📝 Introduction

The crypto world is constantly innovating and creating new ideas. One of these interesting and practical ideas that has been welcomed by activists in this field is "cryptocurrency lending". cryptocurrency lending follows the same process as traditional lending, with the difference that there is no third party in cryptocurrency lending and the loan is managed by smart contracts. One of the lending platforms whose performance is evaluated in this dashboard is called Granary finance. The Granary is a decentralized, user-driven borrowing and lending liquidity market inspired by AAVE.

• The four important parts of Granary finance are:

📈 Depositing & Earning: Deposit and earn interest on a wide range of assets.

💸 Borrowing: Borrow from a variety of assets using your deposited assets as collateral.

⚡ Flash Loans: Utilize flash loans to take advantage of arbitrage opportunities.

💰 Revenue Sharing: Earn additional passive income with revenue sharing.

✍🏻 Methodology

• In this dashboard, the following tables are used to extract data:

  • optimism.core.fact_event_logs → This table is used to find data related to the transfer of assets to/from the Granary finance platform.
  • The following codes are used for each of the events:
    • Deposit → where (ORIGIN_FUNCTION_SIGNATURE='0xe8eda9df' and origin_to_address='0x8fd4af47e4e63d1d2d45582c3286b4bd9bb95dfe' and event_name='Transfer' and event_inputs:from=origin_from_address)
    • Withdraw → (ORIGIN_FUNCTION_SIGNATURE='0x69328dec' and origin_to_address='0x8fd4af47e4e63d1d2d45582c3286b4bd9bb95dfe' and event_name='Transfer' and event_inputs:to=origin_from_address)
    • Borrow → (ORIGIN_FUNCTION_SIGNATURE='0xa415bcad' and origin_to_address='0x8fd4af47e4e63d1d2d45582c3286b4bd9bb95dfe' and event_name='Transfer' and event_inputs:to=origin_from_address)
    • Repay → (ORIGIN_FUNCTION_SIGNATURE='0x573ade81' and origin_to_address='0x8fd4af47e4e63d1d2d45582c3286b4bd9bb95dfe' and event_name='Transfer' and event_inputs:from=origin_from_address)
  • optimism.core.fact_hourly_token_prices→ This table has been used to extract data related to the prices of various assets.

  We joined the above two tables together to calculate the volume of lending & borrowing in terms of USD.

  • All the results are for June, 2022 onwards.

📃 Purposes of dashboard

The main purpose of this dashboard is to evaluate the activity of

Granary Finance users on the Optimism network. To evaluate the Granary Finance on the Optimism network, four user activities are analyzed:

1️⃣ Lending (Deposit)

2️⃣ Borrowing

3️⃣ Repay

4️⃣ Withdraw

The following metrics have been used to evaluate the above activities:

✅ Number of unique depositor/borrowers

✅ Number of depositing/borrowing/withdrawal/repaying

✅ Number of New Depositors per Day

✅ Average Volume per Deposit

✅ Average Volume per Borrow

✅ Volume of depositing/borrowing/withdrawal/repaying

✅ Top 10 depositor/borrowers based on lending/borrowing count/volume

✅ Top 10 Depositors/Borrowers Activity

✅ Borrow to deposit volume ratio

✅ Ratio of the Number of Borrowers to Depositors

✅ Classification of borrowers/lenders based on borrowing/lending volume/count

🧐 Observations

The number of users and the number of their activities on this platform has grown significantly since September 20. On September 20, Optimism Quests was launched. Users can receive NFTs as rewards by performing certain activities on different platforms in the Optimism ecosystem. On the other hand, doing these quests makes it possible for users to receive an OP airdrop. 18 platforms participated in these quests and one of which is Granary Finance. Tasks that Granary users should perform include:

• Lend ≥ $50 USD equivalent worth of tokens on the Granary.
• Borrow ≥ $20 USD equivalent worth of tokens on the Granary.

On the other hand, checking the number of new users also shows that the number of users has increased significantly since September 20. The average number of new users has increased more than 27 times after the missions started. (716 vs. 26)

On the other hand, the largest number of users and the largest number of their transactions were recorded on November 2. On this day, news of the airdrop distribution of the native token Granary ($GRAIN) was published on Twitter. This is the main reason for this growth on Nov 2,2022.

