Introduction

• This analysis aims to determine which new tokens bring more users to Osmosis.

• There have been a lot of new token listings in recent weeks, either bridged assets, such as AVAX, BNB, BUSD, or native assets, such as ACRE, ARUSD, MARS, NGM, etc. Have these new token listings brought new users into the ecosystem? Are they just being used by existing Osmosis users.

• So, I went through Osmosis and answered these questions:

  • Which tokens bring more users?
  • Which tokens bring more transactions?
  • Which tokens bring more Volume?

Analyzed by Hess - Reading Time Almost 10 Min.

What is Osmosis?

• Through Inter-Blockchain Communication (IBC), Osmosis is an automated market maker (AMM) built on Cosmos. As a result, the protocol is more interoperable and composable.

  Osmosis offers a wide range of changeable parameters that allow developers to design truly unique AMMs compared to most existing AMMs

Users Breakdown Based on Transferred Volume:

• The richest users were Mars users. With a huge difference, MARS had more users transferring over 1K in value than other tokens. Over 229 unique wallets bridged over 1K Mars tokens each, while other tokens had fewer than 50 unique wallets.
• Luna and Mars users bridged more than 5 transactions to Osmosis chain based on the total number of transactions. There were more active users for these tokens than for other tokens. The most popular token among these new listed tokens is Mars, based on the total number of transactions per user. In most categories, they came in first.

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• Among these tokens, MARS brought the highest number of new users to Osmosis. Mars Token accounted for 41.7% of total new users. If we Ignore Luna ( As old token ), ACRE, with 19.6% of total number of new users, is in the second place that brought the highest number users to Osmosis chain.
• Matic, with 6.34%, and BNB, with 5.98% of total new users, are in next place.

New Vs. Old Users

This dashboard aimed to find which new tokens bring more users to the Osmosis. First, look at the total number of new and old users for these selected tokens.

• Overall, 85.9% of these tokens users were old, and 14.1% were New. It seems Old users were using new tokens more than New Users.
• According to the volume, the daily share of new users has increased from 1% to 79% since February.

Which tokens Bring More Transactions?

• Among new users on the Osmosis chain, MARS brought the highest number of transactions. Mars transactions were conducted by 74% old and 25% new users. Luna, however, brought the highest number of transactions to the Osmosis chain based on the total number of transactions by Old users.

• NGM, AVAX and WBTC brought the lowest number of transactions to Osmosis chain.

Which tokens bring more Volume?

• Based on new users, Mars token brought the highest volume to the Osmosis chain with 2.9M US dollars. On the other hand, WBTC is in first place with 9.6M US dollars based on bridged volume by old users.
• Following Mars, I can mention ACRE, AVAX, and BNB as bringing the highest volume to Osmosis chain. The new users brought in 215K US dollars of ACRE, 160K US dollars of AVAX, and 59K US dollars of BNB.

Average Transactions and Volume per User

• In comparison to the other tokens, Matic users were the most active. The average number of Matic transactions per user was 6. Thus, I can say that Matic token brought more active users to Osmosis chain. In second place is WBTC with 5.4 transactions, and in third place is BNB with 4.2 transactions.

Which tokens bring more Users?

Top Users

Users Activities on Osmosis

On Osmosis, I examined the activities of users. How does it work? By dividing users according to the tokens they bridged to Osmosis, I labelled them as users of those tokens.

• WBTC users had the highest transaction share until February 4, but after that, Mars users took over WBTC shares, and accounted for 23% of the total shares. Following Mars users, WBTC and Luna had the highest shares.
• WBTC users had 17.8% of total transactions, Luna 16.8%, and Matic 13.3%. The fourth place was occupied by Mars users, with 12.9% of total transactions.

Method

• Transactions related to transfers are recorded in osmosis.core.fact_transfers. Token contract address and amount are included in this table. I combined my findings with the DIM tokens table to find the token name. By putting the mentioned token names in the project name column, I could limit the tokens.

• The following tokens were filtered: BNB, MATIC, LUNA, NGM, ACRE, WBTC, AVAX, MARS.

• From EZ Price on Osmosis, I extracted token prices. Then, I calculated the USD volume. With this data, I have all the information I need.

  
  Who is New User? Each user's first transaction was extracted, and those who had their first transaction since the New Year were referred to as new users.

Full Analysis

Transfer Activities

Let's look at users' activities since the New Year.

• Until February 3, Mars wasn't available on Osmosis, but daily transactions increased significantly when Mars listed on Osmosis. Before that, there were less than 200 users and transactions daily, but after that, they reached over 600. Until February 20, Luna had the highest number of users, but a day later, Mars took Luna's place and became the top token.
• Another token similar to Mars is ACRE. Until February 1-, ACRE was in fifth place but over time and in a short time increased significantly and surpassed Matic and BNB and reached third place.

Users Breakdown

Conclusion

• As a result, MARS token brought the highest number of new users to the Osmosis chain. In addition, Mars brought the highest number of transactions and volume to the Osmosis chain as well. However, we cannot claim that these tokens brought more users to the Osmosis chain. These new listed tokens were being used by old users. Compared to old users, there was a considerable difference between the two groups.

THANK YOU FOR READING!

ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

Twitter: 0xhess

:t-rex: Discord: hess#0890

:calendar: Publish Date: 2023/FEB/24

• In the daily share of transactions, Luna accounts for 35% of transactions until February 2, but when Mars appears, all token shares decrease and Mars takes 77%. However, Mars' share decreased from 77% to 20%.
• Over the past few days, ACRE shares have increased from 6% to 42%. Between February 5 and the present day, ACRE acquired Mars shares.

Volume

• In terms of transferred volume, WBTC had the highest volume compared to other tokens.
• As soon as Mars token was listed on February 5, its volume increased significantly and reached from 1M to 7M in almost two months, while BTC reached 9.6M in almost two months. Within
• a short period of time, Mars will become the most popular token in terms of volume and users.
• Interestingly, NGM is in third place after WBTC and MARS and higher than MATIC and ACRE with 2M US dollars.