Overview

here, we aim to provide these topics:

1. Total and weekly trading Volume

2. Total and weekly unique traders number

3. Total and weekly trades number

4. break down all the above stats by Pairs

5. funding rate change over Time for most popular Pairs

6. break down all above stats by short or long position

7. platform TVL stats and how much reward claimed by stakers in weekly stats

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Introduction

Pika Protocol is a decentralized perpetuals exchange on Ethereum layer 2 that supports a number of features including high leverage up to 50x, deep liquidity, huge asset inventory and composability across DeFi.

Features:

1. Low Slippage

2. Pricing

3. Dynamic Funding

4. Profit Taking without Restrictions

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Also, users can provide liquidity by staking ,liquidity providers take the opposite position of all traders on the platform. The vault pays for trader profits and receives trader losses. In addition, it also receives trading fees, funding fee and liquidation profit of trades.

source: Link & Link & Link \n

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Method

• contract and summary on how I collected the data

some useful contracts that I used to collect the data:

1. V3 PositionManager contract:

   0x8add31bc901214a37f3bb676cb90ad62b24fd9a5

2. V2 PositionManager contract:

   0x2fae8c7edd26213ca1a88fc57b65352dbe353698

3. V3 FundingManager contract:

   0xBB198FfD0E1490CA108ab6C409473408230D261B

PikaPerpV3 contract:

0xD5A8f233CBdDb40368D55C3320644Fb36e597002

I used V3 and V2 position manager contract to collect the positions data such as, order TME, leverage, margin, price of token and if the position is long or short. for collecting this data I used the DATA column that is available on events_log table which I decode.

for TVL I used PikaPerpV3 contract with help of fact_token_transfers table so that we can calculate the net locked asset

• some necessary definition base on Pike protocol provided data:

1. leverage: Leverage is the use of debt (borrowed capital) in order to undertake an investment or project.
2. margin: asset that are involved in the trade
3. trading Volume: margin*leverage
4. funding rate: At times when the funding rate is positive, the price of the perpetual contract is higher than the marked price. As a result, traders who are long pay for short positions. In contrast, a negative funding rate indicates that perpetual prices are below the marked price which means that short positions pay for longs.
5. TVL: the Total Value of asset that are locked in the vault, users can stake to locked their asset or redeem to unlock
6. staking reward: users will get some rewards for their staked asset, they can claim it or reinvest it

I used all the available data on flipside

our insight will be base on weekly Timeframe.

1. Volume/traders/trades Stats

Observations:

If we look at the Total volume of this platform, we will reach the number of nearly 600M USD, which is not a small number, and if we check the volume of the last month in particular, it will show the number of 75M USD, which is almost 50% of the volume of the last three months, and this It can show the increase in volume in the last month

When we look at the weekly volume graph, we can see that the highest volume can be seen in the first weeks of May, especially in the week of May 9, when we recorded the highest volume with the amount of 115M USD. From the end of June to the beginning of September, the amount of volume was the lowest, but at the end of September, we saw a good volume again, and this shows that the platform has been able to record good volumes recently in the last weeks.

The number of traders can represent the success in attracting users and this is something that can be seen well in Pika. The total number of users who have traded on Pika so far is close to 30K users, which is a relatively good number, but the success of Pika in the recent period is more visible as 18 thousand users have traded on this platform in the last month. 92% of the total number of users in the last three months and 67% of the total number of users in the last six months, which is a very good sign. In addition, the increase in the number of users is clearly visible in the weekly graph, so that in recent weeks we have recorded very high numbers, including 5.3K users on September 26, which was the highest number.

In the number of trades as well as the number of active users, we have seen an increase in the recent period, so that in the recent period, we saw the highest number of trades, which is equal to 17.9K, on September 26, which is a relatively high number.

Pair stats

stats per position direction

Observations

Long positions have better percentages and statistics in all three parameters, such as 77% of the volume and 83% of the number of trades and 81% of the number of trades are for long positions.

TVL

Observations

TVl experienced a dramatic rise from the beginning of September to the 19th of this month, going from less than 2M USD to nearly 10M USD. This shows the success of the platform in attracting users and giving good incentives to lock their assets

In the weekly staking/redeem, it can be seen that in September, we saw the arrival of assets with a relatively high volume, which was close to 5 million dollars. Of course, we also had asset outflows, but not as much as inflows

The interesting point can be seen in the claiming/reinvest graph that users who have staked their assets, in most weeks are more inclined to reinvest their rewards into the platform more than claiming it.

Observations

• According to all parameters, including volume, number of traders and trades, ETH/USD pair is on first rank
• In recent days, the USD pair ETH and BTC have the highest figures
• The growth of volume and other parameters in many pairs has almost stopped or slowed down greatly recently (excluding ETH/USD and BTC/USD)
• although OP is the main token of optimism but does not have high Volume in PIKA

Observations

• The OP/USD funding rate has gone up a lot and this can be an indication that the price has exceeded the market price.
• Other pairs have almost normal funding rate, neither high nor low
• Funding rate changes rapidly, and it is impossible to imagine a path or trend for it

Funding rate

Conclusion

• almost 50% of Volume in the last three month belongs to last month and we can see high number in Volume in the last weeks

• traders and trades number recorded very high numbers in the last weeks, we can conclude that the platform was

  successful in attracting users

• According to all parameters, including volume, number of traders and trades, ETH/USD pair is on first rank

• OP does not have high Volume in PIKA

• users are more interested in long

• from the beginning of September to the 19th of this month, The TVL increased from less than 2M USD to nearly 10M USD

• users are more inclined to reinvest their staking rewards into the platform, more than claiming it.

Thanks For, your Time

Twitter: Abbas_ra21

date; 2022-10-20

picture source: Link