Liquidity Activity
Which liquidity pools and platforms are users using to acquire BANK tokens? Which tokens are being swapped most to acquire BANK tokens?
Introduction
The main premise of Decentralized Finance (DeFi) is centred on the ability to seamlessly exchange tokens at will via decentralized exchanges (DEXs). For DEXs to be successful, they need liquidity, pooled together from various providers.
Bankless DAO is a community of DeFi users promoting non-reliance on central banks and commercial banks, and to become a member of Bankless, one has to hold 35,000 worth of $BANK tokens. One way to get $BANK is to make swaps on DEXs.
This investigation will focus on the various liquidity pools where users can swap for $BANK tokens.
The BANK-WETH Liquidity Pool from Sushiswap is the most popular with 74.1% of $BANK swaps, ahead of Uniswap's BANK-WETH 10000 200 LP and BANK-WETH 3000 60 LP with 15.9% and 6% respectively.
Now, let us dive deeper and find out how the swap distribution will become based on the amount of tokens swapped for $BANK. The donut chart below shows the amount in USD of tokens swapped for $BANK and grouped by liquidity pools.
Again, we see Sushiswap's BANK-WETH LP clearly dominating with 86.2% worth of tokens passing through the pool. Uniswap's BANK-WETH 10000 200 LP and BANK-WETH 3000 60 LP follow up with 10.1% and 2.2% respectively.
Conclusion
In this dashboard, we have analyzed the swap activity in $BANK-based liquidity pools and ranked the most popular pools by swap count and token amount. It was found that the BANK-WETH pool on Sushiswap is by far the most popular (>80%) among users who swap to acquire $BANK tokens. ETH is also the most preferred token to swap from to acquire $BANK tokens.