Try Quests to earn cryptoOpen Analytics Bounty: Optimism (November 12)
What is the Lyra Protocol ? a brief intro
Lyra is an options automated market maker (AMM) that allows traders to buy and sell options on cryptocurrencies against a pool of liquidity. The Lyra protocol has two key user groups, liquidity providers and options traders.
Liquidity providers (LPs) deposit sUSD (a stablecoin) into one of the asset-specific Lyra Market Maker Vaults (MMVs). This liquidity is used to make two-sided (buy and sell) options markets for the asset that the vault specifies (e.g. ETH Market Maker Vault LPs quote options on ETH). LPs deposit liquidity to the vault to earn the fees paid when options are traded.
Traders use Lyra to trade options. They can either buy options from or sell options to the MMV. Traders pay fees (in the form of the market-making spread) to LPs, as compensation for their liquidity.
source :
lyra website :
Methodology
For this bounty i decided to analyze Lyra finance protocol on Optimism , yield farmers using this platform to earn money so it is interesting to see what is happening in this protocol . In this bounty i will analyze lyra transactions , deposits in lyra , top tokens deposited to lyra , lyra top contracts , daily active users , lyra swaps and etc..
Extra information :
I use optimism.core.fact_transactions table to get data & information about Lyra users , transactions , Lyra top contracts that user interacted with
I use optimism.core.dim_labels table to get Lyra contracts and labels .
I use optimism.core.fact_token_transfers table to find tokens and amount of tokens deposited to Lyra protocol .
I use optimism.velodrome.ez_swaps table to get data & information about tokens that swapped to Lyra token from Velodrome dex .
According to the left visualization about daily transactions on lyra protocol over past 4 months we can see the highest number of transactions submitted at Aug-03-2022 which total 1844 transactions submitted over all Lyra protocol contracts and we can see average number of transaction is growing since August 2022 compare to July 2022 .
According to left visualization about daily unique user who submitted at least on transaction on Lyra protocol contracts over past 4 months we can see the highest number of unique users is at Aug-03-2022 which total 846 users submitted transactions which total 1844 transactions submitted by these users according to the previous chart .
and we can see average number of unique user growing since July . and in August we can see several pumps .
By looking at the left chart about daily new users and cumulative users on Lyra protocol we can see huge pump in new users at Dec-14-2022 which total 2856 new users submitted at least 1 transaction over Lyra protocol contracts , we can see in July 2022 number of new users is lower than ever which daily average new users reduced to 1-3 but after July new users growing which in Sep-25-2022 total 229 new users joined Lyra protocol .
According to the graph on the right, we can see the highest number of new weekly users on the Lyra protocol in the second week of December 2021, when a total of 4036 new users sent Lyra contracts transactions. The total number of users for the week increased to 7,974, which was a 50% increase in the second week of December 2021. And since July 2022 we have seen user growth, while in July the number of new users has dropped to an average of approximately 50 users.
For better understanding and visual i prepared monthly new users + cumulative user on Lyra protocol , we can see highest number of monthly new user on lyra is at December 2021 which total 5767 new user joined to Lyra protocol and submitted 23k transactions according to monthly transactions chart . we can see in July 2022 number of new users reduced to 367 new user but after that we can see average new users growing more than 3x .
Looking at the graph on the right about the daily and cumulative transactions, on December 14, 2021 we can see a total of 7,696 transactions posted by a total of 6,871 unique users according to the previous daily users graph, and we can see that we have 300 transactions per day from November 2021 to June 2022. -1000 transactions, but in July 2022, the transaction decreased to below 100 daily transactions, but after July, the transactions reached more than 200 daily transactions, which we see a growth of more than 2 times.
On the left visualization we can see weekly transactions + cumulative transaction over Lyra protocol for better visual about transactions growth after July we can see at first week of August 2022 total 3875 transactions submitted by 17K users according to previous weekly users chart , we can see this is highest number of transactions since third week of June 2022 so far .
And finally here we can see we have 2286 transactions in just 11.5 days of October 2022 which by dividing 2286 to 11.5 the result is almost average daily 200 transactions on October and if goes this way we expect almost 6K transactions at end of October which is almost even with transactions at September 2022 which is very good according to situation of market at these days .
