Olympus DAO Analytics Olympus DAO Daily Active Users

Olympus DAO Daily Active Users

Olympus is Web3's answer to today's fiat currencies, which are losing value and purchasing power due to inflation. How can we build an asset that will retain and grow its purchasing power over time? OHM claims to be the decentralized reserve currency to sustain and uphold purchasing power over time. Let's explore just how popular Olympus has been by looking at its daily active users (DAUs) over time. From late Jan to late April 2022 Olympus has seen a downward trend in DAUs, from around 500 to around 200.

Key questions

How can we define Daily Active Users (DAUs) for Olympus?
How many DAUs does Olympus have?
How do DAUs correlate with OHM price, if it does?

Defining Daily Active Users

Let's define DAUs as the number of daily unique addresses that are involved in the core activities of Olympus: staking / unstaking and bonding / redeeming. Additionally, Olympus allows users to wrap / unwrap staked OHM (sOHM) into governance OHM (gOHM), so let's count addresses involved in these activities too. The end of Jan to late April 2022 has seen, on average, around 275 daily active users.

Daily active stakers & unstakers

OHM stakers help to stabilize the price of OHM in the long-term. They also govern the protocol. Stakers / unstakers make up a significant proportion of the net DAU counts. In this period we've seen a general downward trend in daily active stakers and unstakers. Daily active stakers are roughly seeing higher numbers than unstakers on most days, but fluctuations and overlaps are frequent.

Daily active wrappers and unwrappers

Staked OHM (sOHM) is a rebasing token that allows holders to maintain their position as Olympus grows. Stakers receive rebase rewards. Users can also choose to wrap their sOHM into gOHM, which is a version that doesn't appear to rebase on the surface but still receives all the same benefits. Over this period, both daily active wrappers and unwrappers have seen a downward trend. Unwrappers consistently dominate compared to wrappers.

Daily active bonders and redeemers

How many users are bonding capital to get OHM and a fixed return? How many users are redeeming their rewards? Early Feb 2022 saw a relatively high number of bonders for a few days before a drop. Daily active bonders has fluctuated below 10 from March to late April 2022. Daily active redeemers saw a rise during Feb 2022 until around the 24th. From the end of Feb to late April 2022, daily active redeemers have fluctuated at similar levels to daily active bonders.

OHM price over time

The daily average OHM price has been tracking similarly to Olympus daily active users (the foremost graph) with a general downward trend from the end of Jan 2022 to late April 2022. OHM price has followed a pattern closest to daily active stakers and unstakers. Looking at DAUs and its components will not track perfectly to OHM price; volume metrics and other factors affect token price. However, the general trend is visible in both DAUs and OHM price.

Key insights

Staking and unstaking user counts dominate
Staking/unstaking and wrapping/unwrapping see many more addresses involved compared with bonding/redeeming.
Bonders and redeemers settling in?
From March to late April 2022, daily active bonders and redeemers have seen low user counts. However, the levels have not fluctuated widely and appear steady.
OHM price and OHM daily active users trending similarly
Feb to late April 2022 has seen both metrics track similarly. Traders, investors, and users may want to keep DAU analytics top-of-mind when dealing with OHM price.


Calculating DAUs
DAUs was caluclated by counting the daily unique addresses involved in staking / unstaking and wrapping /unwrapping and bonding / redeeming. If an address was involved in multiple activities on a certain day, it was only counted once.
Counting stakers/unstakers and wrappers/unwrappers
ethereum.udm_events was filtered for OHM transfers (stakers/unstakers) and sOHM transfers (wrappers/unwrappers) to and from the staking contract (0xb63cac384247597756545b500253ff8e607a8020).
Counting bonders/redeemers
ethereum.udm_events was filtered for OHM mints from the genesis contract to the Olympus Bond Depository V2 (0x9025046c6fb25fb39e720d97a8fd881ed69a1ef6) (bonding events). and for gOHM burns from the Olympus Bond Depository V2 (redeeeming events). The ORIGIN_ADDRESS column identified the user and was used to calculate the daily counts.
OHM token price
The average daily OHM price in USD was calculated using ethereum.token_prices_hourly .
Olympus docs