π Introduction
Stablecoins are one of the types of cryptocurrencies that have price stability relative to another asset. Stablecoins were created in order to prevent extreme price fluctuations in the cryptocurrency market and create a connection between centralized and decentralized finance areas. Stablecoins currently hold a large share of the cryptocurrency market.
π΅ USDC
Currently, the second stablecoin in terms of market capitalization is USD Coin (USDC). This currency was created in 2018 by a consortium of two large companies. "Circle" company and cryptocurrency exchange "Coinbase" have provided the necessary financial resources for the production of this stablecoin. The support of this currency is the dollar and short-term US Treasury bonds.
Unlike Tether, USDC cryptocurrency companies guarantee their users that they can receive one real US dollar in the shortest possible time for each of their USDC. Accounting companies also constantly monitor the activity of this company so that the amount of dollar backing is consistent with the number of coins created. Currently, this stablecoin was created on the many chains.
βπ» Methodology
- In this dashboard, the following tables are used to extract data:
ethereum.core.fact_token_transfe
β To extract Ethereum chain data- Contract_address β
0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48
- Contract_address β
osmosis.core.fact_transfers
β To extract Osmosis chain data- Currency_address β
ibc/D189335C6E4A68B513C10AB227BF1C1D38C746766278BA3EEB4FB14124F1D858
- Currency_address β
optimism.core.fact_token_transfers
β To extract Optimism chain data- Contract_address β
0x7f5c764cbc14f9669b88837ca1490cca17c31607
- Contract_address β
arbitrum.core.fact_token_transfers
β To extract Arbitrum chain data- Contract_address β
0xff970a61a04b1ca14834a43f5de4533ebddb5cc8
- Contract_address β
solana.core.fact_transfers
β To extract Solana chain data- Mintβ
EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v
- Mintβ
algorand.core.ez_transfer
β To extract Algorand chain data- Asset_id β
31566704
- Asset_id β
avalanche.core.fact_token_transfers
β To extract Avalanche chain data- Contract_address β
0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e
- Contract_address β
axelar.core.fact_transfers
β To extract Axelar chain data- Currency β
uusdc
- Currency β
bsc.core.fact_token_transfers
β To extract BSC chain data- Contract_address β
0x8ac76a51cc950d9822d68b83fe1ad97b32cd580d
- Contract_address β
flow.core.fact_events
β To extract Flow chain data- Event_contract β
A.b19436aae4d94622.FiatToken
- Event_contract β
polygon.core.fact_token_transfers
β To extract Polygon chain data- Contract_address β
0x2791bca1f2de4661ed88a30c99a7a9449aa84174
- Contract_address β
gnosis.core.fact_token_transfers
β To extract Gnosis chain data- Contract_address β
0xddafbb505ad214d7b80b1f830fccc89b60fb7a83
- Contract_address β
near.core.fact_transactions
β To extract Near chain data- tx_receiver β
'a0b86991c6218b36c1d19d4a2e9eb0ce3606eb48.factory.bridge.near'
- tx_receiver β
π Purposes of dashboard
In this dashboard we are focusing on the use of USDC across multiple chains: Ethereum, Solana, Algorand, Avalanche, Arbitrum, BSC, Flow, NEAR, Polygon, Gnosis, Optimism, Osmosis, and Axelar.
In this dashboard users able to compare and monitor which chains are most active and liquid in their transfers of USDC. To achieve these goals, the following metrics have been used:
- Amount transferred
- average amount per transfer
- number of wallets transferring USDC
- distribution of transfers
- daily statistical data (average, median, maximum & minimum)
- Classification of Senders/Receivers Based on the Amount of USDC Transferred
- Distribution of USDC Transfers Count Among Senders/Receivers
- Correlation analysis between USDC transfers volume and USDC price & native coins price
- Top 20 USDC Senders/Receivers Based on Volume
- Top 20 USDC Senders/Receivers Based on Transfers/Receipts Count
The default time period is 180 days. In the first part, all the results in this time frame have been analyzed.
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- To change the time period of the charts, you can enter your desired number in the 'Period' box.
- Since in the second part of this dashboard, the information of each blockchain is analyzed separately, so select the desired chain from the 'Blockchain' box.
- After selecting the options, be patient until the charts are loaded. π₯°
π Important dates
1οΈβ£ USDC was first announced on 15 May 2018 by Circle,[1]
2οΈβ£ USDC was launched in September 2018.[2]
3οΈβ£On March 29, 2021, Visa announced that it would allow the use of USDC to settle transactions on its payment network.[3]
4οΈβ£ As of November 2022, Circle states that there are 44.1 billion USDC in circulation.[4]
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- Exactly on July 10, 2022, when the highest volume of USDC was being transferred in the Solana chain, at the same time, the lowest volume of USDC was being transferred in the FLOW network.
- Before mid-October, the volume of USDC transfers on the Solana chain was higher than other chains on almost all days. But since this date, the Ethereum chain has surpassed Solana. Especially after the events that happened to the FTX exchange, which caused a negative impact on the Solana chain. Almost since the second week of November, the number of USDC transactions in the Solana chain has dropped sharply.
- Among all chains, USDC transfer volume on Axelar, Optimism and Arbitrum networks has been increasing day by day.
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- In all the past days, the number of USDC transfers on the Solana chain has been higher than on other chains.
- The chart of the number of USDC transfers on the Optimism, Arbitrum and Axelar chains has an upward trend.
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In the following chains, on average, the number of USDC recipient addresses per day was higher than the number of USDC senders:
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Solana β On average, the largest number of USDC senders and receivers per day is related to this chain.
For the past few months, the number of USDC sender and receiver addresses on Solana has been decreasing day by day.
-
Algorand
-
Gnosis β On this chain, on average, each sender transfers USDC to 4 receivers per day
-
Axelar
-
Osmosis
-
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In the following chains, the number of USDC sender addresses is more than the recipient addresses.
-
Polygon
-
Ethereum
-
BSC
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Arbitrum β The number of USDC sender and receiver addresses on this chain has been increasing day by day since July.
-
Optimism β The chart trend of this chain is similar to Arbitrum.
Avalanche
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Near β On average, this chain has the lowest number of USDC senders and receivers per day.
-
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The number of USDC sender and receiver addresses on the Flow chain is almost equal.
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π§ Observation
- Among all chains, USDC transfer volume on Solana has the highest correlation coefficient with USDC price (0.243).
- Among all chains, the volume of USDC transfers on Arbitrum, Optimism and Axelar networks have a negative correlation with USDC price.
- The volume of USDC transfers on Optimism has the highest negative correlation coefficient with the USDC price.
- The lowest correlation between the volume of USDC transfers and the price of USDC belongs to the Axelar chain.
π‘ Conclusion
In this dashboard, the volume of USDC transfers on different chains were compared. Some of the most important results obtained are:
The 4 chains Solana, Ethereum, Polygon and BSC recorded the most activity in terms of USDC transfers. Among them, Solana ranks first by a large margin. Osmosis and Flow chains have performed the weakest in terms of USDC transfers.
Analyst: Emanoel
***Twitter: ***
Discord: Eman#9698
Special thanks to the Flipsidecrypto π§‘