Observations
According to the above charts about daily tokens deposited to Lyra protocol over past 4 months from Optimism we can see the highest number of deposits submitted at Aug-03-2022 which total 944 deposit transactions submitted at these days by 774 unique user according to daily unique users who depositing tokens visualization . we can see in July 2022 number of deposits reduced so much to average almost 50 daily deposits but after July number of deposits growing .
By looking at daily unique users depositing tokens to lyra protocol we can see in August 2022 we have higher average daily users and deposits over past 4 months and we can see number of users & deposits is kind of good according to market situation at these days .
Observations
According to above charts about amount of top 5 tokens s deposited to Lyra protocol contracts we can say :
SUSD stable coin has highest amount of deposits to Lyra protocol with amount total 763M so far , second place is for Lyra native token with 368M lyra tokens deposited to Lyra protocol contracts , price for lyra token is 0.12$ at Oct-13-2022 which by calculating $USD amount of lyra token deposited to lyra protocol we know 44M $USD amount of lyra token deposited to lyra protocol which is way lower than SUSD stable token with total 763M $USD amount deposited to lyra protocol . and third token is staked lyra token with symbol stklyra which yield farmers minting this token by staking their tokens in Lyra contracts and for boosting their yield they deposit their stklyra to lyra protocol to earn more money .
Observations
By looking at above visualizations we can see SUSD token is most favorite token deposited to Lyra protocol which total deposit transaction for this token is 68610 transactions so far . so what is SUSD ? sUSD is a synthetic USD token enabled by the Synthetix protocol. It tracks the price of the US Dollar through price feeds supplied by Chainlink’s decentralized network of oracles. sUSD is integrated across the DeFi ecosystem as one of the most liquid decentralized stablecoins, including at Curve.
source :
The second token with most deposit transaction is Lyra native token which total 24970 deposit transactions submitted so far .
Observations
At the above chart we can see over past 4 months lyra native token , stklyra and SUSD token is dominating and have most number of deposits , by looking at beginning of chart we can see sETH token which is staked ETH token had share of daily deposits but since July 2022 we can see no deposits after that .
And highest number of deposits submitted at Aug-03-2022 which total 882 deposits happened for lyra native token , 819 for stklyra token and 60 deposits submitted for SUSD token .
Observations
According to above charts about top 5 contracts that users most interacted with we can see eth liquidity pool is most contract that users interacted with so far which total 23.5K transactions submitted over this contract which has 16.3% share of all transactions on Lyra protocol ( 144k all transactions ) . the second contract that users most interacted with is lyra native token contract which total 21.1K transactions interacted with this contract and share of transactions for this contract is 14.6% of all transaction .
Conclusions
According to all charts , data and information we saw and analyzed in this dashboard so far we come to these conclusions :
we saw since Nov 2021 till Jun 2022 we had daily 300-1000 transactions but in July 2022 transaction reduced to below 100 daily transactions and after July we have transactions growing to more than 200 daily transaction which is growing more than 2x . we saw in Aug-03-2022 in every aspect and metric we have huge pump on Lyra protocol for example we had 2856 new users at this day which increased number of total users of Lyra by 41.4% and users of lyra reached to 6871 at this day , also at this day aug-03-2022 total 944 token deposit transactions submitted by 744 unique users at this day and total 1388 tokens swapped to lyra native token at this day .
As we analyzed we saw USDC token is most favorite token for users to swap it to lyra native token which total 21944 number of swaps submitted from USDC to lyra in Velodrome with total amount of 3.36 $USD which way more higher than other tokens like OP token ( Optimism native token ) with total amount of 78K $ or sUSD with 95K $USD . we saw eth liquidity pool is most popular contract on lyra that users mostly interacted with , which total 23.54K transactions submitted on this contract and second most popular contract was Lyra native token contract with total 21.37K transactions and interesting thing here is eth option market is third popular contract on Lyra which following Lyra token contract so closely with 21.117K transactions which is good according to this market situation and market volatility . we saw Lyra token contract and eth liquidity pool is only contracts (base on top 5 contracts ) that users interacting with at these days over past 32 days .