2 [Abra] aUST Analysis
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Data Analysis
> NOTE: We'll be using the number of transactions as a metric for usage of each of the use-cases.
- As we can see that the deposit and withdraw transactions are the most common use-cases followed by using aUST as collateral on Mirror.
- The number of deposit and withdraw transactions have seen a significant uptick recently (1st chart below) while the relative share of both has remained neraly the same and in favor of deposits (2nd chart below).
Use-cases for aUST
aUST has 6 distinct use-cases:
- UST Deposited into Anchor Earn - This is how the users receive aUST and the best strategy is to hold it and earn interest.
- Redeemed for UST - Since aUST is a deposit receipt for UST, it can be redeemed for UST + interest earned since deposit.
- Swapped - Instead of being redeemed the aUST can be swapped to UST directly.
- Bridged - aUST can be bridged to Ethereum. The only use-case I'm aware of is the Abracadabra Degenbox strategy which let's the user use aUST as collateral to borrow MIM.
- Collateral - With Mirror v2, aUST can be used as collateral to open collateralized debt positions (CDP). This is similar to the Abracadabra strategy of letting borrow MIM by using aUST as a collateral.
- Transfer - Like any other token, aUST can be transferred to other wallets.
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Isolating Smaller Use-Cases
Now let's remove deposits and withdraws to focus on the smaller use-cases.
- Here we observe that the collateral use-case has weird peaks and cyclical pattern. This is because the trading for non-crypto mAssets is only open while the U.S. Stock Market is open Mondays to Friday. Thus you see a reduction in minting on the weekends.
- The swap use-case seems to have emerged recently around November 15th and is picking up steam. Before then it didn't even make sense to swap. I beleive this is happening now because of the transparency provided by Coinhall on the aUST/UST pool which shows the price, recent trades, current value and makes it easy for everyone to discover the arbitrage opportunities.
By using a 100% stacked chart, some additional patterns emerge:
- The transfer use-case has also become quite popular recently. On some days it has the highest share of transactions.
- The swap use-case seems to be increasing in popularity.