DeFi on Flow
Introduction
- In this Analysis, You will Read About Defi on Flow blockchain. We want to know more about tokens and Defi on Flow.
- I went through Flow Blockchain and analyzed these parameters:
- Token Prices
- Swaps
- Top Tokens and Pairs
- Inbound and Outbound Bridge Per tokens
- Inbound and Outbound Bridge Per Blockchain
- Chain to CEXs and CEXs to Chain
- Top CEXs
Analyzed by Hess - Reading Time Almost 10 min.
Defi On Flow
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Dapper Labs, the creators of CryptoKitties and NBA Top Shot, has spent the last two years redesigning the Flow blockchain from the ground up for modularity. They ensured that the project becomes future-proof for generations to come, and bolsters adoption through user- and developer-friendliness.
Unlike traditional blockchains that force every node to store the entire state of the network and process all transactions in the chain, compromising throughput, Flow’s multi-node architecture enables blazing performance at extremely low costs – all without sacrificing decentralization or sharding.
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Even Ethereum is adopting sharding but at the expense of the core proposition and parity with the shared state across the blockchain. Sharding also potentially introduces attack vectors due to a delay added by different shards interacting with one another.
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The Flow token enables participation on the platform, through which users can earn rewards. The crypto token demand is driven by platform activity like other Defi tokens and allows for secondary tokens to be minted, such as stablecoins, governance tokens, and NFTs. A community token offering by FLOW will allow for widespread distribution and decentralization.
Swaps ( From Token )
:information_source: From token means a token that users used to swap to another token.
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Among Stablecoins, USDT is the most popular token in comparison to USDC and FUSD based on unique users.
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After USDT, The Flow Blockchain native token, Flow, Had the highest number of daily users.
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USDT had 4.5K Unique users and Flow had nearly 3.9K unique users.
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Between Flow blockchain tokens, Sportium was less popular. Other tokens like Blocto, Starly, REVV, and … had the lowest number of users.
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We can not say that USDC and FUSD are not popular. Because both of them have almost 1K unique swappers.
Swaps ( To Token )
:information_source: To token means a token that users swapped to.
- USDC with 4.4K Unique users had the highest number of users in comparison to other tokens.
- The other stablecoin on Flow, USDC with 2.5K unique users was the second most popular token that users swapped to.
- Flow blockchain native token, Flow with 2.2K unique users in the last 90 days was the third popular token.
- Over time, The daily number of swappers of tokens didn’t change too much.
- Some days, The total daily number of swappers increased but the growth ratio was similar.
Bridge Transactions and Volume (Inbound and Outbound)
:information_source: Users can bridge their assets into Flow Blockchain and bridge from Flow Blockchain to another chain.
- There are two metrics that we can examine. Top tokens and top Destinations. I drew daily charts based on tokens and top charts based on destinations.
- First, I examined the bridge to Flow blockchain. Like previous charts, USDT and USDC are the two main tokens that users interacted with. It means most users bridged their USDT and USDC to the Flow blockchain. However, Remember that these two tokens are available in every chain and it is easier to bridge these tokens to another chain in comparison to other tokens.
- Over time, In October and November more volume bridged to Flow in comparison to November and September. Also, The total number of transactions increased in November.
- Flow is available
CEX → Flow and Flow → CEX
:warning: It Seams The only Token that is supported by CEX is the FLOW token. So all parameters are based on FLow Token.
- I analyzed transfers from Chain to CEXs. Until October 4, The daily share of transactions to Coinbase was up to 35% but after that decreased to 2%. It seems Kraken and Okex took Coinbase shares.
- Again, in November, The daily share of Coinbase increased up to 32%. Over time, Coinlist and Houbu were other CEXs whose shares increased in the last 90 days.
- Overall, Kraken with 21K transactions and 73% of total transactions is the top CEX that users transferred their assets from Flow. The second popular CEX was Okex. Okex with 4K transactions and 13% of transactions with a huge difference from Kraken is the second top CEX.
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What is Flow?
