What Is USD Coin? → Source

USD Coin (USDC) is a digital currency that is fully backed by U.S. dollars or dollar-denominated assets like U.S. Treasury securities. USDC's reserve assets are held in segregated accounts with regulated U.S. financial institutions. The accounting firm Grant Thornton oversees these segregated accounts and provides monthly attestation reports. You may be wondering about how USDC maintains the 1:1 peg with the U.S. dollar. If you initiate a transaction to buy one USD Coin using fiat currency, then that fiat currency is deposited and stored as one U.S. dollar and the new USDC is minted. If you sell a USD Coin in exchange for fiat currency, then the USDC is burned when the fiat money is transferred back to your bank account.

• Website, Coinmarketcap

✍️ Description of Work

In this dashboard, we focus on the use of USDC across multiple chains: Ethereum, Solana, Algorand, Flow, NEAR, Optimism, Osmosis, and Axelar. We want to compare which chains are most active and liquid in their USDC transfers. To do this, we examine the following:

• Review and analysis of total USDC amount transferred on each chain
• Review and analysis of average USDC amount per Transfer/Day on each chain
• Review and analysis of number of wallets transferring USDC on each chain
• Review and analysis of USDC amount transferred over time on each chain
• Review and analysis of distribution of USDC transfers on each chain
• Review and analysis of USDC== transfer volume to chain token price
• Review and analysis of USDC usage patterns based on time and date

🧠 Methodology

To deal with this bounty, we use ethereum.core, algorand.core, solana.core, osmosis.core, optimism.core, axelar.core, near.core and flow.core schemas and flow.core.fact_events, flow.core.fact_prices, flow.core.dim_contract_labels, near.core.fact_prices, near.core.fact_receipts, near.core.dim_address_labels, optimism.core.fact_token_transfers, optimism.core.dim_labels==, ==osmosis.core.dim_prices، osmosis.core.dim_labels، osmosis.core.fact_transfers، axelar.core.dim_labels، axelar.core.fact_transfers,== solana.core.fact_token_prices_hourly، solana.core.fact_transfers، algorand.core.ez_price_pool_balances، algorand.core.ez_transfer، ethereum.core.fact_hourly_token_prices، ethereum.core.fact_token_transfers and ethereum.core.dim_labels tables.

We have considered three sections to address this dashboard. Part One – Comparing Chains Against Each Other, Part Two – Examines and Analyzes Each Chain Separately, and the Last Part – Examines USDC Usage Patterns Based on Time and Date on each chain

Part One== → Comparing Chains Against Each Other

• In this section, you can compare each of the two chains you want using the {Chain_Comparison} and {Days} parameters and click the Apply All Parameters button to have the results update based on your selection. You can also check all chains together.

Part Two== → Examines and Analyzes Each Blockchain Separately

• In this section, you can examines and analyzes any single chain you want to check using the {Single_Chain} and {Days} parameters and click the Apply All Parameters button to display the results for the chain and timespan you want. Here you can see the results related to USDC transfer, Distribution of USDC transfers and USDC transfer volume correlated to chain token price.

Last Part== → Examines USDC Usage Patterns Based on Time and Date on each chain

• In this section, you can see the results of USDC usage patterns based on time and date on each chain separately.

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• To apply the parameters, first log in to flipsidecrypto, then select the desired parameters in the parameters section and finally click the Apply All Parameters button to have the results updated for you.

• You can choose to use the =={Days}== parameter to show you data from the ==Last few Days

• All results are updated every day

• This dashboard is updated according to the parameters selected by the reader, so we perform our analysis based on the last 30 days on each of the chain and do not analyze the results numerically and we check the transfer process of USDC on each chain in the last 30 days.

In the next section, we explain how to find USDC transfer transactions for each chain:

How to find USDC transfer transactions on Ethereum?

The USDC contract address on Ethereum is 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48. We use the ez_token_transfers table to filter transactions whose contract address is linked to USDC. Because the USDC decimal on Ethereum is 6, so we divide raw_amount by pow(10, 6).

select block_timestamp,tx_hash,block_number,from_address as sender,to_address as receiver,(raw_amount / pow(10, 6)) as transfer_amount,
  		'Optimism' as chain from ethereum.core.fact_token_transfers where contract_address = '0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48'
  		and raw_amount::float > 0 and and from_address != '0x0000000000000000000000000000000000000000'
  		and to_address != '0x0000000000000000000000000000000000000000' -> ignore mint transfer

How to find USDC transfer transactions on Algorand?

