Try Quests to earn AVAXWhat's going on with Avalanche?
Introduction
Trader Joe is a money manager that employs Avalanche as its primary trading asset (AVAX). On the other hand, this DEX also features a launchpad, liquidity pools, leverage trading, yield farming, NFTs, staking, and lending/borrowing services. Overal, Trader Joe's claims to be one of the most comprehensive DEXs in the DeFi market [1].
Pangolin is a community-driven decentralized exchange with fast settlement, low transaction fees, and a democratic distribution. Pangolin brings you the best trading opportunities to find and maximize your yield. It was launched in February 2021 on the Avalanche C-Chain as a proven concept for automated market makers (AMMs). It facilitated over $15 billion dollars in trading volume in its first year. Pangolin now embarks on a multi-chain journey to compound the community with upcoming deployments coming on the Flare Network and Near in 2022 [2].
ParaSwap aggregates decentralized exchanges and other DeFi services in one comprehensive interface to streamline and facilitate users' interactions with decentralized finance on Ethereum and EVM-compatible chains: Polygon, Avalanche, BSC & more to come [3].
Method
In the current dashboard I tried to evaluate the swaps metrics on Trader Joe, Pangolin & Paraswap on Avalanche network affected by FTX’s collapse.
For this I used avalanche.core.fact_transactions table filtered by following to_address column:
to_address = lower('0x60aE616a2155Ee3d9A68541Ba4544862310933d4') Trader Joe
to_address = lower('0xe54ca86531e17ef3616d22ca28b0d458b6c89106') Pangolin &
to_address = lower('0xdef171fe48cf0115b1d80b88dc8eab59176fee57') Paraswap
Also, I have extracted the volume of swaps to/from stablecoins over the November, 2022, as FTX bankruptcy month. All calculations executed over the November 2022.
✍🏻 Conclusion
As of Findings above:
- The average fees amount per transactions on Parawap is too higher than two other platforms (Over 3x highr).
- Daily count of transactions and swapper count on Trader Joe is considerably higher than two others.
- A few some days after FTX’s demise, activities on all three platforms increased, but the Pangolin the less affected by event.
- The most swapped volume on Nov 9th, two days after FTX’s collapse reached at the highest point over past month, and the volume of swapped to stablecoins were more than swapped from stablecoins (approximately $16M against to $11M, respectively).
- USDC-WAVAX, QI-WAVAX & WAVAX-USDC were the moat popular pools on Trader Joe, Pangolin & Paraswap, respectively.
And finally, I’m glad to share this research with those who care about this issue via Twitter link, and will be pleased by your comments.
About:
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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
Swap Platforms on Avalanche Affected by FTX Demise
All cryptocurrency markets and associated platforms were impacted by FTX's bankruptcy on November 7. This dashboard deals to three major Avalanche’s platforms by user activities and swap metrics affected by this event.
Evaluated Metrics:
> * Swaps count, active and new swappers over time > * Swapped volume to/from stablecoins > * Amount of generated fees > * swap transactions count
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.
:mag_right: Findings:
The PIE charts above show an overall view of swap metrics on all three platforms mentioned above.
As can be seen in terms of active users and transaction count, Trader Joe's is considerably higher than others.
The average generated fee amount by Paraswap is 3x more than others, at $0.19 per transaction, compared to $0.08 and $0.07 for Pangolin and Trader Joe, respectively.
Trader Joe's has three times the number of new users as the other two platforms, despite the fact that a week after FTX's collapse on November 7th, total new user count on all platforms peaked at nearly 600, dropped to less than 100 on November 20th, and then increased again.
While the average fee per transaction on Trader Joe's is lower than on other platforms, the total amount of fees generated on Trader Joe's is approximately four times higher than on two other platforms due to the higher number of executed transactions.
The following graphs show after FTX‘s demise on Nov 7th, the number of transactions and swappers considerably decreased.
:mag_right: Findings:
The daily count of swap transactions from stablecoins to other assets skyrocketed on November 8th, 9th, and 10th, the days following FTX's bankruptcy.
Despite the fact that the number of transactions and swappers on Trader Joe's was significantly higher than on other platforms, Paraswap has seen the most volume swapped from stablecoins to other assets these days.
Overall, in terms of transaction count, Trader Joe is higher than the other two, but in terms of swapped volume, Paraswap is too close to Trader Joe.
