Description of Work

> In this bounty, we want to compare the behavior of USDC swappers with BUSD swappers. To do this, we examine the following:

• Total number of swap and swap volume (In USD) over time for USDC and BUSD ==(From/To)== - For all Also include Synthetics and only include Synthetics
• Number of swap and swap volume (In USD) ==per day== for USDC and BUSD ==(From/To)== - For all Also include Synthetics and only include Synthetics
• Number of swap and swap volume (In USD) ==per chain== for USDC and BUSD ==(From/To)== - For all Also include Synthetics and only include Synthetics
• Total number of wallets that swap USDC and BUSD ==(From/To)== - For all Also include Synthetics and only include Synthetics
• Top 10 wallets that swap USDC and BUSD ==(From/To)== - For all Also include Synthetics and only include Synthetics
• Top 10 assets that BUSD and USDC are swapped ==(From/To)== - For all Also include Synthetics and only include Synthetics

Note

To address this question:

• We use the thorchain schema and swap table
• to_asset/from_asset like '%BUSD%' → For BUSD
  • BNB.BUSD-BD1
  • BNB/BUSD-BD1 → Synthetics
• to_asset/from_asset like '%USDC%' → For USDC
  • ETH.USDC-0XA0B86991C6218B36C1D19D4A2E9EB0CE3606EB48
  • ETH/USDC-0XA0B86991C6218B36C1D19D4A2E9EB0CE3606EB48 → Synthetics

1 → Total number of swap and swap volume (In USD) over time for USDC and BUSD ==(From/To) - Also Include Synthetics

Conclusion of part 1

For all Also include Synthetics

According to the results from comparing the number and volume of swaps From/To for BUSD and USDC (Also include ==Synthetics==), it is clear that:

• Currently the total number of swaps From/To for BUSD and USDC is 1557607 to swaps. Of these, 129,361 are related to swaps From/To USDC, that is, about 8.3% of the total number of swaps, and 1,428,246 are related to swaps From/To BUSD, that is, about 91.7% of the total number of swaps.
  • The total number of swaps From/To BUSD is almost 11 times that of USDC
• Currently the total volume of swaps From/To BUSD and USDC is 4,129,553,124.4($). Of this volume, 402,315,676.8 ($) is related to swaps From/To USDC, that is, about 9.74% of the total volume of swaps, and 3,727,237,447.5 ($) is related to swaps From/To BUSD, that is, about 90.26% of the total volume of swaps.
  • The total volume of swaps From/To BUSD is almost 9.2 times that of USDC

2 → Total number of swap and swap volume (In USD) over time for USDC and BUSD ==(From/To) - Only Include Synthetics

Conclusion of part 2

Only include Synthetics

According to the results from comparing the number and volume of swaps From/To for BUSD and USDC (==Only include Synthetics==), it is clear that:

• Currently the total number of swaps From/To for BUSD and USDC that ==only include synthetics== is 184,556. Of these, 116,277 are related to swaps From/To USDC, that is, about 63% of the total number of swaps, and 68,279 are related to swaps From/To BUSD, that is, about 37% of the total number of swaps.
  • In case only include synthetics the total number of swaps From/To USDC is almost 1.7 times that of BUSD
• Currently the total volume of swaps From/To BUSD and USDC that ==only include synthetics== is 641,370,532.05($). Of this volume, 263,341,800.26 ($) is related to swaps From/To USDC, that is, about 41.05% of the total volume of swaps, and 378,028,731.7 ($) is related to swaps From/To BUSD, that is, about 58.95% of the total volume of swaps.
  • In case only include synthetics the total volume of swaps From/To BUSD is almost 1.4 times that of USDC

3 → Number of swap and swap volume (In USD) ==Per day== for USDC and BUSD ==(From/To) - Also Include Synthetics

Conclusion of part 3

For all Also include Synthetics

According to the results from comparing the number and volume of swaps From/To for BUSD and USDC (==Also include Synthetics==) per day, it is clear that:

• The Number and Volume of swaps From/To BUSD on a daily basis is much higher than USDC
• The Number and Volume of swaps From/To BUSD and USDC on a daily basis has been increasing dramatically since ==early Mar 2022==.
• Since May 12, 2022, the volume of swaps for USDC and BUSD has been decreasing, but recently the number of swaps has been increasing.
• It can be seen that the number of Swaps To BUSD and USDC have increased in recent market falls

4 → Number of swap and swap volume (In USD) ==Per day== for USDC and BUSD ==(From/To) - Only Include Synthetics

Conclusion of part 4

Only include Synthetics

According to the results from comparing the number and volume of swaps From/To for BUSD and USDC (==Only include Synthetics==) Per day, it is clear that:

• In the case that we only considered synthetics, it can be seen that they show data charts from Mar 10, 2022. The reason is that THORChain has activated synthetic assets on its network since Mar 10, 2022.

