Talk about the frenzy and demise of DeFi liquidity mining from the perspective of data

Odaily资深作者

2020-09-09 11:44 (UTC+8)

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According to the on-chain data on Ethereum, a preliminary analysis was made on some projects, and the judgment was further confirmed through the number of participants in liquidity mining, participating funds, and changing trends.

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Editor's Note: This article comes fromEditor's Note: This article comes fromFengli Data Insight (ID: sharpdata)

, Author: Sharpdata, reproduced by Odaily with authorization.

There is no doubt that if you want to choose a digital currency, the hottest topic at present can only be DeFi, and the hottest topic in DeFi is probably liquidity mining. The annualized income ranges from hundreds to tens of thousands of percent, constantly stimulating the nerves of new and old leeks, and after the frenzy, some related tokens have gone through such a relatively mild price curve.

Some quickly slump and draw such a curve.

Here we hope to do some analysis from the data on the chain to see what can be revealed in terms of user participation and changes in the amount of funds over time. Here we have selected a few representative pools on Uniswap: the mainstream stablecoin USDC-ETH, Wanbicoin YFI-ETH, domestic imitation YFII-ETH, the founder’s cash-out project Sushi-ETH, and Sushi’s return to zero Imitation disk KIMCHI-ETH.

At present, the volume of these pools ranges from 250 million to more than 500,000 US dollars. The ETH/YFI/SUSHI project capital pool has recovered after a round of decline. Although YFII tries to remove the label of imitation disk and step out of its own ecology, there is still a big gap between the size of the capital pool and YFI at present. (The data in this article only focuses on the liquidity on Uniswap, and does not analyze other liquidity pools. For example, YFII-DAI has a fund pool of about 18 million US dollars in the balancer) and KIMCHI is directly on the road to zero.

The number of participating users in the liquidity pools of these projects ranges from a few hundred to nearly 10,000. Although Sushi-ETH's fund pool is only about half of that of USDC-ETH, it has the largest number of participating users (number of addresses), reaching about 9,500. Next are the USDC-ETH and YFI-ETH fund pools, of which about 2,800 people participated in USDC-ETH, and about 1,600 people participated in YFI-ETH. Although the currency price of KIMCHI has returned to zero, there are as many as 2,800 users who have participated in it. address. However, the data of YFII is not optimistic, and there are only about 350 participating users in the fund pool.

The average amount of ETH injected into the fund pool by the TOP 5 projects with a larger gap. The average injection of ETH in the TOP 5 USDC-ETH fund pool has reached an astonishing 31320ETH, thus supporting the size of the entire fund pool. The average injected ETH of TOP 5 of YFI-ETH reached 16627ETH. The average injection of ETH in TOP 5 of the YFII-ETH fund pool is only 139.

In addition, it can be seen that the average ETH injected into the fund pool by TOP 5 users is much greater than the average ETH of TOP 100 users, and even greater than the average ETH of all users. It verified the words of Adams, the founder of Uniswap, “Just whales playing whale games.” The mining income of retail investors is very small, and the income ratio is much lower than that of top users after deducting the transaction fee on the chain.

Next it's worth looking at the data for the past seven days and seven days ago. The first is the comparison of the number of transactions for depositing and withdrawing liquidity within 7 days of each project, the number of users depositing and withdrawing liquidity, and the comparison of the average ETH deposit and withdrawal. It can be seen that although the number of transactions and users who increase liquidity are more than the number of transactions and users who withdraw liquidity, the average amount of ETH withdrawn is more than the average amount of ETH injected into liquidity. It seems to show that with the progress of liquidity mining, Xiaosan entered the market relatively late, and more whales are gradually withdrawing. This is more evident on Sushi and YFII.

However, the ratio of the amount of liquid ETH injected seven days ago to the amount of liquid ETH withdrawn was significantly larger within seven days, indicating that the withdrawn liquidity grew faster than the injected liquidity. This is also in line with our intuition that the popularity of liquidity mining is gradually increasing. subside. Yet Sushi is clearly the most visible of this ebb, while YFI has been relatively less stressed.

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