The USDC Asset ID on Algorand is 31566704. We use the ez_transfers table to filter transactions whose Asset ID is linked to USDC

select block_timestamp,tx_id as tx_hash,block_id as block_number,tx_sender as sender,receiver,amount::float as transfer_amount,
  		'Algorand' as chain from algorand.core.ez_transfer where asset_name = 'USDC' 
  		and asset_id = 31566704
  		and amount::float > 0
  		and tx_type_name != 'asset transfer'

How to find USDC transfer transactions on Solana?

The USDC Mint Address on Solana is EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v. We use the fact_transfers table to filter transactions whose Mint Address is linked to USDC

select block_timestamp,tx_id as tx_hash,block_id as block_number,tx_from as sender,tx_to as receiver,amount::float as transfer_amount,
  		'Solana' as chain from solana.core.fact_transfers
  		where mint = 'EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v'
  		and amount::float > 0

How to find USDC transfer transactions on Optimism?

The USDC contract address on Optimism is 0x7f5c764cbc14f9669b88837ca1490cca17c31607. We use the ez_token_transfers table to filter transactions whose contract address is linked to USDC. Because the USDC decimal on Optimism is 6, so we divide raw_amount by pow(10, 6).

select block_timestamp,tx_hash,block_number,from_address as sender,to_address as receiver,(raw_amount / pow(10, 6)) as transfer_amount,
  		'Optimism' as chain from optimism.core.fact_token_transfers, fix_parameter
  		where contract_address = '0x7f5c764cbc14f9669b88837ca1490cca17c31607'
  		and raw_amount::float > 0

How to find USDC transfer transactions on Osmosis?

The USDC token address on Osmosis is ibc/D189335C6E4A68B513C10AB227BF1C1D38C746766278BA3EEB4FB14124F1D858. We use the fact_transfers table to filter transactions whose token address is linked to USDC. Because the USDC decimal on Osmosis is 6, so we divide

amount by pow(10, 6).

select block_timestamp,tx_id as tx_hash,block_id as block_number,sender,receiver,(amount / pow(10, 6))::float as transfer_amount,
  	from osmosis.core.fact_transfers where currency in ('ibc/D189335C6E4A68B513C10AB227BF1C1D38C746766278BA3EEB4FB14124F1D858', 'uusdc')
and amount::float > 0 and tx_status = 'SUCCEEDED'

How to find USDC transfer transactions on Axelar?

The USDC token address on Axelar is ibc/9F9B07EF9AD291167CF5700628145DE1DEB777C2CFC7907553B24446515F6D0E. We use the fact_transfers table to filter transactions whose token address is linked to USDC. Because the USDC decimal on Axelar is 6, so we divide amount by pow(10, 6).

select block_timestamp,tx_id as tx_hash,block_id as block_number,sender,receiver,(amount / pow(10, 6))::float as transfer_amount,
  	from axelar.core.fact_transfers where currency = 'uusdc'
and amount::float > 0 and tx_status = 'SUCCEEDED'

How to find USDC transfer transactions on Flow?

The USDC contract address on Flow is A.b19436aae4d94622.FiatToken. We use the fact_events table to filter transactions whose contract address is linked to USDC.

select block_timestamp,tx_id as tx_hash,block_height as block_number,event_data:from as sender,(event_data:amount)::float as transfer_amount
  from flow.core.fact_events where event_contract = 'A.b19436aae4d94622.FiatToken' and event_type = 'TokensWithdrawn'
  		and event_data:from is not null and event_data:from like '0x%' and event_data:amount::float > 0
  		and tx_succeeded = true	

How to find USDC transfer transactions on Near?

The USDC token address on Near is a0b86991c6218b36c1d19d4a2e9eb0ce3606eb48.factory.bridge.near. We use the fact_receipts table to filter transactions whose receiver_id is linked to USDC. Because the USDC decimal on Near is 6, so we divide amount by pow(10, 6).

select block_timestamp,tx_hash,block_id as block_number,split(logs[0], ' ')[3]::string as sender,split(logs[0], ' ')[5]::string as receiver,
       (split(logs[0], ' ')[1] / pow(10, 6))::float as transfer_amount,'Near' as chain from near.core.fact_receipts
       where receiver_id = 'a0b86991c6218b36c1d19d4a2e9eb0ce3606eb48.factory.bridge.near' and logs[0] is not null 
       and split(logs[0], ' ')[1] > 0 and split(logs[0], ' ')[1] is not null and logs[0] like 'Transfer%from%to%'

Part One → Comparing Chains Against Each Other by Apply =={Chain_Comparison}== and =={Days}== Parameters

1️⃣ → Review and analysis of USDC transfers on selected chains within selected timeframes

> In this section, you can see the chart related to USDC transfer on each chain in overall and daily, which includes number of USDC transfer transactions, USDC transfer volume, average USDC volume per transfer, number of wallets that transfer and receive USDC. In this section, you can see the results based on your choice by changing the =={Chain_Comparison}== and =={Days}== parameters.

