What Will You Read?

In this analysis, You will read about goETH and goBTC on Algorand Network. I went through DEXs on Algorand and looked for answers to these questions:

• Are more users acquiring goETH and goBTC or are they selling it?

• How does each DEX compare?

• Are wallets swapping goBTC and goETH for just ALGO? If not, what other ASAs are wallets swapping goETH and goBTC for?

• Did the price crash in May impact the number or volume of goBTC and goETH trades?

• Are there any notable days of trade for goBTC or goETH? What may have caused this?

• • All data in this analysis is from 2022-04-01 in Algorand network

Method

In order to Find swaps activities on Algorand, I used Algorand swaps and swaps price tables. Then I filtered asset names to 386192725 and 386195940 which represented goBTC and goETH on Algorand.

• Sales -> swap from mentioned assets
• buy -> swap to mentioned assets
• Volume -> Total amount * avg_price

goETH and goBTC are wrapped forms of ETH and BTC minted by algoMint

What are goBTC and goETH?

The below chart shows the daily users who swap goBTC and goETH since 2022-04-01. There are some ups and downs in this chart. As you can see, the total average number of users hasn't changed much in April. But there are too many trends in May. The highest number of users who selling or buying goBTC and goETH happened on May 11th and 12th. A huge increase in the number of users. Nearly 5-6K users selling and 5-6K buying goBTC and goETH.

The below chart shows the total Volume of selling and buying goBTC and goETH since 2022-04-01. Trends are similar to the previous chart. When Total users increased, The volume increased too and when total users decreased, The total volume decreased too. The highest volume was 1.3M Sales and 5.4M Buy on May 11th.

You can see how the number of buyers and sellers stick together in growth. The slope of both of them is similar to each other.

In the below chart, You can see the total daily volume of goBTC and goETH separately. The volume of goBTC is higher than goETH in total. Users selling about 500K dollars goETH and 700K dollars goBTC on May 11th and 12th.

According to the below chart, Users acquired more goBTC instead of selling them. But Users selling goETH instead of buying. The share of total Volume is like:

• 71% Buying goBTC
• 13.4% selling goBTC
• 9.5% Selling goETH
• 5.2% Buying goETH

Let's take a glance at DEXs. All Three DEXs are popular to buy and sell goBTC and goETH. The number of users is similar to each other. The highest number of users per Dex:

• Algofi 2500, Pactfi 2715, and Tinyman 2350 on May 11th. Most users picked Pactfi to swap their goBTC and goETH.

It seems users swapped most of goBTC and goETH to ALGo. The difference between Algo and the other assets is too high. There is another asset that these users are tempted to swap. STBL is a stable coin in the Algorand network. The volume of the other assets was too low to talk about it.

Let's See how goBTC price impacted total Volume. The price of goBTC dropped about 10% from the beginning of April until the end. There were too many ups and downs but it wasn't any significant trend. But From May 1st to May 12th, The goBTC price dropped more than 20%. This drop caused more activities for users. For example, The average volume from 70-80K doubled at the begging of May and after that doubled on May 11th and 12th. When The price of goBTC increased after May 12th, Dropped to 100K.

The Price of goBTC is a pioneer in the Cryptocurrency market. When it goes up others go upper and when it goes down, Others go down too. The trend of goETH volume is similar to the goBTC. The average volume doubled and after that 3-4x from the average volume on May 11th and 12th.

Thank You for Reading

Written by Hess

where

discord_id: hess#0890

and

twitter_id: @hessaminanloo