SideShift.ai Weekly Report | 17th - 23rd May 2022

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

XAI Token Market Update

SideShift token (XAI) is holding steady at a price of $0.221036. The lower APY average for the week came as a result of lower overall volume, but is still incredibly competitive with a weekly average of 26.40%. Interestingly, this is almost identical to our all-time average, which currently sits at 26.38%. Our weekly high APY of 45.77% was on May 21st.

A current market cap of $10,130,819 ranks SideShift Token #926, as it continues a slow climb up the ranks. Both market cap and the price of XAI have increased incrementally from last week.

Additional XAI updates:

Total value staked: 32,781,108 XAI
Total value locked: $6,857,592

General Business News:

Following a record-breaking week, SideShift has been relatively calm as the market remains in a “crab walk” of low volatility following the sharp selloff. We’re averaging just shy of $1m in daily volume, a big drop off from last week’s daily average of just over $2m. There was a decent bump in volume on May 19 (~$1.5m) which once again was largely due to BTC/BCH shifts totaling close to $900k. A majority (51%) of BTC deposits settled to BCH this week when measured by volume. This is interesting considering BTC was the week’s most deposited coin by count.

Last week saw a flurry of action from stable coins, while this week largely revolved around BTC and ETH, which represented 51% of deposits and 44% of settlements. ETH/SOL has been a very strong pair in recent weeks, but this week saw higher volume with the reverse pair. The SOL/ETH pair accounted for ~$408k and was our 4th most popular pair of the week.

Shifts to coins outside of the “top 10” have also declined from last week, a figure which was already quite low. Coins outside of the top 10 accounted for only 6.28% of weekly settle volume, another sign supporting the notion that users are hesitant to venture out to lower cap coins during downwards trending markets.

All top 10 coins when measured by total volume change week on week were red, with the exception of XRP. It finished in 10th place with ~$226k in total volume, a 180% increase from the previous week.

In listing news, SideShift.ai was happy to list WETH this past week - the ERC-20 token pegged to ETH.

Throughout the week SideShift functioned smoothly, aside from periodic SOL issues due to network degradation and LTC being disabled as a result of the MimbleWimble upgrade. Although there isn’t much action, the quiet markets and overall stability of SideShift are allowing us to focus our efforts on longer-term projects - particularly scoping new potential integrations or new use cases for SideShift.

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