$RUNE Provided as LP

Like all other liquidity pools on other DEXes, a pair of assets are needed. On Uniswap, most tokens are paired with stablecoins (USDC, USDT, UST) or major native token of the chain (like $ETH or $LUNA) however for THORChain, each of the pools will automatically paired with $RUNE. So, $RUNE are the common denominator which allows for cross-chain swap with multiple different chains. Let's take a look at the $RUNE in LP pool holdings.

Pie chart below shows the distribution of address count by $RUNE holdings size (in logarithmic scale). We can see that users with less that 10 $RUNE in their LP position is the largest user base with 33%, followed by 26% of those who have 10 to 100 $RUNE and the 100 to 1000 $RUNE with 24%. There's 3 addresses that owns more than 10M $RUNE and possess 99.5% of all $RUNE that has been provided as LP.

$RUNE in wallet

This section will visualize the distribution of $RUNE holdings in users' wallets. This data was queried from Thorchain Transfers Table; ie $RUNE received by a wallet - $RUNE user send out. From the pie charts below, we can see that 73.6% of the userbase currently having less than 10 $RUNE. There 5 address with more that 10M $RUNE in their wallet. These 5 addresses currently holding > 80% of liquid $RUNE in their wallet.

In conclusion, the $RUNE holdings is a bit focused on few whale addresses which is a bit concerning. I was wondering why this address did not become a node which can help decentralisation. Well, maybe yield farming return is higher than becoming a node.