Try Quests to earn cryptoI compare the post-launch 24-hour swap volumes of DOGE against other tokens launched on Thorchain. I find that the three tokens with the highest initial swap volumes are: THOR, xRUNE followed by DOGE.
Swap volumes are measured in USD and include the first 24 hours of trading following the first swap of a token.
I also excluded most of the lesser-known tokens which are bound to have low initial swap volumes. Focusing on the major tokens makes for an analysis that is easier to grasp. The resulting visualization is also much cleaner.
Thorswap was launched on April 11, 2021. I excluded most of the tokens that were launched in the first five days of Thorswap. These early tokens all have very low volumes.
I began by taking careful note of the first swap timestamp of each pool.
During its first day of trading, DOGE obtained the third highest initial 24-hour swap volumes in Thorswap's history. THOR and xRUNE ranked first and second, respectively. In a sense, DOGE did achieve unprecedented initial swap volumes. Let me explain:
It is not entirely fair to compare DOGE initial swap volumes to THOR and XRUNE. When the THOR token airdropped, it could only be sold on Thorchain for its first day of trading. Sushiswap started trading it one day after launch. We know that large volumes of airdrops are dumped right after launch. This explains the large volume of swaps that we see in the first 24 hours of THOR trading. XRUNE is also a Thorchain specific token. Comparing these two Thorchain tokens to DOGE doesn't feel like a apples-to-apples comparison. DOGE breaks the record when comparing initial swap volumes of tokens that originated from outside Thorchain.
The three tokens with the highest initial swap volumes are: Thor, xRune and Doge.
The launch of DOGE was a success in terms of obtaining large swap volumes. However, we should not conclude that all of DOGE's $268K initial swap volume represents new trading activity. On the day DOGE launched, the overall seven-day moving average swap volumes remained in a downward trend. This could be an indication that some of the swaps of DOGE was done by existing Thorchain traders. These existing traders may have moved their swapping activity from elsewhere on Thorswap.
Further research is recommended in assessing how much of DOGE's initial swap volume was completed by brand new wallets.
Special Thanks
To AD#5391 for helping fix the 'Invalid DateTime' bug that was affecting my results tables.
We have established that over $268K of DOGE was swapped during it's first 24 hours on Thorswap. We may want to know if DOGE's integration increased overall trading volumes on Thorswap. This is important in assessing the impact of the integration of new tokens. Another way to ask this question is the following: if DOGE had not be integrated on Thorswap, would it's $268K of initial trading volume have happened anyway, only on some other token pairs? We can get a feel for the answer by looking at trading volumes around DOGE's January 17 debut.
There was a slight bump in overall swap volumes on DOGE's first day of trading (January 17). However, overall swap volumes remained below their seven day moving average.
Last week, we learned that the price of RUNE has a 0.58 correlation with overall swap volumes on Thorchain. I am looking forward to seeing how the imminent integration of LUNA and UST on Thorchain will affect swap volumes and the price of RUNE.