How many new users are being added to Thorchain every day?

The objective of this article is to show how many unique THORchain wallet addresses have been created and have conducted at least one transaction on THORchain. Daily and cumulative numbers will be included.

What is THORchain?

With THORchain, users will be able to exchange tokens from various networks, including Bitcoin and Ethereum, with tokens from other networks. To trade cryptos, such as Bitcoin and Ethereum, traders and investors use decentralized exchanges, which are unable to facilitate the operation on native networks.As a result of its interoperability, THORChain enables users to directly exchange different cryptos without ever leaving the protocol and without requiring the use of any intermediaries. By depositing cryptos into the THORchain decentralized exchange, users can earn a yield on their money. Users can also borrow cryptocurrency within minutes.

How does THORchain Works ?

The THORchain exchange employs the continuous lending pools protocol of the Bancor DEX to enable cross-chain trading of non-native tokens. Market data for all supported cryptocurrencies is deposited into liquidity pools along with RUNE, the native token of the network. The THORCh automatically exchanges one token for RUNE, then trades RUNE for the other token, when a user initiates an exchange. This is the mechanism that enables non-custodial exchanges between non-native assets.Liquidity pools are created by operative nodes, and user funds can be deposited there for others to borrow, allowing them to earn a yield for the amount they deposit.THORChain relies on the Proof of Stake consensus mechanism, which requires RUNE tokens to be staked in order to verify swap transactions.

Unique Wallet Addresses – THORchain

Listed below is the number of unique users in THORchain on a daily basis.There were 17.6K new users between April 11, 2021 and November 2, 2021.In September 27, 2021, there was a maximum of 1.1K total users, and on September 10, 2021, there was a minimum of 2. The number of new users grew by 3.33 times from 9 in April 11, 2021 to 39 in November 2, 2021. June 14, 2021 and July 2, 2021 has a higher average number of new users than normal, while July 3, 2021 and September 28, 2021 have a lower average number of new users.

Below is a graph of the Daily Cumulative Number of Users in THORchain. The cumulative number of users between April 11, 2021 and November 2, 2021 was 1.37M.Maximum Cumulative Users of 17.64K were observed in November 2, 2021, and minimum Cumulative Users of 9 were observed in April 11, 2021. Cumulative users have increased from 9 in April 11, 2021 to 17.64K in November 2, 2021.

According to the graph below, 17.6K new users were added between April 2021 and November 2021. Maximum New Users of 4.7K were observed in September 2021 and minimum New Users of 140 were observed in August 2021. There was a 28% decrease in new users in October 2021. The number of new users increased from 1.2K in April 2021 to 3.3K in October 2021

Observations

From the above analysis,

  • Total New Users decreased in August 2021 and increased in September 2021.
  • In September 2021, we can see a maximum of 1.1K unique wallet addresses.
  • The number of new users in the THORchain was very low from July 17,2021 to September 21,2021. After that the number went up

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