Try Quests to earn cryptoAlgorand Free Square
1- Introduction
1-1 Question
In this bounty, you should take a look at the swaps on the Algorand network. You can study various parameters such as the volume of swaps, the number of swaps, the most assets swapped for, and the most assets to swap. Do you see any similar trend between the volume of swaps and the price of the ALGO?
1-2 Algorand Network
Algorand is a proof-of-stake blockchain cryptocurrency protocol. Algorand's native cryptocurrency is called ALGO.
1-3 What are we looking for ?
In this article, I first raised a question and now I intend to answer it in the rest of the article. Here I am going to focus on Algorand network swaps. I want to know how much the volume of daily and total swaps on Algorand network has been so far. I use flipside tables to extract this data. What I will discuss next are:
1- The total volume of swaps on the Algorand network.
2- The daily volume of swaps on the Algorand network
3- top 5 assets that have been requested the most.
4- top 5 assets that have sold the most.
5- The price of the Algo
Daily number of swaps
The graph below shows the number of daily swaps on the Algorand network. This graph does not have a fixed trend and its trend has changed in different periods of time. This chart has reached several peaks so far, but the highest peak was on May 12, 2022. In the second and third week of January 2022, the lowest number of daily swaps took place on this network. In recent days, the number of swaps is far from the peak point.
In terms of price, Algorand cryptocurrency has an outstanding potential to reach new heights. It is predicted that the cost of ALGO may increase. According to crypto experts and business analysts, the Algorand coin's exchange rate might reach the highest price of $59.90 by 2030.
Let's take a look at the Algo price chart as well. As you can see, the price of the Algo has almost gone down during this period. Of course, in January, its trend changed for a while and it reached its peak of 2.3 $ on January 14, but after that, it has declined again. Recently, due to the bad conditions of the crypto market, the price of the Algo has reached its lowest value.
Average volume of swaps (USD)
The average volume of daily swaps is shown in the following chart. Based on this chart, the daily swap volume (in dollars) was very low until November 2021. But in November, the volume of swaps suddenly increased, which shows the acceptance of this network by big traders. The volume of Swaps reached its highest value on November 9, 2021, with a transaction volume of more than 16 million dollars, and after that, its downward trend will begin. Again, in the first week of June 2022, the volume of swaps increased sharply, and recently this volume has decreased again.
Conclusion
In this article, Algorand network swaps were investigated. According to this report, the five assets that had the most swaps are:
1- ALGO
2- USDC
3- Yield
4- STBL
5- Opulous
The price of the Algo is also in a downward trend and has recently reached its lowest level. Regarding the volume of swaps, it can be seen that after the 12th of May, when the volume of swaps reached its highest value, the downward trend started and continued until today.