The chart below shows the price of the STEAK token every hour since the beginning of June. According to the publication of the announcement on June 7, it can be seen that the price increased by 2.8% on this day. The upward trend of STEAK price continued until June 9 and the price reached around 0.344 USD. But the conditions of the crypto market prevented the continuation of the upward trend of this token and the price of this token witnessed a significant drop. But the data review shows that in the days before the release of the announcement, the price of this token could grow to a maximum of 0.329 USD, while after the release of the announcement, the price of this token rose to 0.344 USD. Therefore, we see that the publication of this announcement was able to have a positive effect on the price of STEAK, although the volatile conditions of the crypto market prevented the continued growth of the price of this token.

The graphs below show STEAK token transfers between different addresses. Data analysis shows that one day after the announcement, the number of STEAK token transfers reached the highest number since the beginning of June. On June 7, the number of STEAK transfers was 243 transactions, but the day after that, the number of transfers increased by 37% to 333 transactions. On June 8, the number of addresses receiving STEAK tokens also increased dramatically and doubled compared to the day before. This is while the number of addresses sending the STEAK token did not change significantly and was only 8 more than the previous day. Examining the data related to the volume of transfers also shows that One day after the announcement of the STEAK becoming a governance token, the volume of transfers increased by about 13.2%. However, on June 10th and 11th, we see a sudden increase in the volume of STEAK token transfers, which could be the reason for the price drop on June 10th. Therefore, we see that the publication of the news of the STEAK becoming a governance token had a short-term effect on the volume and number of transfers, as well as the number of addresses receiving this token.

But in the section we identified the addresses that collected the largest amount of STEAK tokens in June. The results show that the address 0x902aa4cc3b463c84541c9c1dedf50620c99950b9 added about 50.8K STEAK to its balance. This address received a volume of about 52.7K STEAK during 49 transactions and sent about 2K STEAK to another address during only 1 transaction. This address received about 46.5% of its total incoming volume on June 10. But the address 0x6b23732232f836d0918b11ebc03c21ad8759cb10 is in second place. In this month, this address has managed to increase its assets by about 30K STEAK. Among the top addresses, the address 0x2ec2fceffea8bca4e60c2c813f81f9ade7d323d2 is in third place with 8.5K STEAK, but it has more transfers than other addresses. Since the beginning of June, this address has received or sent about 491K STEAK in 1344 transactions.

In this section, we reviewed STEAK token holders. The chart below shows the number of active STEAK holders. Active holders are addresses that send STEAK to other addresses or receive STEAK from them. In other words, their STEAK balance changes. The data review shows that one day after the announcement of the STEAK becoming a governance token, the number of active holders has increased dramatically. On June 7, there were only 95 active holders, while the number of these holders reached 191 addresses within a day. The average number of active holders increased from 94 addresses to 105 addresses with an increase of 11.7%.

The following charts show the changes in the balance of STEAK holders. The data analysis shows that a day after the publication of the announcement of STEAK becoming a governance token, the balance of a large number of holders increased. On this day, about 70% of the active holders increased their balance, while the balance of 25% of them remained unchanged and only the balance of about 5% of them decreased. The graphs show that after the announcement, a higher percentage of STEAK holders increase their balance.

In this section, we will examine the impact of the announcement of the STEAK token becoming a governance token on the volume and number of buying and selling transactions. The graph on the left shows the volume of buying and selling STEAK tokens since the beginning of June. On June 7, the swap volume of this token was equal to 25.1K USD, while a day after that, the swap volume reached 29K USD with an increase of 15.5%. The volume of STEAK swaps also increased on June 10, but the volatility of the crypto market on this day can be the main reason for the increase in swap volume on June 10. After this date, the daily swap volume has decreased. But checking the number of swaps shows that after the publication of the announcement, the number of daily purchase transactions has always been higher than the number of sales transactions. The review of swaps shows that after the publication of the announcement, although the number of swaps remained almost unchanged, the number of purchase transactions increased, while the number of sales transactions decreased. In other words, the desire of users to buy STEAK is more than to sell it.

The chart below shows the number of STEAK buyers and sellers. The results show that after the publication of the announcement, the number of buyers of STEAK was always more than the number of sellers. One day after the announcement of the STEAK becoming a governance token, while the number of buyers increased by 22%, the number of sellers decreased by 5%. The results show that on average before June 7, there were 38 sellers and 46 buyers, while after this date the number of sellers decreased by 8% to 35 addresses. The number of buyer addresses of this token also increased to 55 addresses with an increase of 19.5%.

