Phase 2— Part 1: Depositing Astro and UST into the LP pool
In this phase users could provide liquidity to ASTRO-UST liquidity pool. This phase’s purpose was to both bootstrap the liquidity for the pool, but also to discover the price for the $ASTRO token. Users could deposit the $ASTRO tokens received from Phase 1, or from the airdrop, into the pool. They could also provide liquidity in the form of UST, effectively increasing the price of the $ASTRO token.
How many users have participated?
- 18146 total users have participated in Phase 2 of the lockdrop.
How many users have participated in both Phase 1 and Phase 2?
Out of the 23k participants who locked their LP tokens in Phase 1 — and were therefore eligible to obtain ASTRO tokens for their participation — how many have deposited into the ASTRO-UST pool in Phase 2?
- There is more than 40% of users from Phase 1 who have not deposited anything in Phase 2. This means these users have ASTRO tokens unlocked, possibly ready to be sold on the market as soon as the DEX goes live
What have users decided to deposit?
Out of the three possibilities (only UST, only ASTRO and both), let’s now plot how many users have decided to deposit one of the three categories.
- More than 50% of the users participating in the Phase 2 has deposited both UST and ASTRO tokens
- More than 25% has deposited only ASTRO tokens
How have users priced ASTRO according to their deposits?
We now look only at users who have deposited both ASTRO and UST tokens into the LP. According to the ratio at which they have deposited, we can calculate how they have priced the deposited ASTRO tokens. We divide the number of ASTRO tokens deposited by the total amount deposited in UST (possibly over several deposits).
N.B: of course depositing more UST is converted into LP tokens of the pool, giving rights to more ASTRO tokens as well, so this is just a statistical exercise to see the distribution of the deposits.
We can see a quite large number of outliers, which causes the boxplot to collapse. We therefore observe that some users have deposited a quite large sum of UST compared to their ASTRO tokens, causing the calculated price to be very high. The maximum price calculated: $33k.
Let’s now remove those outliers and plot the distribution again
We can now observe that the median price is around $1.3 and the 75th percentile around $3. The takeaway is that half of the users depositing both tokens have priced ASTRO token around $1.3 and 75% of users have priced it at most $3.
How have users obtained their ASTRO tokens and what have they deposited afterwards?
Let’s look at the distribution of all participants according to the previous steps of the lockdrop. We divide users into 4 categories:
- Those who only received $ASTRO tokens by participating in Phase 1 and locking their LP tokens
- Those who only received $ASTRO tokens via the Airdrop
- Those who received their $ASTRO tokens in both the previously mentioned ways
- New users, hence those who have not received any $ASTRO tokens and hence have not participated in the Phase 1 either
The chart is read from left to right. On the left is all the participating users in Phase 2. Following the different stripes, we can see what type of users those were and what they have deposited.
- 9381 users (roughly 50% of all Phase 2 users) have only received their tokens from Phase 1. Out of these, two-thirds (~66%) have deposited both ASTRO and UST into the pool
- 4268 users (23%) obtained their ASTRO tokens from both Airdrop and Phase 1. The share of users who later deposited both ASTRO and UST is similar to the previously seen one: almost 66% in this case too have deposited both tokens into the pool
- ~10% of Phase 2 users have only received ASTRO tokens from the airdrop
- ~13% are users who did not participated in Phase 1 nor received the Airdrop. These could only deposit UST.
Interesting to notice the quite large percentage of new users. These users were not eligible to the airdrop and this means that they are generally new to the Terra ecosystem. This shows how much this Lockdrop event has attracted new comers as well.
Users who have only received ASTRO tokens from Phase 1 can be considered new to the Terra ecosystem as well, and this goes to support our theory of how powerful this event has been in attracting relatively new users.
Another interesting pattern is that in all categories (except new users) the share of users depositing both tokens has always represented the 66%, while only a small percentage has only deposited UST
How many deposits have users performed?
It was possible to make several UST deposits during the 5 days of the part 1 of Phase 2 of the lockdrop. Let’s see how many users have taken advantage of this possibility.
- The most common n° of deposits is 2. This can be explained by the fact that depositing ASTRO and UST is considered as two separate transactions. This group of users contains therefore all those users who have only deposited both tokens once, but also those who have performed 2 deposits of UST.
- Users who have performed only 1 deposit are at the second place. These may be users only depositing ASTRO or UST once
- Interesting to see that one address has deposited 27 times and several addresses have deposited over 3 times
How has the address depositing 27 times behaved during the event?
You know, I like to take a closer look at single user behaviours when they deviate so much from the rest of the users. In this case, we are going to look at the transactions for the Phase 2 of the address responsible for the 27 deposits.
- The user has made the first deposit on the 21st of December, depositing all of his ASTRO tokens, from both Phase 1 and Airdrop and an equal amount of UST
- He then made several UST deposits in the following hours of decreasing amounts until the price of the ASTRO token reached $1
- He then made his biggest UST deposit ($400k) when the price was right below $2
- He kept adding relatively small amounts of UST every 10 hours or so
- In total $2.7m and 265k $ASTRO at an average price of $100 per ASTRO token deposited
Top depositors from Phase 1
Do you recall the top depositor of Phase 1 we identified in the previous analysis? Well, I wonder what they have done with all their ASTRO tokens.
- Only 5 out of 10 has participated in Phase 2
- 3 of them has only deposited ASTRO tokens (not clear whether they deposited all the tokens obtained from Phase 1)
- 1 of them has deposited the same amount of UST and ASTRO
- 1 of them has deposited almost 3 times more UST than ASTRO, probably with the intention of obtaining even more ASTRO from the LP tokens distributed to participants and the ASTRO incentives
- Only one has deposited only UST, again probably with the intention of obtaining incentives and LP tokens
Interesting to observe that at least 5 of these ASTRO “whales” have not locked their tokens in Phase 2, and are therefore free to sell their tokens right at launch. It is not public whether the other depositors have locked all the tokens obtained from Phase 1 or the lockdrop.
