Comparing Gnosis with Ethereum

Gnosis is a decentralised prediction market protocol built on Ethereum that third parties can use to build applications. Let's compare Gnosis with Ethereum to see if Ethereum’s TX spike on the same period.

Introduction to Gnosis Protocol

1. Gnosis is a decentralised prediction market protocol built on Ethereum that third parties can use to create applications.
2. According to Kraken, the Gnosis prediction market platform, founded in 2015 by Martin Koeppelmann and Stefan George, was one of the first projects to receive funding from ConsenSys, an Ethereum-focused incubator.
3. Gnosis' goal is to provide an open-source infrastructure for prediction markets based on Ethereum.

Introduction to this dashboard

1. In this dashboard, we will be looking into Gnosis' network daily statistics.
2. This dashboard will be divided into 5 sections :
   • xDAI Transfers on Gnosis Statistics
   • Daily New xDAI Senders and Recipients on Gnosis Statistics
   • Gnosis Daily Transactions Statistics
   • Comparing Gnosis with Ethereum
   • \

Methodology

1. The Gnosis chain has recently seen an increase in activity. In this dashboard, we will look at Gnosis' user and transaction metrics to see where the hype/activity has come from.
2. Data in this analysis are from the gnosis.core schema on Flipside.

This analysis was created by banbannard on October 17th 2022

Thank you for taking the time to read this, and I hope you learned something new about Gnosis!

xDAI Transfers on Gnosis Statistics

Gnosis Daily Transactions Statistics

Daily New xDAI Senders and Recipients on Gnosis Statistics

1. The stablecoin used on the Gnosis chain is xDAI. xDAI is pegged to DAI and DAI pegged to USD. The only difference between xDAI and DAI is that xDAI is on the Gnosis chain whereas DAI is on the Ethereum chain.
2. It appears that the number of unique xDAI sender spiked and reached its all time high on October 5th 2022, with 56.149k unique xDAI senders that day.
3. This is a very large figure, given the total unique xDAI senders on Gnosis is only 0.702M.
4. Despite the fact that number of unique xDAI senders spiked on October 5th and reached an all-time-high, xDAI transfer volume and transfer transactions did not see a huge spike.
5. It is reasonable to suspect that the spike in xDAI senders on October 5th 2022, is due to the announcement of StarkNet’s airdrop on October 4th 2022 here.
6. Since like StarkNet, Gnosis is a L2 on Ethereum, speculators or airdrop farmers would be urged to perform transactions on Gnosis in order to be eligible for its airdrop if ever.

1. New users are wallets that have never visited, received, or sent xDAI on Gnosis and are interacting with xDAI on Gnosis for the first time.
2. They are critical because a protocol requires both new users to be successful and robust.
3. Daily new xDAI senders and recipients see a spike on October 5th and October 4th 2022 respectively.
4. On October 5th, 2022, we see that daily new xDAI senders have reached an all-time high, with 54.81k new xDAI senders. The vast majority of xDAI senders are first-time xDAI senders.
5. This fits with our theory that the spike is due to airdrop farmers, now that the Starknet airdrop - $STARK tokens - has been confirmed.

1. Similar to xDAI transfers, daily number of unique wallets that transacted on Gnosis and number of transactions on Gnosis spiked around the same period.

1. While Gnosis' daily transaction count and daily unique wallets increased during the day, Ethereum's remained constant with no increase.
2. This confirms that the increase in volume and users observed on Gnosis has nothing to do with the Ethereum ecosystem or the major cryptocurrency market.
3. It is reasonable to conclude that the Gnosis transaction and user spike is the result of airdrop farmers following the confirmation of the Starknet airdrop - $STARK tokens.

Conclusion

1. Despite the fact that the number of unique xDAI senders increased to an all-time high on October 5th, xDAI transfer volume and transfer transactions did not increase significantly.
2. The spike in xDAI senders on October 5th 2022 is likely due to the announcement of StarkNet's airdrop on October 4th 2022. Because Gnosis, like StarkNet, is an L2 on Ethereum, speculators or airdrop farmers would be encouraged to carry out transactions on Gnosis in order to be eligible for its airdrop, if one were to occur.
3. With 54.81k new xDAI senders on October 5th 2022, daily new xDAI senders have reached an all-time high. The majority of the xDAI senders are first-time xDAI senders. This fits with our theory that the spike is due to airdrop farmers, now that the Starknet airdrop - $STARK tokens - has been confirmed.
4. Similarly to xDAI transfers, the daily number of unique wallets that transacted on Gnosis and the number of Gnosis transactions peaked around the same time.
5. This confirms that the increase in volume and users observed on Gnosis is unrelated to the Ethereum ecosystem or the major crypto market.
6. After the Starknet airdrop - $STARK tokens - has been confirmed, it is reasonable to conclude that the Gnosis transaction and user spike is the result of airdrop farmers.