What is Solana used for?

Solana is a fast-growing blockchain with striking similarities to Ethereum—often referred to as an “Ethereum killer.” Like Ethereum, the SOL token can be purchased on most major exchanges. The token's real value is in conducting transactions on the Solana network, which has unique advantages.

Solana can process many more transactions per second and charges lower transaction fees than rival blockchains like Ethereum. Solana is a proof-of-stake (PoS) blockchain but improves on it with a mechanism called proof-of-history (PoH), which uses hashed timestamps to verify when transactions occur.

What is USDC used for?

The cryptocurrency is backed by U.S. dollar-denominated assets held at regulated and audited U.S. financial institutions. USDC has a variety of uses in the crypto marketplace, but is commonly deployed in decentralized finance (DeFi) protocols and by traders.

What is USDC Coin (Solana)?

USDC (SOL) is a stablecoin native to the Solana blockchain that is pegged to the US Dollar. As a Solana Program Library token, or SPL, it is compatible with all wallets that offer Solana assets, such as Phantom and Slope.

Methodology

For this analysis ,to calculate USDC Inflow to Solana and Outflow From Solana, I have used this method:

from solana.core.fact_transfers a,solana.core.dim_labels b
where a.TX_FROM = b.address  
  and mint='EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v' 

and to calculate market cap, I have used the data that I have found for USDC Inflow to Solana and Outflow From Solana:

total_usdc_inflow - total_usdc_outflow AS marketcap, 
total_usdc_inflow - total_usdc_outflow AS marketcap,
cumulative_inflow - cumulative_outflow AS cum_marketcap 

Conclusion

• The total USDC amount inflow to Solana was ==more== than USDC amount outflow from Solana.
• The most USDC inflow amount to Solana was about 253.4M on October 6th.
• The most USDC outflow amount from Solana was about 297.8M on October 5th.
• The top first address was F8Vyqk3unwxkXukZFQeYyGmFfTG3CAX4v24iyrjEYBJV with about 36T USDC inflow to Solana, which consisted 34.1%.
• The top first address was F8Vyqk3unwxkXukZFQeYyGmFfTG3CAX4v24iyrjEYBJV with about 50.7T USDC outflow from Solana, which consisted 39.7%.
• The highest USDC amount that used by CEX was about 208M on October 5th and used by coinbase hot wallet.

Sources

Twitter : hadi3_bgh

Discord : hadiseb#1688

Total USDC Inflow to Solana

According to these charts:

• There was significant growth in USDC amount on August 30th, September 15th and October 4th.
• The most USDC inflow amount to Solana was about 253.4M on October 6th.
• In the second place , The most USDC inflow amount to Solana was about 238M on October 5th.
• There was no USDC amount on September 20th.

Total USDC Outflow From Solana

According to these charts:

• There was significant growth in USDC amount on August 30th, September 15th and October 4th.
• The most USDC outflow amount from Solana was about 297.8M on October 5th.
• In the second place , The most USDC outflow amount from Solana was about 202.1M on September 15th.
• There was no USDC amount on September 20th.

Total USDC Inflow to Solana and Outflow From Solana

According to these results:

The total USDC amount inflow to Solana was about 43.9B , and the total USDC amount outflow from Solana was about 16.9B, and total market cap was about 27B.

Top 5 address based on USDC Inflow to Solana

According to these charts:

• The top first address was F8Vyqk3unwxkXukZFQeYyGmFfTG3CAX4v24iyrjEYBJV with about 36T USDC inflow to Solana, which consisted 34.1%.
• After that, 3uTzTX5GBSfbW7eM9R9k95H7Txe32Qw3Z25MtyD2dzwC was in the second place with about 31T USDC and consisted 29.4%.
• At least, HLmqeL62xR1QoZ1HKKbXRrdN1p3phKpxRMb2VVopvBBz with 10.7T USDC was in the last place, and consisted 10.2%.

Top 5 address based on USDC outflow from Solana

According to these charts:

• The top first address was F8Vyqk3unwxkXukZFQeYyGmFfTG3CAX4v24iyrjEYBJV with about 50.7T USDC outflow from Solana, which consisted 39.7%.
• After that, 3uTzTX5GBSfbW7eM9R9k95H7Txe32Qw3Z25MtyD2dzwC was in the second place with about 38.3T USDC and consisted 30%.
• At least, 9BVcYqEQxyccuwznvxXqDkSJFavvTyheiTYk231T1A8S with 3.8TT USDC was in the last place, and consisted only 3.04%.

Total Market Cap

According to these chart:

• The highest market cap increasing was about 60.1M on October 6th.
• The highest Market Cap decreasing was about 90M on August 3rd.

Total Daily UCDS used by CEX And Top 5 CEX

According to these charts:

• The highest USDC amount that used by coinbase:hot walletwas about 208M on October 5th.
• The highest USDC amount that used by coinbase hot walletwas about 119M on September 15th.
• The top First CEX was ftx hot wallet with using about 14.7B USDC and consisted 87.9%.