Woofi on Avalanche!

    Woofi Summary
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    Users
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    Heatmap
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    Introduction
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    Introduction

    In the previous week, Woofi revealed that they had achieved a remarkable $2.5B in trading volume on the Avalanche network. As a result, in this analysis, I delved into Woofi's journey on Avalanche, tracing their path from zero to $2.5B in trading volume.

    WOOFi distinguishes itself as a unique decentralized exchange that seamlessly links the significant liquidity of centralized exchanges to the blockchain. This innovation empowers DeFi traders to transact assets with substantial volume, enhancing their profitability through minimal swap fees and reduced slippage.

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    Tabs Overview

    Overview: Get insights into essential parameters related to Woofi on the Avalanche.

    Pools: Most Popular traded pools.

    Tokens: Explore the top traded tokens, both IN and OUT.

    Swappers: Discover the top swappers.

    Chains: Compare Woofi's performance on the Avalanche network with that on other chains.

    Woofi made its debut on the Avalanche chain in February 2022. After nearly a year and a half, the total trading volume on the Avalanche chain reached $2.5 billion, involving 423,000 unique users in 1.9 million transactions.

    Until March 2023, the average daily number of swappers remained below 3,000. However, after that point, weekly user numbers saw a significant increase, reaching a peak of 44,000. This growth continued for around 4-5 months, but after July, the number of swappers began to decline, settling at 5,000 to 6,000.

    At the outset, Woofi enjoyed a high trading volume, averaging nearly $30 million per week. As growth continued throughout 2023, the total volume reached a peak of $75 million per week. On October 9, 2023, Woofi surpassed a trading volume of $2.5 billion.

    Who is a new user here? New users are defined as individuals who make their first-ever transaction on Woofi, not necessarily new to Avalanche. Starting from March 20, the total count of new users per week has witnessed a substantial increase, resulting in an impressive 4000% growth in weekly new users for Woofi.

    I have categorized users based on their initial transactions on Woofi. As you can observe, whenever new users join Woofi, they quickly become some of the most active participants. In recent months, old users, defined as those who joined before June 2022, represent only 0.02% of the user base.

    In the charts below, you can observe a heatmap representing the swap volume distributed across different days and hours of the week. Additionally, you'll find the distribution of the average swapped amount relative to the overall volume.

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    In this chart, the Month-Over-Month (MOM) percentage difference in volume and swappers is displayed.

    As depicted, the past few months have seen significant fluctuations. In some months, both the difference in volume and the number of swappers were positive, while in others, they were both negative.

    MoM Volume and Swappers (%)