Try Quests to earn cryptoWhat's Going On With Gnosis?
An Introduction to Gnosis
Gnosis (GNO) is an Ethereum-based decentralised, open-source market. Gnosis, an Ethereum venture production studio, was founded by Martin Köppelmann and Stefan George in 2015. Gnosis was the first team to introduce live applications on Ethereum in 2016, and four years later, Gnosis offers market-leading products that allow you to safely hold virtual assets, create, and trade, including DEX, Gnoonsis protocol, prediction markets, and a fund management platform called Gnosis Multisig. Gnosis wants to create a new market mechanism for decentralised finance. Each product's tokenomics is meant to increase GNO's value.
GNO, an Ethereum-based ERC-20 token, was sold in the Gnosis Initial Coin Offering (ICO) on April 24, 2017, for almost 5% of the total supply. In 2017, Gnosis raised funding with its token. GNO is nearly ten million nowadays. Gnosis raised 12.5 million US dollars, or 250,000 ETH, and retained 95% of the tokens. Due to the backlash, Gnosis has locked the tokens in a vault and promised not to dump them and to give a three-month warning before selling them.
Purpose
There’s been some unusual activity with Gnosis as pointed out by our community.
- Take a deep dive into recent activity on Gnosis, especially recent rapid rises in the number of active users, transactions, and more.
- Make any hypothesis you can about what is driving this activity. Is there a new dapp that launched? Is there some incentive program going on? Or is the spike in users/txns due to some sybil attack?
- Considering the metric of New users, it is seen that the number of new users on Gnosis has also experienced a sharp increase on Oct 5, 2022 (from 211 users on Oct 4, 2022 to 54.925k on Oct 5, 2022) that is really strange and considerable!
- Regarding the daily number of transactions over the last three months, it is seen that the highest number of transactions belongs to Aug 2, 2022 (2291 transactions), while these number, with numerous fluctuations, has decreased over time and reached to 493 transaction on Oct 16, 2022. This decrease can be seen as normal because of bearish condition dominated to the cryptomarket that is unpredictable.
- Considering the strange increase in the number of active users and new users as well as their transactions on Oct 5, 2022, similar trend is not seen for the number of transactions.
- The cumulative number of transactions has also continuously increased o, so that it has reached from 1388 transactions to 83.592k transaction on Oct 16, 2022.
- The highest amount of fees paid on Gnosis is 72.33 on Sep 27, 2022 and 59,72 on Sep 30, 2022. After this date, we see a sharp decrease in the amount of fees paid on Gnosis.
- This decrease in the amount of fees paid on Oct, 2022 is in parallel to the increase in the number of transactions made on this month. Therefore, there is a logic and positive relationship between the decreased fees and increased number of transaction on this month.
- Looking the the cumulative amount of fees paid on Gnosis, it is seen that there is an increase in the cumulative amount of fees paid over last three months on Gnosis.
- According to this graph, there is the highest number of transactions (363.247k) on Oct 5, 2022, while the amount of fees paid on this date has decreased compared to the previous days.
- Therefore, it can be said that there is a converse relationship between the number of transactions made on Oct 5, 2022 and the fees paid on this date.
- Regarding types of transactions on Gnosis over the last three months, it is seen that the most made transaction is “Transferring” that specifies 76.5% of the total number of other transactions, followed by “Depositing” (10.6%) and “Withdrawing” (9.14%) as the second and third types of transactions, respectively.
- In a daily basis, it is seen that the highest number of different types of these transactions has been made on Aug 19, 2022 and it has increased on Oct 17, 2022.
- Therefore, no scenario in accordance with the date of Oct 5, 2022 can be defined for this metric.
- In this graph we see that the highest number of transactions belongs to Oct 5, 2022 (363,247k transactions), but transaction success rate has experienced its least amount in days closed to Oct 5, 2022, so that the least transaction success rate is seen on Oct 7, 2022 (success rate = 15.062).
- It is seen that when the number of transactions goes high, transaction success rate is decreased, conversely.
- In a daily basis, it is seen that there is a sharp increase in the number of active users on Oct 5, 2022.
- Moreover, the number of transactions made by these active users has also experienced a sharp increase on Oct 5 and 7, 2022, respectively
- That is, over the last three months, this date, i.e. Oct 5, 2022, is a day with the peak of the number of users and transactions on Gnosis.
- The first top wallet in terms of the number of transactions is Ox8f68590bc………..e377 with total volume of 35.543k over the last three months.
- The second top wallet is Oxd73f7bf2f…………ad28 with total volume of 30.522k.
- The third wallet is 0x0b8cef00…………d423 with total volume of 27.589k.
- In a daily basis over the last three months, it is seen that the number of xDAI transfers has reached to its peak on Oct 5, 2022, but is has sharply decreased in the following days.
- Taking a whole look, it is seen that the number of xDAI transfers is less than other tokens that is acceptable when comparing a token with several tokens.
Conclusion
-
The metrics of the number of active users, new users and transactions made by them as well as xDAI transfers were increased on Oct 5, 2022 and we see spikes for these metrics on this date.
-
However, the metric of fees paid was not show a trend same as the metrics mentioned above.
-
Considering transaction success rate, it was seen that on Oct 5, 2022 the transactions success rate was considerably decreased, unlike the number of transactions that was increased on this date.
-
This unusual move has not been disclosed on any of Gnosis's social media channels. Thus, there is no connection between this with a decentralised application (DApp), DeFi programme (DeFi), platform launch (or protocol), or any other similar endeavour. There is no correlation between this Gnosis event and the normal attendees. For instance, the 54136 individuals responsible for the anomalous activity are not typical users of Gnosis because they have never interacted with any other protocol or destination on the network before and their only transaction on Gnosis was the anomalous one.
- Comparing the number of active and new users, it is seen that the number of active users is higher (363,023 active users) than new users (122,580 new users), that is expectable.