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    Hadeswap: NFT Bonding and $HADES Emissions

    Hadeswap, a decentralized exchange on Solana, has recently introduced a bonding mechanism where users can bond their NFTs or SOL for vested $HADES tokens. The fees collected from bonding and NFT staking are used to buy back and burn $HADES. This article explores the distribution of wallets that bonded their NFTs for a discount in $HADES, the impact of bonding on new users, and the relationship between token emissions, burns, and demand.

    Introduction to hadeswap

    Hadeswap is a decentralized exchange built on the Solana blockchain that aims to provide users with a fast, secure, and low-cost trading experience. The platform utilizes a unique bonding mechanism that allows users to bond their NFTs or SOL to receive vested $HADES tokens. The bonding period lasts for 7 days, 2 weeks, or 1 month and once the period is over, users receive $HADES tokens that are vested over time. The NFTs or SOL provided through this mechanism are not returned, and the protocol owns the liquidity while offering discounted $HADES in exchange for it.

    The bonding program aims to incentivize users to contribute to the platform's protocol-owned liquidity by offering a discounted rate on $HADES tokens. The program also helps to combat token emissions from both bonding and NFT staking by using collected fees to buy back $HADES tokens and burn them, reducing the token supply and increasing token value. Through the bonding program, Hadeswap is driving governance value toward $HADES and providing users with an innovative way to contribute to the platform's liquidity while earning rewards over time.

    Key takeaways

    Hadeswap's bonding activity saw a good retention ratio with 22% of users bonding in both phases. Most bonders were shrimps, with whales and other larger participants joining only in the second phase.

    Approximately 50% of users bonded their NFTs only once, while a small percentage bonded more than six times.

    New users were initially attracted to Hadeswap through DEX, with Jupiter swap v4 being the dominant source. However, the majority of demand for Hades tokens is now from claims.

    The rate of token emission is currently higher than the rate of burning, but the gap is slowly closing. The majority of tokens burned were from protocol-owned liquidity, with auctions being less common.

    Overall, while Hadeswap's bonding activity has shown some success in retaining users, the demand for Hades tokens is primarily driven by claims. The token emission rate is catching up to burning, but most tokens have been burned through auctions.

    Note : To keep the Dashboard as short and readable as possible, methodology has not been explained as suggested in the recent webinars.

    Note : All amounts are in $HADES and not in USD.

    Definitions :

    1. Floor price : The lowest paid amount for an NFT and not the lowest listed amount.

    2. Shrimps : Below 10 perncetile which is close to 5000 hades

    3. Octopus : Between 10 and 50 percentile which is close to 5000-25000 hades balance.

    4. Shark : Between 50 and 90 percentile which is close to 25000 - 45000 hades $ balance.

    5. Whale : Above 90 percentile. That is beyond 45000 $hades balance.