Secret Network

the secret is a privacy blockchain that is built on top of Cosmos. Secret Network allows for the transformation of smart contracts into secret contracts. Input data is kept hidden, even from the nodes that verify blockchain activity. 

SCRT is the native cryptocurrency of the network, which is used to participate in on-chain governance, pay for network transactions and earn rewards for securing the network via staking. 

Scopes

1. $SCRT price and correlation with BTC
2. Holders Balance Distribution
3. Swapping Activity
4. Liquidity Pools

Method

• $SCRT Contract:

  ibc/0954E1C28EB7AF5B72D24F3BC2B47BBB2FDF91BDDFD57B74B99E133AED40972A

• tables: fact_swaps, fact_liquidity_provider_actions, fact_daily_balances

🟠 Observations

• $SCRT has a high correlation with BTC Price

• the price peaked at $9.5 in October 2021, and after the market and bitcoin crash, the $SCRT declined, and nowadays the price is $0.9 which is only 2X higher than two years ago price!

• in the middle of Jan 2022, the Swap volume increased and it helped the price to go up, but after these spikes, the prices started to decrease

• since Jan the swap volume and price decreased

• in the last weeks, the daily swap volume was under $300K

Providing Liquidity

🟠 Observations

• 47.7 percent of holders, have under $10 dollar worth of SCRT in wallet

• 35.6 percent have between 10 and 100 dollars

• 3 percent have between 1K and 10K dollars

• 67 wallets have above $10K SCRT balance

• in December 2021, 60% of holders had under 10 $SCRT, but nowadays the percentage is 47%

• high

• 100-1K share increased 4%

• above 10K $SCRT increased from 0.3 in December to 0.6

• so most wallets increased their balance on average and the balance in the wallets is higher than balance in December

Swapping

🟠 Observations

• Total Sale Volume since December 2021, is $460M. 230 for Buy and 230 for Sell $SCRT
• the total number of Buy Swaps is much higher than Sell Swaps. since December 2021, 405K Buy Swaps and 196K Sell Swaps occurred
• Swapping Activity spiked in Jan and March, most swaps were for buying $SCRT, but the sell swaps had bigger sizes, and after these spikes, the $SCRT price dropped. it seems the bigger wallets dumped the token and sold it to smaller wallets

🟠 Observations

• most buy swaps in Jan and March were between 10 and 100 dollars. In the second place, there were swaps with sizes lower than $10
• the buy swaps sizes of 100 and 1K dollars also increased
• on the other side, the sell swaps distribution is the same in the three groups. 100-1K, 10-100, and under 10 dollars had similar shares on most days

✨ Observations

• USTC and ATOM with $94M and $66M are the top assets that users Swapped to buy $SCRT
• OSMO, LUNC, and USDC are in the next place

✨ Observations

• USTC and ATOM with $93.6M and $66M are the top assets users sold their $SCRT for
• OSMO, LUNC, and USDC are in the next place

🟠 Observations

• adding liquidity has had a decreasing trend since December 2021

• adding liquidity is much higher than removing

• in Jan and Feb, on average 1500 unique wallets added liquidity per week and only 300 wallets were removing

• the total volume and number of added liquidity were higher than removing until March, but after March the removing volume started to increase and since May removing volume went much higher than adding, due to the market conditions

• the average removing volume is much higher than adding volume

• since November 2021, $37M were added and $20.7M were removed

🟠 Observations

• adding smaller liquidity share was increased from 30**%** in December and reached 50% in June
• adding the size of 100-1K was decreasing and declined from 20**%** to 15%
• for removing liquidity, sizes of 10-100 and under 10 increased, and as of today, about 70% of removing liquidity transactions are under $100

💡 Conclusion

• $SCRT has a high correlation with BTC Price

• the price peaked at $9.5 in October 2021, and after the market and bitcoin crash, the $SCRT declined, and nowadays the price is $0.9 which is only 2X higher than two years ago price!

• in the middle of Jan 2022, the Swap volume increased and it helped the price to go up, but after these spikes, the prices started to decrease

• since Jan the swap volume and price decreased

• 47.7 percent of holders, have under $10 dollar worth of SCRT in their wallet, and 35.6 percent of holders have between 10 and 100 dollars

• the total volume and number of added liquidity were higher than removing until March, but after March the removing volume started to increase and since May removing volume went much higher than adding, due to the market conditions

• most wallets increased their balance on average and the balance in the wallets is higher than the balance in December

• the liquidity for SCRT/OSMO with $1.8M is higher than SCRT/ATOM with $1.1M

🟠 Observations

• there are two big Pools for $SCRT, SCRT/ATOM, and SCRT/OSMO
• the liquidity for SCRT/OSMO with $1.8M is higher than SCRT/ATOM with $1.1M
• net flow for adding liquidity was high until the middle of February, but after February the removing volume increased, and in most weeks it is negative