Tasks

Lets look at volume of USDC swaps vs transfer by hour since 7/1.

• What is the average amount of USDC transferred vs swapped?
• Show number of unique swapper addresses vs transfer addresses by day for USDC

Next lets look at mints and burns of pairs involving.

• Lets look at the volume of USDC mints and burns by hour since 7/1
• How many unique wallets are minting and burning USDC by day
• What is the average mint vs burn for USDC by day
• Note anything else interesting about USDC transactions

Dashboard Guide

• The image descriptions are in the left column of the images.
• Although we provide the parameter for a more flexible range of visualizations, the narration is based on ‘2022-07-01’ as the start date, which is the default.
• We also provide the narration for both intervals.
• We used USDC as a unit for all volume presented in this dashboard.

Methodology

To unearth the USDC swap vs. transfer, and mint vs. burn, we divide our dashboard into 2 sections: 1. Swap vs. transfer, 2. Mint vs. burn. Each section has the same structure, which is composed of the following:

1. Total information on various measures - total volume, transaction count, and wallet count
2. Daily average and tx average information - same measures as previous topics but in the daily average version. In addition, we provide the average and median volume per transaction.
3. Volume per transaction distribution - divide the volume per transaction into 6 ranges and count the transaction on each range.
4. interval-wise wallet count, volume count, and cumulative transaction count - Show the trend on each measure over time.

We also provide additional information, including USDC-involve event’s, and the destination project’s transaction count.

Parameters

• start_date: The first date to be included in this dashboard.
• interval: The duration for each point in the over time graph.

Swap vs. Transfer

Mint vs. Burn

Total information on various measures

• USDC transferring shows better performance in all measures compared to swapping.
• The total transfer volume is around 31.8B, roughly 39x more than the swap volume, around 0.85B.
• Transfer and swap transaction counts are 1.08M and 0.75M (60%:40%)
• For the wallet count, there are 105.67k and 92.58k unique wallets for transfer and swap, which is 53.3%:46.7%.

Daily average and tx average information

• On the daily average measures, the transfer wins only daily volume and transaction count, while the swap has a little more daily unique wallet count.
• The average volume per transaction of the transfer is more than the swap.
• On the other hand, there is only a $5 gap in the median transaction volume.

Volume per transaction distribution

• The highest transaction count volume of the transfer is in the (0, 10] USD, while the swap is in the (100, 1k] USD range.
• Both activity transaction count distributions by size show a slightly left-skewed bell curve.
• The only size that the swap can beat the transfer is in the (10, 100] USD range.

Interval-wise wallet count

• Hourly:
  • Both activity wallet counts show a similar amount almost all of the time.
  • There are only some periods that the transfer shows higher spikes which leave noticeable gaps, such as Aug 4th, Aug 18th, and Nov 18th.
• Daily:
  • Both activity wallet counts show a similar trend.
  • There are some peaks that show noticeable gaps between each another, such as Aug 25th, Nov 27th, and Dec 3rd.

Interval-wise volume

• Hourly
  • Both activity wallet counts show a similar movement all of the time with different degrees of magnitude (1M for transfer and 100k for swap).
  • The swap volume has down spike in the Aug 18.
• Daily
  • Both activity wallet counts show a similar movement all of the time with different degrees of magnitude (100M for transfer and 10M for swap).

Interval-wise cumulative transaction count

• Hourly
  • Both activity cumulative transaction counts show a steady growing speed over time.
• Daily
  • Both activity cumulative transaction counts show a steady growing speed over time.

Total information on various measures

• There are more volumes and transaction counts in USDC burning, while there are only 2 wallets for both minting and burning, which are the circle wallets.
• The total burn volume is around 1.77B, roughly 60%, while the mint volume is around 1.2B which is 40%.
• For the transaction count, there are 4169 and 1452 transactions for burning and minting, which is 74%:26%.

Daily average and tx average information

• On the daily average measures show the same performance trend with total information.
• On one hand, the total volume of burning is higher than minting.
• On the other hand, the average and median volume per transaction of minting is more than burning, especially on the median which 40x higher.

Volume per transaction distribution

• The highest transaction count volume of minting is in the more than 100k USD range, while the burning is in the (100, 1k] USD range.
• They show the different distribution shapes. Minting shows an exponential shape, while burning is like a bell shape.
• Burning has a higher transaction count in all ranges.

Interval-wise wallet count

• Hourly:
  • There is only one wallet almost of the time.
  • Some spikes have another wallet to mint and burn between the end of October and mid-Nov.
• Daily:
  • There is only one wallet almost of the time.
  • Some spikes have another wallet to mint and burn between the end of October and mid-Nov.

Interval-wise volume

• Hourly
  • Minting and burning mostly happen at different hours (x mining with 0 burning and vice versa).
  • Burning spikes are usually higher than minting spikes.
  • There is a 219M burning peak on July 28.
• Daily
  • Burning spikes are usually higher than minting spikes.
  • There is a 475M burning peak on July 28.

Interval-wise cumulative transaction count

• Hourly
  • Mining shows a more steady growing speed in cumulative transaction count than burning, which has surged from July 27 to 29.
• Daily
  • Mining shows a more steady growing speed in cumulative transaction count than burning, which has surged from July 27 to 29.

Additional Information

USDC-involved event’s tx count

• 83% of USDC-involved or around 2.43M transactions emit transfer events.
• Approval is the runner-up with 483k transactions or around 16.6%
• The rest of the events which include mint and burn are lower than 1% of the total transaction count.

USDC-involve destination project’s tx count

• Trader joe is the top destination project with 38% of the total or 62% of the top 10 USDC-involved transaction count between the destination projects.
• Only the top 10 destination projects exceed more than 60% of the USDC-involved transaction count.

Conclusion

Swap vs. transfer

• Result table

• Transfer outperforms swap in all measures except for daily average wallet count.
• Both activity transaction count distributions by size show a slightly left-skewed bell curve.
• Both activities show the same trend over time, but the transfer has a higher degree of magnitude.

Mint vs. burn

• Result table

• Burn outperforms mint in all measures except for average and median volume per transaction.
• They show the different distribution shapes. Minting shows an exponential shape, while burning is like a bell shape.
• For volume over time, burning spikes are usually higher than minting spikes.
• Mining shows a more steady growing speed in cumulative transaction count than burning, which has surged from July 27 to 29.

Additional information

• The top USDC-involved event emitted is transferring which is 83% of the total tx count or around 2.43M transactions.

• Trader joe is the top destination project with 38% of the total or 62% of the top 10 USDC-involved transaction count between the destination projects.