Analysis: Friktion User Deep Dive

Context
This analysis is meant to provide Friktion with insight into their existing user base and enable a data-driven product roadmap going forward. It should help Friktion understand which users are the most valuable, what characteristics of users are correlated to reduced token churn, the composition of its user portfolio, and what share of tokens Friktion holds relative to its competitors.

Questions to Answer

  • What does Friktion’s user composition look like? Is it mostly whales, small holders, something in between?
  • What share of wallet does Friktion hold versus competitors?
  • What other dApps do Friktion users use? Are there opportunities for integrations that would make users stickier?
  • What tokens are Friktion users holding? Which tokens might users want to store in Volts that are not currently available?
  • What is the net dollar retention of the user portfolio overall? at the user level?
  • Have different cohorts of users performed differently over time? (e.g. are older users aka early adopters stickier/less likely to churn? do they add more tokens vs. newer users at the same points in time?)
  • Do users actively manage their Friktion Volts from epoch to epoch?
  • How many Volts do users hold deposits in on average? (mean and median)
  • What is the distribution of holdings intra-Volt?

Segments

  • Lightning OG NFT Holders vs. Non-Holders
  • Active vs. Inactive (defined by recency of withdrawal/deposit/NFT purchase)
  • Acquisition Cohort (week/month of initial deposit)
  • Multi-Vault Holders vs. Friktion Only Holders
  • Deposit Amount Bands

Estimated Time
15+ hours

5 Likes

These are some interesting questions! I like these ones the most:

  • What tokens are Friktion users holding? Which tokens might users want to store in Volts that are not currently available?
  • What other dApps do Friktion users use? Are there opportunities for integrations that would make users stickier?
  • What is the distribution of holdings intra-Volt?

These are some interesting segments:

  • Lightning OG NFT Holders vs. Non-Holders
  • Acquisition Cohort (week/month of initial deposit)

I think the data ETL pipeline you mentioned earlier will be helpful infrastructure to build out to support this analytics use case as well, since the data on wallet holdings will be more intensive.

For querying on-chain, we use bitquery. See sample query here: user-dash/data_auto_extract.ipynb at master · Friktion-Labs/user-dash · GitHub

Finding wallet holdings is a little hard to do with the current tables offered by Bitquery, so figuring that out will be an interesting endeavor.

The questions this is trying to answer is very creative and insightful! Excited to see where it leads us.

2 Likes

I like this. Please do provide updates into this progress. You might end up building a tool Friktion may offer as a product. We might end up going into the big data business :laughing:.

2 Likes

:100: with you on this.

I think there’s a HUGE opportunity for Friktion (and frankly many other protocols) to offer “data as a product” to their users. I could actually see a future where this is basically table stakes.

One thing I’ll be working on all along the way is to create data pipelines, even for the analysis work. So that if the team wants to build apps or APIs on top of the data, this will be super easy because it will already be there and available for them.

1 Like

Sick stuff! Love this & the questions asked, Definitely a deep dive into the profile of users.

Can’t help but thought of another question that we could address:

Which factor significantly motivated users to deposit? Was it:

  • the APY stated on each volt?
  • the sentiment of the market before an epoch begins?
  • the tokens that users were holding in their wallets?
  • other factors…?

King @msquaredSA , let us know how we can help!

2 Likes