Users by chain

Users by assets

In order to find the Usage across the different assets and chain interacting with the BiFrost protocol, we can use thorchain.swaps table, keep track of assets being used. Since like Uniswapv2 and Bancor, all swaps are mediated through RUNE, thus, its is easy to divide a swap into inbound transaction (or deposit), outbound transaction (or withdraw)

While ignoring THOR chain itself, we see that most activity comes from the Binance chain. A simple explanation could be BEPSWAP. BEPSWAP was technically the first public version of Thorchain, and was deployed as an AMM for BEP-2 to or from other asset swap on Binance chain

Next, we can see LTC and BTC. A good explanation for this is that, LTC and BTC are a store of value. In order to put BTC to work and make "BITCOIN BABIES", one has to move this BTC to another chain with DeFi enabled. This could be a cause for LTC and BTC to be actively used in the the Thorchain swaps. A saavy investor would withdraw his funds from BTC and LTC, put them to use on DeFi and then return them back to store of value

Similar to chains, we see the the Binance chain Assets, BNB and BUSD are the most used assets. This is due to the popularity of stable coins amongs big whales and BUSD being preferred as the native stable coin of the Binance ecosystem.

An interesting point to note here would be how LTC and BTC have relatively higher amount of users swapping in rather than out, possibly validating our Farming hypothesis, where store of value is converted into tokens that can be used to farm more value.