Questions

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Open Analytics Bounty: Velodrome (August 15)

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> In this work, we focus on users’ Mint/Burn behavior on LP tokens of vPools vs sPools in past 2 months; difference in Tx count and amount_usd. Actually, we want to study about Stake/Unstake behavior, but there is no amount_usd detail in the Stake table, so we think studying Mint/Burn behavior would answer the same question.

Approach

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• We query data from the table optimism.velodrome.ez_lp_actions in 2 months timespan.
• For simplicity and avoiding bias of different number of pools, we pick Top5 pools that generated highest fees for each type of pool (5 for v-pools and 5 for s-pools).
• The list of all pools selected is shown in the right table.
• We then query data of mint/burn of LP-tokens of these 10 pools, and analyze them as will be presented

Conclusions

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Over past 2 months

• Mint/Burn usd_amount of s-pools are higher than v-pools from time to time, about 2 times higher in aggregation.
• Mint/Burn Tx count of s-pools are lower than v-pools from time to time, about 5 times lower in aggregation.
• Mint per Tx of s-pools and v-pools are 15.12k and 1.47k USD/Tx, consecutively.
• Burn per Tx of s-pools and v-pools are 47.1k and 10.12k USD/Tx, consecutively.
• This indicates that Mint/Burn activities on s-pools is more influenced by Whales.
• While that on v-pools is influenced by average users.
• This is because people would likely put larger amount of money in more secured assets

Results

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Mint activities

• We plotted Daily Stable vs Volatile LP tokens mint amount and Tx count bar graphs

• we can notice that LP-tokens mint of s-pools has more usd_amount from time to time

• However, Tx count has the opposite behavior, Tx count of v-pools LP tokens is higher

• This indicates that LP token mint of s-pools is kind of influenced by Whales

• While that of v-pools is drived by average users

Let’s take a look at overall statistics over past 2 months

• Let’s take a look at 2 donut charts

• LP tokens of top5 s-pools are minted 131M USD

• while that of v-pools are minted 62M USD, about half of s-pools

• Tx count of s-pools LP tokens minted is 8673

• while Tx count of v-pools LP tokens minted is 42,162, about 5 times higher

As a result

• Token mint per Tx of s-pools is 15.12k USD/Tx
• and Token mint per Tx of v-pools is only 1.47k USD/Tx, about 10 times lower
• this emphasizes more that LP token mint of s-pools is influenced by Whales

Burn activities

• Tx count and usd_amount give the same result as minting
• S-pools has higher burn volume than v-pools
• S-pools has lower Tx count than v-pools

Over past 2 months

• LP tokens of top5 s-pools are burned 98.5M USD
• while that of v-pools are burned 49.1M USD, about half of s-pools
• Tx count of s-pools LP tokens burned is 2090
• while Tx count of v-pools LP tokens burned is 4856, about 5 times higher

As a result

• Token burn per Tx of s-pools is 47.1k USD/Tx

• and Token burn per Tx of v-pools is only 10.12k USD/Tx, about 4.65 times lower

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