Swaps To USN Info

• In the first section here we have the info of number and volume of swaps to USN from other tokens, as you can see in the first row the number of swaps are totally visible based on their origin.
• In the first four days of the graph (Jan 22nd to 25th) we witnessed the highest number of swaps during the whole time span and at the center of these swaps origins we had the USDT token except on Jan 24th which wNEAR surpassed the USDT.
• The information of the first and previous line was based on number of swaps but the next row is based on volumes, and here the supremacy of USDT origin is more understandable, basically until Jan 30th the volume of USDT to USN is above 30k worth of volume and after that we can see the USDT.e experience the same situation.
• The top ten swappers from the origins named bellow to USN are shown in the final graph of this section as you can see and at the top spot we have Tunarpress.NEAR which swapped its USDT and USDT.e tokens to USN. The volume of named tokens of Tunaroress.NEAR are about 294k and 96k respectively.

Swaps From USN Info

• Same as as the first section, the info on this part is also about USN swaps but as the title of the text box suggests the information is focussed on the swaps from USN to other destination tokens.
• In the number of swaps we can see the USDT and USDT.e have the biggest share of the number of swaps between other tokens, from Jan 22nd till Jan 30th and from Feb 1st forward in order.
• The highest volume of swaps was reached at Jan 23rd and at the center of destinations we had USDT with more than 35k worth of volume, judging by the normalized form also we can see that similar to the previous part the USDT and USDT.e have the largest share of volumes except on Jan 27th and Jan 28th which cUSD has the most amount of swaps.
• In the top swappers column graph at the bottom we can see the first spot has the volume swapped worth of 33k and in the second spot we have hoangtram.near with 2.2k USDT and 2.5k cUSD, it is worth mentioning that the only top swapper which had more than one destination is the named swapper in this line(hoangtram.near).

Netflow Swaps Info

• In the final section here we have a very interesting point to mention and that is the difference between the number and volume of swaps.
• As you can see the number of transactions based on NetFlow are negative on everyday but the volume of daily NetFlow on everyday except only 3 dates are extremely positive (the exceptions as you can see are Han 23rd, 31st and Feb 2nd).

Conclusion

Now in conclusion I must point out the interesting parts of this article plus my own idea of what actually has been happening in the past few week based on the updated information of the graphs above.

First of all we saw that both in swaps from USN and swaps to USN most of the number of swaps and their volumes are dedicated to USDT and USDT.e destinations and origins both.

Looking at the information mentioned it is understandable that the whales are swapping their tokens to USN stablecoin and they are doing it with a very high rate of volume, as you can see in the final section above this text box, we can see the number of NetFlow transactions are pretty limited but their volume are extremely high and except the 3 mentioned dates they are all above zero in every other day with a high rate.

What is USN ?

USN, a NEAR-native stablecoin, was created and launched by Decentral Bank (DCB) on 25th April 2022 (v1). This is an independently operated community run project which had no direct financial assistance from the NEAR Foundation.

In June 2022, DCB upgraded the algorithmic USN (v1) to a new non-algorithmic version (v2) due to the potential risks, including undercollateralisation, inherent in algorithmic stablecoins. DCB has confirmed that USN v2 is a non-algorithmic and fully 1:1 USDT-backed version. This can be seen and verified within the smart contract code from DCB.

DCB recently contacted the NEAR Foundation to advise it that USN had become undercollateralised due to it originally being an algorithmic stablecoin (v1) susceptible to undercollateralisation during extreme market conditions. DCB has also confirmed that there was some double-minting of USN, associated with the v1 algorithm, which contributed to the undercollateralisation.

The known collateral gap is $40m USD and cannot expand further assuming DCB burns/destroys all the double-minted USN and promptly winds down the project in an orderly manner. This gap is not related to the value of the $NEAR token (and USN has never had any burn/mint relationship to $NEAR).

Method

The information of this dashboard is from the last 14 days until today.

The following tables were used to create this dashboard:

• near.core.ez_dex_swaps

This dashboard includes the following sections:

• Swaps To USN Info
• Swaps From USN Info
• Netflow Swaps Info

Filtering 'USN' in the TOKEN_IN and TOKEN_OUT columns is used to make the charts.

What is Near ?

Near Protocol is a layer 1 blockchain network. It provides a platform on which developers can build decentralized applications (dapps). The most successful layer 1 blockchain is Ethereum, so protocols like Near are seen as challengers. The key yardsticks for layer 1 networks are transaction costs, speed and the ability to maintain those features as transaction volumes grow. These factors are the focus for layer 1s like Near to improve upon Ethereum, which has encountered issues with costs and speed over the last few years. Near Protocol is faster and cheaper than Ethereum. More importantly, it promises to be faster than some of the other largest challengers. When fully implemented, Near is expected to be able to process up to around 100,000 transactions per second (TPS). Ethereum’s largest rival, Solana, averages less than 3,000 transactions per second, according to its own blockchain explorer. Ethereum averages double-digit transactions per second. Bitcoin does less than 10.

Appendix

Author: Hojjat

Discord: hojjat7878#8809

Twitter: @hojjat8d

Email: hojjat78delshad@gmail.com

THANK YOU FOR READING!