Intro

Hey There! thank you for reading this analysis. If you are looking to see what top Algorand protocols are and how they performed in their lifespan, you are in the right place.

I don’t want to waste your time! So I will show the most important charts and points first. If you are more interested you can read more about it at the end. Let’s get to it.

This essentially is a comparison between Top Algorand protocols and the rest of the ecosystem.

• TinyMan and AlgoFi combined are responsible for half of Algorand transactions.
• AlgoDEX and Folk Finance are still nothing compared to giants like Tinyman and AlgoFi
• AlgoFi has the Highest Number of transactions inside a tx_group_id

• On a weekly basis, the number of total transactions on Algorand is holding steady.
• TinyMan Transactions are decreasing and AlgoFi transactions are increasing.
• On the week of Feb 21st AlgoFi managed to stand higher than Tinyman for the first time.
• On the week of Jan 10th TinyMan activity dropped significantly after the exploitation of the pools.

• It doesn’t seem that ALGO price has any direct affect on ecosystem Activity.
• For example, corresponding to the orange color period from April 1st and May 10th, which price of ALGO dropped around 35%, number of transaction was increasing (Look at weekly chart above).

• People spent almost equal fees for AlgoFi and TinyMan
• ==Don’t you believe Algorand is cheap and scalable? take a look at fees paid at AlgoDEX and Folk Finance!==
• What is wrong with AlgoFi with so many app call transactions!

Methodology

If you are interested to see how I extracted these data and conducted this analysis, you might find this section useful. If you are not, feel free to skip this.

I used FlipsideCrypto database for Algorand blockchain. Take a look here if you are interested. How did I manage to distinguish between protocols?

In Algorand database, the only table that can give you the name of interacted protocols is “Swaps” table. but these program names are bound to swap transactions, and as you see we needed a much broader perspective for this analysis. For this purpose, I used App-IDs of different operations belonging to each protocol, provided by flipside itself. I Will write them down here again if anybody wanted to use them later:

Folk Finance:

> '776179559','776176449','752770929','751285119','747239433', > '747237154','743685742','743679535','696044550','694464549', > '694405065','686876641','686875498','686862190','686860954', > '686501760','686500844','686500029','686498781'

TinyMan:

> '649588853','350338509','552635992'

AlgoFi:

> '705663269','705657303','674527132','661247364','661207804', > > '661204747','661199805','661193019', '661192413','659678644', > > '659677335','658337046', '658336870','647785804','647785158', > > '641500474', '641499935','639747739','639747119','611869320', > > '553866305','482625868','465814222','465814065', '674526408', > > '637795072','637793356','635866213', '635864509','635863793', > > '635860537','635813909', '635812850','611867642','611804624', > > '611801333', '605753404','553869413','482608867','465818260', > > '465814318','465814278','465814149','465814103'

AlgoDEX:

> '354073718', '354073834'

Discussion & Conclusion

Staying inside the boundaries of what we investigated and demonstrated earlier, we can bold the fact that TinyMan and AlgoFi are devouring Algorand DEFI. All other protocols like AlgoDEX, Folk Finance, PactFi, etc, can’t even come close to TinyMan and AlgoFi performance.

If we pay attention to the fact that a lot of transactions outside these protocols are from sections like DAOs and NFTs, it became more obvious that AlgoFi and TinyMan are king and queen of Algorand DEFI space.

As great of an achievement as this might be for these two protocols, this rings an alarm for Algorand as an ecosystem. This probably is the reason that Aeneas program is incentivizing building and using different DEXs.

Algorand is cheap, and secure and protocols are constantly developing. For example, if you take a look at the “Group transaction Mechanism” chart, you can see that AlgoFi has high transaction group ids compared to other protocols. Recently, They announced that this problem will be solved in their V2 launch. These changes will make the chain more optimized, but being too dependent on few protocols is not healthy in long run.