This article describes the average transaction fee per asset over the last 30 days on the mirror protocol.
Introduction
On the Mirror Protocol, anybody can create and trade “synthetic assets”, which are on-chain tokens that track some underlying asset. Today, the most popular assets are stocks and ETFs such as AAPL,DOT,ETH, VIXY, IAU,TSLA ,TWTR and BTC etc..
These synthetic assets are available around the world and can be traded 24/7 for very low fees.Based on Terra Blockchain, Mirror has been attracting millions of users since its April 2019 launch. The chain is a proof-of-stake protocol.
mAssets (plural for mAssets in Mirror) are fully collateralized. New mAssets can only be created by investors who deposit collateral into Mirror. A mAsset can be borrowed from the protocol when it is minted.Collateral is returned to the protocol when the minter returns their assets to it, very similar to how the DAI stablecoin operates.Minters typically deposit their minted mAssets into TerraSwap as liquidity providers (LPs) to earn fees. Minters can also withdraw their assets from TerraSwap at any time in order to obtain their collateral back.TerraSwap can provide LPs with annual returns of 20-50%.
Average Transaction Fees Per Asset – Last 30 days
As part of this article, I am taking into account their gas fees when calculating the average transaction fees for past 30 days . A maximum average fee amount of 1.64 was observed on November 3, 2021.Average Fee Amount shows an increasing trend.
The maximum average fee amount of 1.64 was observed in November 3, 2021, and the total number of transactions was 1,462 in October 29, 2021.Avg Fee Amount and Transactions both show an upward trend.The total number of transactions on October 30, 2021 was lower than normal
According to the top ten assets and their transaction fees by asset, the lowest average fee amount is 0.89 (mAAPL) and the highest average fee amount is 1.32 (mDOT).
mAAPL has the lowest average Fee Amount of 0.89, while mDOT has the highest average Fee Amount of 1.32, a difference of 48%. The maximum average Fee Amount of 1.64 was observed on November 3, 2021. An increasing trend can be observed in the average transaction fee in past 30 days by asset.And also can consider the Avg Fee Amount reveals seasonality every 7 dates. The highest is on date 1, and the lowest is on date 3.
Various mAssets and their Average Transaction Fees in the past 30 days
In November 3, 2021, the maximum Avg Fee Amount AAPL was observed at 1.84. In November 24, 2021, the minimum Avg Fee Amount AAPL was found at 0.52.The average fee amount for AAPL in November 4, 2021 was lower than normal.AAPL shows a decreasing trend in average fee amount.
ETH average fee amount of $2.21 was observed in November 3, 2021.In November 3, 2021, the average amount of fees charged to ETH is higher than normal. Also, the average amount of fees charged to ETH is decreasing trend.
The maximum average fee amount TSLA of 1.46 was observed on November 2, 2021, and the minimum average fee amount TSLA of 0.37 was observed on November 25, 2021. The TSLA average fee amount shows an increasing trend.
mVIXY : mVIXY stands for Mirrored ProShares VIX Short-Term Futures ETF. The VIX cannot be purchased directly, but there are a number of exchange-traded funds (ETFs) that mirror the index’s movement. ProShares VIX Short-Term Futures ETF, or VIXY, is one of these ETFs. VIXY isn’t for everyone, and ProShares recommends it strictly to experienced investors. Investors who choose VIXY are generally one of two types.Either they plan to take advantage of the projected increase in S&P 500 volatility, or they want to protect themselves from potential market downturns.
On November 10, 2021, the average fee amount VIXY reached a maximum of 1.56 and on November 21, 2021, the average fee amount VIXY dropped to 0.13.The average fee amount VIXY in November 20, 2021 was lower than normal and higher than normal in November 22, 2021.
November 14, 2021 observed a maximum Avg Fee Amount DOT of 1.53, while October 30, 2021 witnessed a minimum Avg Fee Amount DOT of 0.87.DOT shows an increasing trend in average fee amounts.
Observations
- Based on the analysis above, we can see that on Nov 3,2021, the average transaction fees per asset have increased in the last 30 days.
- In addition, if we look at the different assets on Nov3,2021, we can see a more Average transaction fee collected by AAPL, ETG, and TSLA too.
- As we look at VIXY asset in past 30 days, it has maintained a consistent average of collected transaction fees, but we don’t know which it fell on November 21, 2021.
- The average transaction fee for DOT assets has remained consistent in the last 30 days.
- The lowest average transaction fee is collected by mAAPL and the highest average fee is collected by mDOT, if we consider average transaction fee by asset.
- As a result, it makes sense to assume DOT, VIXY, and ETH fall in the top 3 positions of transaction fees per asset.In addition, we can assume DOT collects more transaction fees than Ethereum. It is worthwhile to check what is actually happening.