Methodology

The wallet balance data were selected from the fact_daily_balances table of the Core schema of the Osmosis database. The analysis aimed to compare two balance types of liquid and staked over time and on average, as well as determine their ratio. The average OSMO holdings were calculated both daily and per wallet. For the comparison of top holders, besides the initial and current holders, which attributed to the start of the year and the last day, respectively, the same wallets between the two were also tagged as the common wallets. To measure the volume of held tokens, all of their holdings were converted to U.S. dollars using the data on the dim_prices table. Tokens for liquidity pools, as well as the INJ token, were excluded from the measurements to remove the outliers. Also, for the calculation of current token holdings, the values for the last 7 days were averaged to cover more tokens and to have a more reliable outcome.

Introduction

Osmosis is an advanced automated market maker (AMM) protocol that allows developers to build customized AMMs with sovereign liquidity pools. Built using the Cosmos SDK, Osmosis utilizes Inter-Blockchain Communication (IBC) to enable cross-chain transactions. The goal for Osmosis is to provide the best-in-class tools that extend the use of AMMs within the Cosmos ecosystem beyond traditional token swap-type use cases.

In this dashboard, an overview of the wallet balances on Osmosis, as well as its growth over time has been evaluated.

Conclusion

In conclusion, the analysis of wallet holdings of the OSMO token has demonstrated that the user adoption of the platform has started to plateau, but it is still increasing in terms of the number of wallets and token holdings. The amount of staked OSMO has recently dropped which resulted in a lower average holding and lower daily share for this type of token. In general, recent holders hold a larger amount of tokens both in total and on average compared to the wallets holding tokens at the start of the year. OSMO has been the dominant token that users hold, especially in volume by having a share of more than 80% of the total. ATOM has also steadily been in the portfolio of the holders. The average holdings of other tokens per wallet have had a higher USD value which indicates that fewer but stronger wallets hold these tokens. Last but not least, while the daily number of wallets holding OSMO and ATOM has steadily increased since last year, the USD value of their holdings has drastically dropped since May 2022. It should be noted that this drop has largely correlated with the whole drop in the crypto industry, as the price of almost all of the tokens has dramatically fallen below their all-time high level.

Insights

• The daily number of both liquid and staked OSMO holders has increased since December 2021;
• While the volume of liquid OSMO has also increased over time, the volume of staked OSMO increased until October 2022. Since then, the volume has started to decrease substantially;
• The daily share of holders and volume of liquid against staked OSMO has remained relatively constant over the past year, except for the recent change in the volume share, where the volume share of staked OSMO fell off;
• Overall, the ratio of liquid OSMO over its staked volume has been between 2-3%;
• The average OSMO holdings of liquid tokens have been nearly two times higher than the average staked OSMO of the holders;
• The daily average holdings massively fluctuated on December 2021 when some of the locked tokens were unlocked. Since then the average holdings started to decrease, while the network started to see more user adoption;
• The top OSMO holders between today and the start of the year have more in common in the case of staked OSMO compared to the liquid tokens;
• While the total holdings of current liquid OSMO holders that were also among the initial top holders have been the highest, the total staked OSMO holdings of new wallets have been higher compared to other periods;
• OSMO has been the dominant token that constitutes more than 80% of the holdings of each wallet. After that, ATOM has only had slightly below 10% share;
• From the holders' perspective, the shares have been better distributed and OSMO has only had around 44% of the total share. Similarly, ATOM has been the second, and EVMOS registered a 10% among the holders;
• On a daily basis, only OSMO and ATOM have remained consistent in the top 5 tokens based on their volume.