Try Quests to earn SOLTracking USDC & USDT on Solana
What's the current market share for USDC and USDT on Solana relative to other stablecoins in the ecosystem (look into USDC, USDT, UXD, USDH, PAI, NIRV, UST, DAI, FRAX)? Create a visualization showing the amount of transaction volume for USDC vs. USDT etc. do display popularity within Solana.
In this dashboard, we examine the Stablecoins in Solana. A stablecoin is a digital currency that is pegged to a “stable” reserve asset like the U.S. dollar or gold. Stablecoins are designed to reduce volatility relative to unpegged cryptocurrencies like Bitcoin. Here we review 9 stablecoin that are active in Solana network. These are the stablecoins we are going to look at:
- USDC
- USDT
- UST
- UXD
- USDH
- PAI
- NIRV
- DAI
- FRAX
We are going to graph the total volume of swap to / from, the number of swappers and the number of transactions of these 9 stablecoin. In general, we show the swap volume and the number of swappers and transactions for each stablecoin and also separately for each DEX.
We start with the volume swap to and swap from stablecoins. As you can see, the most swaps to stablecoin and swap from stablecoin are to USDC. Approximately 17B stablecoins has been swaped to other tokens and approximately 12.33B stablecoins has been swaped from other tokens. Approximately 3B USDT has been swaped to other tokens and about 7.98B has been swaped from other USDT tokens.
In the number of transactions as well as the number of wallets that swap, the highest number of transactions and the largest number of wallets are related to USDC. About 862661 wallets have swap from other tokens to USDC in approximately 8.23M transactions. Also, approximately 1.169M wallets with nearly 5M transactions have swap from USDC to other tokens.
The charts below show in which DEXs each Stablecoin has been swaped. For stablecoins swapped to other tokens, ORCA had the largest share in the swap. After that, Jupiter and Radium had the largest share. But the swap from other tokens to stablecoins chart is slightly different. For swap to USDC, Jupiter had the largest swap volume. But for swap to USDT, the largest swap volume has been done in ORCA.
The following chart shows the net volume of swaps in each DEX only for USDC and USDT. If we subtract the total 'swap from stablecoin volume' from the 'total swap to stablecoin volume', the number obtained is the net swap volume. The net volume of swaps is shown as the net volume of total stablecoins in each DEX and separately for each stablecoin.