Introduction:

What is USDC

USDC is an open source project that works within US money transmission laws, uses established banks and auditors and runs on blockchain technology via smart contracts. This is true financial and operational transparency.USDC is a fully regulated dollar digital stablecoin launched by Circle and Coinbase. USDC is fully backed by cash and short-dated U.S. government obligations, so that it is always redeemable 1:1 for U.S. dollars.

Can Trust to USDC peg?!

Top five accounting services firm Grant Thornton LLP issues attestations each month on the US dollar denominated reserves that back the USDC tokens in circulation(more information) .

Questions:

We want to be able to compare and monitor which chains are most active and liquid in their transfers of USDC. In your analysis show an overall comparison of all the chains together then dive deeper into each chain(the goal is to help the public see the high level first). Here are a few of the metrics 

• Amount transferred, average amount per transfer, and number of wallets transferring USDC 
• Show the distribution of transfers 
• Use a parameter to let users change the time period we are looking over.

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Other things to explore when diving deeper into each chain:

• USDC usage patterns based on time and date
• Is USDC transfer volume correlated with price volume

Methodology:

In this dashboard, we are going to compare 12 blockchains in terms of Usage and USDC transfer and analytics each one separately. Blockchains are included Ethereum, Solana, Binance Smart Chain, Polygon, Algorand, Flow, NEAR, Optimism, Arbitrum, Avalanche, Osmosis, and Axelar.

At first, I tried to overall comparison of all the chains together and then dive deeper into each blockchain separately.

Deep on your selected blockchain (Adjust blockchain parameter):

for all user that want to see all information about one blockchain in one part i created this section. you can change 3 parameter :

• blockchain : choose target blockchain that you want to review and see the data
• start_date : start date of range that you want review. all total and data calculated from this range
• end_date : end date of range that you want review. all total and data calculated until this range

so let’s these variable to get your data

Comparison USDC transferring on each blockchain:

Stablecoins are one of the main foundations of the expansion of cryptocurrencies. Stablecoins simulating fiat currencies and their equivalent prices also they allow simulating the currencies of different countries in the DeFi world. They can also be used as units to compare other currencies.

like real world, transfring stablecoins shows amount of usage of stable coins. so in this part choose transfer volume to compare amount of usage of USDC in different blockchain

range between 100$ - 1000$ is most repeated range for total transaction volume. one thing is streng about this chart is if we choose 100-1000 range as pivot point, chart show it has Normal distribution chart (more information). as total transaction volume more than usual ethereum transaction fee range ( about 1-10 USDC) number of Ethereum Transaction increased.also in range high volume ( more than 10,000$) ethereum is about Only KING and most used blockchain.also Polygon and Solana has hard competition for second place. Optimism also has weird number of transaction in 100-1000 range where best fit for L2 blockchains volume. also this volume maybe came from point that Optimism had an airdrop and range of this airdrop usually less 1000$

as data transaction count data show Solana and Polygon and Optimism has highest transaction count and this chart also shows this point and see in most of range this 3 have highest number of TX ( but total volume as previous part said is different)

from lighter to darker show higher volume

The following metrics show in comparison section:

• Number of USDC transfers: count the number of USDC transfers on each blockchain.
• Volume of USDC transfers: sum the volume of USDC transfers on each blockchain.
• Average size of USDC transfers: calculate the average value of size of USDC transfers on each blockchain. This value shows the average size per USDC transfers.
• Number of unique USDC senders: count the number of unique wallets that transferred USDC into another wallet on each blockchain.
• Number of unique USDC receivers: count the number of unique wallets that transferred USDC into them by another wallet on each blockchain.
• Distribution of size of USDC transfers: The USDC transfers can be categorized into eight categories according to their size. we should count the number of transactions fall into each category. The categories are:
  • less than $1,
  • between $1 - $10
  • between $10 - $100
  • between $100 - $1,000
  • between $1,000 - $10,000
  • between $10,000 - $100,000
  • between $100,000 - $1,000,000
  • more than $1,000,000
• Distribution of total volume of USDC transfers by each user: At first sum the total volume of USDC transferred by each user. Then used the above categories and count the number of users fall into each category.

All the above metrics are calculated separately for each blockchain too. In addition, the following metrics show in each blockchain section:

• Average of total number of USDC transfers each day and hour: count the number of USDC transfers made in the desired blockchain by day of the week and hour. Then, we get the average value per hour of the weekdays. In this way, we know what days and hours more USDC transfers done.
• Average of total volume of USDC transfers each day and hour: sum the volume of USDC transfers in the desired blockchain by day of the week and hour. Then, we get the average value per hour of the weekdays. In this way, we know what days and hours more USDC transferred.

