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In this analysis, the volume of swaps involving the STARS token in the Stargaze Zone as an inter-blockchain communication NFT marketplace on the Osmosis ecosystem has been studied since March 20th.
Osmosis is the leading decentralized exchange (DEX) on the Cosmos blockchain. It is an advanced automated market maker (AMM) protocol that allows users to swap and earn interests on the platform. Also, it provides features for developers to design, build, and deploy their tokens. Rather than taking a common approach for its liquidity pools, Osmosis is leveraging the wisdom of the crowd through the process of experimentation and rapid iteration. It achieves this by offering a full design and governance customization of the pools to their stakeholders and providers.
Stargaze is the first interoperable layer-1 inter-blockchain communication (IBC) NFT launchpad and marketplace on this network. Its goal is to be similar to OpenSea, except governed by a community. Stargaze allows users to buy, sell, and trade NFTs. Users can also trade NFTs across other IBC-enabled chains. Stargaze also interoperates with Ethereum over Gravity Bridge. The native token of Stargaze is STARS which can be used for transaction fees, validator nodes, and voting power for governance.
The data for this analysis were collected from the labels and msg_attributes tables of the osmosis schema. The time frame for this study was considered from the 20th of March to the present day.
The labels table was used to determine the proper message type for the swapping of tokens. Among the 55 different message types that exist in the database, the token_swapped was chosen to further conduct the study. The labels table was also utilized to collect the information of tokens that existed on the platform by filtering the label_type as token. Overall, 66 tokens were found that are being used in the ecosystem.
The quantitative data for swaps were stored in the msg_attributes table. It is worth mentioning that each transaction is further divided into multiple message types and attribute keys. After filtering them using the token_swapped message type, the attribute keys of tokens_in and tokens_out were selected to measure the numeric indices considering the value of their attribute_value column.
The attribute_key column consisted of both the amount and the token address in a single string which has to be separated using SQL's string functions. Besides that, the extracted amounts of transactions haven't had decimals. To be able to calculate the right amount, the value of the exponent key in the raw_metadata column of the labels table was used for each token.
For the swap pairs of the STARS token, the process was reversed and split into two separate queries for the measurement of the volume of swaps of each day and each hour, due to the heavy workload placed on velocity not being able to execute them in a single query. Besides that, two tokens of OSMO and ION were removed from the query because them having different address formats compared to the others.
>STARS token address: ibc/987C17B11ABC2B20019178ACE62929FE9840202CE79498E29FE8E5CB02B7C0A4
In the following charts, the volume and the number of swaps to and from the STARS token have been shown. While the number of swaps has been continuedly decreasing since the 20th of March, the volume of swaps had a steady trend and has begun to increase since the beginning of May. There are multiple spikes in the chart such as on April 2 and May 11 which were on Saturday and Wednesday respectively.
Another important point is that both the number and volume of swaps from STARS to other tokens have been higher than the number and volume of swaps to STARS which indicates the tendency of users to have other tokens or to utilize the STARS token for its benefits on the platform.
Swaps over Week Days and Day Hours
To be able to further break down the peak days and hours of swaps, the total volume of swaps in the whole period was calculated. As it is demonstrated on the following charts, Wednesdays have had the highest volume of swaps to STARS throughout the week. After that, Fridays and Thursdays have been in the 2nd and 3rd place among the weekdays. On the other hand, Mondays and Fridays were two days with the highest volume of swaps from the STARS token. Overall, Fridays have had a high swaps volume over the measured period.
The analysis of the volume of swaps on each hour of the day has indicated that 7 pm has had the highest volume of swaps both to and from the STARS token. There has not been any visible trend over the hours of swaps. However, 4 pm had accounted for an average volume of 10M STARS swapped which is not the highest but overall, it is a high volume.
Total Swaps on Each Hour of Each Day of the Week
The total volume and number of swaps have been plotted for all hours of each day of the week. Comparing the total volumes has demonstrated that Mondays and Thursdays have had a considerable volume throughout the day while Wednesdays and Fridays have only had a high volume on particular hours such as 7 and 15 for Wednesdays, and midnight and 19 for Fridays.
On the other hand, Mondays have seen a high number of swaps throughout the day except in the early hours. Besides that, Tuesdays have also seen a steady number of swaps throughout the whole day. Interestingly, all days of the weak have seen a high number of swaps in the evening between 17 to 19.
In this section, the swap pairs of the STARS token have been analyzed in the same period. As it can be seen in the following chart, the trend of the volume of swaps to and from the pairs of STARS is similar to this token. There is a major jump in the volume on the 13th of March which was a Friday. Since then, the volume has been 2-5 times higher than its previous days. The next chart depicting the daily total volume of swaps demonstrates each token's volume over the period. It has indicated that LUNC (previously LUNA) had the highest volume of swaps on the platform. Considering this, the massive spike on the 13th of March can be directly related to the UST's depeg incident and the crash of Terra LUNA.
Swaps Over Week Days
The charts below demonstrates the relation of volume of swaps to and from the STARS' swap pairs with each day of the week and with each tokens. As it can be seen in the first chart and in contrast with the STARS token, Fridays have been a major day for other tokens and the volume of swaps is almost double the other days. The drop of new launchpad projects on this can be the main reason behind this trend.
In this analysis, the volume of swaps of the STARS token and its pairs has been evaluated since the 20th of March. In conclusion, the data showed that although Fridays are important days for STARS, they are not the days with the highest volume of swaps both to and from this token. Considering the hours of swaps, evenings have seen the highest volume of swaps over the measured period. In contrast, the swap pairs of STARS have shown a completely different trend. Fridays have been the main day these tokens had swapped due to the drop of new projects. The analysis of the hours of swaps has demonstrated that most of these trades had occurred in the early hours of each day.