📜 Introduction

In this dashboard we once again examine the financial district and check its weather, to see whether the winter has reached this district or not.

• At First, we look at the overall market sentiment.
• In the next step, we will take a look into swapping on REF and NFT sales on PARAS.
• Finally we will take a look at the main financial hub on NEAR, Burrow protocol and examine changes in liquidity and borrows.

🤔 Approach

Data Source and Tables

To conduct our study, we are using blockchain data provided by Flipside Crypto. From their datasets, following tables are used:

• near.core.fact_transactions

• near.core.fact_transfers

• near.core.fact_receipts

• near.core.fact_actions_events_function_call

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Methodology

By combining the data on the fact_transactions and fact_actions_events_function_call tables, the required data for this analysis were collected. The contract address related to different operations on the platform and their subsequent method name on the tables were determined by directly interacting with the protocol.

The symbol and USD price of tokens available for depositing and borrowing on the protocol were selected using the fact_prices table. It is worth mentioning that due to the absence of token prices during the measured period, their price was averaged for the whole period. Although it might seem inaccurate, because of the price fluctuations since the beginning of the year, and the existence of precise price data in recent time frames, the analysis was conducted using the overall average to have a near-reality estimate of liquidity for each of the tokens.

References

This work is heavily based on Pinehearst’s and Alitaslimi‘s NEAR Financial District analysis. Some SQL is directly used from these dashboards.

Alitaslimi Dashboard:

Pinehearst’s dashboard:

Study Period

To conduct our study, we are using all the data available since past 90 days.

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🔎  Summary

For almost a year the markets have been in a downtrend state. In this study we could hope for some uptrends and good omens to declare the end of downturn. As we saw in this study, NEAR ecosystem financial market statistics shown either downtrend or stagnation. some of our findings:

• Overall, a negative market sentiment and decrease in BTC and NEAR prices.
• Increased borrow of stablecoins.
• Stagnation in NFT sales.
• Decrease in Burrow TVL.

In short, Winter is here. 🧊

BRRR Staking

The following chart shows daily staked BRR volume in USD and the daily number of stakers.

A decrease in stake and stakers can be seen. Also, the number of stake transactions and stakers declined over time.

Liquidity on Burrow

Following charts show the daily amount of liquidity, borrow and collateral in the past 90 days.

It can be seen that:

• Liquidity was decreasing, but all of a sudden WOO comes to the rescue and with its coming the average Liquidity doesn’t dip much.
• Borrows were in a slight decline, but again WOO changes the game, between Sep 20 and Oct 10, the borrow volume increased.
• The last chart shows that although WOO increased liquidty of the protocol and was borrowed in high amounts, yet it was not really used as collateral

It should be noted that WOO was listed on Sep 9.

Market Sentiment

In this section, we are going to examine BTC and NEAR prices, BTC price is a good measure to show the health of the crypto market.

NEAR price also indicates the overall health of NEAR network.

It can be seen that both of these currencies are facing a decrease in their value.

📈 Preliminary Examination

:bank: Market performance on Burrow Cash

The first chart depicts the value locked in the Burrow protocol, First thing that can be seen is the significant decrease in TVL, as well as, collateral and liquidity in this platform.

The second chart depicts the utilization ratio, utilization ratio tells what proportion of the assets on Burrow is being currently used. Users can deposit their asset with the option to use them as collateral. (Collateral is a subset of the TVL)

Utilization ratio has increased in the past few weeks, which means more users are using their assets to borrow.

:framed_picture: NFT Sales on Paras

The following charts illustrate the NFT sales on Paras, largest NFT marketplace on NEAR.

It can be seen that sales volume didn’t change much in the past 90 days. Average and median sales do not show any trends either.

Swap

These charts depict the swap activity on NEAR. REF swap data is used.

It can be seen that:

• The average swap volume has slightly decreased.

• In the past few weeks the number of swappers have also decreased.

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Dominance on REF

Here we can see the daily dominance of the stablecoins on NEAR ecosystem.

It can be seen the stablecoins dominance is in a downtrend, and recently has reached its lowest level in the past 90 days.

🪙 Stablecoin Analysis

NEAR Volume

The following chart illustrates the daily volume of transactions in NEAR blockchain.

Although there have been days with volume ups and downs, the average volume seems consistent, which is not a bad omen, if not a good sign.

Liquidations

This chart depict liquidations over time.

It can be seen that recently there hasn’t been any liquidation.

USDC is the top liquidated token. as it is also of the top borrowed tokens as we can see in the next chart.

Utilisation ratio

As already defined, utilisation ratio tells what proportion of the assets on Burrow is being currently used. Users can deposit their asset with the option to use them as collateral. (Collateral is a subset of the TVL)

Utilisation of stablecoins have increased in the past few days. utilisation of tokens such as LINEAR and WBTC didn’t increase, WETH saw an increase followed by a massive drop in utilisation.

As trust in markets decreases, users tend to accumulate more stablecoins. These changes can be seen as a negative effect on the market.