Purpose

Aside from looking at prices and volumes over time, we can also clearly graph the quantity of halo demanded at different prices. The chart below visualises the quantity of halo tokens purchased (sales are excluded) at different token prices.

The key observation is that most demand lies below 9 cents per HALO token (trades below 6 cents did not occur due to the adjustment mechanism of the LBP).

Approach

This dashboard presents an analysis into Angel Alliance's Halo Liquidity Bootstrapping Pool(LBP). Two potentially relevant questions were formulated for investigation and to satisfy the bounty requirements:

• What was the UST-HALO trade volume and HALO price throughout the duration of the LBP?
• Which addresses had the greatest level of participation in the LBP, and what was their share of all HALO token acquired throughout the LBP?

Distribution of HALO tokens aquired by participants

It is also interesting to uncover who the largest actors were during the LBP.

• The top 10 addresses by HALO purchase volume acquired the majority (almost 58%) of all HALO tokens purchased during the LBP.
• The top address contributed to almost 27% of this purchase volume, and exceeded all other addresses by far.
• The largest HALO token purchaser likely had a significant contribution to most of the price action during the program.

Trading activity during the LBP

All Halo token purchases during the LBP were obtained from Flipside's terra.msg_events table. Any transactions involving the transfer of UST for HALO token (identified by the following contract address: terra1w8kvd6cqpsthupsk4l0clwnmek4l3zr7c84kwq).

Based on this information, we can calculate the quantity of UST offered, the quantity of HALO received and the swap price over time and by each LBP participant. This data is then aggregated to understand key trends and the involvement of key addresses throughout the LBP.

To gain an overall understanding of trading activity during the LBP, the hourly price and cumulative net swap volume is visualised below.

• There was very little trade volume during the first day of the LBP. This is largely expected, and is managed by continually decreasing prices in the absence of significant trade.
• Once the HALO price dropped below 8 cents (UST) on the 20th of December, there was significant token purchases of almost 500k in a single hour.
• Prices continued to fall during the 21st of December, falling almost below 6 cents. Towards the end of the day as prices reached their lowest point, trade spiked and reached almost 600,000 UST in a single hour.
• Prices did not fall back below 8 cents in the last several hours of the LBP, and there was actually a net sale of HALO tokens back into the pool.
  • This indicates that most participants with demand above that price had sufficient opportunities to execute their trades.

Key findings

• The LBP was successful in allowing price discovery of the HALO token.
• Most of the demand for HALO falls below 9 cents (UST)
• The largest LBP participant purchased just under 27% of all HALO tokens that were traded during the LBP.
• Just under 60% of all HALO tokens aquired during the LBP were purchased by the top 10 addresses when ranked by their purchase volume.

The graph below provides a disaggregation of hourly purchases and sales of HALO tokens in the LBP.

• It clearly shows that there are significant sale offs coinciding with large purchasing activities. This may be due to opportunistic participants who are profit taking or deciding to reduce/exit their positions.
• There was also a large sell off just prior to the events completion.

Visualising the demand for HALO tokens