- Flow is a blockchain platform that originally was designed for gaming purposes, but has expanded since its launch in 2020. The flow blockchain enables fast, low-cost transactions and supports smart contracts. It powers blockchain applications including NBA Top Shot, a non-fungible token (NFT) offering.
What is Flow Token?
- Speaking of the token, FLOW is the native cryptocurrency of the Flow protocol. According to the paper, the token is used by validators, users on the platform, and developers to earn a reward. The token is also used as a transfer fee used in a transaction.
Full Analysis
Token Prices
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Flow token has the highest price in comparison to other tokens. Over the last 90 days, All token prices decreased due to the Bear market on Crypto.
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REVV had the lowest price in the Flow blockchain But in the last 90 days, the REVV token flipped Rally. Right now, Rally has the lowest price in comparison to other tokens.
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There are three stablecoins on the Flow blockchain. USDT, USDC, and FUSD. As you can see, All three stablecoins had a stable price over the last 90 days.
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Flow Token was 2 US dollars during August but Flow token price decreased to 1 US dollar in the middle of November.
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The Sportium token price was 0.23 US dollars in August but the Flow token decreased in the last 90 days. Right now, The Sportium price is 0.07 US dollars.
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All other tokens prices like Flow and Sportium decreased during this annoying Bear market.
Method
Price: Flipside has hourly token prices. I used that table to extract the daily price of tokens.
Swaps: I used EZ Dex swap and extracted swap transactions. EZ DEX Swap doesn’t have USD amounts and token labels. So I joined my findings with the price table and calculated the swap volume in USD. Before that, I Used a dim Label table and with token contracts, I extracted the token’s name.
Inbound and Outbound Bridge: In order to find bridge transactions, I used the bridge table. Like Swap Table, Volume in USD and tokens are not determined in that table. So Again, I joined my findings with price and DIM label tables and extracted volume in USD and the token’s name.
CEX: Each CEX has multiple wallets. We don’t know all of them exactly. Flipside has cross-chain dim labels that include all CEX wallets in the supported blockchain. So I used that table and extracted CEX wallets. Then, I Joined with EZ token transfer table. So we have all transfers from chain and CEXs and vice versa. Again, I had to join my findings with price and dim label tables.
Parameter Guide: You can change the date of charts based on the number of past days. Right now, You will see all charts based on the last 90 days. In order to user parameter, You should log-in to Flipside.
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Like Unique Users, USDT had the highest number of transactions or daily shares in Comparision to other tokens. The daily shares of USDT were 35-40% in the last 90 days. Due to the market status, The daily share of USDT increased recently.
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Flow Tokens, The most popular token on the Flow blockchain, Had a 25-30% share among other tokens. However, The daily share of Flow decreased in the last 10 days.
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USDC had too many ups and downs. The daily share of this token was 25-40% during August. For some days after August, The daily share decreased and again increased in October. Recently, The daily share of USDC dropped below 10%.
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Blocto, FUSD, Revv, and other tokens had lower than 10% share. Overall, USDT was in 39% of transactions and Flow was in 29.9% of transactions.
:information_source: The Swap Volume is in US dollars.
Do not remember, We are analyzing the swapped FROM tokens on the Flow blockchain.
- USDT with nearly 10M US dollars had the highest volume that users used to swap to another token in the last 90 days.
- The highest volume of USDT and Flow was on September 20. Users Swapped 795K US dollars from USDT and 528K From Flow. USDC had 388K$ volume at that time but the highest swap volume of USDC was on November 10, Three days After the FTX crash. Users swapped nearly 1M US dollars from USDC.
- The competition was between USDT, USDC, and Flow token. Other tokens had lower volume like FUSD, Blocto, and Starly.
As I mentioned before, The daily share of transactions didn’t change too much.
- USDT with 30-50% of shares had the highest number of shares in comparison to other tokens. In October, The daily share of USDT decreased but In November, After the FTX crash, The daily share of USDT increased again and reached up to 47%.
- The next token is Flow. Flow with a 35-40% share was the second most popular token. Recently, The daily share of Flow decreased below 20% in November.