2️⃣ → Review and analysis of distribution of transfers on selected chains within selected timeframes

> In this section, you can see the chart related to USDC distribution of transfers by number of USDC transfer and volume. In this section, you can see the results based on your choice by changing the =={Chain_Comparison}== and =={Days}== parameters.

Part Two → Analyzes Each Blockchain Separately by Apply =={Single_Chain}== and =={Days}== Parameters

1️⃣ → Review and analysis of USDC transfers on selected single chain within selected timeframes

> In this section, you can see the chart related to USDC transfer on single chain in overall and daily, which includes number of USDC transfer transactions, USDC transfer volume, average USDC volume per transfer, number of wallets that transfer and receive USDC. In this section, you can see the results based on your choice by changing the =={Single_Chain}== and =={Days}== parameters.

2️⃣ → Review and analysis of distribution of transfers on selected single chain within selected timeframes

> In this section, you can see the chart related to USDC distribution of transfers by number of USDC transfer and volume. In this section, you can see the results based on your choice by changing the =={Single_Chain}== and =={Days}== parameters.

3️⃣ → Review and analysis of USDC transfer volume to selected single chain token price

> In this section, you can see the chart related to USDC transfer volume to selected single chain token price. In this section, you can see the results based on your choice by changing the =={Single_Chain}== and =={Days}== parameters.

Last Part== → Examines USDC Usage Patterns Based on Time and Date on each chain

✔️ Final Conclusion

> According to the results and graphs related to USDC transfer on Ethereum, Solana, Algorand, Flow, NEAR, Optimism, Osmosis and Axelar in the last 30 days, Ethereum was found to have the highest transfer volume USDC and Solana had the highest number of USDC transfer transactions this shows that due to the bankruptcy of FTX, the market related to USDC in Solana has suffered a sharp drop and instead Ethereum has reserved the most activity related to USDC. Also, in all chains, the highest number of transfers is related to transfers below 1000 USDC, while in Ethereum we also see heavy transfers.

✅ Observations

According to the results obtained in the last 30 days, you can see that the transfer activity of USDC on Ethereum is higher than that of other chains, and the highest transfer volume is related to Ethereum, and after Ethereum , the highest transfer volume linked to Solana and then linked to To Optimism is. You can also see that after the FTX fund went bankrupt, the volume of USDC transfers on the Solana network decreased significantly and Ethereum has taken Solana's market share.

Amount of USDC Transferred (Last 30 Days) → Ethereum >> Solana >> Optimism >> Algorand >> Osmosis >> Near >> Axelar >> Flow

Interestingly, in the last 30 days, the number of USDC transfer transactions on Solana and Optimism is higher than on Ethereum, and this shows that USDC transfers are taking place on Ethereum in high volumes.

Number of USDC Transferred Transactions (Last 30 Days) → Solana >> Optimism >> Ethereum >> Algorand >>Near >> Osmosis >> Flow >> Axelar

The average USDC volume per transfer per day for Ethereum is higher than the others, followed by Solana in second place and Algorand in third place.

Average USDC Amount Transferred (Last 30 Days) → Ethereum >> Solana >> Optimism >> Algorand >> Osmosis >> Near >> Axelar >> Flow

In the last 30 days and in general, based on the criteria you can see, it is clear that Ethereum has the most activity related to USDC transfer, Solana is in the second place and Algorand is in the third place.

✅ Observations

You can see that in most chains, transfers under 10 USDC are the most frequent, and transfers between 10-100 and 100-1000 are in the next ranks, and this shows that in all chains, the most transfer per transaction is usually less than 1000 USDC, although in Ethereum we also see large transfers

✅ Observations

In Ethereum, you can see that with the sharp drop in the price of ETH on November 10 and following the announcement of FTX's bankruptcy, the number and volume of USDC transfers increased, as Ethereum took the share Solana's market share, which has shrunk sharply due to the bankruptcy of FTX. In other chains, the number and volume of USDC transfers also decreased with the sharp drop in the price of the network token