Introduction

what is wrapped bitcoin Token or WBTC?

The WBTC token is a digital asset launched on the Ethereum blockchain network; So WBTC is an ERC20 token. This token is backed by Bitcoin. Each unit of WBTC token is equivalent to one unit of Bitcoin.

why we need WBTC?

One of the problems of the Bitcoin network is the time-consuming nature of transactions. Sending bitcoins can take anywhere from several hours to several days. But using the WBTC token has greatly reduced this time. But the main use of this token is to create a connection between the two big blockchain networks of Bitcoin and the Ethereum blockchain network. WBTC token is a bridge between these two networks. This token allows Bitcoin holders to use the facilities of the Ethereum network without purchasing a single unit of ETH. Features such as the use of an Ethereum wallet, decentralized applications and, most importantly, a smart contracts.

Method

contract and summary on how I collected the data:

we will analyze XAUT and PAXG tokens as Gold-Pegged Tokens on Ethereum

==contract==

• WBTC contract: 0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599

summary

• for price of token I used ethereum.core.fact_hourly_token_prices table and
• for collecting holders stats and supply I used ethereum.core.ez_current_balances table
• Top 10 event calculated with event_log table with help of tokens contract addresses
• for finding the data that is related to swapping these tokens I used ethereum.core.ez_dex_swaps table
• for transfers stats I used ethereum.core.ez_token_transfers table
• for social activity we used socialbearing.com

our approach: for answering the bounty questions:

we will have 6 sections:

1. Tokens stats: here we will take a look at usual token stats like price, supply and market cap
2. Holders: Here we examine the balance and its distribution among the holders and see which are the top holders .
3. Top 10 event: We look at the top ten events that have been done in general and on a monthly basis
4. Swap: We collected all the information related to the swap and placed it in this section
5. Transfer: What we did for the swap part, we also did it for the transfer part
6. social Activity: We take a look at the $WBTC statistics to see what activity and how much activity they had on twitter

• some necessary definition base on provided data:

  ==Market cap:== Supply*Price

All the Volume numbers are in USD

If I did not write a limit in the title of the graph, it means that I have used all the data available on the flipside

Conclusion

1. the highest Price that WBTC saw is 68K USD
2. the market cap decreased 78% from the Top which was 15.6B USD
3. Most holders or 72% of them have an amount below 0.01 WBTC in their wallet
4. Transfer has the first rank as the Top Event for Token contract
5. In both months of June and May, we saw the highest swap volume, and in total, the swap volume of 136B USD has been recorded for Wbtc
6. The average swap size in the last six months often fluctuates around 50K USD
7. During the sharp drop in Bitcoin price in May 2021, we also recorded the highest transfer volume.
8. The average transfer size in the last six months is often below 200K USD
9. in last 6 days we had 2556 tweets with $WBTC in it

Thanks For your time

Twitter: Abbas_ra21

date: 2022-12-10

Observations

In both months of June and May, we saw the highest swap volume, and in total, the swap volume of 136B USD has been recorded for Wbtc. The last year has recorded the highest average volume of swaps for each swapper with 844K USD, which is a very high number and this shows the high size of swaps. The highest number of swappers can be seen after the decrease in the price of Bitcoin, which could be due to the fear of the holders or selling their tokens. The average swap size in the last six months often fluctuates around 50K USD

Observations

The highest market cap for WBTC was about 15.6B USD, which was recorded on November 8th, and after that, it began a sharp downward trend, reaching the current market cap of 3.44B USD, which means a 78% decrease. This decrease is due to two reasons: a sharp drop in the price of Bitcoin and an increase in the Burned amount , which causes a decrease in supply.

Since May, we have seen high numbers in the burn Amount of this token, which has reduced the number of tokens in circulation by 80K.

Observations

Most holders or 72% of them have an amount below 0.01 WBTC in their wallet and only 4.9% of them have an amount of Bitcoin between 1 and 10 tokens. The largest holders belong to DEXs or Defi platforms, and Aave is at the top of them with 28K tokens.

The average Holding for Each Address is 3.4 WBTC which is big number.

4. Swap

1. Token stats

5. Transfer

2. Holders

3. Top 10 events happened on tokens contarct

Observations

1. Transfer has the first rank.
2. In the monthly chart, transfer has the most transactions in all months
3. We can see a growth in the number of transactions from the beginning of May

Observations

1. During the sharp drop in Bitcoin price in May 2021, we also recorded the highest transfer volume.
2. The average transfer volume for each address is about 2.21M USD, which is a very large number, and this indicates the large number of high-volume transfers for this token.
3. The average transfer size in the last six months is often below 200K USD

6. Social activity

Observations

in last 6 days we had 2556 tweets with $WBTC in it, which were seen by 2M User. the highest number of tweets was on Dec 6 with more than 300 one