> Compare the behavior of USDC swappers with BUSD swappers. 

In this dashboard, we analyze and review swappers who have swapped USDC and BUSD to other tokens. As we know, A Stablecoin is a digital currency that is pegged to a "stable" reserve asset like the U.S. dollar or gold. Here we discuss the behavior of swappers who have swapped from BUSD and USDC to other assets. We are going to calculate the following:

• Monthly swaps, swappers, USDC & BUSD amount and fee paid
• Total swaps, swappers, USDC & BUSD amount and fee paid
• Which assets swapped from USDC & BUSD
• Top 10 USDC swappers
• Top 10 BUSD swappers

Getting Started

What we check is the data extracted from the flipside_prod_db.thorchain.swaps table and the checks are for swaps made from USDC and BUSD. The charts below show the number of swaps, the number of swappers, the volume of USDC and BUSD and the monthly fee.

As it turns out, there is a huge difference between the BUSD chart lines and the USDC chart lines. In fact, in the swap of BUSD, the number of swaps, the volume of assets swapped, and the number of swappers are several times the swap of USDC. The highest volume of swapped BUSD and USDC was done in April 2022, when approximately 434M BUSD and 44.6M USDC were swapped to other assets. Also, the highest number of swaps from BUSD with nearly 106K swaps was recorded in April, while the highest number of swaps from USDC to other assets occurred in June 2022. This shows that although the number of USDC swaps increased in June from April, the volume of USDC swaps decreased compared to April. That is, swappers have swapped a smaller volume of USDC in a larger number of transactions. Also, the number of swappers decreased in April compared to May, but the volume of swaps increased significantly. This shows that fewer users, but with a larger volume, have swapped USDC and BUSD. But the payment fee chart for Swap BUSD and USDC is a bit interesting. For example, we compare the month of June in terms of swap volume and fee payment. In June, approximately 187.5M BUSD and 38.7M USDC were swapped. It means that BUSD has been swapped almost 4.8 times more. But the fee paid for BUSD is approximately 262.8K and for USDC is approximately 94.4K. This means that the fee paid for BUSD is only 2.7 times more. The reason for that is the higher fee of the Ethereum network. For this reason, it seems that users are more willing to work in BSC.

In the following charts, Total swaps, swappers, USDC & BUSD amount and fee paid are shown from the beginning until now. As we can see, the total swaps from BUSD is 740.91K and the total swaps from USDC is 59.38K. The number of USDC swappers is 1687, while the number of BUSD swappers is 6829, which is almost 4 times more. The total volume of swap is approximately 194.43M USDC and 1.83B BUSD, and the fee paid for USDC is approximately 1 million USD and for BUSD is approximately 3.24M USD. It is known that although the volume of BUSD swapped is almost 9.4 times higher than USDC, but the fee paid for swapping BUSD is only 3.2 times higher than USDC.

But BUSD and USDC are swapped to what assets?

The chart below shows that all USDC swapped to RUNE. Also, most BUSD have been swapped to RUNE and a very, very small amount of it has been swapped to BNB, which is equivalent to 1.3BNB.

After the assets swapped from USDC & BUSD, the 10 swappers who have swapped the most USDC and BUSD are shown. Among the wallets that have swapped BUSD, only one of them is a Native Thorchain address and the rest are BNB wallets. The largest swap volume of BUSD is from address bnb1rv89nkw2x5ksvhf6jtqwqpke4qhh7jmudpvqmj with a volume of 268.488M BUSD.

But of the top 10 USDC swappers addresses, 7 are Native Thorchain addresses and 3 of them are Ethereum addresses. The largest swap volume of USDC is related to the wallet address thor1yep703ewakef0h2l9qel93xh96tvkm004pesq7 with nearly 36M USDC.