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π Introduction
The ever-increasing growth and development of blockchain technology and the world of cryptocurrency provides us with new capabilities and covers the weak points one after another. Users first had to turn to centralized exchanges (CEX) for their transactions, where a central entity challenges privacy and decentralization in the blockchain world. With the help of smart contracts, a decentralized exchange (DEX) was formed. Osmosis is the first DEX on the Cosmos network.
π£ What is Osmosis & what is its purpose?
Osmosis is an advanced Automated Market Maker (AMM) protocol that allows developers to build custom AMMs with robust liquidity pools. Osmosis is built using the Cosmos SDK and uses the Inter-Blockchain Communication (IBC) feature to enable cross-chain transactions. The Cosmes ecosystem follows the "blockchain as a decentralized application" architecture; This means that Osmosis is a blockchain connected to the Cosmos hub, which is also a decentralized exchange.
π Purposes of dashboard
In this dashboard, the activity of Osmosis users is analyzed. First, in this dashboard, users are grouped based on their activity (the number of days they had transactions), then their activity is evaluated in terms of liquidity providing and swapping.
Different parts of this dashboard:
1οΈβ£ In the first step, the situation of Osmosis users in 2022 will be analyzed. The metrics that are reviewed in this section are:
- Average transaction per user
- Total Osmosis user/transaction count
- Statistical data related to the number of daily users
- Number of unique/new users per day
2οΈβ£ In the second part, the status of Osmosis transactions is reviewed, some unusual activities are identified and explained. Then the top addresses are extracted in terms of the number of transactions and the activity of these addresses is also analyzed in terms of daily transactions. In general, the metrics that are reviewed in this section are:
- Number of Transactions
- Unusual activity of Spam Bot & Total Transactions of Spam Bot
- Top 10 Addresses Based on the Number of Transaction
- Number of Daily Transactions of Top Addresses
- Distribution of the Number of Transactions
- Number of Users Based on the Number of Transactions per Day
3οΈβ£ In the next part, after grouping users based on the number of days they had transactions, the number of swaps and the number of providing liquidity by users will be analyzed. The metrics presented in this section are:
- Number of "Swap From"/βSwap toβ Per Week
- LP Activity of Users per Week
- Number of Swaps by Users of Different Groups per Week
- Total Number of Swaps by Users of Different Groups
- Number of User Swaps According to the Number of Days the Users have been Active
βπ» Methodology
In this dashboard, the following tables are used to extract data:
osmosis.core.fact_transactions
β This table is used to find the data related to the number of users and the number of transactions.
Time period considered: From the beginning of 2022 onwards β date>='2022-01-01' and date<>current_date
In finding the top 10 addresses with the highest number of transactions, only successful transactions are considered. β tx_status='SUCCEEDED'
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To analyze users in terms of their daily activities, we have grouped different addresses as follows:
- Group A β Users who have only transacted in one day. β
when day_count=1 then 'Group A'
- Group B β Users who have transacted for more than one day and less than seven days. β
day_count>1 and day_count<=7 then 'Group B'
- Group C β Users who have transacted for more than seven days and less than 30 days. β
day_count>7 and day_count<=30 then 'Group C'
- Group D β Users who have transacted for more than 30 days. β
day_count>30 then 'Group D'
- Group A β Users who have only transacted in one day. β
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osmosis.core.fact_swaps
β This table has been used to check the number of swaps of different groups. β Only successful transactions are considered. βtx_status='SUCCEEDED'
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osmosis.core.fact_liquidity_provider_actions
β This table is used to check the behavior of users in terms of providing or removing liquidity in different pools. β Only successful transactions are considered. βtx_status='SUCCEEDED'
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osmosis.core.dim_labels
β This table is used to find token names.\
Group A: Users of this group have interacted with Osmosis Chain for only one day.
- These users had the highest number of swaps in March.
- About 32% of the swaps of these addresses were from ATOM coin to other currencies. OSMO and NGM are ranked second and third.
- 35% of these users' transactions were swaps to OSMO. NGM and ATOM currencies are ranked second and third.
- Group A users recorded the most liquidity providing transactions at the end of February and March. On the other hand, these users recorded the highest number of transactions related to liquidity removing in the first week of January.
Group B: Group B addresses have recorded transactions in the Osmosis network for more than one day and less than 7 days.
- The highest number of swaps was recorded by group B on the second week of March. (67,455 transactions)
- The largest number of swaps in this group was from ATOM to other tokens. In this regard, OSMO and UMEE are ranked second and third.
- Most of the swaps of group B users were from other currencies to OSMO currency. ATOM and JUNO are ranked second and third.