As the graphs below show, the average volume of each deposit and the average volume of each borrow after 30 Shahrivar has decreased compared to before this date, and on the other hand, the fluctuation of these values ​​has also decreased significantly compared to before the launch of quests.

The chart below shows the volume of transactions related to different events. It is clearly visible in the chart that the volume of various transactions has increased since the end of September. In the months of July and August, the volume of transactions was also significant, but the difference is that since the end of September, the number of users has also increased, in other words, the number of transactions was high and the volume of transactions was lower, while in the month of In August and July, the volume of transactions was high and the number of transactions related to various events was less.

One of the important indicators in examining the performance of lending platforms is the ratio of the volume and number of borrowers to lenders (depositors). If a platform can attract more borrowers than lenders, that platform will grow in the long run. But if the number of borrowers is less, then the platform will face a lack of liquidity because the income of the platform, which is provided through the repayment of loans, will decrease.

In the chart below, it is clear that after the launch of Optimism Quests, the ratio of the number of borrowers to lenders was almost equal to 1. It means that almost all those who have deposited on this platform have received loans after that. (Because according to Optimism Quest instructions, users must have both given loans and received loans)

On the other hand, because according to Optimism Quest's instructions, the lending volume was at least $50 USD and the borrowing volume was at least $20 USD, so the ratio of borrowing volume to lending volume after September 20 is almost smaller than 1 on most days.

In the charts below, transactions related to different events based on different tokens are shown.

• The highest number of transactions in Granary is related to USDC.
  • 81% of deposits
  • 85% of withdrawals
  • 63% of borrowings and repayments

The largest volume of each of the events on the Granary platform are:

• Deposit Volume
  • SNX → Oct 27
  • sUSD → Oct 21
  • OP → Aug 4
  • USDT → Aug 4
  • DAI → Jul 27
  • USDC → Sep 16
  • WBTC → Jul 29

• Withdrawal Volume

  • SNX → Oct 27

  • sUSD → Oct 30

  • OP → Aug 4

  • USDT → Aug 4

  • DAI → Jul 30

  • USDC → Sep 20

  • WBTC → Jul 15

    \

• Borrow Volume
  • SNX → Oct 31
  • sUSD → Oct 21
  • OP → Sep 17
  • USDT → Oct 26
  • DAI → Nov 3
  • USDC → Aug 4
  • WBTC → Aug 4

• Repayment Volume
  • SNX → Nov 3
  • sUSD → Nov 3
  • OP→ Jul 29
  • USDT → Oct 27
  • DAI → Nov 1
  • USDC → Aug 4
  • WBTC → Oct 4

• The largest volume of each currency for many events is related to before the launch of optimism quests.
• The largest volume of repayments has been made with OP. In other events, USDC has the largest volume, with OP coming in second.

All the statistical data show that USDC has been more popular than other currencies in various events of the users of this platform.

🧐 Observations

• So far, about 84% of the deposits have been between 10 and 100 USD.

• About 93% of the borrowings were between 10 and 100 USD.

• 113 users have lent more than $10k USD on this platform so far.

• About 59 unique addresses have also borrowed more than $10k USD from Granary.

• About 31.6k users have deposited on this platform just for one time. Almost the same number of addresses have borrowed from this platform only once.

• The address 0x557683eec230c07b5bd60261541cc182a27798b2 deposited the largest volume in terms of $USD in Granary (520.5k $USD). The same address has also borrowed the largest amount of USD from this platform. (about 640k $USD)

• The address 0xf90f56afa1dae825db57fc305b2f8f1ccf337531 has recorded the most deposits in Granary with 73 transactions. The same address has also received loans 71 times.

• The address 0x8fdd0cf22012a5fecdbf77ef30d9e9834dc1bf0a received loans from Granary the most times. (133 borrowings)

💡 Conclusion

In this dashboard, the performance of the Granary Finance platform was analyzed in four sections. The results show that the number of user activities has increased significantly since September 20 and after the launch of optimism quests. In fact, these quests have increased the motivation of users to interact with this platform. Therefore, the team of this project can attract new users to its platform by creating different stimuli. On the other hand, among different assets, the highest number of transactions is related to USDC currency. Creating more pools with more diverse currencies can attract more users.

Analyst: Emanoel

***Twitter: ***

Discord: Eman#9698

Special thanks to the Flipsidecrypto 🧡