Overview

Methods

Stablecoins are a type of cryptocurrencies where the value of the digital asset is supposed to be pegged to a reference stable asset, such as USD, EUR, etc.

Stablecoins are one of the most common type of currencies used in the cryptoworld due to it represents the common fiat in a digital manner.

The growth of non-volatile assets pegged to a fiat currency has been a one of the clear trends in crypto in the last few years. However, during the past year, a big fatal event occurred when Terra UST peg token started to depegging from $1.

So, how the market responded to this during the first stage of 2023?

The intention of this dashboard is to track the activity of stablecoins on Osmosis chain. The idea is to track the popularity of the stablecoins inside the ecosystem to see if there are some preferred stablecoins or in contracts, Osmosis users don’t have any preference. As well, we will try to analyze how the popularity of the global stablecoins evolved during this 2023.

To do that, we are gonna compute the followinig metrics:

• Transactions activity
• Transfers popularity
• Swapping activity comparison
• LP activity comparison

General transactions activity

In this first charts we can see the daily stablecoin transactions since 2023. In this case, it can be seen a growth in the daily number of general stablecoin transactions, having a peak on January 22th with almost 30k transactions. From the beginning of 2023, the number of daily transactions passed from 5k to more than 20k.

Over that time, the most common stablecoin transacted has been USDC with a huge difference against others, representing more than 70% of the transactions.

Transfers popularity

The amount of stablecoin transfers has also increased over time since January 1st. In this case, the daily numbers passed from less than 500 to more than 1k daily transfers. Again, the highest number was registered on January 22nd reaching around 2k transfers. The amount of transferrers since to be mantained at around 250 daily as well as the volume at around 2M. However, in the case of volume, there were 2 differentiate peaks at January 15th and 22nd in which more than 6M USD where transferred in stablecoins. It is curious because in the first case, USTC was the wallet that registered the increase and USDC in the other day.

Again, in terms of transfers, USDC has been the most popular one, with higher dominance than before, 86%. In the case of volume, it can be seen how USDC has also the stablecoin with the major volume transferred, reaching more than 50M USD during this month. The second one has been USTC with around 20M.

Swapping activity comparison

In this final charts, we can see the total swaps splitted by stablecoin and showing both directions to compare between them. In this case, USDC and DAI are the most popular ones, but USDC registers the major difference between swaps to and swaps from, showing positive numbers.

LP activity comparison

Stablecoins swapped for other tokens

Stablecoins acquired from other tokens

Key insights

• It can be seen a growth in the daily number of general stablecoin transactions, having a peak on January 22th with almost 30k transactions. From the beginning of 2023, the number of daily transactions passed from 5k to more than 20k.
• Since January, the most common stablecoin transacted has been USDC with a huge difference against others, representing more than 70% of the transactions.
• The amount of stablecoin transfers has also increased over time since January 1st. In this case, the daily numbers passed from less than 500 to more than 1k daily transfers.
• There are more stablecoins being acquired than swapped for other tokens.
• There are as well more users acquiring stablecoins than swapping them. In this case, the buying numbers are almost 2x the selling ones. And again, USDC has been the most popular one in both directions.
• USDC and DAI are the most popular ones, but USDC registers the major difference between swaps to and swaps from, showing positive numbers.
• In terms of LP activity on stablecoins, there is a clear uptrend since 2023, with a huge increase during the past week where daily LP actions jumped from around 150 to almost 400.
• USDC represents more than 60% of the LP actions and more than 66% of the active LPs. But the highest dominance is in the volume, with a number higher than 90%. DAI in this case represents around 12% in the two first cases and 5% in the last case.
• USDC is the dominant stablecoin in all aspects, having more joining than exiting actions but more exitors than joiners. The volume exited is also higher than the volume joined.

Global stablecoins swaps (in and out)

Looking at the number of swaps, we can see how there are more stablecoins being acquired than swapped for other tokens. The daily evolution of the swaps in both directions looks similar. In the case of swaps from stablecoins a maximum of 8k daily swaps was registered while in the case of other tokens swaps to stablecoins more than 12k was registered. In terms of popularity, again USDC is the most common one with at least 75% of dominance in both cases, followed by DAI with around 10% of dominance being the top 2 in popularism.

There are as well more users acquiring stablecoins than swapping them. In this case, the buying numbers are almost 2x the selling ones. And again, USDC has been the most popular one in both directions.

In terms of volume swapped, the daily numbers in both directions are quite similar, but a little bit more bought than sold. In this case, the USDC remains in the top, reaching almost 70M bought vs 55M sold.

In terms of LP activity on stablecoins, there is a clear uptrend since 2023, with a huge increase during the past week where daily LP actions jumped from around 150 to almost 400. Over this period, USDC has been the msot popular stablecoin but during the past week when the activity increased, the most impacted on has been DAI. In terms of LPs, USDC is also the most popular one with an increasing trend since 2023 passing from 80 to 150. DAI experimented an increase on January 27th when more than 60 LPs were active.In terms of daily active pools, USDC is also the stablecoin with the major number.

Regarding monthly distributions, USDC represents more than 60% of the LP actions and more than 66% of the active LPs. But the highest dominance is in the volume, with a number higher than 90%. DAI in this case represents around 12% in the two first cases and 5% in the last case.

Finally, considering the global numbers, we can see how USDC is the dominant stablecoin in all aspects, having more joining than exiting actions but more exitors than joiners. The volume exited is also higher than the volume joined. In terms of number of active pools, USTC registered similar numbers than USDC. While USDC had 15 active pools with joins and 17 with exits, USTC had 14 active pools with joins while 16 with exits.