The active users of the Osmosis blockchain, the addresses making swaps and managing liquidity pools, those who have fully embraced the use case of the network and show up each day to transact on it. These are the users we are going to have a closer look at in this report and try to better understand how many they are, and how their activity looks like.

The activity included in this report will only look at the activity of Weekly Active Users (WAU) during the weeks they were labeled as active. For an address to be considered as active, it must have made a transaction for at least 4 days of every week.

Only addresses making swaps, entering or exiting a liquidity pool are being included.

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I. Weekly Active Users

After a rough month with WAU declining, last week’s users count of over 6.4k is again on the rise and in a similar range to the months of July and August. This represents a week over week increase of 38.5%.

For the last three months, we can see these Weekly Active Users being the most active during the middle of the week, on Tuesdays, Wednesdays and Thursday, during a narrow time interval between 17:00 and 20:00 UTC.

The majority of these users have generally made up to 12 transactions during the weeks they were active. There are some however that have over 21k transactions during a single week and we can be fairly certain the addresses in those range are actually bots.

II. Swap and LP Activity

Unsurprisingly, there are almost twice as many users making swaps than there are depositing or withdrawing liquidity from pools on any given week. For the last week, 2.7k distinct addresses have managed an LP position, while 6.2k distinct addresses swapped tokens.

On average an user who adds or removes liquidity from a pool did so between 7 and 8 times each week it was active. On the extremes, that count can go over 10 and under 2.

In the case of swaps there is a bit more variability but average and median swap counts per user per week have stayed in a similar range throughout the three months period observed below, despite having lower values at the 75th percentile. On average, WAU make between 7 and 9 swaps each week.

III. Flow of Funds

In this section we’re looking at the tokens transferred to Osmosis by the Weekly Active Users during the weeks they were active. Below we can see there are a lot of origin chains for the tokens transferred over the observed period, and volumes resemble the number of active users. However, there are just a few chains and tokens that make up most of the funds being brought over to Osmosis.

The largest origin chain by value throughout the last three months has been Cosmos, which naturally brought over a lot of its native token $ATOM.

It is surprising however that the second biggest origin chain by volume has been Axelar, a chain that was relatively recently launched and has been integrated with Osmosis in late September. In this case however it is not $AXL, the native token of the chain, being the most transferred but the $USDC that the network enables and is specifically designed for.

When segmented by week (left), Weekly Active Users make a transfer of tokens to Osmosis at a time interval between 0.5 and 1.3 days, effectively meaning they make transfers in consecutive days.

When we look at the number of days between transfers for active users over the entire period (right), the median number of days remains at 0, with an average time difference of 0.88 days (or 21 hours). There are nonetheless many other users who go to a time difference of up to 79.

Conclusions

• The number of WAU had a WoW change of 38.5% and seems to be pushing again to levels similar to the months of July and August.

• Most activity of users happens in the 17:00 - 20:00 UTC interval.

• The majority of users make up to 12 transactions each week.

• There are twice as many users making swaps than adjusting LP positions.

• Over 63% of the funds transferred to Osmosis come from the Cosmos blockchain through the $ATOM token.