  • THORChain activates synthetic assets

• From Mar 10, 2022, when THORChain has ==activated synthetic== assets on its network, the number and volume of swaps for BUSD is more visible on a daily basis until Apr 25, after this date, the volume and number of swaps for USDC has increased significantly and It is much more than BUSD and it can be seen that since Apr 25, ==except for a few days, no transaction has been done for BUSD swap.==

  \

5 → Number of swap and swap volume (In USD) ==Per chain== for USDC and BUSD ==(From/To) - Also Include Synthetics

Conclusion of part 5

For all Also include Synthetics

According to the results from comparing the number and volume of swaps From/To for BUSD and USDC (==Also include Synthetics==) per chain, it is clear that:

• The volume and number of swaps on the BNB blockchain is more than other blockchains, followed by the THOR blockchain.
• Interestingly, no USDC swaps From have been done on BNB
• The largest volume and number of swaps is related to the swap From BUSD on BNB
• The largest volume and number of swaps is related to the swap To BUSD on THOR
• The volume and number of swaps are related to the swap From/To USDC on THOR, which is almost the same volume and number of swap for From and To

6→ Number of swap and swap volume (In USD) ==Per chain== for USDC and BUSD ==(From/To) - Only Include Synthetics

Conclusion of part 6

Only include Synthetics

According to the results from comparing the number and volume of swaps From/To for BUSD and USDC (==Only include Synthetics==) Per chain, it is clear that:

• In this case, the largest volume and number of swaps is on THOR
• On other blockchains, only swaps have been made To BUSD and USDC, which is much less than THOR
• In this case, more swaps have been made (number of swap) From/To USDC, but the swap volume From/To BUSD is higher

7 - Total number of wallets that swap USDC and BUSD ==(From/To)== - ==Also include Synthetics

Conclusion of part 7

For all Also include Synthetics

According to the results from comparing the number of unique wallet that swaps From/To for BUSD and USDC (==Also include Synthetics==) , it is clear that:

• The total number of unique wallets that have swapped From/To BUSD and USDC is 17,466 wallets

• More unique wallets swap To BUSD and then ==From== BUSD

• The number of unique wallets that swap From/To USDC is almost equal for From and To

8 - Total number of wallets that swap USDC and BUSD ==(From/To)== - ==Only include Synthetics

Conclusion of part 8

Only include Synthetics

According to the results from comparing the number of unique wallet that swaps From/To for BUSD and USDC (==Only include Synthetics==) , it is clear that:

• In this case, the total number of unique wallets that have swapped From/To BUSD and USDC is 521 wallets

• In this case, the number of unique wallets that have swapped From/To BUSD and USDC is almost the same and there is little difference.

9 → Top 10 wallets that swap USDC and BUSD ==(From/To)== - ==Also include Synthetics and Only include Synthetics

Conclusion of part 9

The chart on the side shows the Top 10 wallets based on the largest swap volume for the Include Synthetics case and the Top 10 wallets for the Only include Synthetics case.

• Among these Top 20 wallets, there are 4 wallets that have the largest volume of swaps in both cases, which include:
  • thor1yep703ewakef0h2l9qel93xh96tvkm004pesq7
  • thor15cl4m94khtlt20p4s6k5vkfhrqxasl2r7rgsv6
  • thor109nye7x2dglug898nj9sjfrrptnwdrq4t20pqn
  • bnb1rv89nkw2x5ksvhf6jtqwqpke4qhh7jmudpvqmj
• It is interesting that for the case of only including Synthetics, all the top 10 wallets are related to the THOR native wallet, and in the other case, most of them are related to BNB native wallets.

10 → Top assets that BUSD and USDC are swapped ==(From/To)== - Also include Synthetics

Conclusion of part 10

The chart on the side shows the Top Assets based on the largest swap volume that swaps From/To for BUSD and USDC (==Also include Synthetics==) , it is clear that:

• The highest number and volume of swaps are From/To BUSD and USDC To/From THOR.RUNE, and a very small amount is related to BNB.RUNE-B1A, to which BUSD was swapped ($1,374,255.7).

11 → Top assets that BUSD and USDC are swapped ==(From/To)== - Only include Synthetics

Conclusion of part 11

The chart on the side shows the Top Assets based on the largest swap volume that swaps From/To for BUSD and USDC (==Only include Synthetics==) , it is clear that:

• In this case, it can be seen that All Swaps are From/To BUSD and USDC ==To/From THOR.RUNE

Final Conclusion

> According to the results and analysis of swaps From/To BUSD and USDC, it was found that if we consider all and Synthetics together, the volume and number of swaps From/To BUSD is much more than USDC and users are more interested From/To have BUSD swaps, in this case, the most swaps are done on the BNB blockchain, followed by THOR, and the most swaps From/To THOR.RUNE asset, but if we only consider Synthetics, it is interesting that the number of swaps From/To USDC is more than BUSD, but still the volume of swaps From/To BUSD is more than USDC. Also, in this case, most swaps are on the THOR blockchain, and all swaps are From/To THOR.RUNE asset.