Purpose

The purpose of this dashboard is analyse NEAR swap outflows, predominantly what users are swapping their NEAR for, the distribution of these swaps in history, and to uncover any prominent trends in this activity.

Methodology

This analysis on NEAR swap outflows takes data from the tables near.core.ez_dex_swaps & ethereum.core.ez_dex_swaps and filters it to yield DEX swaps that were conducted by users who swapped their NEAR, wNEAR, or stNEAR for another token.

The approach to this analysis starts with giving a summary of the NEAR swap outflows activity, then explores in more detail the history of what tokens users are swapping their NEAR for, further segregating the analysis into stablecoins and non-stable coins swaps.

Findings

The user activity for NEAR swap outflows has predominantly been a story of stablecoins. The volume of swaps has stayed relatively stagnant through history with a surge period in May and June of 2022, with stablecoins attributing to the vast majority of volume swapped. The mix of stablecoins swapped for have not been unvaried. Initially, users were favouring USDT and DAI to swap for, USDT being dominant, but in recent months users have favoured swapping their NEAR for USDC instead of DAI, but swaps for USDT still being dominant.

Definitions

Swap Outflow

A swap conducted on a DEX, focusing on the token that was used to swap (e.g. A NEAR swap outflow would be a user who swapped NEAR for another token).

NEAR (Native)

The native token on the NEAR blockchain

Wrapped NEAR

A tokenized version of NEAR that is able to interact with other chains

Staked NEAR

A tokenized version of NEAR that is received when users stake their native NEAR

What are User Swapping their NEAR for?

The majority of tokens that users have swapped their NEAR for have been stablecoins (>75% of volume)
The other quarter of the swap volume predominantly consists of a mix of users swapping their wNEAR for stNEAR, or vice versa, or swapping their NEAR for ETH, wETH or wBTC as shown 👉

Summary

To date, there have been just over 300k NEAR swap outflows that totaled almost 300m USD in volume
Almost all of these swaps were conducted on the NEAR chain (99.8%)
Almost all of swaps were conducted on the ref.finance platform (99.7%)
The vast majority of swaps by users used Wrapped NEAR to swap with

Swap Volume in History

👈

Looking in history of NEAR swap activity, swap volume started surging around the beginning of November 2021
NEAR swap outflow volume accumulated over 100m USD in volume by March 2022, and has reached over 250m to date

To date, NEAR swap outflows to stablecoins have attributed just shy of 240m USD in volume, where as swaps to non-stablecoins have attributed just shy of 50m USD in volume

👉

The share of cumulative volume of NEAR swap outflows has predominantly been a battle between stablecoins
Between November 2021 and March 2022, the share of volume of swaps to stablecoins was mainly between USDT and DAI, USDT being dominant
Post March 2022, USDC came into the scene and started gaining dominance, quickly overtaking DAI, but still small compared to USDT

Looking into NEAR swap outflows into more detail by weekly activity, it is still a story of stablecoins

The swap activity turned from USDT and DAI being the two dominant stablecoins swapped for to USDT and USDC

\
While weekly swap volume has been trending down in recent months, the share of volume that stablecoins relative to non-stablecoins has been trending up, but only slightly

flipside