$RUNE Flow
Chart the amount of daily + weekly volume of transferred $RUNE
Introduction
- In this dashboard, we will first be looking at the daily and weekly volume of transferred RUNE.
- Then, we will look at the amount of RUNE net transferred by node operators by day and by week on Thorchain.
Approach
- The net transfer of RUNE over time of node operators is explored because node operators play an important role in the Thorchain ecosystem and potentially have the most RUNE on the Thorchain ecosystem.
- Node operators must bond a large amount of RUNE in order to process and validate transactions. They are compensated in native RUNE for running a Thorchain node as well.
- On Thorchain, there are active and standby nodes; in this dashboard, we will look at transactions from Thorchain addresses that have bonded RUNE (inclusive of both active and standby nodes).
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- The area graphs above show the daily and weekly volume of transferred RUNE (in RUNE) since the beginning of 2022.
- Weekly RUNE transfer volume peaked on March 28th, around the time of Terra integration on Thorchain.
- There appears to have been a spike in daily transferred RUNE in early January 2022, specifically on January 3rd, with 261M RUNE transferred on that day.
- Given that the total supply of RUNE is only 500M, this is considered a very large amount (52.2% of total supply) of RUNE transferred.
What happened on that particular day?
According to Thorchain Dev's Discord
(Conversation on 3rd Jan 2022), this large transfer was caused by a major BNB.RUNE to THOR.RUNE upgrade performed by the Thorchain Treasury during the first week of 2022.
- There are 150 Thorchain addresses that have bonded RUNE as of May 1st, 2022. (inclusive of both active and standby nodes).
- Out of the 150 Thorchain wallets that have bonded RUNE, 104 are active nodes currently.
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The primary objective of this massive 120M BNB.RUNE upgrade is to boost block rewards for Liquidity Providers and Node Operators.
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After the upgrade, Thorchain treasury had almost 2 times more funds, and the emission curve climbed from 8 to 16. As a consequence, the emission curve, on block = 3704556, was reduced to 8 to offset the impacts of raising the reserve, doubling APY for node operators and liquidity providers.
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- The above bar charts show the amount of RUNE net transferred by Thorchain node operators (in RUNE) by day and week.
- The number of net inflows of RUNE transferred to node operators spikes on the day of massive transfer/RUNE upgrade, January 3rd, reaching around 28.5M RUNE. This is appropriate given that this upgrade has resulted in a higher average APY for node operators, incentivizing more Thorchain wallets to run a node.
- Following that week, the majority of weeks show a positive net outflow of RUNE from node operators. This means that on a weekly basis, there are more RUNE leaving node operators' wallets than entering. It is possible that node operators are transferring RUNE rewards to other addresses.
Conclusion
- In early January 2022, there was a spike in daily transferred RUNE, specifically on January 3rd, with 261M RUNE transferred on that day. The Thorchain Treasury performed a major BNB.RUNE to THOR.RUNE upgrade, which resulted in this large transfer.
- The number of net inflows of RUNE transferred to node operators also peaked that day, reaching around 28.5M RUNE. This is fitting given that this massive upgrade increased the average APY for node operators, incentivizing more Thorchain wallets to run a node.