- On March 2022, the largest number of liquidity providing was made by group B users. On the other hand, on April, the largest number of transactions related to the liquidity removing was carried out by the users of this group.
- For Group B, the number of transactions related to the liquidity providing has been much higher than the transactions related to the liquidity removing.
- The number of transactions related to swaps for group B users was more than the number of transactions related to liquidity providing.
Group C: Users of this group have interacted with Osmosis network for more than 7 days and less than 30 days.
- The highest number of swaps by users of this group was recorded in the first week of January.
- Unlike groups A and B, the most swaps of group C users were from OSMO coin to other currencies, and ATOM and USTC currencies are ranked second and third.
- In terms of the number of "Swap to" transactions, OSMO currency ranks first.
- From the beginning of 2022 until the end of February, the number of transactions related to providing liquidity has gradually increased and after that it has gradually decreased.
- Group C users recorded the highest number of transactions related to providing liquidity in late February and early March. In the first week of May, the largest number of transactions related to liquidity removing was recorded by these users.
- The number of transactions related to swaps for group C users was more than the number of transactions related to liquidity providing.
Group D: Users of this group have interacted with Osmosis chain for more than 30 days.
- Group D users have swapped OSMO currency more than other currencies. Like group C, ATOM currency is also ranked second after OSMO.
- The highest number of swaps by group D users was recorded in the second week of May.
- The average number of swaps of group D users is more than other groups.
- The number of transactions related to providing and removing liquidity by group D users is more than other groups..
- The number of transactions related to swaps for group D users was more than the number of transactions related to liquidity providing.
Group D addresses are the most active users of the Osmosis network.
Activity Analysis
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About 81.5% of the total number of Osmosis network swaps were recorded by the most active users of this chain. (Group D)
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The highest number of swaps on the Osmosis chain was recorded in the second week of May.
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In total, the number of Osmosis chain swaps has been on the rise since the beginning of 2022 until the end of March.
π§ Observations
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In checking the number of daily transactions on the Osmosis chain, unusual activities are observed between July 18 and August 1. All these transactions have failed these days. With a deeper investigation, it can be seen that all these transactions were done by a spam bot. This spam bot recorded a total of 21,116,168 failed transactions in 15 days.
The activity of this spam bot has been stopped after August 1.
π§ Observation
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The address osmo19pjtx7dah2fquf7udyxjv94h0eraha78ddzwlm recorded the highest number of transactions in 2022. (1,826,046 transactions)
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The number of transactions of these addresses has decreased since June 8.
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The address osmo1shd5ael9e96h7pvypjqp03rdtr8v4tau9ng9pk recorded a very large number of transactions on March 22.
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Ignoring the transactions of the address osmo1shd5ael9e96h7pvypjqp03rdtr8v4tau9ng9pk on March 22, the highest number of transactions for these addresses was recorded on March 30. (The address osmo1shd5ael9e96h7pvypjqp03rdtr8v4tau9ng9pk has not had any transactions on this day.)
π§ Observations
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About 334k addresses have recorded only one transaction on Osmosis in 2022.
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The number of users who registered 2 transactions on Osmosis is more than the number of users who had only one transaction.
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Users who recorded more than 10 transactions in one day had the highest number on March 17.
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In the "Analysis of Activity of Users" chart, users are grouped according to the number of days they interacted with the Osmosis network. (How to group these users is explained in the methodology section.)
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π‘ Conclusion
In this dashboard, the activity of Osmosis network users was analyzed. Different addresses were grouped into 4 categories according to the number of days they had transactions. Users who interacted with the Osmosis chain for fewer days swapped ATOM currency to other currencies the most, and in this respect OSMO was in second place. While these users swap most of their other currencies to OSMO. But with the increase in the number of days that the addresses interact with the Osmosis network, we see that the number of transactions related to the sale and purchase of OSMO ranks first.
On the other hand, users of the Osmosis chain are more interested in swapping than providing liquidity.
Analyst: Emanoel
***Twitter: ***
Discord: Eman#9698
Special thanks to the Flipsidecrypto π§‘
π§ Observations
- In the past months, on average, each user recorded 6 transactions per day.
- The total number of users on the Osmosis network in 2022 was equal to 559k unique addresses.
- In 2022, about 92M transactions have been recorded on the Osmosis network.
- On average, 31k unique users interacted with Osmosis network daily.
- There have been over 26.9k unique users on the Osmosis network in half a day.
- The largest number of users in the Osmosis network was recorded on April 23.
- In 2022, on some days, the number of addresses that have transacted on Osmosis for the first time has increased significantly. Some of these days are: January 1, February 16, and April 23.
- In the first months of 2022, the number of new users of the Osmosis network was higher than in the previous months.