A guide to understanding the Delphi Digital Thorchain Dashboard
This article is written by @Bitcoin_Sage. He shares valuable insights and information regarding Thorchain on a daily basis with his followers on Twitter. If you enjoy this article or are interested in Thorchain, consider following him.
The Delphi Thorchain dashboard is created by and for the community. It’s in continuous development. New features are and will be added over time.
This article will explain every aspect of the Thorchain dashboard. In my opinion it’s an invaluable resource for liquidity providers and RUNE holders.
Liquidity pools are displayed in the following format on the dashboard: [Chain].[Asset]. For example USDT on Ethereum would be displayed as: ETH.USDT. Whereas USDT on Binance Chain would be displayed as BNB.USDT.
All liquidity pools on Thorchain are paired with RUNE. Therefore only the paired asset is displayed when referring to a pool and RUNE is left out. Example, the RUNE : BTC.BTC pool is displayed as BTC.BTC
The most important page for liquidity providers.
Displays the deepest pools and their total volume over the selected time period.
Displays where RUNE is located. Taking single-chain chaosnet into account.
This is a placeholder for the incentive pendulum and the ratio of rune pooled vs bonded, over time.
The most important figure for newcomers to Thorchain and users who just want to see which pools are most profitable.
This figure displays the best performing liquidity pools over the selected period. The displayed APY is the average over the selected period and gives a good idea of the returns users can expect.
The table can be sorted by clicking on the column headers.
Displays a list of all the staged pools. With a countdown timer.
When the timer runs out the staged pool with the greatest depth gets activated.
The bread and butter of the dashboard. I’ll probably visit this table daily the coming months.
This table shows a list of all pools and their most relevant metrics. It can be sorted by clicking on the desired column. You can also compare every single metric over time with metrics of the other selected pools! Up to a max of 5 pools.
Before I explain why we added 2 new metrics, V/D ratio and correlation. Lets do a little test run… Lets say I want to compare the APYs (returns) of the ETH.USDT and the BNB.BUSD pools:
- Click on the checkbox in front of ETH.USDT and BNB.BUSD → A chart appears.
- Select the APY column → A chart comparing the APYs of the 2 pools appears.
- Select the desired period (24h/1W/1M/3M/1Y)
The values displayed in the table, are the current values . The lines displayed on the chart are moving averages of the metrics’ values. See the tooltip for the used moving averages. Using a moving average smooths out the values and gives a better impression of the actual returns/volume/depth/etc.
V/D Ratio: This metric is included to indicate the potential of a pool. When this value is high, it indicates there’s high demand to trade these assets and returns are expected to be good relative to its depth
Correlation: This metric indicates the correlation of the asset to RUNE. To higher the correlation the lower the expected impermanent loss (=IL). This is an important metric to take into consideration when you expect to exit the pool within 100 days. Since Thorchain’s IL protection covers 1% of IL per day since you deposited capital to the pool, meaning you’ll be exposed to IL when you exit the pool earlier.
How to easily decide which pool to choose, using the Pool List
Lets say I’m considering pooling either ETH, BTC or BNB. But I’m not sure which is best:
- Select the ETH.ETH, BTC.BTC and BNB.BNB pools.
- Select the APY column, to sort by highest APY first.
- Check if the pool with the highest APY, had a steady APY over the past 1M and or 3M. If this is the case you’ve got a winner. If not you might want to investigate the pools with lower APYs as well.
- Optional (advanced users):
- If the above looked good, check if the v/d ratio chart is showing the same stability. If this isn’t the case it might indicate that returns are about the increase/decrease, depending on the direction of the trend.
- In case you’re planning to exit the pool within 100 days, check the correlation value. A high correlation indicates low IL is to be expected, a low correlation indicates high IL is to be expected.
Because we love RUNEdata and believe it’s an extremely useful tool, we decided to fork it. All credits go to Runedata’s creator @_0x_larry.
Most figures on this page are self-explanatory, or explained by the tooltips. We’ll go over a few which might require further clarification.
Volume By Pool Vs. Total Volume
This figure shows the volume of the most active pools compared with each other and the total volume over time. Use the time controls to get an idea of the historical volumes of the most active pools.
Due to Thorchain’s design, RUNE has a deterministic price. Which is the intrinsic value of RUNE, given to it by the non-RUNE assets locked on the network.
The following formula is used to calculate this price: (Value of non-RUNE assets * 3) / total supply
A speculative multiplier is expected for many reasons.
The solvency of the network can be reviewed at any time, by checking if the solvency of the chains and pools are at 100%
Earnings per Day
Displays the network’s earnings divided over its participants per day.
Location of RUNE
Displays where RUNE is currently located. RUNE locked on single-chain and unreleased RUNE are taken into consideration here.
Currently it uses the same features as the single-chain dashboard. Once we’ve ironed out all the bugs we’ll incorporate new features to this page.