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This dashboard investigates behaviour of bots involved in swaps on the THORChain network in the past two month.
Introduction
Bots are defined as wallets that operate by software programs. These software programs execute functions in most cases by using artificial intelligence. Bots in the crypto market are mainly used for trading (swapping) and arbitraging.
Bots, on the one hand, facilitate activities in the network and increase engagement. On the other hand, in most hacking attacks and market manipulations bots are intensively involved.
Therefore identifying bots, understanding their behaviors, and distinguishing between malicious and benevolent bots are important issues for blockchain projects.
This dashboard investigates behaviour of bots involved in swaps on the THORChain network in the past two month.
Definition and measurement
Bot swappers can be defined as wallets that execute swaps automatically and by utilizing software programs. These activities are programmatic so that differentiated from human activities in some aspects.
To identify bots we can rely on the inabilities of humans such as being not able to do an activity very frequently in a short period of time and/or continuously an entire a day.
In this dashboard bots are defined and measured as wallets that swapped more than 30 times in an hour.
In the graph below we can see only 71 wallets have executed at least one time more than 30 swaps in an hour.
The graph below shows what percentage of the volume of swaps are made by bots. We can see that 71,4% of volume of swaps have been made by bots since 60 days ago.
Bots have specific preferences in terms of pools.
The donut charts below show the percentage of swaps by pools for bots and non-bots.
We can see that BNB.BTC and ETH.BNB are the second and fifth popular pools for bots.
The box below shows the number of bots. It is clear that just a few bots conduct a high % of swaps.
The histogram also shows the distribution of wallets (bots/non-bots) among the number of swaps.
It is obvious that bots are few in number but a lot in activity.