The review of new STEAK holders also has interesting results. On June 7, only 54 new addresses were added to the number of holders of this token, while one day after the announcement, the number of new holders reached 142 new addresses with a growth of 163%. From the beginning of June until the announcement of the STEAK becoming a governance token, 53 new addresses were added daily to the holders of this token, while after June 7, the average number of new holders reached 71 addresses per day.

SteakHut Finance is the liquidity layer of Web3. SteakHut offers a diverse portfolio of tools for individuals, institutions, and protocols to unlock the full potential of DeFi. The token for this project is called STEAK. Since SteakHut has always been a community-focused platform, on June 7th, the platform announced that token holders can use the power of their tokens to govern the future of SteakHut Finance. This can help bring the community together, promote active discussion and allow for decisions to be made on subjects that split the community. So with this SteakHut is one step closer to decentralizing its platform. According to this decision, STEAK and xSTEAK holders have one voting right for each token. xSTEAK is a non-transferable escrowed governance token, corresponding to locked STEAK. STEAK can be directly converted to xSTEAK via the SteakHut dApp.

In DeFi we have seen many examples of governance that have had a positive and negative impact on protocols. Therefore, this decision can be a turning point for STEAK token holders. In this dashboard, we are looking for the short-term effects of this decision:

• Has the price of this token been affected by this event?
• Has there been any change in transfers of this token between different addresses after the publication of the announcement?
• Has the amount of activity of the holders of this token changed? Has the number of new holders of this token been increased? Have STEAK holders increased the balance of their wallets?
• Has there been a change in the volume and number of STEAK purchases and sales after the publication of the announcement? Are more traders interested in this token? Stay with us to answer all the questions.

💥 To see the transfer status of STEAK token by an address, you can search for your desired address in the table below.

In this dashboard, help was taken to extract data from the Flipside database. Using token_address='0xb279f8dd152b99ec1d84a489d32c35bc0c7f5674' we got the price data from table avalanche.core.fact_hourly_token_prices. Data related to the status of STEAK token transfers between different addresses was found in the avalanche.core.ez_token_transfers table. The performance of the holders was also checked on the amount of STEAK output and input to the wallets. Data related to the volume and number of swaps, as well as the number of STEAK traders, were also extracted from the avalanche.core.ez_dex_swaps table. Since we are looking for Evaluating Short-Term Effects in this dashboard, we considered the time frame of our analysis from the beginning of June onwards.

In the vast realm of blockchain technology, the pursuit of decentralization stands as a paramount objective for platforms. However, achieving this goal is not without its fair share of challenges. One common approach adopted by platforms is to entrust governance to their respective project communities through the issuance of governance tokens. Among these platforms is SteakHut Finance, a prominent liquidity layer of Web3. In a decisive move, the platform on June 7, announcing a significant transformation: the STEAK token would henceforth become a governance token. This transformative decision carries both long-term implications for the platform itself and immediate short-term effects. It is these short-term consequences that we delve into within this insightful analysis.

The results of our examination shed light on the immediate aftermath of the announcement. Following the news, the price of the STEAK token experienced a discernible reaction, witnessing an approximate 3% increase. However, due to prevailing crypto market conditions, further upward momentum was curtailed. Remarkably, within a day of the announcement, the number of transfers surged by a notable 37%. Additionally, the number of addresses receiving the STEAK token doubled when compared to June 7. In the wake of this announcement, an increased number of holders became actively engaged, and a large percentage of them increased their wallet balance. Moreover, the count of new holders spiked by an impressive 163% on June 8, surpassing the preceding day's figures. Prior to the governance announcement, an average of 53 new addresses joined the ranks of token holders daily. However, following the announcement, this figure surged to an average of 71 new addresses per day. Analysis of the buying and selling activities surrounding the STEAK token revealed a noteworthy trend: while the overall number of swaps remained relatively steady after the announcement, the count of buyers experienced a notable increase of 19.5%, while the number of sellers concurrently decreased by 8%.

Overall, the decision to transform the STEAK token into a governance token has demonstrated discernible short-term effects on various aspects of the token's ecosystem. These outcomes, spanning price fluctuations, increased transfers, heightened holder activity, and shifts in buyer-seller dynamics, underscore the significance and impact of governance decisions within the DeFi landscape.

Thank you for reading my dashboard

• Analyst: Emanoel
• My Flipside profile: Eman-Raz

🧡Special thanks to: Flipsidecrypto and Metricsdao