1. Introduction

This dashboard pretends to work as a wrapped version of the last two months on Osmosis. How did Osmosis perform during the last two months of 2022? How many new pools emerged and which of them increased their swap fees? How do new users enter into Osmosis? I'll take a look into:

• Most popular entry paths
• DAU
• Top pools winners based on SWAP fees increasing
• New pools
• Most voted proposal
• Most divisive proposal
• Transaction fees
• Failed transactions
• Validators with the most net OSMO delegated during two months.
• Nakamoto coefficient

2. Entry paths and DAU

This part refers to how new users entered Osmosis, which were their first four transaction types, and how many users there were in each case, both in November and December. As is logical, users first need some tokens in their account, so the first transaction is transfer (in this case, transfer in) to put funds in a wallet. What's interesting is that we se an enormous increase in the number of users using path "transfer -> claim" on december (10k users), while the path "trasfer -> swap -> swap -> transfer" was the most used one on November. Transfer -> staking is still quite a used path, but on December the "Claim" path joins the club with a massive amount of new users.

Next, there's always some controversy regarding what we consider "active", so I plot two options: considering daily active as “at least one transaction on a day”, or daily active as “at least two transactions”. There is an increase during November and a decreasing during December, which can be attributed due to a rally in price during the first and a drop during the latter. Nevertheless, it's interesting to see a decrease in DAU when we've seen an increase in the new addresses.

3. New pools and swap fees

In this section, I’ll take a look at new pools during december, swap fees during both november and december, and evolution and clear winners compared to november.

To do so, we can look at the new pools on december. Clearly, these will show a huge increase from the previous month given that they are new, but it’s good to have them listed! Similarly, we can plot the cumulative number of pools on Osmosis to get a first look at how many new pools are being created.

An important metric to keep under the radar is swap fees. On Osmosis, each pool defines a swap fee that will be paid by the trader who swaps, in the form of the incoming (paying) currency. Since Flipside does not have a table with the swap fees, I’ve used Imperator swagger API to query the pool fees and introduced them manually to calculate the swap fees.

On one side, I’ve calculated swap fees in USD, since it’s important to know the USD-paired value, but I’ve don the same in currency. The reason is because swap fees can go down if prices drop, but activity does not always depend on price action, so a most accurate view would be checking both increases. Following this let us first plot the daily fees in USD.

Next, knowing daily fees for both months, we can take a look at which pools are the winners in terms of fees increasing during this period, in this case both in USD value for the pool, and currencies. In case anyone wants to check deeper, I’ve also added the tables below the plots

Therefore the winner in swap fees when we look at them in USD value is pool OSMO-FET, seeing a 325% increase (from 446$ to 1896$) between November and December.

4. Validators, governance and decentralization during the selected period

This is the last section of the dashboard, where I’ll start by analyzing delegations/undelegations/redelegations during the months of November and December. Then, I’ll follow up by looking at governance activity, and finally Nakamoto coefficient during the selected period.

3. Transaction fees & failed transactions

Looking at the number of failed vs succeeded transactions, we see that there are normally around 10-20% of daily transactions which fail on Osmosis. However, on december 13 that number climbed up to 58%. It would be interesting to dig deeper into that specific day, but I reserve that for the future since it could be a whole new dashboard topic!

What about daily fees? We see a spike towards the second half of december (from 200 to 800 Osmo in fees). This sudden increase appears to come from the “wasm” and “execute” message types, which later decrease again to previous levels.

During November, there were a total of 10.4M Osmo delegations, versus 9.94M during December. On the other side, undelegations reduced significantly during December compared to November, although they still outnumber delegations.

The second chart shows which the top 10 validators which received more delegations during both months. This takes into account delegations, undelegations and redelegations. In this sense, wosgmonton is the winner with 1.32M new Osmo delegated during december followed by Larry with 1.07M Osmo delegated and DSRV with 804k Osmo during November.

We see there were a total of 17 proposals which went live during November vs 21 in December, so the number of voters follows the same pattern; 479k voters on December vs 403k in November.

Proposal 356 was the least voted one, in terms of individual voters, while prop 353 was the most voted one, and both of them were regular incentive adjustment proposal. Proposals 375 and 389 were the ones with a higher number of “Abstain”, and 388 was the one with the nighest number of individual users voting against (it ended up being rejected).

Finally, November started with a Nakamoto coefficient of 6, and December-Jan ended up with a coefficient of 8, which is great news for the ecosystem overall! This number reflects the minumum number of validators needed to hat the chain, so it’s an easy number keep track of decentralization.

Conclusions

After this extensive look at the ecosystem, the following insights can be taken:

• The most used onboarding path in transactions orders was transfer -> swap -> swap -> transfer and transfer-> swap -> transfer on November, compared to transfer -> claim and transfer -> claim -> transfer on december.

• There was a huge spike in "claim" transactions on december which did not show up before.

• The number of DAU decreased during december compared to november, but not by a significant amount. This is probably due to price action going up during november and down during december.

• A total of 23 pools where created during december.

• Swap fees in USD terms were higher during november, again due to price action.

• Pool 681 - OSMO-FET saw the highest increase from november to december in swap fees (300%).

• If we look into failed and succeeded transactions, there were more transactions overall during november, but a significant amount of failed transactions appeared on Dec 13th, where 58% of the transactions failed.

• When it comes to transaction fees, the second half of december saw a increase of daily fees (2x) due to "execute" and "wasm" transaction types. They later came down to previous levels.

• There were more undelegations during november than december, and the top winners in terms of new Osmo delegated were wosgmonton, larry and DSRV.

• Both the most voted and least voted proposals during november and december (in terms of individual voters) were incentive adjustment proposals.

• Finally, the Nakamoto coefficient during both months increased from 6 to 8, which is great for the ecosystem.