Try Quests to earn cryptoTHORChain New User Onboarding
Thorchain is a blockchain protocol built on Cosmos, the so-called "Internet of blockchains," that aims to make all of crypto liquid. It seeks to do this by enabling the trading of non-native crypto assets, such as trading Bitcoin for Ethereum, but in a completely decentralized way. In essence, it does much of what Coinbase and Binance do—but without a third party ever taking control of the funds.
RUNE is Thorchain’s native asset. It’s used for governance, staking, bonding, rewards, and trading—it’s what makes Thorchain work.
RUNE is traded against other assets in every pool on Thorchain, providing a bridge for assets from different blockchains. Staking RUNE also earns users votes on governance proposals and fees from trading, while bonding RUNE lets nodes validate transactions and earn new RUNE generated each block.
source: decrypt.co
Wallets created in the THORChain network can receive $RUNE in 4 ways, including:
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1 - From a centralized exchanges. (In this work, only Crypto.com and Binance exchanges have been examined.)
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2 - From a direct transfer. (from another wallet)
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3 - From a $RUNE upgrade from BNB.RUNE or ETH.RUNE. (read more about $RUNE upgrade)
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4 - From a swap from another chain's asset to $RUNE
Notes
- Read more about hot and cold wallets at gemini.com
- When we look at the Binance wallets, the hot wallet has sent RUNE to only 2 other unique wallets, one of which is the Binance cold wallet and the other called "Reserve Module" with address
thor1dheycdevq39qlkxs2a6wuuzyn4aqxhve4qxtxt. This wallet belongs to THORchain. The THORchain description in Gitlab about Reserve Module said:The Reserve module is used to pay IL protection, tx fees etc for the network. Tracking the Reserve balance is an important network health metric.
Therefore, we only consider transactions from Binance cold wallet to other wallets as receiving RUNE from Binance.
We need records from the [thorchain.transfers], [thorchain.swaps] and [thorchain.upgrades] table to answer this section.
- First, for each table, we find the
min(BLOCK_TIMESTAMP)when a unique wallet received RUNE. - Then we combine all of these addresses and
min(BLOCK_TIMESTAMP)pairs together - Finally, we find
min(BLOCK_TIMESTAMP)for allunique addressesandBLOCK_TIMESTAMPpairs usingROW NUMBER()function which is a type of window function.
According to the results:
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The number of unique wallets that have received their first RUNE is equal to 109.5K.
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42.7% of these wallets (46787 wallets) received their first RUNE through transfer.
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41.8% of these wallets (45,808 wallets) received their first RUNE via swap.
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14.8% of these wallets (16.192 wallets) received their first RUNE through the upgrade their assets (BNB.RUNE and ETH.RUNE to native RUNE) .
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0.68% of these wallets (752 wallets) have received their first RUNE through centralized exchanges including Crypto.com and Binance.com.
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Almost all wallets created on the THORChain network (above 99%!) received their first RUNE via DEX or other wallets (transfer).
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The low percentage of receiving the first RUNE from centralized exchanges means that most users who buy RUNE through centralized exchanges do not transfer it to their wallet and have probably bought it for trading.
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On April 8, 2022, the largest number of wallets received their first RUNE. (3227 wallets)
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From September 23, 2021 to the beginning of October 2021 (October 2), the number of wallets that received their first RUNE has increased sharply and then started to decrease, and 20 days later (October 22) It has increased sharply again until November 10, 2021, and became unavailable two days after the THORChain network.
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After restarting the network on November 18, 2021, until late February, the number of wallets that received their first RUNE was almost constant, and from March 2022 to the end of April, the number of wallets that received their first RUNE Have increased and then started to decrease.
According to the results:
- 32.2% of wallets that received their first RUNE via swap did so by swapping from the BNB blockchain.
- 22.2% of wallets that received their first RUNE via swap did so by swapping from the Ethereum blockchain.
- 17.5% of wallets that received their first RUNE via swap did so by swapping from the Bitcoin blockchain.
- From March 26, 2022 to May 10, 2022, problems in the Terra blockchain caused the price of Luna and UST to plummet, forcing users to swap their assets on the Terra blockchain for other assets. Many users will receive their first RUNE on this date.
- Following the re-launch of the THORchain blockchain on September 17, 2021, the number of swaps from the BNB blockchain to receive RUNE has increased dramatically. This increase in swap FROM BNB asset and BNB blockchain could be related to the BNB.RUNE to the native RUNE upgrade program that is analyzed here.
- 23.9% of wallets that received their first RUNE via swap did so by swapping from the BNB.
- 17.5% of wallets that received their first RUNE via swap did so by swapping from the BTC.
- 14.5% of wallets that received their first RUNE via swap did so by swapping from the ETH.
Conclusion
- Wallets created on THORChain often receive their first RUNE through transfer from other wallets (42.7%) or through swaps (41.8%).
- Other wallets (14.8%) have often received their first RUNE through the upgrade their assets (BNB.RUNE and ETH.RUNE to native RUNE)
- A very small percentage of wallets (0.68%) have received their first RUNE from centralized exchanges.(including Binance and Crypto.com).
- Most swaps to get the first RUNE were made from BNB (32.2%), Ethereum (22.2%), and Bitcoin (17.5%) blockchains.
- Most swaps were made to receive the first RUNE was from BNB (23.9%), Bitcoin (17.5%), and Ethereum (14.5%) assets.
- After the BNB, ETH, and BTC blockchains, where the most swaps were made to receive the first RUNE through their native assets, the most swaps were made to receive the first RUNE through the Terra blockchain and UST asset. The number of swaps from the Terra blockchain and UST assets has increased dramatically from March 26, 2022, to May 10, 2022, due to problems with the Terra network that caused the UST to fall in price and cause UST users to Swap to other assets