THORChain — Number of Users of THORChain Bridges by Asset
THORChain is for the cross-chain transactions, so bridges actions is critically important in the THORChain ecosystem, in this article, I am going to briefly analyze the number of users of THORChain bridges by Asset, hope it can provide some insights. All the data come from Flipside Crypto.
To use the table and data to identify the bridges activities by asset, we need to take the upgrades table and check the burn asset in the dataset. Why burn asset?
Here is a simple explanation: Think about it if you want to convert your BNB asset to ETH, how you can do that? You cannot just simply send the BNB to ETH as there is no this kind of function.
But, via THORChain function, the way you can do it is: Burn the BNB in the BNB chain and then in other ETH chain, the Liquidity Providers will send you the same amount of ETH excluding the gas fee.
It is kind of like double accounts to transfer fund. You want to convert USD to JPY, one way is go to the local bank branch and they will convert it and charge a fee. Other way is, find a friend in Japan, who also has the US bank account, transfer USD to his account and then he transferred the same amount of JPY to your Japanese bank account. Same logic.
Number of Users of THORChain Bridges by Asset
So, to analyze the number of users of THORChain bridges, firstly, let’s look at the burn asset volume (in USD): BNB.RUNE-B1A has larger volume size.
Further, we can plot them in a bar chart level and look at it, easily to see that BNB has more from/to addresses compared to ETH.
In the end, combined them together we can get the unique users address number: for BNB it is 19,035 and for ETH it is 1,448.
Furthermore, plotting it in a time series chart, blue is the BNB and green is the ETH, the y-axis is the unique addresses appears:
Thanks Flipside Crypto for providing the data.