SideShift.ai Weekly Report | 3rd - 9th May 2022

Welcome to the first 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 $0.196516. The general crypto market took a massive hit but XAI held its ground. Last week XAI fluctuated between $0.168234 / $0.192698. The current market cap is sitting at $8,962,073.

Bag holders can sleep easy knowing their staked XAI is putting in work. APY ranged from 29.93% - 81.01%. APY last week averaged 50.62% and is looking strong heading into the month of May.

Additional current XAI updates:  

Total Value Staked: 32,281,743 XAI
Total Value Locked: $6,225,636

General Business News:

The extreme volatility in the overall crypto market has been good for SideShift, as volume has remained solid throughout the week. Last week’s average daily volume was $1,593,235 and we had few issues, aside from normal Solana instability. Our most popular shift pair for the week was BTC/BCH, accounting for 7.72% of total weekly volume and 3.59% of total weekly shift count.

Monday the 9th of May was our highest volume day at ~$2.4m, which also coincided with the overall crypto market falling off of a cliff. This volume for SideShift is among our top 4 best volume days ever. USDT was our most popular deposit coin for BTC settlements, with users potentially trying to BTFD and catch the falling knife. This lead to a 234.5% increase in total USDT volume from the previous week.

Throughout last week, shifts to BTC were the most popular accounting for 29% of total settle volume. This was a current breaking of the trend and dethroned ETH, which had the highest settle side volume in the previous 3 weeks. When looking at total volume (deposits and settlements) BTC and ETH still sit atop the ranks, but demand for SOL has been significant and saw a 3x rise at the beginning of May. This demand has remained, placing SOL in 4th when measuring total volume for the week.

Moving away from the top coins, 17% of our deposit volume came from coins outside of the top 10, which is higher than normal. This could signify users moving their funds out of markets that were hit hardest by the downward market action and shifting into more established coins.

In general news, SideShift.ai was happy to list $APE this past week. More listings are on the way - we’re always happy and open to suggestions. Additionally, our front-end has some exciting ideas for re-branding the widget which will open the door for new use cases and markets.

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