Try Quests to earn cryptoFlipside Bounty Hunters - Algorand Wallets
This dashboard will provide surface level data on ALGO payments made and the utilization of ALGO sent related to Flipside Bounty Payments.
As FlipsideCrypto pointed out - the payments can be tracked by tracking ALGO payments from the wallet TLR47MQCEIC6HSSYLXEI7NJIINWJESIT3XROAYC2DUEFMSRQ6HBVJ3ZWLE. Anything less than 10,000 ALGO is a bounty payment. The related data can be fetched from `algorand.payment_transaction table.
First things first :
So over the past 6 months of Algorand Bounty program, we can see that 1769 wallets have recieved payments totally over 87,000 ALGOs, which is currently valued at ~80,000 USD.
Flipside launched Algorand bounties via few Scavenger Hunts in late November. From the plot above ( Amount of ALGO recieved is used a means to cut out noise, i.e wallets that have recieved less than 2 bounties or wallets that only took part in ), we can see that significant wallet creation took place post November 2021. Zooming in the time period between October and April, we can see a second wave around late January, which coincides with the launch of the First set of Algorand full fledged bounties.
As seen from the chart above, almost 90% of the users recieving ALGO bounty payments, created their wallets after the launch of Flipside bounty program.
This section deals with the ALGO movement into a users wallet and how much it makes up the total wallet balances. This will ignore HODLing and selling ALGO as they will be discussed separately.
The plot above shows the amount of ALGO recieved and the amount of ALGO held in those wallets. As the x-axis is log, a straight line in normal graph will show up as a smooth curve. The values along the straight line will be marked in orange. These points are significant as, these are wallets those that have ALGO wallet balances within 10% of that of the ALGO they have recieved for Bounty payments.
As you can see, quite alot of wallets that have more or less than the bounty payments recieved. This can be classified into two ways:
- Wallets that have less ALGO than their bounty payments (data points over the curve), tend to sell ALGO or move them out
- Wallets that have more ALGO are more likely to be seasoned veterans on ALGO or have other sources of income too.
However, taking into consideration the amount of ALGO recieved as bounties, we can see how, most of the significant bounty hunters (i.e those who consistently put out submissions, hence more ALGO recieved), tend to be alway above the curve. Hence these wallets tend to recieve most of their ALGO from Flipside and either sell them or put them to work or hold them. They don't seem to be getting ALGO from other streams.
There are more wallets that have other streams of ALGO than Flipside Bounties. Checking what percent of their inflow is from Flipside
The inference from the Significant Balance vs ALGO in wallet plot, repeats here. Most of the wallets that have recieved a significant amount of ALGO bounty payments, being consistent or and putting out quality submissions fall in the 95+ range (zoom in). Thus we can say, significant Bounty submitters tend to get most of their ALGO from Bounty hunting.
In this section, we will look into the main goal of FlipsideCrypto, i.e to be a better alternative to the likes of Lockdrops and Airdrops, to enhance user retention. So it is essential that a sufficient percent of Users HODL their bounty payments. In this section, we will assume HODL in its purest sense, where the ALGO doesn't leave the wallet at all.
To make some lee way for the user, we will calculate the amount of ALGO liquidated(moved out of wallet) and consider a user as HODLer ( HODL_30 in plots ) if less than 30% of the bounty rewards are liquidated. Then we can group users who have liquidated atleast 70% of the bounty payments recieved.
Plotting the percent of funds liquidated and the respective user. we can see most users fall either close to 100% liquidation or close to 0 liquidation. Once again insignificant payment recievers have been cancelled out.
Having plotted the amount of ALGO HODLed and number of HODLers, we can see the numbers are relatively low by Flipside standards. Only 40% of the ALGO distributed has been HODLed, which albeit is low, is still higher than airdrop retention. On the other hand, the average user liquidates 80% of the ALGO recieved.
Taken at face value, this data implies that 60% of ALGO that was distributed via Flipside Bounty hunting has left the wallet.
Plotting the number of Applications used by those wallets, we can see that most of the significant wallets fall between the 3 to 10 Applications mark. There are wallets that have interacted with more than 150 Applications, but haven't received significant volume of bounty. Algorand DeFi space is only an emerging space. Hence, there is an inherrent lack of Protocols to interact with.
Of the 1769 Bounty Hunters who have recieved payments, 68% of them have interacted with Applications.
Plotting the most held Asset among Flipside Bounty recipients, we can see Yieldly is the most held ASA with 270+ users (around 15% users). Yieldly was one of the main requirement of the first ever Algorand Hunt initiated by FlipsideCrypto. The lack of other significant tokens like BTC,ETH derivatives, suggest that most Bounty recievers don't seem to be involved in Algorand DeFi in general.
TLDR
- Over 80,000 USD worth ALGO has been paidout to 1700+ Bounty Hunters
- 90% of the ALGO payout receiving wallets were created after the launch of Flipside Bounties for Algorand, suggesting this is a means of adoption
- For most significant Bounty Hunters ( Those with 300+ ALGO received via bounty program), The bounty system is the main source of ALGO
- Of the 80,000 ALGO distributed, over 50,000 ALGO has been moved out of the recipient wallet, comparatively lower than other Bounty Programs
- Only 30% of users, liquidate less than 30% of their payments
- The median bounty recipient liquidates 60% of their payments
- Most ALGO receivers tend to be using single digit number of Applications
- Yieldly is the most held ASA, major ASAs like BTC,ETH derivatives or stablecoins(except USDC), don't seem to be held by these Bounty receivers.