Overview

For this question we are looking for the proportion of swap fees, total and by pool, over block rewards in THORChain. For this, we used daily_pool_stats and block_rewards table from THORChain database.

Part 1 - Total Swap Fees over Block Rewards

We took the proportions of total swap fees over each month since April, 2021 until today (April 23, 2022) and divide it by the total block rewards in the same period.

Analysis

Note: the above diagram has logarithmic scale on y-axis. Here are the point worth noting:

1. In April 2021, the swaps fees were much higher than the total block rewards.
2. The null data point in August 2021, could be the result of the critical issues and hacking of THORSwap platform that happened in July and August of 2021.
3. Except April and July of 2021, the proportions swap fees over block rewards are pacing with the same rate over the past year.

Part 2 - Pool-based Swap Fees over Block Rewards

We obtained the data with the same method as part 1, except we grouped the data by the pool_name.

Analysis

Note: the above diagram is normalized over y-axis.

1. We can see that the BTC.BTC, BNB.BUSD, ETH.ETH are the three pools with the most share among swap pools.
2. From October 2022 until April 2022, ETH.XRUNE monthly swap fee takes a considerable proportion vs. block rewards.
3. In April 2022, the swap fees of TERRA-UST suddenly rises.