Overview

The aim of this analysis is to look at how the stablecoins are doing across Solana vs Ethereum.
The main focus is USDC and USDC stablecoins and the various metrics for swapped To and From.
Metrics we look at are the following for both Ethereum and Solana, both To and From:
- Number of Swap Transactions
- Number of Swappers
- Amount Swapped

Methodology

We look at ethereum.core.ez_dex_swaps for Ethereum and solana.fact_swaps for Solana.
Once we have the swap transactions we filter out both to and from for USDC and calculate various metrics and plot them.
We are looking at data for 2022 only.

Solana beats ethereum everyday and over in metrics like number of swaps and number of swappers and the difference is quite huge, Millions vs some hundreds for number of transactions.
- This is quite likely due to the low gas fee for Solana.
However, Ethereum is still the king in terms of Swap Volume where it just blows Solana out of the water.
- Ethereum has about 10-20X Swap volume for USDC + USDT as compared to Solana.
Looking at the metrics, it seems like there are more institutional investors on Ethereum, whereas there are more retail investors on Solana.
USDC is the dominant coin on both the platforms Solana and Ethereum.

USDC is the dominant stable coin on Solana to swap from into other assets, with May 2022 being the busiest month.
Highest single week number of Swappers was 232K on May 23, 2022.
Highest single week number of Swap Transactions was 1.2M on May 9, 2022.
Highest single week Swap Volume was 1.8B on Jan 3, 2022.
USDC saw about 10B in swap volume vs only 6B for USDT
Solana is the most common asset that USDC is swapped into.

USDC is the dominant stable coin on Solana that is swapped to from other assets, with May 2022 being the busiest month.
Highest single week number of Swappers was 145K on May 23, 2022.
Highest single week number of Swap Transactions was 1.1M on May 9, 2022.
Highest single week Swap Volume was 1.6B on Jan 3, 2022.
USDC saw about 13B in swap volume vs only 2B for USDT
Solana is the most common asset that USDC is swapped from.

USDC is the dominant stable coin on Ethereum to swap from into other assets, with July 2022 being the busiest month.
Highest single week number of Swappers was 60K on Aug 08, 2022.
Highest single week number of Swap Transactions was 200K on July 18, 2022.
Highest single week Swap Volume was 15B on May 9, 2022.
USDC saw about 150B in swap volume vs only 60B for USDT
Wrapper Ethereum is the most common asset that USDC is swapped into.

USDC is the dominant stable coin on Ethereum that is swapped to from other assets, with July 2022 being the busiest month.
Highest single week number of Swappers was 62K on May 23, 2022.
Highest single week number of Swap Transactions was 188K on July 18, 2022.
Highest single week Swap Volume was 15B on May 9, 2022.
USDC saw about 150B in swap volume vs only 50B for USDT
Wrapper Ethereum is the most common asset that USDC is swapped from.