jakiro
Source: StableLab
Key Discovery
Ajna’s lending pool shows moderately concentrated activity.Of the 313 available lending pools, 90% of transactions are concentrated in 39 of them, indicating that the Ajna ecosystem is diverse and also reflects users’ preferences for certain specific pools.
After the release of Ajna V2 in early 2024, user participation has increased significantly, but the retention of V1 users is still a problem, with only about 9 users active in the V1 and V2 versions at the same time.
Ajna users have diverse participation modes in the DeFi field, with many interacting with major protocols such as Frax, Lido, Safe, Maker, and Curve, indicating that there are strategic integration opportunities.
Trading volume analysis shows that there was a clear activity window before the release of Ajna V2, and activity increased significantly after the release, which shows that the agreement improvement has a significant impact on user activities, but the activity volume then dropped rapidly again.
These findings provide guidance for Ajna’s strategic development, focusing on user engagement, cross-protocol integration and continuous innovation to sustain the growth of the ecosystem.
introduction
This report deeply analyzes the dynamics of user interactions within the Ajna lending pool, and uses on-chain data to conduct a comprehensive analysis of user participation, transaction patterns and ecosystem health.Our goal is to provide valuable discoveries to help enhance and strengthen the strategic development of the Ajna Agreement.
User interaction analysis
Transaction distribution of each pool
We have an analysis of the Ajna protocol on the Ethernet chain, revealing key insights into user participation in its lending pool.A total of 148 unique addresses were identified, and a total of 1302 transactions occurred on the platform.It is worth noting that most activities are concentrated in a few lending pools:
90% of transactions occur in 39 of the 313 available lending pools.
The number of transactions in the first 5 pools accounts for 38% of the total transactions (i.e. 499 of the 1302 transactions).
The top two lending pools by number of transactions are now deprecated or empty.
This distribution suggests that although users prefer a few specific pools, there is still extensive interaction in about 10% of lending pools.This finding highlights the balance between user preferences for specific pools and diverse interactions within the Ajna ecosystem.
Sort by volume, the top 2 lending pools are now deprecated or empty, while the 4th and 5th lending pools are ETH pools primarily used for leveraged staking rewards.A total of 499 transactions occurred in these five lending pools, accounting for 38% of the total number of transactions analyzed (1302).
Figure 1. All Ajna lending pools, sorted by transaction number
Figure 2. Ajna user’s life cycle
User life and retention
We analyze the lifespan of all users interacting with the Ajna lending pool, revealing interesting patterns of user participation over time:
Increased user activity density was observed in the second half of 2023 and early 2024.
After the release of the Ajna V2 pool in early 2024, interest increased significantly.
There are limited users who have transitioned from Ajna V1 to V2, with only about nine users participating in two versions at the same time.
Figure 3. Ajna users, classified by DeFi activity level
DeFi interactive mode
To better understand Ajna users’ participation in the wider DeFi, we categorize them based on their interactions with other DeFi applications (dApps):
Mild users: <5 dApp interactions
Heavy users: 5-10 dApp interaction
Very heavy users: 15+ dApp interactions
This classification suggests that while most Ajna users interact with a limited number of protocols, nearly one-third of users show significant participation on multiple dApps.It is worth noting that mild user categories may include bot accounts created for specific purposes, such as those that have only made two Ajna transactions.Therefore, they may represent less than the number of addresses.
Figure 4. DeFi protocol for Ajna user interaction, sorted by the number of interactive Ajna users
Protocol overlap
Our analysis reveals a significant overlap between Ajna users and other major DeFi protocols:
42 of the 148 Ajna users participated in the Frax protocol.
Other major protocols include Lido, Safe, Maker, and Curve.
Through integration with these leading protocols, Ajna has the potential to improve protocol adoption and enhance composability, providing a seamless experience for the in-depth users of these protocols.
Figure 5. DeFi protocol for Ajna user interaction, sorted in decreasing order by the total number of Ajna user interactions
Trading volume analysis
Although Frax is the most commonly used protocol for Ajna users, actual transaction volumes show different situations:
Safe has the highest trading volume, followed by Maker DAO.
Frax, Convex and Stake DAO also have significant trading volumes.
These conditions highlight the importance of integration with high engagement protocols to leverage existing user behavior and transaction volumes.
Figure 6. Total daily transactions in Ajna loan pool
Daily trading trends
Analysis of daily transaction counts for all Ajna pools reveals significant activity patterns:
A clear window of trading activity was observed between December 2023 and January 2024.
The transaction volume increased dramatically after the release of Ajna V2.
Overall activity level has improved compared with earlier versions.
The surge in daily trading volume highlights the re-energized user attention and participation after the improvement of the Ajna V2 version.
Conclusion and final thoughts
The on-chain analysis of Ajna lending pools presents a comprehensive view of user behavior and user participation within the protocol.1302 transactions occurred in 148 users, and this data shows that transaction activity is concentrated in several specific lending pools, and also reveals widespread participation throughout the ecosystem.It is worth noting that the vast majority of interactions are limited to 39 lending pools, and the number of transactions in the top 5 pools accounts for 38% of the total transactions, highlighting the user’s preferences and strategic utilization of lending pools.
User life analysis shows that user interest has increased after the release of Ajna V2 in early 2024, although a large number of V1 users have not transitioned to V2.This indicates that improvements in user retention are needed during the evolution of the protocol.Additionally, the user engagement mode shows a diverse interaction from mild to very severe use of DeFi applications, with signs of robot activity likely among mild users.
Our findings of protocol overlap suggest that Ajna users often interact with other major DeFi platforms such as Frax, Lido, Safe, Maker, and Curve.The accumulated interaction data shows that Ajna users interact with Safe and Maker DAO has the highest transaction volume, highlighting the opportunity for deep integration with these protocols to facilitate greater adoption and composability.
Finally, the daily transaction quantity analysis revealed the activity window before the V2 release, which followed a significant increase, reflecting the improvement of the protocol and the reignitment of user interest.Together, these insights provide a roadmap for Ajna’s strategic development, focusing on user engagement, cross-protocol integration and continuous innovation to sustain growth and user satisfaction within the Ajna ecosystem.
