Introduction

Cryptocurrency markets are constantly evolving and expanding, with new tokens being introduced on a regular basis. In recent weeks, we have seen a surge in new token listings on the Osmosis ecosystem, including both bridged assets like AVAX, BNB, BUSD, and native assets like ACRE, ARUSD, MARS, NGM, among others. The question that arises is: did these new token listings bring new users into the Osmosis ecosystem, or did existing users simply start using them? Moreover, are there certain assets that were more successful in attracting new users than others?

Part 1: User Growth

Lets begin by looking if there are new address joining the Osmosis ecosystem. The end on Nov '22, records the highest new address joining within the past week at 19.5 K unique new users . Since then the user growth has been declining .

Part 2: New Token on Osmosis

The percentage change in user growth shows significant fluctuations from week to week, with some weeks experiencing significant increases or decreases in user activity.

In some weeks where a higher number of new token contracts were added, such as the last week of December 2022 when four new token contracts were introduced, which coincided with a decrease in user growth. On the other hand, the week of January 30, 2023 had four new token contracts added and a significant increase in user growth.

This suggests that user growth may be correlated to type of tokens, as in, some tokens may attracts more audience than others

Part 3 : Most Popular Token

Now lets see which token attract the largest amount of unique trader.

$MARS token yield the highest unique trader count at 6.77K , and acre comes second at 4.76 K. Both AVAX and BUSD only yields about 500 unique traders. stLuna yields the lowest unique trader at 3 unique address.

Part 4 : Existing User vs New User; Interaction with New Tokens

Let's examine whether any of the newly listed tokens have attracted new users to the Osmosis ecosystem. According to our analysis, the $Mars Token has been the most successful in this regard, attracting 1.45K unique new addresses, in addition to 2.47K existing addresses that have used it.

On the other hand, $ACRE has had the most interaction with existing users, with 2.69K addresses using it. $DYS and $WYND have also had higher levels of new user interaction compared to existing users, with 1.02K and 892 unique addresses respectively.

However, some tokens like $FTM, $BUSD, and $WAVAX have failed to attract a significant number of new addresses, with only 1 unique new address .

Overall, our findings indicate that only a few tokens have managed to attract a considerable number of new users, while others have not. However, for tokens such as $WAVAX and $BUSD, the reason for their lack of new users could be due to the fact that their existing Osmosis wallet users already use these assets, which does not count towards new user growth.

Conclusion

So to answer whether new tokens are bringing in new users; the answer is yes. This is the case for native assets such as arUSD, MARS , ACRE etc. $MARS token has been pulling the highest amount of new users, at 1.45 K new users. Bridged assets such as BUSD and AVAX does not pull a many new uersonboarding Osmosis. SUffice to say, native assets has higher chance of attracting new users to Osmosis than bridge asets.