Avalanche Introduction

Avalanche (AVAX) is a cryptocurrency and blockchain platform that competes with Ethereum. AVAX is the native token of the Avalanche blockchain, which, like Ethereum, utilizes smart contracts to support a variety of blockchain applications. The Avalanche blockchain can deliver near-instant transaction execution.

USDC Introduction

A digital currency called USD Coin (USDC) is completely backed by assets denominated in U.S. dollars (USD). One USDC coin is equivalent to one U.S. dollar in value, making USDC a tokenized version of the dollar. USDC is a stablecoin since its value is intended to be consistent over time.

Dashboard Introduction

In this dashboard, we will be looking into the activity of USDC on Avalanche since the start of July. To begin, we will examine the USDC transfer vs Swap wallets and volume. Next, we will analyse the mint vs burn volume & wallets.

Approach

1. Table used: avalanche.core.fact_event_logs, avalanche.core.fact_traces
2. Start date: 2022-07-01
3. Periodical - Hourly
4. USDC Contract Address = 0xB97EF9Ef8734C71904D8002F8b6Bc66Dd9c48a6E

Topics

1. USDC Transfer vs Swap:

   • Volume

   • Wallets

     \

2. USDC Mint vs Burn:
   • Volume
   • Wallets

Transfer vs Swap

Transfer vs Swap Wallets

Transfer vs Swap Volume

Mint vs Burn

• The metrics above depicts the details of USDC transfer vs swap volume since the start of July.
• The cumulative charts shows that the transfer & swap volume were relatively close from July to October.
• USDC transfer volume increased significantly since the month of October.
• The average amount of USDC transferred since July is 35.6k USD, whereas average swap volume is only around 18.36k USD.
• Furthermore, Transfer accounts for nearly 60% of the total market share.
• The unique wallets for each action is much closer than volume generated, with Transfer having 117.02k wallets and Swap having 108.56k unique wallets.

Mint vs Burn Volume

Mint vs Burn Wallets

Conclusion

1. USDC Transfer vs Swap:

   • Between July and October, transfer and swap volume were comparatively close.
   • Since October, there has been a notable increase in the amount of USDC transfers. Almost 60% of the market share is made up of transfers.
   • The market share of the unique wallets for each action is slightly closer, with each having half of the market share.

2. USDC Mint vs Burn:

   • Since the beginning of July, USDC Burn volume and wallets have been greater then Mint.
   • Unexpectedly, the average quantity of USDC minted exceeded the amount burned. Suggesting that amount of USDC for each minting transaction was significantly greater than burn.
   • USDC Burned had a total number of unique wallets that was around five times more than Mint.

• The metrics above depicts the details of USDC mint vs burn volume since the start of July.
• Since the start of July, there has been more USDC Burn volume and wallets on majority of the hours.
• Interestingly, the average amount of USDC minted were larger than burn. Indicating that each minting transactions were considerably larger than burn.
• The total unique wallets for USDC Burned significantly outnumbered Mint by around 5 times.
• Burn holds 82.5% of the total wallets market share.