Try Quests to earn AVAXUSDC Analysis on Avalanche: Swaps vs Transfers & Mints vs Burns
Lets look at volume of USDC swaps vs transfer by hour since 7/1. What is the average amount of USDC transferred vs swapped? Show number of unique swapper addresses vs transfer addresses by day for USDC Next lets look at mints and burns of pairs involving Lets look at the volume of USDC mints and burns by hour since 7/1 How many unique wallets are minting and burning USDC by day What is the average mint vs burn for USDC by day Note anything else interesting about USDC transactions
USDC on Avalanche
Avalanche is an eco-friendly, decentralized smart contracts platform driving some of the most important projects across DeFi and NFTs. Since launching in September 2020, Avalanche has become one of the fastest-growing ecosystems in crypto, with more than 350 projects, 1,100 separate block-producing validators and over one million community members. Avalanche is compatible with Ethereum smart contracts and tooling, which enables Ethereum users and developers to quickly access and launch high-performance decentralized apps. Transactions on Avalanche are executed with low fees and near-instant finality.
Circle officially provide USDC on this popular blockchain.
In this dashboard, we will zoom in on the USDC token in Avalanche and see the daily amount of movement and swap of this token. We will also look at the daily amount of Mint and Burn of this token in the second half of this year. Finally, let's see what the status of this token is in the Avalanche blockchain.
Work Description
To analyze USDC on the Avalanche blockchain, we use the Avalanche schema of FlipSideCrypto database and specially the table : avalanche.core.fact_event_logs.
To find Transfer transactions, we simply search for events with the following conditions:
contract_address = '0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e' -- USDC
and origin_to_address = '0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e' -- USDC
and block_timestamp >= '2022-07-01'
and event_name = 'Transfer'
and event_inputs:to != '0x0000000000000000000000000000000000000000'
and event_inputs:from != '0x0000000000000000000000000000000000000000'
and topics[0] = '0xddf252ad1be2c89b69c2b068fc378daa952ba7f163c4a11628f55a4df523b3ef'
to find the Swap Transactions, first filter out the events having event_name of Swap and the apply the following conditions:
event_name = 'Transfer'
and contract_address = '0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e'
and origin_to_address != '0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e' -- USDC
Burn & Mints are simply USDC transfers from/to 0x0000000000000000000000000000000000000000 address.
Notes:
- In one swap transaction, we can see several USDC transfers, so we filter out only the last USDC transfer.
- Due to the popularity of the USDC token among users, the analysis based on one hour of its activity is a bit irregular, and to have a clear picture of it, in all the analysis performed in this dashboard, the moving average of seven days or 24 hours is used, depending on the granularity of time.
#1 - USDC Transfers vs Swaps
About Me
Mojtaba Banaie
Email : mojtaba.banaie@gmail.com
Twitter: @CryptoLizr
Discord : smbanaie#5528
Date of Analysis : 2022-12-08
Takeaways
- The number of users who swap USDC is much higher than the number of users who transfer it, which means that most users either keep it or swap it.
- The daily transfer volume of USDC is much higher than the amount of its swap, and it seems that users with a very large USDC volume move this stablecoin daily, most of which are probably institutional users.
- The difference between the average and median USDC transfer is very large (about 60 times). Also the difference between the average and median swap is large (about 7 times), confirming the above assumption. (The existence of a small number of users with a very large transfer or trading volume).
- The average daily movement volume of the USDC has slightly decreased in the last few days compared to the beginning of the analysis period.
- The hourly chart of the USDC swap has few outliers, while the hourly chart of the USDC carry has many outliers. This point also confirms the problem mentioned above.
- The average USDC transfer has increased significantly in the last few days compared to the first few days of the period under study.
- The daily graphs of Burn & Mint are largely in agreement, and apart from the beginning of the period when a very large amount of USDC tokens were burned, there is no noticeable difference between them on the other days.
- Burn & Mint's hourly average chart contains many outliers that do not show any particular pattern.
#1 - USDC Mints vs Burns
