THORChain — Popular trading time analysis

THORChain is popular, but even popular chain has its own popular trading time, so, in THORChain, what is the most popular trading time? Let’s use the GMT as the time zone and check the heaviest swap, LP add/withdrawal volumes by asset in THORChain! All the data come from Flipside Crypto.

Introduction

Very quick introduction here about the article analytical framework, first definition, GMT is the Greenwich Mean Time and in the following article, I am going to analyze:

Time periods (GMT) Overall per Pool

It will take all the time across the days to identify the heaviest swap in days and the specific time periods.

  • Heaviest swap
  • LP add/withdrawal volumes

Time periods (GMT) specific per Pool

It will only focus on the 24 hours time periods to check what time is heaviest time for trading in the GMT, might be morning, might be afternoon, might be evening GMT, who knows, let’s see.

  • Heaviest swap
  • LP add/withdrawal volumes

Time periods (GMT) Overall per Pool

Heaviest swap

Converted the timestamp to GMT and then looking at the swap amount in an overall daily trend, we found that June/May and October the swap transactions activities is high. The chart is based on the unique transactions.

The daily transaction amount in the line area chart
The daily transaction amount in the line area chart colored by pool names, green is BNB related pool

Then, if we took a further look at the swapped volume in USD, what we can find is that, it has the similar pattern as the transactions, peak around June and drop in Sep/Oct, but recently it came back.

LP add/withdrawal volumes

Looking at the LP add/withdrawl volume, there the volume is the rune in USD, we use color code green as add and red as remove, from the below charts, we can find that most of the time, it is positive liquidity adding to the pool, specially during the June time period. And in the recent months, the volume is not yet picked up.

The daily add/removed liquidity volume, green is add liquidity and red is remove the liquidity
Net profit chart, equals to add_liquidity-remove_liquidity

Then we can break it down further to the pools:

Time periods (GMT) specific per Pool

Heaviest swap

If we take the time period and focus only on the hour, what we can find is that, every day at afternoon 13:00PM GMT is the most active swapping time for almost all the pools, especially the BNB and ETH.

If we take is as the total swapped amount in USD, the chart is not much different from the transactions.

Then, focus on this hour, let’s go deeper to see how the minutes work. The below chart is the minutes chart, we cannot find much obvious pattern from that, there are up/down, but it is common in the minutes transactions.

LP add/withdrawal volumes

Then, let’s look at the add/withdrawal volumes in the hour level, interesting thing is that this time, the most active time/hour period is 15:00PM GMT, instead of 13:00PM GMT in the swap data.

The hourly add/removed liquidity volume, green is add liquidity and red is remove the liquidity
The hourly add/removed liquidity volume, green is add liquidity and red is remove the liquidity, colored by pool names

Conclusion

Conclusion is that the most active trading time for Thorchain swap happens during around 13:00PM GMT, while for liquidity providers activities, it happens during 15:00PM GMT.

Thanks Flipside Crypto for providing the data.

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On-chain analyst, passionate to deliver nimble self explanatory visualized blockchain analytics. Wishing a world without any type of hierarchical contempt.

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Cryptwizards

Cryptwizards

On-chain analyst, passionate to deliver nimble self explanatory visualized blockchain analytics. Wishing a world without any type of hierarchical contempt.

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