SideShift.ai Weekly Report | 10th

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

XAI Token Market Update

At the time of writing, the price of SideShift Token (XAI) is $0.202744. The current market cap is $9,005,944 which ranks #952 overall. Last week saw us break the top 1000, as SideShift had significant volume with the overall markets going wild. The price of XAI fluctuated between $0.195316 / $0.246656 throughout the week. XAI acted as a stable coin of sorts, remaining relatively stable while the majority of the market bled.

Last week we had outstanding APY, even with XAI’s price rising. APY averaged 60.97% for the week, with a record high 139.89% on May 13th. This was the highest APY we’ve had since 1 year ago, a time when there were significantly fewer stakers. Shifts to users' XAI balance increased 115% from last week, a sign that people are stacking XAI.

Additional current XAI updates:

Total Value Staked: 32,844,554 XAI
Total Value Locked: $6,404,856

General Business News:

It was a big week for SideShift with multiple milestones achieved. On May 12th, we reached $500m in all time volume, a feat that took 1,266 days to reach. The same day also saw us smash our daily volume record, with a daily volume of $5,186,568. We completely skipped over the $3-4m mark. The market has since calmed down, but we’ve remained steady.

Throughout the week we saw a large percentage of shifts with stablecoin pairs. 24.02% of deposits this week were made with a stablecoin, while 20.13% of shifts settled to one. On May 10th, 69% of shifts contained a stablecoin on either the deposit or settle side. May 12th (the record-breaking day) saw USDT & USDC as 3rd and 4th highest deposit volume, behind BTC and ETH. Stablecoin weekly totals and averages are up from last week, potentially a sign of market consolidation as money flows from stable coins elsewhere.

This market volatility was not free, however. We experienced some rate issues with LUNA and FTM, discovering that they were not always providing the current market rate. This resulted in us needing to periodically disable the coins as shift methods. We also encountered a slew of rate drift rejections which caused certain shift delays and backups.

The UST peg continued to run down even after the Terra foundation sold their massive BTC stash to buy UST - LUNA death spiraled as a result. Weekly volume (deposits and settlements) for LUNA and UST had respective increases of 611% and 82% when compared to the previous week. This was predominantly on the deposit side, as people panicked and began to dump their LUNA/UST. LUNA and UST deposits totaled $952,788 for the week, accounting for approximately 7% of weekly deposit volume.

Moving onto top coins. This past week began to see a divergence in BTC deposits/settlements. While BTC deposits have been climbing steadily over recent weeks to reach a peak of $4,658,967 in weekly volume, BTC settlements just began a decline. Let’s see if this trend continues.

Last week brought a massive wave of BTC/BCH shifts, with this pair accounting for $2,699,477 in weekly volume alone. BCH was our most popular settle coin by a long shot, accounting for 21.16% of settle volume. Interestingly, it only represented 5.93% of shift count meaning the shifts we saw to BCH were very large. For some comparison, our most frequent settle coin (BTC) represented 22.29% of weekly shift count.

SOL is still seeing a lot of demand on SideShift and had $523,771 in settle volume on May 14th alone. A booming 78% of SOL settlements this week came from ETH deposits, cementing the ETH/SOL pair among our most popular. It appears that people are shifting within the top coins, but not yet trusting the market enough to venture out into “riskier” positions. The weekly settle volume percentage of coins outside the “top 10” represented 8.36%.

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