How is Hive Engine Doing These Days? | Data on Deposits, Withdrawals, Supply, Users, Top Accounts | Nov 2024

How is the second layer solution on Hive doing during these times? Is more Hive deposited or withdrawn from it. Let’s take a look.

Hive Engine is now an OG when it comes to Hive and L2. It has been around since 2019, five years now, and has enabled a lot of projects building on top of Hive. While not perfect, its existence has been a very important tool in the Hive ecosystem.

Splinterlands and its tokens and pools are the main ones that drive most of the volume on Hive Engine but there are a lot of other apps. Gaming tokens seem to be growing more and more these days.

Here we will be looking at the volume that Hive Engine does in terms of deposits and withdrawals on the platform. It is a nice indicator of the state of the platform.

At the moment there are three major gateways for deposits and withdrawals on Hive Engine:

• Hive Engine (@honey-swap)
• BeeSwap (@hiveswap)
• Uswap (@uswap)

In the past we were tracking Leodex as well, but that platform has shifted operations towards outside pools using the Maya protocol.

The fee for deposits and withdrawals on Hive Engine is 0.75%, while on Beeswap and Uswap fees are lower and it depends on the liquidity, and if you are converting in a direction with lower liquidity you can be even rewarded with more HIVE/SWAP/HIVE tokens.

Deposits

For deposits we will be looking at the transfers to the Hive Engine: @honey-swap account, @hiveswap and @uswap.

Here is the chart.

The chart is on monthly basis.

We can notice the spike in the monthly deposits back in 2021 when in the period of August to November 2021 there was a lot of volume, reaching 8M HIVE deposited in one month. In recent months the volume for deposits is around between 2M and 3M HIVE per month. October and November have seen some increase in volume after a while.

Withdrawals

Next the withdrawals. Here is the chart for the daily withdrawals.

A similar pattern as for deposits, a peak back in 2021 and somewhat steady numbers up until the last two months where we can see a growth in the volume.

Total Volume per Month

If we take both the deposits and withdrawals and sum them up on a monthly level, we get this.

This chart starts from 2022 for clearer presentation.

We can notice the downtrend in 2023, but in the last months there seems to be a reversal. A peak in November 2024 with more than 6M in volume.

We can notice that in terms of platforms, BeeSwap has increased its share and has become dominant in the last two months.

Individual Platforms Share

Here is the chart for the share of the deposits of Hive Engine, BeeSwap and Uswap.

BeeSwap is number one now with 44% share of the cumulative volume (deposits and withdrawals). The native Hive Engine is in the second spot with 41% followed by Uswap with 15%. While BeeSwap and Uswap have lower fee, they can lack liquidity at times, and for larger deposits/withdrawals the native Hive Engine is the preferred one.

HIVE Supply on Hive Engine

Here is the chart for the HIVE stored on Hive Engine.

As we can see prior to June 2021 there was under 500k HIVE deposited on Hive Engine. Then it started to grow and with a few dips on the way, it has grown almost constantly to almost 7M at the end of 2022. There was a sharp drop in January 2023, and somewhat a sideways action since then.
We can notice a drop in the last weeks.

When we zoom in 2024 we got this:

A small increase in the first month, a drop and almost steady balance up until recently, and a drop in November 2024.

Top Pools

Here are the top pools:

As we can see the top four pools are all Splinterlands related, then come the HIVE-BTC and HIVE-ETH pools. Some more pools in the top like the BEE token and LTC.
In terms of TVL in pools Hive Engine has been around 3.2M USD for a while now.

Monthly Number of Accounts Making Deposits or Withdrawals

This can be seen as the number of users on HE but limited only to deposits and withdrawals on HIVE. Accounts making only swaps and inner token transactions are not included.

The ATH for number of accounts making deposits and withdrawals was reached back in November 2021 with 9k accounts making transfers. Since then, there was constant decline with a spike in April 2023, and a drop since then to 1.2k in August 2024. In the last months there is a small reversal in the trend and users are now up to 1400 MAUs.

Top Accounts that Deposited

Here is the chart for the top accounts that deposited in 2024.

The @sl-swap account is on the top with more than 2.5M HIVE deposited in the period. This is an account that is connected with Splinterlands and their inner workings.
The @token-converter on the second spot with more than 1.5M HIVE, followed by @cryp71x.

Note that these are net deposits.

Top Accounts that Withdraw

Here is the chart for the top accounts that withdrew in the period.

@konvik-cold is on the top here with 340k followed by @mazurbits on the second spot and @wolf-sl.cold.

All the best
@dalz