Gold-Pegged Tokens on Ethereum

    we will analyze XAUT and PAXG tokens as Gold-Pegged Tokens on Ethereum

    Introduction

    what is Tether Gold or XAUT?

    Tether digital currency gained its reputation as one of the most popular stablecoins. The Tether Gold token was introduced in 2020 and became one of the most popular gold tokens with a market capitalization of $410M.

    Each token represents one fine troy ounce of gold in a London Good Delivery bullion. Tether gold reserves are held in Swiss vaults.

    what is PAX GOLD or PAXG?

    Pax Gold was launched by Paxos, a US-based company. Each Paxos token represents one troy ounce of London Right Delivery gold bullion.

    The PAXG token was launched in 2019 and is backed by gold holdings in Brink's vaults, which are certified by the London Bullion Market Association. It has a market capitalization of $499M.

    Method

    contract and summary on how I collected the data:

    we will analyze XAUT and PAXG tokens as Gold-Pegged Tokens on Ethereum

    ==contract==

    • PAXG token contract: 0x45804880de22913dafe09f4980848ece6ecbaf78
    • XAUT token contract: 0x68749665ff8d2d112fa859aa293f07a622782f38

    summary

    • for price of tokens I used ethereum.core.fact_hourly_token_prices table and
    • for collecting holders stats and supply I used ethereum.core.ez_current_balances table
    • Top 10 event calculated with event_log table with help of tokens contract addresses
    • for finding the data that is related to swapping these tokens I used ethereum.core.ez_dex_swaps table
    • at last for transfers stats I used ethereum.core.ez_token_transfers table
    • for social activity we used socialbearing.com

    our approach: for answering the bounty questions:

    we will have 6 sections:

    1. Tokens stats: here we will take a look at usual tokens stats like price, supply and market cap
    2. Holders: Here we examine the balance and its distribution among the holders and see which are the top holders for each token.
    3. Top 10 event: We look at the top ten events that have been done with these tokens both in general and on a monthly basis
    4. Swap: We collected all the information related to the swap of these two tokens and placed it in this section
    5. Transfer: What we did for the swap part, we also did for the transfer part
    6. social Activity: We take a look at the hashtag statistics of both tokens to see what activity and how much activity they had
    • some necessary definition base on provided data:

      ==Market cap:== Supply*Price

    All the Volume numbers are in USD

    If I did not write a limit in the title of the graph, it means that I have used all the data available on the flipside

    Conclusion

    1. XAUT price is less volatile compared to PAXG price
    2. number of XAUT holders is strangely low, and another interesting point is that a high percentage of its supply is at the disposal of the exchanges
    3. PAXG is the favorite for small users
    4. number of monthly transactions on the PAXG contract has grown significantly in recent months, unlike XAUT, which in recent months had fewer transactions than before.
    5. The volume of swaps at the end of 2021 and the beginning of 2022 was very high, the reason for this volume can be the increase of nearly $200 in the price of gold during this time period
    6. XAUT is mostly traded by exchanges or large wallets.
    7. Contrary to the volume that has been decreasing in recent months, the number of PAXG swappers and swaps has recorded high numbers in recent months
    8. in October we saw the highest number of swaps for PAXG with 999 swaps
    9. the average transfer volume of XAUT for each sender is about 2.12M USD, which is very high compared to 223K USD for PAXG
    10. the transfer volume in the end of 2021 and the beginning of 2022 was high
    11. that PAXG is mentioned more on Twitter

    Thanks For your time

    Twitter: Abbas_ra21

    date: 2022-11-05

    Observations

    1. The volume of swaps at the end of 2021 and the beginning of 2022 was very high, the reason for this volume can be the increase of nearly $200 in the price of gold during this time period. During this period, XAUT was able to record more swap volumes than PAXG
    2. If we consider all swaps at all times, the average volume for each swapper is higher for XAUT with about 400K USD, this number is very high and can be a sign that this token is mostly traded by exchanges or large wallets.
    3. Contrary to the volume that has been decreasing in recent months, the number of PAXG swappers and swaps has recorded high numbers in recent months, so that in October we saw the highest number of swaps for PAXG with 999 swaps. In contrast, XAUT has not performed well in this regard in recent months and has recorded very low numbers
    4. As we said before, XAUT seems to be mostly traded by big wallets, and now we can see that the average swap size for it is around 50K USD, which is very high compared to 10K USD for PAXG And this higher average can also be seen in the daily average(and 7-MA) of the swap size

    Observations

    1. PAXG has a larger market cap than XAUT.
    2. XAUT price is less volatile compared to PAXG price
    3. higher supply of PAXG can be due to the better luck of users for this currency
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    Observations

    1. The number of XAUT holders is strangely low, and another interesting point is that a high percentage of its supply is at the disposal of the exchanges. The first and second place have more than 50% of the tokens
    2. The number of PAXG holders is more than 3 times the number of XAUT holders. Of course, like XAUT, the first ranks of holders belong to exchanges, but compared to XAUT, they have a smaller share of supply.
    3. The share of large holders who have more than 1000 tokens is 1.63% for XAUT and is higher than PAXG with 0.15%.
    1. Swap
    1. Tokens stats
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    1. Transfer
    1. Holders
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    1. Top 10 events happened on tokens contarct

    Observations

    1. Transfer has the first rank in both tokens, and it is interesting that FeeCollected is the second rank for PAXG, and we do not see such a thing for XAUT.
    2. In the monthly chart, transfer has the most transactions in both tokens in all months
    3. From here, it can be said that the number of monthly transactions on the PAXG contract has grown significantly in recent months, unlike XAUT, which in recent months had lower transactions number than before.

    Observations

    Most of the observations we had in the swap section can be repeated here as well, the transfer volume in the end of 2021 and the beginning of 2022 was high, and the average transfer volume of XAUT for each sender is about 2.12M USD, which is very high compared to 223K USD for PAXG.

    Unlike the swap, here the number of transferors and the number of transfers have decreased in recent months along with the volume.

    The average transfer size is also high for XAUT and about 11 times the average of PAXG.

    From the daily value of the average transfer size, we can understand that very large transfers happen in XAUT on some days, which can cause an outlier, for example, on July 14th, the average transfer size for XAUT was about 10.5M USD, which is compared to The rest days are very high. When we used 7-MA, these outliers disappeared, and now we see that the daily average transfer size of these two tokens had been close to each other for the last six months.

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    PAXG Social activity

    1. Social activity

    XAUT Social activity

    Observations

    It is clearly seen that PAXG is mentioned more on Twitter, so that in 9 days we had 259 tweets with the hashtag PAXG, which were seen by 545K User. On the other hand, for XAUT, only 14 tweets are seen in the last 8 days, which were seen by 11K users.

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