Q108. Compare the behavior of USDC swappers with BUSD swappers.

What is their volume and swap rate?

Methodology

In this dashboard, I will show compare the swap volume and swap rate (number of swap txs) for two stablecoins, USDC, and BUSD on the THORChain network. I will do this analysis from the beginning of January 2022 up to now.

As we know, there are two types of assets on THORChain that we can swap them:

1) Native assets like BUSD on the BNB network.

2) Synthetics assets like BUSD on the THOR network.

In the first section of this dashboard, I will count both (native+synthetics) amounts and for the second section, I’ll just show the synthetics amounts of these stables.

Native + Synthetics Amounts

In the charts above, I will count both types of native+synthetics of these stables. As we see from the first chart (up left) which shows the swap volume on daily basis, on almost all days, the amount of BUSD swapped was higher than the USDC amount. Also, it fluctuates more over days. On May 10, the highest amount of BUSD swapped to other assets with more than 21M BUSD.

The highest amount of USDC swapped on a single day was about 3.5M USDC which is 6.5 times lower than the highest amount of BUSD swapped in a single day.

There are near ~1.4B BUSD swapped to other assets from the beginning of 2022 and this number is near 163M for USDC.

The swap rate (number of swaps) of BUSD is also higher than USDC. It dominated all days. The total number of swaps for BUSD is 488,722 and for USDC is 57,669 transactions.

Synthetics Amounts

The game is changed here, in synthetics asset swaps. As we see, before April 26, synthetics BUSD swaps were higher than USDC swaps, but after that USDC goes higher on all days after that date. The highest amount of synthetic BUSD swaps was on April 6 with 9.7M BUSD swapped to other assets. But the day with the highest amount of synthetic USDC swaps was on March 31 with over 3.6M USDC. There is a total of 188M synthetics BUSD and 131,8M synthetics USDC swapped to other assets.

After synthetics USDC flipped synthetics BUSD, the USDC swaps count hit a record on June 13 with 2,202 transactions, but after that, the number of swaps decreased over time. The number of swaps, synthetics USDC is higher than synthetics BUSD in total.

The total number of synthetics USDC swap transactions is 53,782 txs and this number is 33,951 txs for synthetics BUSD.

Conclusion

Native + Synthetics assets

• On almost all days, the amount (native+synthetics) of BUSD swapped was higher than the USDC amount.
• On May 10, the highest amount of BUSD swapped to other assets with more than 21M BUSD.
• The highest amount of USDC swapped on a single day was about 3.5M USDC which is 6.5 times lower than the highest amount of BUSD swapped in a single day.
• There are near ~1.4B BUSD swapped to other assets from the beginning of 2022 and this number is near 163M for USDC.
• The swap rate (number of swaps) of BUSD is also higher than USDC. It dominated all days. The total number of swaps for BUSD is 488,722 and for USDC is 57,669 transactions.

Synthetics assets

• Before April 26, synthetics BUSD swaps were higher than synthetics USDC swaps, but after that USDC goes higher on all days after that date.
• The highest amount of synthetic BUSD swaps was on April 6 with 9.7M BUSD swapped to other assets.
• The USDC swaps count hit a record on June 13 with 2,202 transactions.