New User Onboarding
When a new wallet gets created, where are they first getting their $RUNE? Is it from a direct transfer? Or from a centralized exchange? From a $RUNE upgrade from BNB.RUNE or ETH.RUNE? Or from a swap from another chain's asset to $RUNE? If it's a swap, which chain / asset are they coming from? Are there any trends over time you can see?
Introduction
- On Thorchain, there are 5 ways in which users can obtain RUNE :
- Transfer from CEX
- Direct Transfers
- Swapping to RUNE
- Removing liquidity
- RUNE upgrade
- In this dashboard, we will examine how new users obtained their first RUNE and got onboarded to the Thorchain ecosystem.
Approach
- Users are onboarded to the Thorchain ecosystem when they received their first RUNE. First RUNE receipt accounts for THOR.RUNE, as only THOR.RUNE can be used to interact in the Thorchain ecosystem by performing actions such as swaps and providing liquidity.
- We examine on-chain records to determine the earliest date Thorchain wallets received RUNE in order to determine when new Thorchain addresses receive their first RUNE.
- Tables such as
thorchain.swaps
,thorchain.transfers
andthorchain.upgrades
are used to determine the earliest receipt of RUNE by Thorchain addresses. - The earliest date Thorchain wallets received RUNE in this dashboard corresponds to the date which Thorchain wallets received their first RUNE.
- The pie chart above shows the methods of obtaining RUNE and the number of users obtaining their first RUNE through it.
- We can see that the majority of new users obtained their first RUNE through direct transfers. Direct transfers accounted for 25.858k, or 31.6%, of new users.
- This is followed by new users obtaining their first RUNE through swapping for RUNE and removing liquidity from pools, with 19.519k and 19.247k new users obtaining their first RUNE in these ways, respectively.
- The bar chart above depicts the chains from which new users swapped to obtain their first RUNE.
- The BNB chain, which has onboarded 9544 new users, is the chain from which the majority of new users swapped from to obtain their first RUNE. BNB chain being the chain that onboards the most new users on Thorchain is fitting due to its low transaction fee and its native stablecoin, BUSD, being the one of the most swapped tokens on Thorchain.
- The Terra and ETH chains are next, with 3229 and 2964 new wallets swapping from these 2 chains to obtain their first RUNE, respectively.
- The number of new users upgrading BNB.RUNE and ETH.RUNE to obtain their first RUNE is shown in the bar chart above.
- 14.808k new users have obtained their first THOR.RUNE as a result of RUNE upgrades. It appears that a substantial proportion of new users in this category (approximately 13.366k or 90.26%) have upgraded BNB.RUNE to obtain their first THOR.RUNE. Only 1.442k new users in this category, or 9.74%, upgraded from ETH.RUNE.
- The pie chart and bar chart above show the top 3 wallets by direct transfers that onboarded the most new users.
- The Synth Minter Module on Thorchain has onboarded the most new users via direct transfers, with 14.91k new users. When users burn their synth assets for RUNE, RUNE is transferred from this wallet to users.
- This is followed by the Flipside Thorchain address, which has onboarded 902 new Thorchain users. Users are rewarded with native RUNE by Flipside Crypto for completing Thorchain-related analytical bounty questions or completing Thorchain Scavenger Hunts, and Flipside has successfully onboarded 902 wallets to the Thorchain ecosystem.
- The bar chart above shows the number of users receiving RUNE for the first time by month.
- The number of new users receiving their first RUNE was highest in March and April 2022, with 12.31k and 11.458k, respectively.
- This could be due to the fact that LUNA and UST pools were added on March 26th, 2022. [Medium Article: TERRA Luna on THORSwap.] (https://thorswap.medium.com/terra-luna-on-thorswap-earn-yield-trade-cross-chain-assets-856676918e10). Terra's integration on Thorchain has successfully onboarded many new Thorchain users.
- In addition to that, we see an increase in the number of RUNE transferred out of CEXes in June 2022. This is because Thorchain has only recently launched its mainnet, and native RUNE withdrawals and swaps are supported on Binance beginning June 2nd, 2022.
- The pie chart above shows the CEXes wallets which new users receive their first RUNE from.
- We can see that Crypto.com Withdrawal Wallet is the CEX wallet that has onboarded the most new Thorchain users, with 1684 new users onboarded. This is followed by the Binance Deposit Wallet, which has onboarded 683 new users to the Thorchain ecosystem.
- This is fitting given that Crypto.com had supported THOR.RUNE withdrawals for a longer period of time, though native RUNE withdrawals support were discontinued in November 2021 by Crypto.com. Binance has only recently, on June 2nd 2022, announced that Binance will start supporting native RUNE withdrawals and swaps.
Conclusion
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The number of new users receiving their first RUNE was highest in March and April 2022, with 12.31k and 11.458k, respectively. This is due to Terra's integration on Thorchain.
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The number of RUNE transferred out of CEXes increases in June 2022. This is because native RUNE withdrawals and swaps are supported on Binance beginning June 2nd, 2022.
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The majority of new users obtained their first RUNE through direct transfers. Direct transfers accounted for 25.858k, or 31.6%, of new users onboarding . The Synth Minter Module, Flipside Thorchain wallet, and Bond Module are the top 3 contributors to onboarding by direct transfers.
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The BNB chain is the chain from which the majority of users swapped to obtain their first RUNE.
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14.808k new users have obtained their first THOR.RUNE as a result of RUNE upgrades. Only 1.442k, or 9.74% of new users in this category upgraded from ETH.RUNE, while approximately 13.366k, or 90.26% upgraded from BNB.RUNE.
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Crypto.com Withdrawal wallet is the CEX wallet that has onboarded the most new Thorchain users, with 1684 new users onboarded to the Thorchain ecosystem.