- I can mention the USDC as a third popular token But After October, The daily share of USDC decreased from 25% to below 10%.
- Right now, The daily share of FUSD is similar to USDC in November. REVV, Starly, and Blocto had the lowest share based on transactions. Overall, USDT was in 38% of transactions, Flow was in 30% of transactions.
:information_source: The Swap Volume is in US dollars.
- Like the swap volume from the Token, USDT had the highest volume of swap to the token. USDT had almost 11M US dollars in volume.
- The highest swap volume of USDT was on November 10. Three days after the FTX crash, Users swapped 1M US dollars to USDT. In previous charts, You have seen that on this day, Users swapped 1M USDC. It seems users convert their USDC to USDT after the FTX crash.
- The highest volume of Flow was on September 20, When the Flow token price increased up to 2$. Following Flow, USDC with 6M US dollars was the third token based on volume.
- FUSD had 1M$, Blocto 371K$ and Startly near 300K swap volume. With these numbers, These tokens had the lowest swap volume in the last 90 days.
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- There aren’t too many pairs on the Flow blockchain. Users have a lower option to swap their tokens. I divided my findings into two categories. One based on transactions and one based on volume. Usually, The results are the same but not always. As you can see, Flow → USDT had the highest number of transactions while USDT → Flow had the highest volume. However, The USDT → Flow pair is the second top pair based on transactions. It seems users swapped their USDC into USDT based on Volume. About 4.5M US dollars were swapped from USDC to USDT. Again, On the other hand, USDT → USDC is the third top pair based on transactions. In this section, It seems users swapped their USDT to USDC. So we can not say which Stablecoins are more popular in comparison to others.
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Now, It’s time to examine bridges from Flow Blockchain to another chain. As you can see, More activities happened from the Flow to Another chain based on volume and transactions.
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Before we examine the daily chart, I can see two major volumes for Flow token. Users bridged nearly 300K US dollars on November 8 and 9. We will find out where users bridged their Flow in the next section.
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Overall, Like previous parameters, USDT had the highest volume. There were too many ups and downs but In my opinion, Bridge is not much popular for Flow blockchain. But Based on Transactions, Rally Token had the highest number of transactions in the last 90 days.
We already examined the total and daily bridges based on tokens. Now let’s find out which destinations were more popular.
Inbound
- Users bridged their funds from Solana, Binance chain, and Ethereum to Flow. The highest volume came from Ethereum to Flow and it was USDT, USDC, and Rally. Users bridged Nearly 5.6M US dollars from Ethereum to Flow. The volume of other chains like Solana and Binance chain wasn’t too much.
outbound
- It seems in this section, the Ethereum chain, USDC and USDT tokens had more volume in comparision to other destinations or tokens. Users bridged 3.3M to Ethereum chain. More than 50% of this volume belonged to USDT. After Ethereum, Solana had the highest volume and Binance chain had the lowest volume.
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- Based on Volume, The top CEXs are a little different. We already know that Kraken is the top CEX based on transactions but based on Volume Coinlist with 56M US dollars is the top CEX that users chose to transfer their assets from FLow.
- If we ignore August 31, The highest volume transferred their assets in November. Coinlist, Kraken, and Okex are the top three destinations based on Volume.
- Hoo, Crypto.com and Houbi had less volume in comparison to other CEXs.
Like Transfers from Chain To CEX, transfers from CEX to chain were similar. The only difference was the volume that transferred from cex to Flow in November. Users transferred 42M US dollars from Coinlist in three days. The volume and transactions from CEX to the chain increased over time.
THANK YOU FOR READING!
ALL CODES AND CONTENTS WERE WRITTEN BY HESS.
Conclusion
- USDT is the most popular token in Flow blockchain based on transactions and Volume.
- USDT, USDC, and FLOW are the three tokens that users swapped the most.
- Ethereum is the top destination and source to bridge from and to Flow blockchain. After Ethereum Solana and BSC are in the next places.
- USDT and USDC are two top tokens that users bridged from and to most.
- Kraken, Okex and Coinlist are three top CEXs that users used most.