In both the plots, we can notice a distinct up-trend

• from 10 AM UTC to 2PM UTC

Now 10 AM UTC to 2PM UTC is equivalent to to 11 AM to 3 PM for many European countries and 6AM to 10 AM in Eastern US time

This could significant as US and EU are the most active zones when it comes to these digital Markets. And the peak occurs during the time when both US and EU markets are active.

Thus a simple trend during active Market hours can be seen.

However, since this is a sum, the plot can be skewed by A single hour with a massive anomaly, hence we will look into Median value of Hourly data.

Thorswap facilitates swapping of digital assets across chains in a single transaction in a trustless, permission-less manner.

Swaps on THORChain are made possible by liquidity pools. These are pools of assets deposited by Liquidity providers, where each pool consists of 1 connected asset, for example Bitcoin, and THORChain's own asset, RUNE. They're called Continuous Liquidity Pools because RUNE, being in each pool, links all pools together in a single, continuous liquidity network.

When a user swaps 2 connected assets on THORChain, they swap between two pools:

1. Swap to RUNE in the first pool

2. Move that RUNE into the second pool

3. Swap to the desired asset in the second pool with the RUNE from

These pools are created by synchonising, a native vault on the respective chain and RUNE vault on thorchain. These pools follow the constant product AMM formula, hence tend to keep the product constant. So when a swap is made, the incoming Native token cause a flow of RUNE from one vault (BTC vault) to the other vault (ETH vault) . Now as the constant product AMM rebalances the pool, the excess native token (ETH) is release to the user.

Methodology:

We can derive all the swap data we need from swaps table. Then we can extract the Hour from the timestamp, goroup transaction based on this field to figure out which Hour sees the most transaction volume in Number of transactions as well as USD volume transacted.

First we will simply sum up the number of transaction and volume through in a given Hour. Plotting these data....

We see the similar trend repeat in the Median swap data for ever Hour.

However we see that now the spike on 18 UTC or 6 PM UTC being more pronounced. 18UTC is 2PM EST, so does it indicated exiting positions?

My hypothesis is, Assume you are big Corporation holding a stack of Bitcoin, you can move your BTC to farming for around five to six hours, then move it back into BTC and sleep in peace. I think its a stupid hypothesis, cause if you are a Corporation I think you will have Network up 24x7 across the world.

In this dashboard, we will look at Swap Activity by USD volume at different hours for Thorchain, searching for trends if any.