SideShift.ai Weekly Report | 20th

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

XAI Token Market Update

This week SideShift token (XAI) bounced within range of $0.127439 / $0.172594, and at the time of writing is sitting at a price of $0.149672. A current market cap of $13,965,875 places XAI in position #760, 10 positions higher than last week.

1 svXAI now is equal to 1.0554 XAI, representing a 5.54% appreciation for those who have staked since the migration. Be sure to follow along with real time svXAI updates here on our Dune Dashboard and if you haven’t already, remember that XAI can be staked from any coin of your choice here.

More users were staking this week, as indicated by a big increase in svXAI shift action. Settle volume totaled $85k (+123.3%), which ranked svXAI as the week's tenth most settled coin.

XAI stakers were rewarded with a healthy average APY of 23.99%, which is 3.19% lower than our all time average. A weekly rewards high of 31,377.85 XAI (35.46%) was deposited to our staking vault on September 22, 2022, following a daily volume of $1.01m.

Additional XAI updates:

Total Value Staked: 37,702,473 XAI
Total Value Locked: $5,785,620

General Business News

SideShift experienced a net weekly volume of $5.36m (-9.7%). Despite a drop in volume, overall shift count increased by 1.6% to total 6,995 shifts. This marked the highest shift count recorded since mid May - a very volatile period for the general crypto market, when the price of BTC fell by ~$10k in a few days. For SideShift this week, these numbers resulted in daily averages of $766k with 999 shifts.

Although the price of BTC continues to hover just below the $20k mark, it still remains the current focus of SideShift users. The BTC volume spike seen on SideShift last week was followed by a drop of 18.9% when measuring deposits + settlements, but it still prevailed as our most shifted coin. BTC did however follow the same trends as noted overall, with volume dropping but count increasing. Total BTC shift count increased by 10.3% and was mainly driven by the deposits side.

BTC deposits climbed 5.1% to a total $1.68m. This was followed by XMR which took a big jump of 43% to claim second place with $1.17m. In third was ETH, which has continued to slow, totaling $870k in deposits (-25.9%).

On the settle side BTC retained its first place status, finishing with a settlement total of $1.20m (-38.6%). Next was ETH with $1.12m (-3.9%), and then USDT on Ethereum with $949k (+3.8%).

Overall settlements were more dispersed, with 7 out of our 10 top settle coins noting an increase in shift volume. However, it should be pointed out that our top 2 settle coins (BTC and ETH) which accounted for a combined 43.3% of total settle volume both saw decreases.

Nevertheless, a stand out from this group was XRP which, thanks to a handful of big shifts, ranked as the week's 6th most settled coin. A total settle volume of $204k marked a 9x move from last week.

Also noteworthy was USDT on Tron, which continues its climb and this week finished in 7th place with $130k (+31.9%). As a whole, the Tron network represented $204k in total shift volume (deposits + settlements) and is now similar to volume levels seen on the BSC and SOL networks.

Tron network shifts have now increased in 7 consecutive weeks since the initial listing of TRX. When excluding the Ethereum network, shift count on the Tron network totalled 435, third to the BSC (766) and SOL (737) networks.

BTC/USDT(erc20) remained the most popular shift pair, now for the third straight week. It accounted for 12.9% of shift volume and 3.3% of weekly count. 48% of the deposited BTC volume settled to USDT(erc20).

USDT on Ethereum settlements far outweighed deposits. USDT( ERC-20) settlements accounted for 18% of the total, while deposits were just 5%. Further, the percentage of settlements to stablecoins has continued to climb in consecutive weeks, reaching 27.3% of the total (the average is typically ~20%). All of this combines to tell us that users are feeling quite bearish and seeking comfort in stablecoins.

Our engineers kept themselves very busy, working on new listings among other things. We successfully added 5 new tokens on the Ethereum network, including Aave (AAVE), Ethereum Name Service (ENS), Sweat Economy (SWEAT), Looks Rare Token (LOOKS), and Chilliz (CHZ).

Overall, it was a very eventful week for site operations with a few different issues requiring action. The main problem was some ETH and EVM deposits were not automatically detected and needed manual processing, resulting in some shift delays. Our engineers were quick to respond and resolve the issue. Additionally, instability with DASH, Cardano (ADA), and Tezos (XTZ) occurred, which we had to temporarily disable while the issue was investigated. DASH and Cardano were quickly resolved and re-enabled, while Tezos is being looked into now.

Integration News

It was another solid week for integrations, as they combined to represent 35.3% of volume (-4%) but a big 40.5% of weekly count (+4.8%).

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