USDC Introduction

A digital currency called USD Coin (USDC) is completely backed by U.S. dollar assets. The value of one USDC coin is equal to the value of one U.S. dollar, making USDC a tokenized version of the dollar. Being a stablecoin, USDC is intended to have a constant value.

This Dashboard enables viewers to compare the usage of USDC across chains like: Solana, Ethereum, Algorand, Flow, Near, Optimism, Osmosis & Axelar. Please select the desired Starting_Date in the Parameters column to apply all visualisation. The default Starting_Date is set to August 1st, 2022.

Overall Head to Head Comparison

USDC Transfer Volume

Average USDC Transfer Size

USDC Transfer Wallets

• The metrics above depicts the overall comparison of USDC transfer details.
• Since the month of August, the chain with the greatest USDC transfer volume is Solana.
• However, since the collapse of FTX & Alameda on the second week of November, the USDC transfer volume on Solana has declined dramatically from 20.5 billion USDC on November 10th to less than 1 billion USD each day.
• Furthermore, the USDC drop on Solana is also due to a series of CEX, including Binance, OKX, BitMEX, and ByBit, announcing on November 21st that they will no longer support USDC on the Solana network.
• In terms of average USDC transfer size, Ethereum had the largest average transfer size with 178.55k USD per transfer. This indicates that Ethereum is more popular among individuals with large funds, or 'Whales', than other networks.
• Surprisingly, when compared to other chains, Algorand had the most USDC unique users. Algorand accounts for 41.2% of the USDC users market share.

Wallet Details & Behaviour

Conclusion

1. Overall Comparison:

   • Solana has had the highest USDC transfer volume among all chains since the month of August.

   • However, after the demise of FTX and Alameda, as well as a handful of CEX stating that they would no longer support USDC on the Solana network, the amount of USDC transfers on Solana has dropped considerably.

   • Ethereum has the greatest average USDC transfer size, suggesting that compared to other networks, Ethereum is preferred by wealthy individuals, or "Whales”.

   • Algorand holds 41.2% of the USDC users' market share.

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2. Wallet Details & Behaviour:
   • The majority of transactions on Solana and Algorand had a value of less than 10 USDC.
   • From this, we may deduce that whales prefer Ethereum, while users with lower USDC balances favour Solana and Algorand.
   • Nonetheless, compared to the top 10 wallets on other networks, Solana's top ten wallets have transferred the most USDC.
   • Since August, the daily maximum USDC transfer on Ethereum has decreased.

• The metrics above depicts the USDC wallet details & behaviour.

• With over 78.82%, Solana had the highest percentage of transactions that had less than 10 USDC and this is followed by Algorand with 71.32%.

• In comparison to other chains, Ethereum had the greatest percentage of transactions containing more than 100k USDC, at 6.6%. This confirms that our hypothesis regarding individuals with large funds, or 'Whales' utilizing Ethereum is valid.

• Solana's top ten wallets have transferred more USDC than any other network’s top 10, ranging from 25 billion to 1.64 trillion USDC since August.

• The min USDC transfer on Axelar has been the highest on the majority of the days.

• On the other hand, the max USDC transfer on Ethereum has been declining since August from more than 500 million to roughly 250 million USDC each day.

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Chains

1. Solana
2. Ethereum
3. Algorand
4. Flow
5. Near
6. Optimism
7. Osmosis
8. Axelar

Solana Introduction

Solana is a blockchain platform created to run scalable, decentralised apps. It was established in 2017 and is an open-source project that is now managed by the Solana Foundation in Geneva. The blockchain was created by a San Francisco-based company Solana Lab.

Ethereum Introduction

Ethereum is a decentralised, open-source blockchain that supports smart contracts. The platform's native cryptocurrency is Ether or ETH. Ether's market capitalisation is only behind that of bitcoin among all cryptocurrencies. Programmer Vitalik Buterin came up with the idea for Ethereum in 2013.

Algorand Introduction

Algorand (ALGO) is a blockchain platform and digital currency. Similar to well-known payment processors like Mastercard or Visa, the Algorand platform is made to handle lots of transactions efficiently. Algorand competes directly with Ethereum since it has the ability to host more cryptocurrencies and blockchain-based applications.

Flow Introduction

Flow is a decentralised, fast and a blockchain that is convenient for developers. It plans to lead the development of a new generation of Dapps, games, and the digital resources that powers them. The company behind the blockchain applications including CryptoKitties, Dapper Wallet, and NBA Top Shot developed Flow, a Layer-1 blockchain. The Flow protocol's native currency is called FLOW.

Optimism Introduction

As a layer 2 chain, Optimism builds on top of the Ethereum Mainnet (layer 1). Optimism was developed to overcome challenges, such the gas fees that have been continuously affecting the scalibility of the Ethereum ecosystem.

With Optimism, all transaction data is stored on-chain while processing is carried out off-chain, boosting the number of transactions processed per second and lowering transaction fees on the Ethereum network.

Near Introduction

The NEAR Protocol is a public Proof-of-Stake (PoS) blockchain that seeks to make DeFi accessible to everyone by offering cheap transfer fees and quick transactions. NEAR is in competition with Avalanche, Solana, Cardano, Algorand, the updated Ethereum, and other PoS networks.

Osmosis Introduction

Osmosis is a DEX that employs smart contracts to establish the price of an assets, provide liquidity via a peer-to-peer mechanism, and execute trades between users. This method of operating an exchange platform is called as an AMM; it is a DEX protocol that prices cryptocurrency assets in liquidity pools.

Axelar Introduction

Axelar offers a decentralised network and resources that link dApp developers with other blockchain ecosystems, programmes, and users for easy cross-chain communication.