How is the second layer solution on Hive doing during these times? Is more Hive deposited or withdrawn from it. Let’s take a look.
Hive Engine is now an OG when it comes to Hive and L2. It has been around since 2019, five years now, and has enabled a lot of projects building on top of Hive. While not perfect, its existence has been a very important tool in the Hive ecosystem.
Splinterlands and its tokens and pools are the main ones that drive most of the volume on Hive Engine but there are a lot of other apps. Gaming tokens seem to be growing more and more these days.
Here we will be looking at the volume that Hive Engine does in terms of deposits and withdrawals on the platform. It is a nice indicator of the state of the platform.
At the moment there are three major gateways for deposits and withdrawals on Hive Engine:
- Hive Engine (@honey-swap)
- BeeSwap (@hiveswap)
- Uswap (@uswap)
In the past we were tracking Leodex as well, but that platform has shifted operations towards outside pools using the Maya protocol.
The fee for deposits and withdrawals on Hive Engine is 0.75%, while on Beeswap and Uswap fees are lower and it depends on the liquidity, and if you are converting in a direction with lower liquidity you can be even rewarded with more HIVE/SWAP/HIVE tokens.
Deposits
For deposits we will be looking at the transfers to the Hive Engine: @honey-swap account, @hiveswap and @uswap.
Here is the chart.
The chart is on monthly basis.
We can notice the spike in the monthly deposits back in 2021 when in the period of August to November there was a lot of volume, reaching 8M HIVE deposited in one month. In the recent months the volume for deposits is around 2M HIVE per month.
Withdrawals
Next the withdrawals. Here is the chart for the daily withdrawals.
A similar pattern as for deposits, a peak back in 2021 and somewhat steady numbers in the past months.
Total Volume per Month
If we take both the deposits and withdrawals and sum them up on a monthly level, we get this.
This charts start from 2022 for clearer presentation.
We can notice the downtrend in 2023, but in the last months there seems to be a reversal. A peak in December 2023 with close to 6M in volume while in the last months the cumulative volume is around 5M.
We can notice that in terms of platforms, Hive engine remains dominant, followed by Beswap and then Uswap.
Individual Platforms Share
Here is the chart for the share of the deposits of Hive Engine, BeeSwap and Uswap.
The Hive Engine account @honey-swap has 54% share of the cumulative volume (deposits and withdrawals). Beeswap is on the second sport with 29% followed by Uswap with 17%. While Beeswap and Uswap have lower fee, they can lack liquidity at times, and for larger deposits/withdrawals the native Hive-engine is the preferred one.
HIVE Supply on Hive Engine
Here is the chart for the HIVE stored on Hive Engine.
As we can see prior to June 2021 there was under 500k HIVE deposited on Hive Engine. Then it started to grow and with a few dips on the way, it has grown almost constantly to almost 7M at the end of 2022. There was a sharp drop in January 2023, and somewhat a sideways actions trough 2023. There has been an increase in 2024 going forward March to the ATH levels of 7M HIVE, but then a drop again in April towards 6M where we are now.
A total of 5.9M HIVE now on Engine.
Top Pools
Here are the top pools:
As we can see the top four pools are all Splinterlands related, then come the HIVE-BTC and HIVE-ETH pools. Some more pools in the top like the BEE token and LTC.
In terms of TVL in pools Hive Engine has been around 4M USD for a while now.
Monthly Number of Accounts Making Deposits or Withdrawals
This can be seen as the number of users on HE, but limited only to deposits and withdrawals on HIVE. Accounts making only swaps and inner token transactions are not included.
The ATH for number of accounts making deposits and withdrawals was reached back in November 2021 with 9k accounts making transfers. Since then there was constant decline with a spike in April 2023, and a drop since then to just above 2k accounts in the last few months.
Top Accounts that Deposited
Here is the chart for the top accounts that deposited in 2024.
The @sl-swap account is on the top with more than 1.5M HIVE deposited in the period. This is an account that is connected with Splinterlands and their inner workings.
The @token-converter on the second spot with more than 500k HIVE, followed by @cryp71x.
Note that these are net deposits.
Top Accounts that Withdraw
Here is the chart for the top accounts that withdrew in the period.
@mazurbits on the first spot with 250k followed by @konvik-cold and @danieljusto.
HBD
What about HBD? HBD has been growing in adoption recently. How is the volume for HBD?
Here is the monthly chart.
Some ups and downs in the period with ATH were reached in August 2022 with a total volume of 160k HBD.
In the last months the HBD volume on Hive Engine is low, with around 40k HBD monthly.
There are few HBD pairs on Hive Engine with a decent liquidity like the HIVE:HBD and BEE:HBD.
All the best
@dalz