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Q108. Compare the behavior of USDC swappers with BUSD swappers.
Introduction
In this dashboard we will compare USDC swappers with BUSD swappers on THORChain network. We will compare number of swappers, number of swaps and swap volume and we will use flipside_prod_db.thorchain.swaps table.
ETH.USDC-0XA0B86991C6218B36C1D19D4A2E9EB0CE3606EB48 for USDC
BNB.BUSD-BD1 for BUSD
ETH/USDC-0XA0B86991C6218B36C1D19D4A2E9EB0CE3606EB48 for synthetic USDC
BNB/BUSD-BD1 for synthetic BUSD
Swap from USDC and BUSD
The following charts show number of unique users have been swapped from USDC and BUSD over time.
It is clear that number of BUSD swappers is much higher than USDC swappers.
On Sep 27, 2021 highest number of unique users (303 users) have swapped from BUSD.
On Jul 2, 2021 highest number of unique users (47 users) have swapped from USDC.
Total number of unique BUSD swappers is 28.241K users.
Total number of unique USDC swappers is 4383 users.
The following charts show number of swaps from USDC and BUSD over time.
It is clear that number of BUSD swaps is much higher than USDC swaps.
On May 12, 2022 highest number of BUSD swaps was performed (7491 swaps).
On Jun 13, 2022 highest number of USDC swaps was performed (2231 swaps).
Total number of BUSD swaps is 740.83K.
Total number of USDC swaps is 60.347K.
Swap to USDC and BUSD
The following charts show number of unique users have been swapped to USDC and BUSD over time.
It is clear that number of swappers to BUSD is much higher than swappers to USDC.
On Sep 27, 2021 highest number of unique users (376 users) have swapped to BUSD.
On May 10, 2022 highest number of unique users (61 users) have swapped to USDC.
Total number of unique swappers to BUSD is 32.5481K users.
Total number of unique swappers to USDC is 4676 users.
The following charts show swap to USDC and BUSD volume over time.
It is clear that swap to BUSD volume is much higher than USDC volume.
On Apr 6, 2022 highest swap to BUSD volume was performed (about 28.1M).
On May 31, 2022 highest swap to USDC volume was performed (about 4.63M).
Total swapped volume to BUSD is about 1.86B.
Total swapped volume to USDC is about 202.6M.
The following charts show number of swaps to USDC and BUSD over time.
It is clear that number of swaps to BUSD is much higher than swaps to USDC.
On May 12, 2022 highest number of swaps to BUSD was performed (7665 swaps).
On Jun 13, 2022 highest number of swaps to USDC was performed (2496 swaps).
Total number of BUSD swaps is 679.705K.
Total number of USDC swaps is 67.29K.
The following charts show number of swappers from USDC and BUSD, And number of swappers to USDC and BUSD.
We can see in both number of BUSD swappers is much more than USDC swappers.
The following charts show the swap volume for swap from USDC and BUSD, And swap volume for swap to USDC and BUSD.
We can see BUSD swap from volume is about 10 times of USDC swap from volume.
Also we can see BUSD swap to volume is about 10 times of USDC swap to volume.
Synthetics analysis
Swap from USDC and BUSD (synthetics)
The following charts show number of unique users have been swapped from synthetic USDC and synthetic BUSD over time.
We can see number of synthetic USDC swappers is increasing while number of BUSD swappers is decreasing by days.
Also total number of synthetic USDC swappers is 1154 and total number of synthetic BUSD swappers is 652 unique users.
The following charts show swap volume for swaps from USDC and BUSD over time.
We can see volume of synthetic USDC is increasing while volume of synthetic BUSD is decreasing by days.
Total volume of swaps from synthetic BUSD is about 188.23M and total volume of swaps from synthetic USDC is about 130.21M.
The following charts show number of swaps from synthetic USDC and synthetic BUSD over time.
We can see number of synthetic USDC swaps is increasing while number of synthetic BUSD swaps is decreasing by days.
Also total number of synthetic USDC swaps is 53.011K and total number of synthetic BUSD swaps is 33.937K swaps.
Swap to USDC and BUSD (synthetics)
The following charts show number of unique users have been swapped to synthetic USDC and synthetic BUSD over time.
We can see number of swappers to synthetic USDC is increasing while number of swappers to BUSD is decreasing by days.
Also total number of swappers to synthetic USDC is 2062 and total number of swappers to synthetic BUSD is 709 unique users.
The following charts show USDC and BUSD swap volume over time.
It is clear that BUSD swap volume is much higher than USDC swap volume.
On Mar 31, 2022 highest BUSD volume have swapped (about 26.39M).
On Mar 31, 2022 highest USDC volume have swapped (about 4.11M).
Total swapped volume from BUSD is about 1.84B.
Total swapped volume from USDC is about 196.6M.
The following charts show swap volume for swaps to synthetic USDC and synthetic BUSD over time.
We can see volume of synthetic USDC is increasing while volume of synthetic BUSD is decreasing by days.
Total volume of swaps to synthetic BUSD is about 189.7792M and total volume of swaps to synthetic USDC is 130.93911M.
The following charts show number of swaps to synthetic USDC and synthetic BUSD over time.
We can see number of synthetic USDC swaps is increasing while number of synthetic BUSD swaps is decreasing by days.
Also total number of swaps to synthetic USDC is 61.703K and total number of swaps to synthetic BUSD is 34.322K swaps.
We can see in the following charts volume of swaps from synthetic BUSD is 18% more than volume of swaps from synthetic USDC.
Also volume of swaps to synthetic BUSD is is 18% more than volume of swaps from synthetic USDC.
In the following charts we can see number of swaps from USDC is 20% more than swaps from BUSD.
And number of swaps to USDC is is 18% more than swaps to BUSD.
Based on the above analysis we can say USDC and BUSD comparison result will change if we only include synthetics.
When we do not including synthetics we can see BUSD has much higher swaps, swappers and volume (in both swap to and swap from).
But when we include only synthetics:
- Number of USDC swappers is almost equal to number of BUSD swappers
- BUSD swap volume is 18% more than USDC swap volume
- Number of USDC swaps is 18%~20% more than number of BUSD swaps