ThorChain is a decentralized liquidity network that is designed to offer interoperable blockchains that allow its users to exchange tokens across multiple chains in a non-custodial manner. To put it simply, ThorChain is the Uniswap of inter blockchains. It allows you to exchange cryptocurrencies across multiple networks such as Bitcoin, Ethereum, Binance, etc. It is the unique nature of the Thorchain architecture that allows users to trade cryptocurrencies without having to transform them or wrap them (ETH -> WETH or BTC -> WBTC).
In this post, we are going to examine what time of day we see the most activity during the trading day. As a starting point, let’s take a look at the daily trading volume of the swapping transactions on the Thorchain. Below you can see a graph showing daily trading volume as well as the number of swaps that a day is involved in.
The following heat map is a representation of the recent trading volume on Thorswap’s ecosystem for the past two weeks. By simply looking at it, it is easy to see the trading peak hours. In the hourly volumes of trading, the highest volume was recorded on Nov 1st at 4:00, followed by 2.93 Million USD volume on 27 Oct 2021 at 8:00. You can explore the heat map by hovering over the legend displayed on the top right side and viewing different hot and cold spots.
Sometimes looking at last 2 weeks of trading volume may not give you accurate picture of peak trading hours. The follow charts show 4 weeks aggregated trading volume on Thorswap in a heatmap.
The above sections display information about swapping operations on Thorchain. Let us now begin to examine the activity of liquidity providers on Thorchain and identify the peak hours of the day when liquidity providers are actively involved in the Thorchain ecosystem. This chart shows the daily activity of liquidity providers