Gyro Testnet Analytics
The testnet of Gyro launched over five months ago, so let’s take a closer look at what’s been happening on it!
So far, three testnet levels are live. Each level is made up of several sub-tasks. The goal was to create an environment where it is easy and fun to explore the Gyro mechanisms. But naturally the intent is also to ensure that all the mission-critical pieces are working well. So, thank you, dear testnet-user!
Overview
6864 users participated in the first level, 3567 (or 52%) made it to the second level and about 1983 (29% of L1 or 56% of L2) completed level 2.5.
Level 1: introduction to the P-AMM and S-AMM
The first level was publicly launched on Apr 06 ’21. In this level, users can mint (or redeem) GYD via the primary-market AMM (P-AMM) — which generally bounds the market price of GYD. The next and final step of the first level was to add GYD liquidity to a secondary-market AMM (S-AMM).
The count of unique addresses that minted GYD was used as a proxy for participation. In the chart below you can see the daily count of unique GYD minters (left axis) and the cumulative number of users (right axis).
Level 2: using the P-AMM for arbitrage
The second level was publicly launched in Apr 30 ’21. In this level, users had to exploit arbitrage opportunities by swapping on the S-AMM and redeeming GYD in the P-AMM. More specifically, users had to monitor the price of GYD against USDC and buy GYD if the GYD/USDC rate was below 1 (or more generally, below the redemption rate offered in the P-AMM). The arbitrage loop could be closed by redeeming GYD for USDC in the P-AMM.
Once a user generated enough GYD, the user could buy a space frog NFT, which was the last step in this level. As such, we use the NFT sales as a proxy for level 2 participation.
In the chart below you can see the daily count of unique NFT sales (left axis) and the cumulative number of sold NFTs (right axis).
Level 2.5: ensuring Sybil resistance
The third level was publicly launched on Jul 01 ‘ 21. In this level, users had to provide some social data (e.g. Twitter handle, Github name or telephone number) to increase Sybil resistance of our testnet. The provided info was hashed (with an optional salt) and is used to make sure that no bot participated with multiple accounts.
In the chart below you can see the daily count of testnet users that linked their account to socials (left axis) and the respective cumulative number (right axis).
What’s coming up next?
We are working very hard behind the scenes and we will soon be able to show you more! More testnet levels and more fundamentals! We are now at the 2/3 mark of finishing the development of Gyro v1. One of the most important parts currently under development is the P-AMM. The formal specification of the P-AMM is complete and the smart contract implementation and testing is well underway.
Why should you care about the P-AMM? It’s the primary market that enables minting and redeeming GYD — as such it decides over the survival and usability prospects of the stablecoin.
One last thing about the P-AMM that can not be highlighted enough is the radically different approach to designing it. The P-AMM design starts from first principles and identifies eight different properties that an ideal P-AMM should have. These properties are integrated into the P-AMM specification and even lay the foundation for a lean and optimistic governance. As such, the P-AMM not only decides over survival and usability, but also defines the governance spectrum of Gyro. “Governance” is also generally something you will hear a lot of. Soon.
Please note that the data should only be considered indicative of general participation. Further adjustments to better account for bot activity may influence the final count.
