Velodrome Health (Redux)

Introdution :

Velodrome is a decentralized exchange built by Yearn Finance founder Andre Cronje on the Fantom blockchain. Velodrome is an AMM modeled on Solidly and designed to be a public good that provices deep liquidity and low slippage to token pairs critical for the growth of the Optimism ecosystem.

Recently, the decentralized exchange Velodrome TVL has increased dramatically. This total value locked signaling a fast-growing demand among DeFi users and puts it in the running against dominant rival exchanges like Uniswap on the network. While Uniswap has roughly double the trading volume of Velodrome on Optimism, the newer upstart sees more than twice as many transactions and now has a larger TVL. In fact, it now has the second-largest TVL of all applications on Optimism.

In this analysis, I will address Velodrome Health by examining the following 5 metrics:

Votes on Velodrome.
Swaps on Velodrome.
Staking on Velodrome.
Velodrome Locks.
Velodrome LP-Actions.

Method :

In this dashboard, I use flipside-crypto Dataset to extract data related to Velodrome.

The data that we are going to analysis are in different categories of Velodrome platform (Swaps, Vote Actions, Lock Actions, Stake Actions, LP Actions).

I used optimism.velodrome.ez_votes, optimism.velodrome.ez_swaps, optimism.velodrome.ez_staking_actions, optimism.core.fact_transactions and optimism.velodrome.ez_lp_actions tables for extracting Velodrome data.

Votes on Velodrome :

The number of vote transactions has been increasing over time, but it has decreased slightly in the last two weeks. The number of voters has also increased week by week and reached its peak in the last week of July. But in the last two weeks, it has decreased compared to the previous weeks. The number of new voters was also very high in the first week of Velodrome's launch and then decreased week by week. This shows that fewer new users are added to Velodrome weekly.

Average of Votes per user : 7 votes.
Daily Average of votes : 254. votes.
Total votes on Velodrome : 43.1K votes.
Total Voters on Velodrome : 6K voters.

Swaps on Velodrome :

The number of swaps increased from May 30th to July 25th, but after that the trend decreased and again from the first week of October the increasing trend started and reached its peak in the first week of November. This shows that Velodrome has been welcomed back as a Dex on the Optimism network.
The number of swappers has also increased week by week and the number of swappers reached its peak two weeks ago.
The volume of swapped assets on Velodrome has reached its peak in the last week of July and the first week of August, and after that it had a sharp decline, but we can see the same pattern in swaps fees.

23% of transactions were swaps worth less than $10. But about 25% of swappers have swapped assets between 10 and 50 dollars and 24% of swappers have swapped assets less than 5 dollars. About 17% of the transactions were related to the swap of assets with a value between 50 and 100 dollars.

Staking on Velodrome :

The number of stake transactions has been increasing week by week and reached its peak on September 19, but after that there was no noticeable decrease and it has remained high in recent weeks. It is noteworthy that the number of stake transactions related to deposit was more than withdrawal in almost all weeks.
The number of stakers has also increased since September 19. The number of new stakers has also increased in recent weeks.
Average number of staked transactions per staker is equal to 6 transactions.

Velodrome Locks :

The number of Velodrome lock transactions has been increasing since July 6 and has reached its peak on October 3, but the number f wallets locked on velodrome has been decreasing every week compared to the previous week.
The volume of locked velo tokens also reached its peak on July 25 and then decreased. In recent weeks, the volume of locked velo tokens shows a slight increase.
52% of transactions are related to Lock Tokens for more than 2 years! Based on the volume of locked velo tokens, more than 71% of tokens have been locked for more than 2 years.
The pool that wallets voting for with their locked tokens most often us OP/USDC.

LP actions on Velodrome :

The number of LP-actions has been increasing over time, and deposit actions have been more than withdraw actions in all weeks.
The number of LPers has increased sharply in recent weeks, but the volume of LPs has decreased sharply after July 25, and the situation has not improved in recent weeks.

The most number of LP transactions are worth less than $10 but the most number of LPers have performed between $10 and $100 LPs.

overally, there is a good share of each LP volume type distributed between these 5 categories and this can be a good reason of helthy performance for Velodrome.

Conclusion :

From the above analysis, we get the following results:

The number of vote transactions has been increasing over time, but it has decreased slightly in the last two weeks. The number of voters has also increased week by week and reached its peak in the last week of July. But in the last two weeks, it has decreased compared to the previous weeks. The number of new voters was also very high in the first week of Velodrome's launch and then decreased week by week. This shows that fewer new users are added to Velodrome weekly.
Average of Votes per user : 7 votes.
Daily Average of votes : 254. votes.
Total votes on Velodrome : 43.1K votes.
Total Voters on Velodrome : 6K voters.
The number of swaps increased from May 30th to July 25th, but after that the trend decreased and again from the first week of October the increasing trend started and reached its peak in the first week of November. This shows that Velodrome has been welcomed back as a Dex on the Optimism network.
The number of swappers has also increased week by week and the number of swappers reached its peak two weeks ago.
The volume of swapped assets on Velodrome has reached its peak in the last week of July and the first week of August, and after that it had a sharp decline, but we can see the same pattern in swaps fees.
23% of transactions were swaps worth less than $10. But about 25% of swappers have swapped assets between 10 and 50 dollars and 24% of swappers have swapped assets less than 5 dollars. About 17% of the transactions were related to the swap of assets with a value between 50 and 100 dollars.
The number of stake transactions has been increasing week by week and reached its peak on September 19, but after that there was no noticeable decrease and it has remained high in recent weeks. It is noteworthy that the number of stake transactions related to deposit was more than withdrawal in almost all weeks.
The number of stakers has also increased since September 19. The number of new stakers has also increased in recent weeks.
Average number of staked transactions per staker is equal to 6 transactions.
The number of Velodrome lock transactions has been increasing since July 6 and has reached its peak on October 3, but the number f wallets locked on velodrome has been decreasing every week compared to the previous week.
The volume of locked velo tokens also reached its peak on July 25 and then decreased. In recent weeks, the volume of locked velo tokens shows a slight increase.
52% of transactions are related to Lock Tokens for more than 2 years! Based on the volume of locked velo tokens, more than 71% of tokens have been locked for more than 2 years.
The pool that wallets voting for with their locked tokens most often us OP/USDC.
The number of LP-actions has been increasing over time, and deposit actions have been more than withdraw actions in all weeks.
The number of LPers has increased sharply in recent weeks, but the volume of LPs has decreased sharply after July 25, and the situation has not improved in recent weeks.
The most number of LP transactions are worth less than $10 but the most number of LPers have performed between $10 and $100 LPs.

overally, there is a good share of each LP volume type distributed between these 5 categories and this can be a good reason of helthy performance for Velodrome.

It seems that There is quite increasing trend in all terms of activities on Velodrome. As we have seen The Highest volume and number of transactions have achieved during the late-July. and

It seems that Long-Term lock transactions on Velodrome show us the trust of users to this platform and its reward distributing system.

The End !

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Thanks to Flipside-Crypto Team 🧠