Introduction

What is Osmosis?

Osmosis is a decentralized peer-to-peer blockchain that people can use to create liquidity and trade IBC enabled tokens. The Osmosis blockchain is made up of free, public, and open-source software.

What is Thorchain?

Thorchain, which is built on the Cosmos blockchain, is a decentralized liquidity protocol that specializes in cross-chain connectivity. Thorchian allows traders to swap tokens between different networks. The native token of the Thorchain blockchian is RUNE all liquidity pools on Thorchain are RUNE - (L1 asset) pools. To be a validator on the Thorchain network a validator needs to post a bond of millions of dollars worth of RUNE. The value of the RUNE bonded by validators remains higher than the value of the assets held on the network to ensure aligned incentives with the liquidity providers.

What are stablecoins?

A “stablecoin” is a type of cryptocurrency whose value is pegged to another asset class, such as a fiat currency or gold, to stabilize its price. Currenlty most of the popular stablecoins have prices linked to the USD. In this analysis

Methodology

We will look at the volume of USDC, USDT, and DAI swap volume on Osmosis to see what asset is most popular and How osmosis stablecoin swaps compared to Thorchain's. The metrics that we will collect are:

• Osmosis Daily swap volume by Currency

• Daily/total Osmosis stablecoin swappers

• Thorchain Daily swap volume by currency

Osmosis Stablecoin Dominance Metrics

Observations

In late May 2022 there was a large spike in the number of users and volume. In this time period the volume went from $200,000 daily to 2 Million daily and users went from 20 Daily to about 150. USDC is by far the most popular Stablecoin on osmosis with more than 10x the number of users of USDT and DAI on Osmosis.

Observations

In late May 2022 there was a large spike in the number of users and volume. In this time period the volume went from 3 Million daily to 12 Million daily and users went from 85 Daily to about 200. BUSD is by far the most popular Stablecoin on osmosis with more than 7x the number of users of USDT and DAI on Osmosis.

Conclusion

Both Osmosis and Thorchain have a dominant stablecoin for the DEX making up most of the swap volume. Additionally both of these DEX had a huge spike in stablecoin users and volume during May 2022. There were similar numbers of daily swappers on osmosis and thorchain, but Thorchain has a much larger daily swap volume.