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    Katana’s Blade: A Month of Swap Movements

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    Katana (app.roninchain.com/swap) is a decentralized exchange (DEX) for trading tokens within the Ronin ecosystem. The AMM (automated market maker) protocol that powers Katana allows users to swap tokens, create liquidity pools, and stake LP tokens to earn rewards.
    Token Bought
    Token Sold
    Paired Token
    Most Bought Token

    RON is by far the most purchased token at approximately $108.5 million

    1. USDC follows in second place with about $91.7 million

    2. WETH is third with roughly $66.8 million

    There's a significant drop after these top three, with AXS in fourth place at around $10.1 million.

    • The top 3 tokens account for about 86% of the total purchase volume

    • RON alone represents approximately 35% of all purchases

    • The bottom 10 tokens collectively account for less than 2% of the total volume

    Comparative Analysis of Bought vs. Sold Tokens

    Top 3 Tokens (Buy vs. Sell in USD):

    • RON: $108.5M bought vs. $117.5M sold (net outflow of ~$9M)

    • USDC: $91.7M bought vs. $85.8M sold (net inflow of ~$5.9M)

    • WETH: $66.8M bought vs. $65.9M sold (net inflow of ~$0.9M)

    Notable Patterns:

    1. RON shows significant net selling pressure with approximately $9M more sold than bought

    2. USDC demonstrates net buying pressure with around $5.9M more bought than sold

    3. WETH has slight net buying activity with about $0.9M more bought than sold

    Other Interesting Observations:

    • Most tokens maintain similar positions in both rankings

    • LUAUSD has significantly more buying than selling ($113.9K vs. $83.6K)

    • $KOKU shows more selling than buying ($656.5K vs. $581.6K)

    • RONOUT appears in the top 20 sold tokens but not in the top 20 bought tokens

    Dominance of Large Players in Trading Volume

    1. Volume Distribution:

      • Whales dominate with approximately $264M (79.5%) of total volume despite being only 29 users

      • Sharks account for about $15M (4.5%) of volume with 45 users

      • The smallest categories (Shrimp and Plankton) collectively represent less than 1% of volume

    2. User Count vs. Volume:

      • Octopus category has the highest user count (133) but represents only about 7.4% of total volume

      • Crabs have the second-highest user count (191) with roughly 2.1% of volume

      • Whales have the lowest user count but generate the highest volume by far

    3. Average Volume per User:

      • Whales: ~$9.1M per user

      • Sharks: ~$334K per user

      • Dolphins: ~$91K per user

      • Octopus: ~$25K per user

      • Crab: ~$3.7K per user

      • Shrimp: ~$268 per user

      • Plankton: ~$27 per user

    4. Market Concentration:

      • The top three categories (Whale, Shark, Dolphin) account for approximately 84% of total volume with only 7.4% of users

      • This indicates a highly concentrated market where a small number of large players dominate trading activity

    Disclaimer: Flipside AI is here to help but it can make mistakes. Always review outputs and use the upvote/downvote buttons to help us improve. This content is not financial advice.