Try Quests to earn crypto[Algorand Week: Algomint] Swapping goBTC and goETH on DEXs
-- Date: 21 May 2022 -- Author: catscatscode -- Q72. goETH and goBTC are wrapped forms of ETH and BTC minted by algoMint. Let's look at goBTC and goETH swaps across the DEXs since the beginning of April and get a better understanding of how wallets are swapping goETH and goBTC, especially during the price crash in May.
Introduction
Algomint is a "cross-chain liquidity network" (docs). Its goal is bringing Bitcoin, Ether, and stablecoins from other chains onto Algorand. Bitcoin in particular turns into wrapped Bitcoin (goBTC), and Ether into wrapped Ether (goETH). These bridged tokens then enter and circulate in the Algorand ecosystem, including being swapped on decentralized exchanges.
Method
This dashboard analyzes swap activity with Algomint-minted goBTC and goETH on the 3 of the main Algorand DEXes: Tinyman, PactFi, and AlgoFi. This includes swap counts and total amounts of these tokens swapped. Additional methodological notes are provided with some of the charts below, where required.
1. Track the volume and the number of wallets that are buying and selling goETH and goBTC on DEXs.
Above is a representation of daily goBTC trading activity on DEXes: the total number of swaps (height of bubble's position on the Y axis), and the total volume of goBTC in swaps (bubble size).
Let's break down these metrics (count and volume of swaps) by in vs. out flows:
Now let's do the same for goETH:
The above charts show that buying and selling goBTC and goETH go hand-in-hand. This is true both in terms of the number of trades, and the total amounts. PactFi is the leading DEX for goETH and goBTC swaps.
However, during the market crash during the week of 11 May, users bought more goBTC and goETH than they sold. The swap counts in vs. out remained similar, which indicates that in-swaps were larger in size (on average) during that week.
2. Are wallets swapping goBTC and goETH for just ALGO? If not, what other ASAs are wallets swapping goETH and goBTC for?
The charts below reveal the breadth of Algorand assets that are involved in goBTC and goETH swaps.
These charts are interactive: Double-clicking on an asset name isolates it on the chart. A single ckick on asset names allows to select more assets to compare.
The two charts above demonstrate that, besides ALGO, STBL is another popular asset to swap with goBTC (both directions).
Similarly, the two charts above show that STBL is the second most popular asset for goETH swaps (in both directions), after ALGO. All other asset pairs with goBTC or goETH are much less popular.
Finally, there exists a (relatively) low number of swaps between the two wrapped coins goBTC <> goETH. These swaps in particular peaked once in mid-April, and again in May during the market crash.
About
This analysis was created by catscatscode (Flipside, Twitter, catscatscode#3578 on Discord) on 21 May 2022 for Flipside Crypto's "Swapping goBTC and goETH on DEXs" Algorand Week: Algomint bounty.