Introduction
This report delves into the dynamics of user interactions within the Ajna lending pools, utilizing on-chain data to offer a comprehensive analysis. Ajna, renowned for its innovative decentralized lending pools, has attracted a diverse user base engaging in various transactions across its lending pools. Our analysis focuses on the behavior and activity patterns of these users, examining the lifespan of their engagements and the frequency of their transactions. By exploring these metrics, we aim to uncover insights into user retention, transaction trends, and overall ecosystem health within Ajna’s lending platform. The findings presented here provide valuable perspectives for understanding user activity and enhancing the strategic development of Ajna’s protocol.
Results
Number of transactions
Our analysis of the Ajna protocol on the Ethereum blockchain reveals key insights into user engagement within its lending pools. A total of 148 single addresses were identified, generating 1,302 transactions across the platform. Notably, the majority of activity is concentrated in a select subset of pools. Specifically, 90% of these transactions occurred in just 39 out of the 313 available pools (Figure 1). This distribution indicates a significant focus on a relatively small number of pools, while still reflecting a broader interaction spectrum across approximately 10% of the total pools deployed, rather than an extreme concentration in only one or two. This finding highlights the balance between user preference for specific pools and the diversity of engagement across the Ajna ecosystem.
| Pool address | Number of transactions | Paired Assets |
|---|---|---|
| 0xdb30a08ebc49af1baf87f57824f85056ced33d5f | 187 | wBTC/DAI (deprecated) |
| 0x07aaa9e40323a85e763a5b2eb9d8ca7ebaf7fb5a | 161 | styCRV/DAI |
| 0x2feef99a711d684e00a017c4ac587bea31f12875 | 57 | Ajna/DAI |
| 0x3ba6a019ed5541b5f5555d8593080042cf3ae5f4 | 48 | wstETH/wETH |
| 0xe300b3a6b24cb3c5c87034155f7fff7f77c862a0 | 46 | rETH/wETH |
Table 1. Top 5 Ajna pools by number of transactions.
Notably, the top two pools by transaction counts (Table 1) are now deprecated or empty, while the 4th and 5th highest are ETH pools primarily used for leveraging staking rewards. Collectively, these five pools represent 499 transactions, accounting for 38% of the total 1,302 transactions analyzed.
Figure 1. All Ajna pools, sorted by decreasing number of transactions.
Figure 2. Lifetime of Ajna users. Randomly colored for clarity, all Ajna users, sorted by date of first interaction with the protocol. Leftmost dots indicate the first transaction with Ajna pools, while the rightmost dots indicate the last interaction. Both are connected by a coloured line which indicates the lifetime of the user. Single dots represent users with only one interaction with the protocol.
User Lifespan
We analyzed the lifespan of all users interacting with Ajna’s lending pools (Figure 2). The density observed in the latter half of the graph signifies increased interest following the launch of Ajna V2 pools in early 2024. Despite this uptick, a notable portion of users from Ajna V1 did not transition to V2, with only approximately nine users actively participating in both versions.
Figure 3. Ajna users, categorized by level of DeFi activity. In green, light users, with less than 5 different DeFi interactions. In yellow, heavy users, with 5-10 DeFi interactions and in blue, very heavy users, with more than 10 DeFi interactions.
DeFi interactions
Users of the Ajna protocol were categorized based on their interaction with DeFi applications (dApps): light (<5 dApps), heavy (5-10 dApps), and very heavy (15+ dApps) (Figure 3). This categorization shows that most users have engaged with a limited number of protocols, with nearly one-third displaying significant engagement across multiple dApps. Notably, the light user category may include bot accounts created for specific purposes, such as those conducting only two Ajna transactions. This distribution suggests a mixture of both casual and intensive usage, with potential bot activity evident among the lighter users.
Figure 4. DeFi protocols interacted by Ajna users sorted by decreasing number of interacting Ajna users.
Our analysis reveals that a significant portion of Ajna users are also active in other prominent DeFi protocols. Specifically, 42 out of 148 Ajna users have engaged with Frax. Additionally, the top protocols with which Ajna users interact include Lido, Safe, Maker, and Curve. By targeting integrations with these leading protocols, Ajna can potentially boost its adoption and enhance its composability, offering a seamless experience for users who are already familiar with these established platforms.
Figure 5. DeFi protocols interacted by Ajna users sorted by decreasing number of total Ajna users interactions.
Analyzing the cumulative interactions of Ajna users with other protocols further supports earlier findings. While Frax is the most commonly used protocol among Ajna users, actual transaction volumes are higher with Safe, followed by Maker DAO, Frax, Convex, and Stake DAO. This indicates that users with a high transaction count significantly contribute to these totals, especially in protocols like Gnosis (Safe), which have at least 100 interactions per user. These patterns underscore the relevance of integrating Ajna with these highly engaged protocols to leverage existing user behaviors and transaction volumes.
Figure 6. Total number of transactions to Ajna pools per day.
An analysis of the daily transaction counts across all Ajna pools reveals a notable pattern of activity. A distinct inactivity gap occurred between December 2023 and January 2024, coinciding with the period just before the launch of Ajna V2. Following this gap, there was a steep uptick in transaction volume with the release of Ajna V2, and overall activity levels have increased compared to the earlier version. This surge in daily transactions highlights the renewed interest and engagement driven by the enhancements introduced in Ajna V2.
Conclusion
The on-chain analysis of Ajna’s lending pools presents a comprehensive view of user behavior and engagement within the protocol. With a total of 148 users generating 1,302 transactions, the data indicates a concentrated activity in a select number of pools, yet reveals a broader engagement across the ecosystem. Notably, the majority of interactions are confined to 39 pools, with the top five pools alone accounting for 38% of total transactions, underscoring user preference and strategic pool utilization.
The lifespan analysis highlights increased user interest following the launch of Ajna V2 in early 2024, though a significant number of V1 users did not transition to V2. This suggests potential areas for user retention improvement as the protocol evolves. Additionally, user engagement patterns show a diverse interaction with DeFi applications, ranging from light to very heavy usage, with indications of bot activity among the light users.
Our findings on protocol overlap demonstrate that Ajna users frequently engage with other major DeFi platforms, such as Frax, Lido, Safe, Maker, and Curve. The cumulative interaction data emphasizes that transaction volumes are highest with Safe and Maker DAO, highlighting opportunities for deeper integration with these protocols to foster greater adoption and composability.
Finally, the analysis of daily transactions reveals a gap in activity prior to the V2 launch, followed by a significant uptick, reflecting the protocol’s enhancements and renewed user interest. These insights collectively offer a roadmap for Ajna’s strategic development, focusing on user engagement, cross-protocol integrations, and continued innovation to sustain growth and user satisfaction within the Ajna ecosystem.