Cosmic Champs Token Launch

    Algorand based NFT Game Cosmic Champs have launched their project token $COSG. Let’s look at what users are doing with it.

    Introduction

    Cosmic Champs claim to be the first Play-to-Earn (P2E) game in Algorand. With very nice graphics, they tick all the boxes: you can earn NFTs and their governance token, Cosmic Gold (COSG) while playing real-time battles with friends or enemies. The public sale of COSG begun on April 21st through Yieldly's yLaunch and included 3 different staking pools:

    • Stake YLDY --> generate COSG
    • Stake COSG --> generate COSG
    • Stake YLDY/COSG LP token --> generate YLDY
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    We will take a closer look at the COSG swaps and the staking in the COSG Pool.

    Source

    Methodology

    I will query the algorand.swaps table to obtain the daily swaps to and from in terms of volume and number of swaps, using the COSG asset_id = 571576867.

    To obtain the number of stake actions and staked volume, I joined the algorand.transactions and algorand.application_call_transaction to filter all asset transfers from COSG (asset_id = 571576867) where:

    • app_id = 710543830 for the Yieldy COSG Pool
    • TRY_BASE64_DECODE_STRING(tx_message:txn:apaa[0]::STRING) = 'S' for staking actions

    Results

    Daily swaps to and from COSG in number and volume

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    Figures 1. and 2. show the swaps to and from COSG in terms of number of swaps and volume swapped. There is a clear peak on April 20th (I assume it is the private distribution to players) and on April 21st (public sale), especially in terms of volume.

    The trend in number of swaps is more stable than in volume, where a very clear downtrend can be seen.

    Figures 3. and 4. show the total number of swaps and volume in both directions. Initially, a bigger number of swaps to COSG occur and it levels out after 10 days, standing now at 5214 vs 4936 swaps to / from respectively. In terms of volume, there is a more or less constant difference of 0,5M COSG between volume to COSG and from COSG, which I interpret as a stable demand for the token. It can be seen as well that volume on the first 2 days is around 60% of the total volume exchange, for both directions. For the number of swaps, this percentage goes down to around 44% for swaps to and 25% for swaps from.

    Daily stake stats - actions and amounts

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    Figure 5. shows the daily stake actions. It started with a high number and since launch stabilized around 600 daily stake actions. Lower number on April 30th is probably due to incomplete data for the day.

    Figure 6. shows the daily staking amounts of COSG over time coloured by number of stake actions. We can see a clear trend where almost all tokens (9M) were staked the first two days, followed by small amounts being staked afterwards.

    Figure 7. shows the stake amounts of COSG (in log scale) over stake actions to visualize the correlation between both metrics. Two trends can be identified: the first two days where the stake amount is highly correlated to the stake actions and the rest of the days where the correlation is not that high. The point on the bottom left can be treated as an outlier (incomplete day data).

    Figure 8. shows the total stake actions and amount over time. It is another way to visualize the trends identified, the stake actions increase at a constant pace around 600-700 per day from the starting day while the staked amount increase in the first days is very significant: the first day account for 75% of total staked volume and the first two day up to 93%. A very skewed staking volume distribution over time.

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    Conclusion

    The general trend in the Cosmic Champs token launch is very clear. Almost all the volume both in swaps and in the Yiedly staking pool happened on the first two days. In terms of number of swaps and stake actions, the situation is not so skewed towards the first days. This can be identified as a good user base interacting with the token, both swapping and staking, although the "smart money" was moved on the first days.

    I think this project has some good potential because brings a lot of elements together: P2E on a good thematic (real-time battles), NFT collectibles and staking of the COSG token with a collaboration with Yieldly, one of Algorand's top protocols. I would say it's major difficulty will be to juggle these three things together while trying to keep the interest on the project running.

    Digging a bit deeper on the tx_message:txn:apaa[0]::STRING values, I ended up aggreagting the tx_message:txn:aamt on this value to obtain a table with all the amount of COSG. It was easy to identify the unstake action as TRY_BASE64_DECODE_STRING(tx_message:txn:apaa[0]::STRING) = 'W' for withdraws and check this number against the total value locked (TVL) listed on Yieldly. Therefore, an extended query with the unstake actions was made using one CTE for each action type and calculating the net staking value.

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    Net staked volumes (stake - unstake actions)

    As mentioned in Methodology, I ended up digging in the tx_message:txn:apaa[0]::STRING adn was able to identify the unstake actions. The aim was to calculate the TVL.

    Figure 10. shows the daily volume staked and unstaked,with volume in a log scale. Although there is a big difference on both metrics on the first two days, they tend to equalize and there is even one day where more volume was unstaked than staked (April 25th).

    Figure 9. shows the net stake or TVL in the Yieldly staking Pool. Again, the first day (78%) and first anc second days (96%) account for most of the tokens staked.