Acquiring goBTC and goETH

    Q47. Where are users acquiring goBTC and goETH? Are they acquiring the assets by swapping or by minting? Has this changed over time? Explain the insights you find.

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    Introduction

    Algomint is the next generation blockchain infrastructure that solves the interoperability challenge. They bring popular assets to Algorand where you can enjoy high speed and low fees in its flourishing DeFi scene. Holders can join the party too. You can now store your BTC and ETH in the secure vault of Copper.co, mint goBTC and goETH on a 1:1 ratio, and redeem later on demand.

    Let's explore how users are acquiring their goBTC and goETH!

    Methodology

    Two different queries have been made, to look at swaps and mints for goBTC and goETH.

    The first query is built with 4 CTEs, one for each combination of goBTC, goETH swap to and swap from, and three consecutive joins to merge all data.

    The second query is built with two CTEs, one for minted goBTC and one for minted goETH, and a join to merge the results.

    Results

    Figures 1. and 2. show the swapped to and swapped from goBTC and goEHT respectively. Both have a massive peak at the beginning of the year and relatively low activity on the rest of the period analysed.

    Conclusions

    Both tokens have similar behaviours over time. The spike activity on January 1st is patent for both swaps and mint transfers, while there is a spike on March 19th only for mint transactions.

    Most of the time, the activity is relatively low.

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    Figure 3. shows the net swap for both goBTC and goETH, each on their axis. Both tokens have a similar behaviour, with goBTC having an increased activity through December 2021 and both token experiencing a big spike on January 1st followed by a relatively low net trasnfer (swaps from similar to swaps to)

    Figure 4. shows the total goBTC and goETH minted from sender address 'ETGSQKACKC56JWGMDAEP5S2JVQWRKTQUVKCZTMPNUGZLDVCWPY63LSI3H4', responsible for the new minted tokens. Additionally to the spike on January 1st, there is high activity on March 19th. goETH was minted more than goBTC throughout January.