Tinyman’s First Week on the Road
To some, it might seem like an ordinary week; but to Tinyman, it was the most important one of its life.
Only a week ago, Tinyman set out on a journey with a new vehicle to give people global access to Algorand Assets. The ambition was to make this access to be as attainable, inexpensive, and effortless as possible and drive the adoption of projects in Algorand through expanded participation. After 1 week of putting these theories to a real test, Tinyman is able to make its first observations and get the first results about these ideas. Let’s go through them together!
1 Week Statistics
Tinyman has received amazing support from a diverse group of users and blockchain enthusiasts since its inauguration.
One of the most predominant factors that affect the operability of AMM protocoles is the existence of liquidity. “Total Liquidity” is not just a number that may represent an indication of the platform’s popularity, but actually it is a key infrastructure enabling trading of higher volumes. As we have covered in our previous blog, Tinyman’s investors agreed to take part in the platform as liquidity providers, however, Tinyman community has also assumed a major role in growing this seed amount. After 1 week, Tinyman’s Total Liquidity has surpassed 16 million dollars across 413 pools. 26158 mints were recorded as liquidity providers added funds to these pools, spending less than 530 Algos in total in Algorand transaction fees. These first poolers of Tinyman have accumulated approximately 52000$ in swap fees in one week. This is the revenue they generated from supplies and it is added to their Pool share, waiting to be collected at their owner’s mercy.
Tinyman has welcomed 43277 accounts in total. As expected, we have seen the biggest participation in the swapping feature with 192879 transactions. However, the most salient part of the swaps is not about their total amount, but their sizes. We have a median swap value of only 7.9$ at Tinyman! That means, half of the swaps that occurred were below this 7.9$ mark, and moreover, 95% of all these swaps were under 560$. The transaction fees spent for these swaps were 771 Algos in total, keeping the average expenditure per swap to be less than 1 ¢! These numbers strongly approve of Tinyman’s theory that cheaper fees would enable smaller swap sizes.
Improvements on the Platform
Developments on Tinyman continued after the roll-out. For those of you who are still keeping track of the Tinyman Testnet, you may have noticed some new bits and features before we introduced some of them to Mainnet. This week’s developments did not include any major features but rather some bug fixes and necessary adjustments for Tinyman users. As announced in our channels, we have managed to make progress on wallet connection and asset loading issues along with some other minor optimizations. We are also refining the analytics page and will be focusing on this part to further improve it in the near future.
We also refined the analytics statistical calculations to filter out pools and assets with low liquidity to avoid issues with inflated values for some assets. This change should increase the overall accuracy and usefulness of this information. We’ll continue to monitor and refine this as necessary.
Over the past week, Tinyman liquidity providers were very insistent on seeing their returns/accumulated fees generated from their pool tokens in their own pool pages. Those feedback pushed us to prioritize the development of a new section to give you a better user experience. Until now, we have advised you to calculate your profits manually, but now we’d like to inform you that we have now started working on a new section to present you with this information.
Another novelty that we’ll introduce is regarding the Verified Assets. As you know, Tinyman pulls the information of Verification directly from Algorand (notice the little green check next to some Assets?), and this approach is supposed to give our users a better idea about an Asset’s status. Soon, we will add a verified assets filter to Analytics that will only display information for Assets that have been verified. We are hoping this feature will enhance the navigation in the platform and help those who wish to track Assets deemed trustworthy by Algorand.
More news on the Community Side
With the Tinyman mainnet launch, we have begun to experience an increased influx of social media followers and members. Tinyman Twitter achieved 10 thousand followers on Wednesday, which we have the blockchain community, our partners and amazing Tinyman fans to thank for! The activities in our channels have also picked up around conversations about new Algorand projects, suggestions to the platform, some bug reports, questions about in-site dynamics, etc. We are trying our best to keep up with your messages and attend to you all everywhere. If you still haven’t followed or joined in Tinyman accounts, here are the links to do so: