THORCHain THOR Token Airdrops

This post examines THORChain THOR token airdrops in details to understand the behaviour of users who claimed these tokens. We analyze the airdrop claimers behaviour, number of tokens claimed, amount of gas spent in claiming and most importantly what happened to all those tokens claimed! Are these tokens HODLed by the claimers or invested on Defi Pools or swapped out for other tokens like paper bags? We are answer all these questions for you.

The following chart shows the number of THOR tokens claimed by users since they have been airdropped. In the left X axis, you can see the number of tokens claimed per day. On the right X axis, you can see the number of wallets. As can be seen in the chart, on the first day, 911 users claimed approximately 390K tokens. That would result in an average of 428 tokens per wallet.

In order to analyze anything on the Ethereum network, we must consider the gas spent by users. So let’s look at the amount of gas that users spent to obtain tokens. We converted the THOR tokens claimed by users as well as the ETH gas paid by users to US Dollars to facilitate comparison. As you can see in the chart below, users typically spend between 4.8% and 6.6% of their claimed tokens on gas. This clearly shows why Ethereum is not for everyone. It is only a privilege of the rich and whales with a vast amount of money to move around.

The obvious question is what did the users of the airdropped THOR tokens do with them? Did they HODL the cryptocurrency or did they swap it out for something else, like a paper hand? Perhaps we should investigate this. On the chart below you can see the number of THOR tokens swapped daily by paper hands to some other token! Approximately 80,000 THOR tokens were exchanged on the day of the airdrop. In other words, roughly 16.6% of the tokens that were airdropped were immediately swapped for other tokens.

Now lets us investigate what is the favourite cryptocurrency of paper hands that sold their THOR tokens. What else is a better way than a beautiful chart to visualize the analysis? Check the chart below! ETH is the favourite of paper hands. Are you surprised? I’m not. Eth is popular on Ethereum network. The second most popular one is XRUNE and USDC stands in third place.

Let us look at the number of tokens being added to Liquidity Pools on Ethereum Network. The following charts shows the number of tokens deposited to Liquidity Pools

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