UST Use Cases
What are the main uses of the UST stable
Key finding: The transaction volume of UST in protocols/apps is about 88 times larger than that of centralized exchanges.
We can see from the resulting table that UST is mainly used on decentralized apps/protocols. The graph below provides more insight into volume amount.
The resulting table is displayed below:
Methodology
Dex
Dex use includes swapping at decentralized exchanges such as terraswap, liquidity mining on mirror, and anchor.
Cex
Cex use includes regular transfers at centralized exchanges and interchain transfers on the terra bridge.
Rewards
Terra operators (validators and delegates) are rewarded in UST for providing liquidity and security to the network.
In each use-case above, we query its associated transactions and measure the count and volume. Here's how the final query looks like:
WITH rewards AS (
SELECT CONCAT('rewards') AS use_case, COUNT(tx_id) AS tx_count, SUM(event_amount_usd) AS volume
FROM terra.reward
WHERE currency = 'UST'
GROUP BY 1
),
dex_swaps AS (
SELECT CONCAT('dex') AS use_case, COUNT(tx_id) AS tx_count, SUM(offer_amount_usd) AS volume
FROM terra.swaps
WHERE ask_currency = 'UST' OR offer_currency = 'UST'
GROUP BY 1
),
cex_transactions AS (
SELECT event_from_label_type AS use_case, COUNT(tx_id) AS tx_count, SUM(event_amount_usd) AS volume
FROM terra.transfers
WHERE event_from_label_type = 'cex' AND event_currency = 'UST'
GROUP BY 1
)
SELECT *
FROM rewards
UNION
SELECT *
FROM dex_swaps
UNION
SELECT *
FROM cex_transactions
ORDER BY 3 DESC