🔎 What's in this dashboard?

In this dashboard we looked at the use of USDC after Binance announced that all the USDC hold by Binance users will automatically converted to BUSD

CONCLUSION

News about auto convert didn’t affected the USDC volume and number of TXs.

In the list of most popular destinations, Binance is not on the list even if its the biggest CEX.

Even if USDC is criticised with being centralised, its most used in the DEXes like Uniswap, Sushiswap.

Amount of outflows from Binance increased, reason of this could be the users choosed USDC over Binance because they didn’t wanted their USDC to auto converted to BUSD

Methodology

• Destinations means the to_address and most popular destinations are found with transaction numbers , we limitted our results to the labelled addressess.
• USDC Flows to binance means that if an user sends USDC to Binance that means amount_in
• if an users sends out USDC from Binance that means amount_out

Start date of the events with Binance is september 5 to look at a broader view start date of the charts show 3 months data

🧿 USDC volume didn’t increased in september 5, so auto convert news didn’t affected the volume

🧿 We have seen biggest increase in Aug 29

🧿Also in september 15 we have seen an increase in the volume with an successful merge

🧿 Binance is not in the list of most popular destinations by USDC users.

🧿 We can see there are CEXes like Kraken and Gemini on the list.

🧿 Even if USDC sanctioned some wallets still it leads the way in decentralized protocols like Uniswap, 1inch

🧿 We have seen an increase in the both volume and the number of users in Aug 1.

🧿 Also in September 1 we have seen an increase in the volume this could show us start of the months have an positive impact on the USDC.

News From the CoinDesk In September 1

Markets Daily Crypto Roundup

Crypto News Roundup for Sept. 1, 2022

With bitcoin dropping below the critical level of $20K as MicroStrategy's Michael Saylor gets sued by the District of Columbia for tax fraud, plus a look at why speculation can be healthy for crypto, CoinDesk’s “Markets Daily” is back with its latest news roundup.

🧿 We have an blacklisted event in Sep 15.

🧿 Transfer Transactions are popular among the USDC users.

🧿 After the news in September 5 we can see that there are days like Sep 7 where money outflow was 100M$ bigger than inflow.

🧿 In September 10 we have seen an 140M$ outflow.

In general outflows was bigger than inflows after the September 5.

🧿 Number of USDC transactions coming to the Binance was bigger than outgoing transactions

This shows us while users with less USDC sending their USDC to Binance , wallets with big USDC holdings sends out their USDC

🧿 USDC holdings of the Binance labelled addressess is on the decrease.

This balances are found with the help of

ethereum.core.ez_balance_deltas

🧿 Binance 14 is the 11.largest holder of USDC with holding 341M$.

🧿 Its biggest rival FTX holds more USDC than Binance.