How is the second layer solution on Hive doing during these uncertain times? Is more Hive deposited or withdrawn from it. Lets take a look?
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Splinterlands and its tokens and pools are the main ones that drives most of the volume on Hive Engine but there are a lot of other apps and tribes. Since recently we have seen some NFTs apps build on as well.
Here we will be looking at the volume that Hive Engine does in terms of deposits and withdrawals on the platform. It is a nice indicator of the state of the platform.
At the moment there are three major gateways for deposits and withdrawals on Hive Engine:
- Hive Engine (@honey-swap)
- LeoDex (@leodex)
- BeeSwap (@hiveswap)
The fee for deposits and withdrawals on Hive Engine is 0.75% while on BeeSwap and LeoDex its 0.25%.
The period that we will be looking at here is 2022 - 2023.
Deposits
For deposits we will be looking at the transfers to the Hive Engine @honey-swap account, @leodex and @hiveswap for BeeSwap.
Here is the chart.
The daily chart is a bit messy with a lot of spikes and ups and downs.
Overall it seems that the volume has been quite steady with an average 50k HIVE deposited daily. There seems to be a spike in the last weeks.
Withdrawals
Next the withdrawals. Here is the chart for the daily withdrawals.
On the withdrawal side we can notice a bit more volatility but still the numbers are around 50k HIVE daily, and some spikes here and there.
Total Volume Per Month
If we take both the deposits and withdrawals and sum them up on a monthly level, we get this.
This is a bit clearer representation.
We can see that there is an uptrend in August 2022, and a downtrend since then. In August the volume was almost 8M per month and in February 4.2M. Almost half since what it was in August 2022.
Individual Platforms Share
Here is the chart for the share of the deposits of Hive Engine, LeoDex and BeeSwap.
The Hive Engine account @honey-swap has 69% share of the cumulative volume (deposits and withdrawals). BeeSwap is on the second spot with 28%, followed by Leodex with only 3% for the month.
The official account still holds the majority share, and it is the most liquid from the above. BeeSwap is doing fine on the second spot.
HIVE Supply On Hive Engine
Here is the chart for the HIVE stored on Hive Engine.
As we can see prior to June 2021 there was under 500k HIVE stored on Hive Engine. Then it started to grow and with a few drops on the way, it has grown almost constantly to almost 7M at the end of 2022. There was a sharp drop recently and now the HIVE supply on Engine is growing back again. A total of 6.2M HIVE now on Engine.
With this growth Hive Engine is now positioning itself as one of the major place for HIVE liquidity and as a number four exchange for HIVE. Bittrex is now close to it, with 7M. If it surpasses it soon, it will become then no.3 exchange for HIVE, just after Upbit and Binance.
Top Accounts That Deposited
Here is the chart for the top accounts that deposited in 2023.
The @token-converter account is on the top with more then1.4M HIVE deposited in the period. This is an account that is connected with Splinterlands and their inner workings.
The @toni.point on the second spot with more than 200k HIVE, taking care of arbitrage 😊.
Top Accounts That Withdraw
Here is the chart for the top accounts that withdrew in the period.
@toni.point is on the top with 350k HIVE withdrawn in the period, making arbitrages. The @vugtis account follows closely with 310k HIVE.
HBD
What about HBD? HBD has been growing in adoption recently. How is the volume for HBD?
Here is the monthly chart.
Some ups and downs in the period with ATH reached in August with a total volume of 160k HBD. There was some HBD pumps in the period so this volume is probably a reflection of that.
There is also an increased volume in February 2023, that again is a result of the HBD movement in price.
There are few HBD pairs on Hive Engine with a decent liquidity like the HIVE:HBD, BEE:HBD and HBD:BUSD.
All the best
@dalz
Posted Using LeoFinance Beta
