Thorchain Inflows & outflows (2024)

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    Key findings

    1. Weekly Transferred Volume:

    • The weekly transferred volume in USD from/to CEXes shows significant fluctuations throughout the year. A notable peak occurs around mid-March 2024, indicating a substantial increase in trading activity during that period.

    2. User Activity Over Time:

    • The number of users transferring assets to/from CEXes also shows variability, with a peak in user activity corresponding to the same period in mid-March 2024. This suggests a correlation between high volume transfers and user engagement.

    3. Transaction Volume:

    • Weekly transaction volumes based on CEX flows indicate higher outflows compared to inflows, particularly prominent in mid-March 2024. This trend suggests a period of significant asset withdrawal from Thorchain to centralized exchanges.

    4. Total Transferred Volume:

    • Overall, the total transferred volume shows a near-equal split between inflow and outflow, with outflows slightly exceeding inflows. This balance highlights a dynamic exchange of assets with a slight tendency towards asset withdrawal.

    5. Inflow/Outflow Transactions:

    • The total number of inflow transactions is lower compared to outflow transactions. This indicates a higher frequency of asset withdrawals from Thorchain to CEXes.

    6. Average Transferred Volume:

    • Average transferred volume per transaction reveals that outflow transactions tend to involve larger amounts of assets compared to inflow transactions. This trend is consistent in both overall volume and average per user.

    7. User and Transaction Distribution:

    • The distribution of users and transactions based on volume categories shows that the majority of outflow transactions are in the range of less than $1K. Similarly, a significant proportion of users involved in inflows handle transactions within the $100-$500 range.
    • A notable portion of users transacting volumes greater than $10K indicates substantial movement of assets by high-value traders.

    8. Weekly Average Transferred Volume:

    • The weekly average transferred volume over time highlights a balanced but fluctuating trend, with periods of increased activity in both inflows and outflows. This reflects the market's responsiveness to various trading conditions and events.

    These insights suggest that while Thorchain experiences dynamic asset flows, there is a notable pattern of increased activity during specific periods, such as mid-March 2024. The data indicates a strong user base with a significant amount of high-value transactions, reflecting robust engagement with the platform.