We have to consider some conditions to finding USDC transfers on each blockchain. The common conditions are:

• The amount transferred should bigger than 0.
• The transactions should done successfully.
• The transfers shouldn’t from source or destination 0x0000000000000000000000000000000000000000.
• The transfer transaction should regard to USDC that have special contract on each blockchain.
  • Ethereum: 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48
  • BNB Smart Chain: 0x8ac76a51cc950d9822d68b83fe1ad97b32cd580d
  • Solana: EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v
  • Arbitrum: 0xff970a61a04b1ca14834a43f5de4533ebddb5cc8
  • Optimism: 0x7f5c764cbc14f9669b88837ca1490cca17c31607
  • Avalanche: 0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e
  • NEAR: a0b86991c6218b36c1d19d4a2e9eb0ce3606eb48.factory.bridge.near
  • Polygon: 0x2791bca1f2de4661ed88a30c99a7a9449aa84174
  • Algorand: 31566704
  • Osmosis: ibc/D189335C6E4A68B513C10AB227BF1C1D38C746766278BA3EEB4FB14124F1D858
  • Axelar: uusdc
  • Flow: A.b19436aae4d94622.FiatToken

for first part of reviewing USDC transfer info i select number of transfer of USDC. with just comparing transaction count clearly see number of transaction in Solana is much higher than other blockchains and Polygon and Optimism has next positions. Ethereum as must valuable blockchain that has higher TVL than other blockchain seat on forth place. the noticeable this in daily chart is in Nov and Oct Optimism has increase in transactions also in OCT number of transactions of Solana decreased and so effect on total transaction of USDC

From volume side data clearly shows only two competitor. in Comparing the Volume of the networks, there are two main competitors, Solana and Ethereum. Solana as the main USDC network issuer and Ethereum as the network with the most TVL. before Oct 2022 we saw Solana has higher volume and weird transfer volume but after Oct and Decreasing Solana Volume, the Volume of Ethereum increased and shows it self as king of DeFi.

The inserting thing that came from comparing Transfer Volume and Transfer transaction count is the count of TX maybe a false postive sign for comparing. because we see all of top three blockchain from TX count side are blockchain with low gas fee. but if we see in volume see the volume of all of these transaction not comparable with Solana.

we can define this chart as compare first two factor transaction count and volume. as i said in previose part Ethereum has higher Volume per Transaction in compare other blockchains. the reason of this diffrence came from point that Ethereum is most trustable and oldest blockchains for smart contracts and DeFi. also for higher Gas fee of ethereum It is not economical for small volume of USDC transactions

again and again Solana and Ethereum take first two place of unique senders and but some intersing things we can extract from this charts. from OCT number of unique sender and receiver in algorand blockchain increased. the main reason for this increase for FIFA world cup NFTs and these NFTs only can buy with USDC. but becuase of low price of these NFTs (most of 5$ and some collection has 10$ price ) the volume of USDC doesn’t increase so much. another point can extract from comparing daily information and total unique user is while solana usually has higher transaction count and volume but from unique user prespective data show polygon has higher number of unique user. in duel of Ethereum L2s Arbitrum has higher unique user. also Avalanche has better status than BSC as EVM compatible blockchains.

Conclusion

• Solana has highest transaction Count.
• Ethereum has highest Volume and seem Ethereum Kids are richer than other chains :grinning:.
• Volume per Transaction on Ethereum seems is higher than other and with consideration of number of transaction and volume seem more real user and usage is for Ethereum
  • Arbitrum has higher unique user than Optimism but in total amount transaction volume distribution we clearly see Optimism has better status ( most of their user transferd between 100$ - 1000$ )
• number of transaction haven’t direct relation with Volume, while Solana has higher TX count and Transfer Volume than Polygon, Polygon has higher Unique user
• Blockchains Like Flow, BSC and Near and a bit Avalanche are famous chains that weirdly has low amount of USDC usage.
  • also we can say native BSC chain stablecoins BUSD is more used in this chain
• Cosmos SDK chains has less volume of USDC and seems this chains not widely used

This chart shows the total volume of USDC that transferred in curtain price of USDC for each blockchain.

As you can see,

most of the transfers happened between 0.9999 and 0.0001.

Solana and Ethereum had the highest total volume per each price of USDC.