Try Quests to earn AVAXAvalanche Swaps vs Transfers (Redux)
Examine Avalanche USDC(0xB97EF9Ef8734C71904D8002F8b6Bc66Dd9c48a6E- https://snowtrace.io/token/0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e) swaps vs transfers and mints vs burns using the new fact_event_logs data and avalanche.core.fact_traces data. Lets look at volume of USDC swaps vs transfer by hour since 7/1. What is the average amount of USDC transferred vs swapped? Show number of unique swapper addresses vs transfer addresses by day for USDC Next lets look at mints and burns of pairs involving Lets look at the volume of USDC mints and burns by hour since 7/1 How many unique wallets are minting and burning USDC by day What is the average mint vs burn for USDC by day Note anything else interesting about USDC transactions
Acknowledgment and supplementary Information
- I would like to show my sincere gratitude to the authors of the following dashboards (adriaparcerisas and 0xHaM☰d) that helped me very much indeed to do my own analysis: * *
- Author: NSA2000
- Twitter of the Author: @NSA2000C
- Discord of the Author: NSA2000#5651
- Data from FlipsideCrypto
- Link to this dashboards tweet:
Introduction
Avalanche (AVAX) is a cryptocurrency and blockchain platform that rivals Ethereum. AVAX is the native token of the Avalanche blockchain, which—like Ethereum—uses smart contracts to support a variety of blockchain projects. The Avalanche blockchain can provide near-instant transaction finality. AVAX is used to pay transaction processing fees, secure the Avalanche network, and act as a basic unit of account among blockchains in the Avalanche network. The Avalanche blockchain reportedly can process 4,500 transactions per second. Launched in 2020, Avalanche aims to be fast, versatile, secure, affordable, and accessible. In addition, Avalanche is an open-source project, meaning anyone can view and contribute to the platform's code.
Avalanche's smart contracts platform supports both decentralized applications (dApps) and autonomous blockchains. Here are some of the features that make Avalanche unique:
Coin creation rate: The maximum supply of AVAX is capped at 720 million tokens, but AVAX users govern how fast new coins are minted. AVAX holders can control the rate of new coin creation by voting to adjust the amount of AVAX paid as a reward for adding a new block to the Avalanche blockchain.
Transaction fee structure: Transaction processing costs vary depending on the type of transaction and Avalanche's network congestion. All fees are burned—removed from circulation—to enable AVAX to become scarcer over time. Avalanche users vote to decide the Avalanche transaction fee, making AVAX fees subject to change.
Consensus mechanism: Transactions on the Avalanche blockchain are confirmed using a unique method that requires many small, random subsets of network participants to confirm transactions before the transactions are considered finalized.
Participation incentives: High uptime and fast response times can both boost the amount of AVAX rewards that a network participant can earn for processing AVAX transactions. Avalanche is generally governed by the proof-of-stake mechanism.
AVAX holders are required to stake—agree not to trade or sell—AVAX in exchange for the right to validate AVAX transactions. AVAX holders with the most staked, and who actively participate as validators, are the most likely to be chosen as validators for new Avalanche blocks. Holding AVAX tokens is also required to vote on Avalanche governance proposals.
Avalanche is generally governed by the proof-of-stake mechanism. AVAX holders are required to stake—agree not to trade or sell—AVAX in exchange for the right to validate AVAX transactions. AVAX holders with the most staked, and who actively participate as validators, are the most likely to be chosen as validators for new Avalanche blocks. Holding AVAX tokens is also required to vote on Avalanche governance proposals.
Pros
- Fast transaction processing times
- Reward structure incentivizes participation
- Capable of supporting many blockchain-based projects \n
Cons
- Stiff competition from platforms like Ethereum
- Avalanche validators must stake 2,000 AVAX tokens
- Malicious or careless validators are never penalized by losing their AVAX
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Methodology
- The data in this dashboard is obtained from
avalanche.core.fact_event_logstable. - This dashboard aims to analyze Avalanche USDC swaps vs transfers and mints vs burns in terms of the number of transactions number and volume and users’ number as well as their distribution and average amounts.
- The period in this dashboard is chosen from 1 Jul 2022 to the present time (as it was stated in the question) and the hourly and daily variation during this period is investigated.
The comparison between the hourly variation of the swap and transfer transactions in terms of the number of transactions and users implies the priority of swap transactions over transfer transactions. Hourly variations of the number of swap transactions and users as well as their total number of swap transactions and users (1.4M (55.6%) and 764.5K (58.5%), respectively) are more than the number of transfer transactions and users (1.07M (44.1%) and 541.62K (41.5%), respectively). It is worth mentioning that a significant increase in the number of swap transactions and users on 9 and 10 Nov 2022 can be seen as a result of the FTX/Alameda collapse (on 8 Nov 2022).
