs are the most popular action among NEAR users, that have been followed by Staking.

:hourglass_flowing_sand: Newcomers

Before diving into NEAR users' on-chain activities, we conduct a broad survey of them to learn about their demographics and interests. The quickest and most convenient method of funding a new wallet is to transfer NEAR from a cryptocurrency exchange (CEX) or an existing wallet. However, there is a lot of foot traffic on the Rainbow Bridge, the main route connecting the ecosystem to Ethereum (and Aurora). This is where we start looking into how to get aboard the NEAR spaceship.

For the purposes of this analysis, a "new wallet" is defined as any wallet created within the last week and month. The dataset is limited to valid addresses only to ensure reliable information about the habits of freshly created wallets.

All the wallets that were made using a referral link are shown in blue on the graph.

🔮 New Wallets General Data

To get an idea of how organic the adoption of the ecosystem is, let’s take a look at some general data about these newly created wallets and how they operate right after their creation. What’s the user retention looking like?

The distribution map on the below immediately dispels any uncertainty regarding the retention and growth in users seen over past week and month.

75 percent of the 20K newly created wallets have never made less than 4 transactions on-chain over past month. If we exclude these IPs from the user growth calculation, we get a much lower number that doesn't look so great when examined in isolation.

Right below, we have a visualization of the assumptions made so far. The NET growth of the user base on NEAR is free falling.