Intruduction:

This Analysis is made on April 6th, 2022. Algorand ecosystem, climbing it's way up to well known and highly used block chains, decides to make available the opportunity to acquire and speculate on ETH and BTC on it's chain. this was a crucial step to incentivize BTC and ETH holders to generate value and interest out of their idle assets and give more volume and dynamic to Algorand.

Methodology:

I Used data provided from Flipsidecrypto for this analysis and aimed to show how users acquire goBTC and goETH over time, how much is Daily amount and what would be possible reason behind spikes.

First chart shows how much goBTC and go ETH were minted Daily through Algomint. As BTC mint was available almost 20 days before ETH, you can see that there are no record on that period for ETH. In the chart below, with bars being goETH and lines being goBTC, we can see that it's hard to speak about any up or down trend in adoption. meaning that this is mostly previous algorand users that are bridging their BTC and ETH to this chain not any BTC holder for example. first spike represent the launch of BTC bridge and second spike can fairly be related to Aenas program of algorand foundation which designated 1M algo to algomint users who bridge their BTC and ETH and never take them back as original BTC and ETH untill end of february.

But in regards to swapping, charts below show that amount of BTC and ETH acquired trough swapping is much less than minting; indicating that users probably tend to do their trading on their native platforms. although as these swap chart suggest, there are again spikes on january first which if it was only for algomint aenas incentive it should only appeared in previous chart. my guess is that by reaching to the end of governance commitment period some users started to withdraw their algos to trade them for BTC and ETH and make use of the recent price dip.

so we can say for sure that algomint is dominantly providing users with their need of BTC and ETH in algorand ecosystem, and since amount of minted assets are far more that swapped assets this suggests that goETH and goBTC are being used as collateral to take loans from algofi, or simply hold to be eligible for MINT airdrop or Aenas reward program.