SideShift.ai Weekly Report | 24th - 30th May 2022

SideShift.ai Weekly Report | 24th - 30th May 2022

Welcome to the fourth edition of the weekly stats report - your one-stop shop for all things SideShift.ai.

XAI Token Market Update

At the time of writing SideShift token (XAI) is sitting at $0.217940 - the lower end of the 7-day band. Last week saw the price bounce between $0.214349 / $0.235812. Overall, the price of XAI has been fairly consistent across multiple weeks, hovering around the $0.22 mark. Last week the market cap temporarily cracked the top 900, but it currently resides in place #940 with a market cap of $10,039,141.

SideShift’s APY averaged 21.44% for the week. This is slightly lower than the previous period but is respectable when considering the state of the overall market. The APY weekly high of 33.62% came on May 28, which followed our daily volume high of the week at $1.58m.

Additional XAI updates:

Total Value Staked: 32,908,439 XAI
Total Value Locked: $7,014,367

General Business News:

In a generally slow market, SideShift has been steady and had a few bright points. Volume remained similar to the previous week but was slightly lower with a daily average of $934k. Despite the lull, we’ve begun to see higher volumes among “less popular” coins which historically have had less overall volume.

Last week FTM deposits jumped, placing FTM 5th highest among deposit coins with $282k. It snuck into the top 10 in overall volume due to these big deposits, which mainly shifted to a handful of stable coins on the BSC and Polygon networks (typically not as popular). It was interesting to note these pairs. Next, we encountered a substantial increase in BNB settlements, likely due to how well BNB is holding up compared to the rest of the market. It was our 4th most popular settle coin, totaling $522k.

Additionally, since listing WETH on May 20th, we have experienced a decent amount of traction that came all at once. The majority of this was shifted to BTC, with some smaller amounts to ETH. WETH deposits placed 4th among most deposited coins when measuring by volume ($312k). It is also worth noting that settlements outside the “top 10” coins slightly increased from the previous week, and accounted for 9.6% of settlements. Perhaps users are anticipating the next bull run and a sense that a local bottom is in.

When looking at our top coins, you’ll see that the majority of our volume comes from the top 3 coins on both the deposit and settle sides. For context, the top 3 deposit coins (BTC, ETH and XMR) and settle coins (BTC, BCH and ETH) represented 62% and 57% of the weekly volume totals, respectively. However, the fact that we observed these volume spikes across a multitude of lower cap coins are proof that new listings add value, and further the use case for SideShift.

BTC/BCH shifts continued to come in bulk - this pair accounted for just over $1m in volume for the week, with 44% of BTC deposits settling to BCH. It has remained our most popular pair throughout the entire month of May.

SOL has been a source of action throughout the month but slowed last week primarily due to less deposit volume. It still remains a popular settle option and placed 5th, with $470k in weekly settlements. However, this is quite the drop from the $1.6m enjoyed in SOL settlements just 2 weeks ago.

Ultimately throughout the week, SideShift remained stable with few issues as the general narrative of the crypto market has stayed the same. A minor change in EVM code resulted in certain delays for users shifting these coins - this has since been resolved. LTC also resumed action after upgrading in order to support Mimble Wimble.

Integration News

Trezor continues to be the leader among affiliates. It accounted for approximately ~8.2% of weekly volume with $690,010 - a slight increase from the previous week. When zooming out to look at the bigger picture, Trezor's volume is actually up ~56% month on month.

Our second most popular integration (Bitcoin.com) has now slowed down after months of consistent performance. Last week Bitcoin.com wallet accounted for just over 4% of weekly volume ($275k), however, was our busiest affiliate in terms of count with 717 shifts. Lastly, Edge Wallet has reclaimed 3rd place with 0.77% of weekly volume ($101k).

That’s all for now. Thanks for reading, happy shifting and we’ll see you next time.

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