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Overview of essay:

In this essay, the Gnosis network has been investigated through Flipside data. The major aim of this study to explore the provided data on Flipside and find interesting outcomes on Gnosis blockchain.

To reach the this goal, this essay has been divided into two sections as:

• Live Network analysis

• Track Stablecoins (USDC, USDT and xDAI) on Gnosis

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The Outcomes of each sections has been summarized and interesting consequences have been highlighted, accordingly.

The data of Gnosis network has been appeared on Flipside since May 23, 2022. This dashboard is Live and Refresh on Daily basis.

What is Gnosis?

Gnosis ==is a protocol based on the Ethereum network that provides developers with a variety of infrastructure to launch Prediction Market applications.== Prediction markets are platforms that allow users to bet on future events. Prediction market platforms are not unlike exchanges. With the difference that users trade the probability of events instead of trading assets. The crypto community believes that cryptocurrencies can decentralize the operation of prediction markets so that global users can access these platforms. The idea behind the Nosys platform to provide market forecasting infrastructure can be explained as follows; Blockchain enables users to trade cryptocurrencies that represent the outcomes of events on the open market. Gnosis aims to provide an infrastructure for decentralized applications that can act as a prediction tool, information source and standard for predictive assets. Gnosis developers aim to create various market prediction platforms that earn their income from commissions or sales of their data.

Version 2 of the Gnosis protocol is a completely decentralized protocol that decentralized applications and decentralized exchanges that want to provide users with features such as better price and platform protection against the phenomenon of "miner extractable value" can use version 2 of this protocol in their user interface. to use

How does it work?

Gnosis consists of 3 main layers, and decentralized products and protocols are developed on the basis of these layers. In the following, we will tell you what the Gnosis protocol layers are and what capabilities each one has.

Main layer:

The core layer is the center and basis of the protocol and is where the smart contracts that enable events, conditional tokens, transaction execution and market mechanisms are located. This layer is available to users for free and open-source.

Service layer:

Above the main layer, the service layer is located and it is the place where services such as stable coins, chat bots and market mechanisms are built on its platform. Users of platforms usually come into contact with this layer. The development team can add the features they need to the service layer.

Application layer:

The application layer or program (Applications Layer) includes decentralized market forecasting programs that are built on the Gnosis platform. Some of these Prediction Market applications are developed by Gnosis itself. But a large number of these programs are launched by other developers and get their money from users.

Part 1: Live Network analysis

Daily statistics:

• The number of newcomers was high on some dates as can be seen. Also, the general trend of newcomers inflow to Gnosis has decreased compared to the first days.
• If look precisely, the price of GNO as a native token of Gnosis affected the newcomers and application of Gnosis. There is a positive correlation between newcomers and price of GNO token.
• The overall success rate of transactions on Gnosis is about 84.3% of transactions are successful.
• The highest percentage of transactions that failed happened on June 8th by 44% of transactions failed on that date..
• The maximum TPM of Gnosis network occurred on June 1st with 1447 transactions per minute.
• The daily number of transactions and related to it generated fee was high on June 11th due to the highest application of network.
• The numbers shown above demonstrate the updated stats of Gnosis network and shown the parameters related to it.

Part 2: Track Stablecoins on Gnosis

xDAI analysis:

The xDAI is a transactional tokens on the Gnosis Chain and also used to pay for execution of smart contracts and gas fees.

• The daily volume of transferred xDAI on Gnosis reveals the highest volume on June 13th with near 50 million transfer volume.
• The trend of users who transfer the xDAI did not follow the specific pattern but on some date more users transferred xDAI like on August 3rd about 2921 unique users transferred this token.

Stablecoins on Gnosis:

Now lets track the bridged stable coins on Gnosis network. For this purpose the bridge stablecoins from Ethereum have been considered including USDCe and USDTe.

• The number of transactions and users interacted with USDCe is more than USDTe according to the related graphs.
• In term of volume, the volume of these tokens are really close together.
• we can conclude that low number of users use USDTe in comparison with USDCe. But from the volume point of view, both has the same application on Gnosis.
• The highest volume of application for both stablecoins happened on June 13th with over 40 million volume for each of them.
• The cumulative volume of each stablecoin on Gnosis reveals the very close and similar pattern for these stablecoins.
• Also, the users and application (count of transaction) for these stablecoins reached their maximum on June 13th.

References and useful links:

• Official website
• Gnosis DOCs
• Gnosis explorers: BlockScout
• GNO token

Author:

Credited by MZG

Discord handle: m.zamani#0361