The Hive internal DEX is an amazing feauture to the Hive blockchain. It is a layer one DEX that allows users to trade HIVE and HBD. It has one trading pair so to speak HIVE-HBD.
The DEX has been around since the beginning of the chain and it is an integral part of it. However it has always been underutilized and with low volume. But since the introduction of the two ways conversions for HBD and the @hbdstabilizer that is providing liquidity on the DEX, the things have changed, especially in the last two years. Much higher volumes and usability of the DEX. Hive devs have also catched up and now we have more than one interface for the DEX.
Background generated with Midjurney
As mentioned, the @hbdstabilzier is trading on the internal DEX. In a way it’s a incentivized market where it tries to keep the price of HBD at the peg. If the price of HBD is lower than the peg, the stabilizer buys HBD, and if it is higher, it sells HBD. Doing this the stabilizer provides instant liquidity for HBD, that sometimes can be an issue, because the conversions last 3.5 days and have a market risk in them.
Here we will be looking at:
- Daily HBD volume on the internal Hive DEX
- Monthly HBD volume on the internal Hive DEX
- Number of trades made
- Number of accounts trading on the DEX
- Top liquidity providers on the DEX
The period where we will be looking at is 2021 – 2023 with a closer focus on Jan – Apr 2023.
Daily Trading Volume
Here is the chart for the daily trading volume on the internal Hive DEX.
As we can see prior to July 2021 the trading volume on the DEX was very low. In the first months of 2021, the average trading volume per day on the DEX was just a few thousands. Then at the end of February the @hbdstabilizer was introduced and later in July the two ways conversions. This had effect and the volume on the DEX exploded in August 2021, especially due to the high HBD prices on the external markets and all the arbitrage that was happening.
We can notice the few spikes in the trading volume on a daily basis. This usually happens when HBD is trading higher on external markets, usually on Upbit where HBD has one of its rare listings.
When this spikes happen the trading volume on the internal DEX is higher than 1M HBD per day. For 2023 the average daily trading volume on the DEX is around 120k HBD per day.
The monthly chart for the trading volume on the DEX looks like this:
Here again we can notice the small trading volume on the DEX at the beging of 2021. In the first two months of 2021 the trading volume was around 300k per month. Then it started growing and reached ATH in August 2021 with 7.5M HBD trading volume for the month. In the following months the trading volume has been in the range of 2M to 4M per month, with July 2022 having another spike to 7M.
In the first months of 2023, the monthly trading volume on the DEX is in the range of 3M to 4M HBD.
We should note that 2022 was quite the bear year for crypto.
Number Of Trading Operations
The above was the volume. What about number of operations/trades made on the DEX. Here is the chart:
In terms of operations, we can see more constant data, with occasional spikes. Starting back from 2021, the number of trades on the DEX were in the range of 1k to 3k. There was a massive spike in August 2022 and another spike recently in January 2023.
It looks like in 2023 the number of trades made has increased, and on more occasions, there are more than 2k trades made daily.
Number Of Accounts Trading On The Hive DEX
What about number of accounts? How many users are actually using the DEX? Here is the chart for the daily accounts.
On a daily basis there seems to be just a slight increase in the number of accounts trading. Although we should have in mind the bear market happening in 2022.
On average in 2023 there is 350 accounts trading daily on the Hive DEX.
What about the number of monthly accounts trading?
When it comes to trading not everyone is doing it daily, so the MAUs might be a better indicator. Here is the chart.
A steady numbers with a slow uptrend.
On average around 2600 accounts trading monthly in 2023. The trend seem to be up in 2023 and we are now close to 3k accounts. This is quite the difference from the DAUs, where the daily numbers are around 300.
Top Liquidity Providers On The Hive DEX
Who is doing most of the trading? Here is the chart for the top accounts that are selling HBD on the DEX in 2023.
This is data from the beginning of 2023.
The @hbdstabilizer is on the number one spot here. Meaning whenever there was more demand for HBD the stabilizer provided the most liquidity for it. @konvik-hbd is on the second spot.
When selling HBD, users are buying HIVE.
What about buying HBD? Who is buying the most in 2023?
@konvik-hbd comes on the top here, followed by the stabilizer.
Its interesting to see that the stabilizer is not on the top spot in 2023 when it comes to buying HBD. It means that the market forces were on the higher end for HBD demand and there was not that big of a need for giving support to HBD on the downside from the stabilizer. In 2022 the stabilizer was by far the number one account buying HBD, while we can see that now this is not the case.
HBD Price On The External Markets
At the end the chart for the HBD price starting from 2020.
We can see that at first the price was oscillating a lot around one dollar. Then in the first half of 2021 it spiked and reached more than $2 on a few occasions.
After August 2021, the HBD price on the external markets is much more stable with a few small spikes above $1.1, and drops to around 0.95.
Overall we can see that the big increase in the trading volume was back in August 2021. Since then there has been ups and downs but the volume remained significantly higher then the previous one. In terms of number of transactions on the DEX the numbers have grown by a small margin. Similarly for the number of accounts trading now approaching to 3k per month. The @hbdstabilzer and the @konvik-hbd have been the number one liquidity providers on the DEX.
All the best
@dalz
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Those spikes up to a 1 million HBD/day are incredible considering that it is all verifiable on chain and that this market was practically dead for years.
Yea its much better now, I atarted to use for gwneral crypto trding :)
Thanks for the following info:
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This is great news and if the bull market takes better shape we might see even better numbers. And I think that also the new DEX UI over the internal market helps as it easier to trade now.
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Yea the internal marke is much better for trading now ... I even sometime use it to trade the general crypto trends.... which UI do you like the most now?
I like and have used https://hivedex.io/.
But also https://hivehub.dev/market/advanced is pretty cool. Wish that they've put a better domain name, having a site with .dev sounds like a work in progress. 😀
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First time to see hivedex.io. Thanks!
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Super good to see more trading activity!
Thanks for sharing!
Thank you for providing us with this data. I am focusing more and more on HBD and I am only now realizing its usefulness and importance !BEER
Thanks for the great info Dalz.
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Great info. Really interesting !
In terms of the no of accounts trading, there is a slight increase on daily basis.
It's really incredible to spikes up to 1 million HBD per day!😱😱 It is very interesting for me🤓
Thanks for the stat. HBD has revitalized the concept of stablecoin. Once the debate was around the true peg, and now the discourse has shifted to stablecoin other than sovereign currency. HBD will lead the rance in that context.
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