Author: Blockin.ai
1. Definition of Coin Pool Classification
Establish coin pool classification labels based on four dimensions: coin pool establishment time, coin type, coin pool capacity, and relevance;
1. pool_age
Divided into five categories: [12m, 24m), [6m, 12m), [3m, 6m), [1m, 3m), [0, 1m);
(2) token_type
Divided into three categories: Non_Stable_Coin, Unilateral_Stable_Coin, Stable_Coin;
Ø Currently defined stablecoins are:
stable _ coins = [" 0x6 b175474 e89094 c44 da98 b954 eedeac495271 d0 f ", # DAI
"0xa0 b86991 c6218 b36 c1 d19 d4 a2 e9 eb0 ce3606 eb48", # USDC
"0xdac17 f958 d2 ee523 a2206206994597 c13 d831 ec7", # USDT
" 0x0000000000085 d4780 b73119 b644 ae5 ecd22 b376 ", # TUSD
" 0x956 f47 f50 a910163 d8 bf957 cf5846 d573 e7 f87 ca ", # FEI
" 0x4 dd28568 d05 f09 b02220 b09 c2 cb307 bfd837 cb95 "] # PRINTS
3. Pool size
Divided into four categories: huge (tvl >= 2000wu), middle (100wu <= tvl < 2000wu),
small ( 10wu <= tvl < 100wu )、 supper _ small ( tvl < 10wu )；
Ø The huge class is mainly used to distinguish the top 20 pools in terms of locked volume.
(IV) Corr_type
There are two categories: strong_related and weak_related;
Ø Combining the results of pool correlation analysis, the pools with 1m extremely high correlation and 1m relatively high correlation are defined as strong correlation, and the remaining pools are defined as weak correlation;
2. Distribution of Coin Pool Quantity
Ø The existing V3 system has screened 712 coin pools
1. Coin pool classification and distribution statistics
1. In the pool_size category, small coin pools have the largest number, followed by medium coin pools;
2. In the token_type category, the number of dual non-stable coins is the largest, and the number of dual stable coin pools is the smallest;
3. In the pool_age category, there are no coin pools older than 24 months. There are more coin pools with a longer establishment time. Most new coin pools are filtered out due to insufficient locked-up volume and other reasons.
4. In the corr_type category, there are only a few coin pools with strong correlation between coin prices;
Table 2-1 Pool_size and token_type classification distribution statistics
2. Joint distribution statistics
1. The creation time of huge coin pools (top 20 in TVL ranking) is mainly [12m, 24m), and the rest are all in [6m, 12m)
2. Huge coin pools have the most unilateral stablecoin pools
3. Middle, small, supper _ Small coin pool has the most non-stable coin pools
4. Middle, small, supper_small coin pools are created in [0, 6m), of which [0, 1m) is the least
5. [0, 1m) The coin pools created are mainly small and supper_small coin pools
Figure 2-1 Joint distribution statistics
3. Distribution of Coin Pool Yield
1. Distribution of Coin Pool Yield
1. All coin pools
The annualized mining yield is mainly concentrated in the range of 0%-20%, and the net annualized yield is slightly right-skewed, with the mode of net yield being less than 0.
Figure 3-1 Distribution of coin pool mining yield and net yield
2. Sort by pool_age
The mining yield of the coin pool with a longer creation time is more concentrated, and the mining yield of the new coin pool is more dispersed, so the mining yield of the new coin pool may be higher;
The net yield distribution of coin pools with different creation times is slightly right-skewed, and the mode of net yield is less than 0; at the same time, the longer the creation time, the more concentrated the distribution, so the income from mining old coin pools is more stable, and the high mining income and high free losses of new coin pools may lead to higher total income or greater losses;
Figure 3-2 Distribution of mining yields by pool_age
Figure 3-3 Distribution of net yield of coin pool classified by pool_age
3. Classification by token_type
The annualized yield of mining in the dual stablecoin pool is the lowest, and the mining yield distribution of dual non-stablecoin and single stablecoin pools is similar;
In the net yield distribution, the dual stablecoin pool has low free losses, and the distribution is similar to the mining yield distribution; the net yield distribution of the dual non-stablecoin pool is more concentrated than that of the single stablecoin pool, indicating that the dual non-stablecoins share part of the risk of price decline due to the mutual influence of the currency prices between the currency pairs;
Figure 3 Distribution of mining yield and net yield of coin pool classified by token_type
4. Classification by pool_size
Similar to the pool_age classification, the top 20 large coin pools generally have lower mining yields, but more stable net income; small coin pools may have higher returns but greater risks;
In fact, the two categories of pool_size and pool_age should have a strong correlation (large coin pools were created earlier)
Figure 4 Distribution of mining yield and net yield of coin pools classified by pool_size
5. Classification by corr_type
There are fewer samples for strong correlation and the distribution is not significantly different.
Figure 5 Distribution of mining yield and net yield of coin pool classified by corr_type
(III) Variance analysis of currency pool classification
1. Conducted variance analysis on the annualized mining yield and net annualized yield of the four currency pool categories, and found that only the p-value of the two yields of pool_age was less than 0.05, and the mean values were significantly different, indicating that the pool was created Time has a greater impact on earnings;
2. Through multiple comparisons, it was found that there is a significant difference between the mining return rate and net return rate of pool_age [0, 1m) and other categories;
Figure 8 Pool_age classification multiple comparisons
4. Two-way ANOVA
1. Pool_age and pool_size have interactive effects on mining yield
2. Pool_age and pool_size, pool_age and token_type have interactive effects on mining yield
3. The net returns of currency pools with pool _ sizes of middle and supper _ small under different pool _ ages are significantly different from other categories;
4. The net return rate of the unilateral stablecoin pool under the pool_age category is [0, 1m) and [12m, 24m) is significantly different from other categories;
Figure 10 Two-way ANOVA results of four types of currency pools on net yield
