THORChain On-Ramping

    Breakdown of New Thorchain Users

    1. Objective

    We want to know which chain new THORChain users are from, and what asset they are swapping to. For the purpose of our investigation, we analyze the first swap transactions of THORChain users.

    2. On-Ramping

    For our first question, we want to know which chain users are coming from. The chart below answers exactly that by providing a breakdown of the number of first-time swappers grouped by the chain they are coming from. The majority of new swappers are from Binance Chain with a representation of 78.5%. The next group by size which is native THOR users make up about 11.5%. The remaining population are made up of Ethereans (4.51%), Litecoin (2.3%), Bitcoin (1.89%), and Bitcoin Cash (1.24%).

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    The next part of our investigation tackles the assets new users from the various are swapping for. We can see a similar chart below showing all assets according to their weight (number of unique swaps by new users). 51% of new users have swapped for RUNE, 19.9% have swapped for BUSD, and 10.9% for BNB, with the remaining percentage, split among other assets.

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