The comparison between the total amount of the hourly swap and transfer transactions volume shows that the swap transactions have the upper hand (56.3% swap volume compared to 43.7% transfer volume). As far as the total and average hourly variation of the swap and transfer transactions volume is concerned, it can be said that from Jul to Sep 2022, swap transactions volume are more than transfer transactions volume, but after Oct 2022, transfer transactions volume has the upper hand.
The comparison between the daily variation of the swap and transfer transactions in terms of the number of transactions and users implies the priority of swap transactions over transfer transactions. daily variations of the number of swap transactions and users as well as their total number of swap transactions and users (1.4M (55.9%) and 447.77K (54.7%), respectively) are more than the number of transfer transactions and users (1.07M (44.1%) and 370.46 (45.3%), respectively). It is worth mentioning that a significant increase in the number of swaps transactions and users as well as transfer transactions and users number on 9 and 10 Nov 2022 can be seen as a result of the FTX/Alameda collapse (on 8 Nov 2022).
The comparison between the total amount of the daily swap and transfer transactions volume shows that the swap transactions have the upper hand (56.3% swap volume compared to 43.7% transfer volume). As far as the total and average daily variation of the swap and transfer transactions volume is concerned, it can be said that from Jul to Sep 2022, swap transactions volume are more than transfer transactions volume, but after Oct 2022, transfer transactions volume has the upper hand.
The comparison between the hourly variation of the mint and burn transactions in terms of the number of transactions and users implies the priority of burn transactions over mint transactions. The hourly variations of the number of burn transactions and users as well as its total number of transactions and users (4.2K (74.3%) and 862 (55.6%), respectively) are more than the number of mint transactions and users (1.45K (25.7%) and 688 (44.4%), respectively). It seems that FTX/Alameda collapse (on 8 Nov 2022) does not show any significant impact on the mint and burn transactions.
The comparison between the daily variation of the mint and burn transactions in terms of the number of transactions and users implies the priority of burn transactions over mint transactions. The daily variations of the number of burn transactions and users as well as its total number of transactions and users (4.2K (74.3%) and 140 (50.9%), respectively) are more than the number of mint transactions and users (1.45K (25.7%) and 135 (49.1%), respectively). It seems that FTX/Alameda collapse (on 8 Nov 2022) does not show any significant impact on the mint and burn transactions.
By regarding the above charts, we can estimate the number of users who are involved in minting and burning USDC in Avalanche (by tracking inflow and outflow transfers to/from the Circle wallet address). As far as the number of transactions and users, as well as the transactions volume, is concerned, the deposit to Circle wallet has the upper hand (about 1061 transactions have deposited more than 1.3B USDC to Circle, compared to 1085 total transactions who has withdrawn 733.83M USDC to their Avalanche wallet from Circle). It is worth mentioning that about five users withdraw USDC to their Avalanche wallet from Circle per day and 10 users deposit USDC back to Circle per day.
> # Summary > > # The comparison between the hourly and daily variation of the swap and transfer transactions in terms of the number of transactions and users implies the priority of swap transactions over transfer transactions. > >
> > # A significant increase in the number of swap transactions and users on 9 and 10 Nov 2022 can be seen as a result of the FTX/Alameda collapse (on 8 Nov 2022). > >
> > # The comparison between the total amount of the hourly and daily swap and transfer transactions volume shows that the swap transactions have the upper hand. As far as the total and average hourly and daily variation of the swap and transfer transactions volume is concerned, it can be said that from Jul to Sep 2022, swap transactions volume are more than transfer transactions volume, but after Oct 2022, transfer transactions volume has the upper hand. > >
> > # The comparison between the hourly and daily variation of the mint and burn transactions in terms of the number of transactions and users implies the priority of burn transactions over mint transactions. > >
> > # It seems that FTX/Alameda collapse (on 8 Nov 2022) does not show any significant impact on the mint and burn transactions. > >
> > # The comparison between the mint and burn transactions in terms of the hourly and daily variation of the transactions volume (total and average) shows that the burn transactions have the upper hand. > >
> > # The deposit to Circle wallet has the upper hand over the withdraw USDC to Avalanche wallet in terms of the number of transactions and users, as well as the transactions volume (about 1061 transactions have deposited more than 1.3B USDC to Circle, compared to 1085 total transactions who has withdrawn 733.83M USDC to their Avalanche wallet from Circle). > >
> > # About five users withdraw USDC to their Avalanche wallet from Circle per day and 10 users deposit USDC back to Circle per day. > >
> > \