I’m sure you know better than me how Perpetual Swap Protocols were rising in past couple of months. But the thing is I don’t believe this was just a temporary hype to pump and dump. Decentralize Perps are of few market products that are tackling a real problem in crypto industry. As more people get into crypto and become familiar with the self-custody concept, we’ll need more Web3 equivalents of traditional financial tools and platforms, one of which is decentralized trading platforms with innovative solutions for liquidity and reward mechanisms.
Pika Protocol is one of these innovative DApps (Decentralized Applications) that provide many assets to trade with up to 100X leverage, on Optimism blockchain.
Unlike many other Perps than have seen a great attention in CT and are pretty famous and well-known, Pika team is silently and laser-focused building and developing a product that already has a greater user base and volume than most celebrity Perps like GMX.
In this dashboard, I want to take you on a journey to Pika Land, where all the magic is happening. In the end, You can find the link to the original dashboard made by FlipsideCrypto application. You can also subscribe to my blog to see many more analysis to come (Some might get exclusive to subscribers). Collecting the publication is also a small motivation for me to keep the work going.
Without further a due, Let’s get to work!
I've begun the analysis by providing the most basic and probably the most important data of overall statistics including Total Trade Volume, Total User Count, Total Trades, Fees, Vault Balance, Direction, Popular Trading Assets, Different Sources of Income, etc. This Part should give you a good comprehensive idea of Pika V3 Performance in total. But as you know better than me, no overall information is enough for any analysis. So, by showing the Daily and Cumulative changes of previously mentioned overall data, I've tried to add a more adequate depth to the analysis.
OP Rebate section is included to emphasis on the importance and affect of Optimism project funds and the vitality and dynamism it brings to the whole ecosystem.
Perps Battle section is short but provides valuable insights by comparing Pika with two famous perps on different chains: ** GMX & Gains**. I wanted to show how Pika stands against them and are the perp traders acting Cross-Chain or staying on a single network?
In the last section, I've provided a simple tool where you can search any address to see their historical performance on pika V3. This can help you to identify big players and smart money movements which may lead to great Profits anon! To use this tool you need to create a free account at flipside and sign-in to it.
Getting long position is more popular among pika users
Retail traders (Nemo Category with less than 10000$ volume in each trade or in total) are responsible for more than 99 percent of traders count and more than 95 percent of trades count
Distinct liquidity providers are slightly more than distinct traders of Pika
Pika traders are in overall loss which means liquidity providers are in good position in total
Funding is the only negative source of income for liquidity providers and then gain from traders losses more than other sources.
ETH is the most popular asset in Pika in volume, traders count and trades count; while BTC is the second most popular asset in all criterions, the rivalry is much closer when it comes to volume
As you can see in charts above, ETH has constantly been the #1 asset to trade on Pika
OP has also demostrated a good performance in volume and trade count and managed to surpase BTC in many occassions considering the recent hype around the Optimism ecosystem and ~ 4X increase in OP price.
The sudden decrease in daily users and trades is due to ending of OP quests which required people to trade and provide liquidity on Pika. This led to several bots creating hundreds of addresses to farm the quest's NFTs. As you can see, The daily volume of Pika hasn't changed significantly.
Left charts show the immediate effect of traders PNL on liquidity providers income from the vault.
LP actions dramatically decreased after ending of OP quest.
Since the amount of rebate OP is determined also by the OP price in first day of the month, you can see that February claims were significantly higher than previous months, because price of OP has increased dramatically in this month and the OP reward not only coverred the intended 50% of paid fee, but also led to some serious gains for some traders.
as a matter of fact, there were many addresses (most probably bots) that were set to trade efficiently to receive the most Possible OP.
Whales are addresses that received more than 150 OPs, Sharks more than 120, Dolphines more than 80, Salmons more than 40, Crabs More than 20 and Nemos less than 20.
Let's be honest: How many people know Pika versus GMX on Gains? This was a bit hearbreaking for me to see how great Pika is performing comparing to these two famous perps, while there is huge hype and strong narrative around them and not Pika.
Pika has higher volume with much more assets than GMX.
Pika also is user-friendlier in many instances; for example it requires low margin and no restriction on trade volume unlike Gains.
If we consider Pika V1 & V2 these numbers will be a lot more dominating!
Also Pika's daily trades decreased after ending of OP quest, but Pika's daily volume is still higher than GMX and Gains.
~ 22% of Pika traders also use GMX while only 4.7% of them also use Gains.
But Gains shared users average trade volume is almost 4 times more than GMX share users average trade volume.
To use this section you need to sign in to your flipsidecrypto account (It's free and simple), then put an Ethereum address in above box and press "Apply all parameters" and wait a bit to see the customized result. You can use addresses of the top 50 profitable addresses provided in last table at the end of this section. This will also show you what is the latest trade of these wallets which can also make you rich!
Charts below are not interactive but show you what categories you can find in this section.
Thank you for staying with me till the end of analysis. You can find the original dashboard here:
https://flipsidecrypto.xyz/freemartian/pika-protocol-v-3-dashboard-fT1KWR
OH! Have I told you that I won a cool Membership NFT of the best Web3 Analytics DAO for this analysis?
freemartian
No comments yet