In this dashboard, we will look at the New User onboarding methods on Thorchain. We will try to identify methods by which an user enters Thorchain and deposits their first bit of RUNE.

We will first use thorchain.transfers to find a given users first RUNE deposit. Once we find this and the amount of RUNE deposited, using the address from which the deposit came from, we can find the means of onboarding.

So far there are 4 clear ways to get RUNE in Thorchain ecosystem :

• thor1ty6h2ll07fqfzumphp6kq3hm4ps28xlm2l6kd6 - Crypto.com withdrawal
• thor1t60f02r8jvzjrhtnjgfj4ne6rs5wjnejwmj7fh - Binance withdrawal from Cold wallet
• thor1uz4fpyd5f5d6p9pzk8lxyj4qxnwq6f9utg0e7k - Binance withdrawal from Hot wallet
• thor1g98cy3n9mmjrpn0sxmn63lztelera37n8n67c0 - Swap from asset
• thor1v8ppstuf6e3x0r4glqc68d5jqcs2tf38cg2q6y - RUNE upgrade

• In terms of users being onboarded, Swap is the most common method
• However most volume has entered via Upgrade
• This is expected as alot of users had exposure to RUNE via their wrapped tokens on the other chains and as it nears depreciation, its reentering the ecosystem.
• CEX withdrawals are extremely low as very few major exchanges supported native RUNE for a long time

From the daily data:

• Before the July hack, we can see Upgrades were the most prominent way to onboard user
• However post hack we saw this trend change
• The peak of Swap based onboarding occurred during the Terra introduction into Thorchain
• Post Terra's fall, Swap based onboarding has suffered and CEX based onboarding has started to take over.

Swap onboarders

Now, we can look at the main assets that help onboard users. For we can use the first transfer data from thorchain.transfers and then compare it with thorchain.swaps table using the wallet address and the time of transaction to find the exact swap. From that we can aggregate the asset data required.

Looking at the assets that help with onboarding:

• BNB is the most popular.
• Interestingly, in a short span of less than a month, Terra bought in quite alot of users compared to other assets.
• Its likely that in the coming months both BTC and ETH native will overtake native UST, however the adoption drive fuelled by UST is insane
• However in terms of volume, onboarders swapping from ETH and BTC start out with much more volume that any othee asset. Between ETH and BTC, its a tight competition.

Upgrade onboarders

Now, we can look at the upgrades. Instead of thorchain.swaps in the previous section, we will use thorchain.upgrades table. The results:

When it comes to upgrades:

• BNB variant tends to out perform ETH variant
• In both the metrics this is the case
• A probably reason could be that Thorchain early adopters were mostly from Binance chain as Thorchain came as a early DEX on Binance chain.