Methodology

In this dashboard, I will analyze the USDC outflows on the Solana blockchain.

First, I will show the destination of USDC outflows (to CEXs) based on the amount of USDC.

The second chart shows the number of outflow transactions (bar) and the number of unique users (line) sent USDC to CEXs.

The next section is comparing the USDC outflow between Whales vs. Other Users since September 2022.

For the last section, I will show the top 7 stablecoins in terms of marketcap and investigate the marketcap change (%) over the past 1month, past 7 days, and yesterday.

• In the first place, the amount of $732M USDC was transferred to one of the coinbase hot wallets.
• In the second place, the amount of $662M USDC has been transferred to ftx.hot wallet.
• In third place, the amount of $568M USDC was transferred to another coinbase hot wallet.
• The gate.io hot wallet is in fourth place with a transfer amount of $66M USDC.
• Kucoin hot wallet is in fifth place with a transfer amount of $47M USDC.
• And other wallets had amounts of less than 10 million USDC transfers.

• ftx hot wallet is in the first place in terms of with 31k transactions and 7k senders.
• Houbi Global Hot Wallet is in the second place with approximately 7k transactions and 6k senders.
• Coinbase hot wallets is in the third place with 3k transactions and almost 2k senders to one of its wallets. And the number of 2k transactions and 1.5k senders to another coinbase hot wallet.
• And the noteworthy point is that the coinbase hot wallet is in the first place in terms of the total amount of USDC inflows, but in terms of the number of transactions and the number of senders, it is in the third place, that is, the senders with less number and fewer transactions transferred more USDC amounts.
• Kucoin Hot wallet is in fourth place with 2k transactions and 1k senders.
• Other wallets have less than 1k number of transactions and senders.

USDC outflow - Whales vs. Other Users

Destination of USDCs being sent

• As you can see, the USDC outflows chart fluctuates a lot.
• The highest amount of outflows is for the day of Oct 5, when nearly 300M USDC was withdrawn, of which 265M were made by whales and 32M by simple users.
• According to the chart, we had a lot of outflows in the days of Oct. 4-8.
• The lowest amount of outflows is related to the day of Oct 1 when only 452k USDC was withdrawn by regular users.
• The total sum of USDC outflows by whales is $1.33B. And the total amount of USDC outflows made by Regular Users is $0.8B.
• The interesting point in the outflows chart is that normal users have continuously transferred some USDC every day to CEXs, but whales have transferred large amounts of USDC on some days.

USDC vs. Other Stablecoins Marketcap

• The first-third stablecoins with the highest market cap on the Solana blockchain are USDC, USDT, and PAI with $2.17B, $1.81B, and $18M respectively.
• According to the image, USDC dropped 44.87% in the last month and dropped 31.66% in the last seven days. But we do not see such a drop in other stablecoins.

Conclusion

• First place, the amount of $732M USDC was transferred to one of the coinbase hot wallets. In the second place, the amount of $662M USDC has been transferred to ftx.hot wallet. In third place, the amount of $568M USDC was transferred to another coinbase hot wallet.
• The point is that the coinbase hot wallet is in first place in terms of the total amount of USDC inflows, but in terms of the number of transactions and the number of senders, it is in third place, that is, the senders with fewer number and fewer transactions transferred more USDC amounts.
• The ftx hot wallet is in first place with 31k transactions and 7k senders.
• The highest amount of outflows is for the day of Oct 5, when nearly 300M USDC was withdrawn, of which 265M were made by whales and 32M by simple users.
• The first-third stablecoins with the highest market cap on the Solana blockchain are USDC, USDT, and PAI with $2.17B, $1.81B, and $18M respectively.
• The USDC marketcap dropped 44.87% in the last month and dropped 31.66% in the last seven days. But we do not see such a drop in other stablecoins.

Reason of outflow

Solana, USDC Drained From Wallets in Attack

“Over 5,000 Solana wallets have been drained in the past few hours,” blockchain audit firm OtterSec reported earlier in the evening. “These transactions are being signed by the actual owners, suggesting some sort of private key compromise.”

This may be the reason for UDSC's exit from the Solana blockchain.