Stablecoin Swappers
Introduction
what is the benefit from swapping on thorchain?
The ability to swap Layer 1, or native, assets across multiple chains
what are the on thorchain?
These assets collateralized representation of an asset on thorchain, and will always have the same value as the original asset and backed by thorchain Liquidity Pools
Method
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the data of USDC and BUSD swapping and swappers (overall and daily) provided with help of flipside_prod_db.thorchain.swaps table
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for swap rate, I divided the cumulative count of swaps by the number of past days, for example this code is for BUSD:
select 'BUSD' AS pair, DATE_TRUNC ('day' ,BLOCK_TIMESTAMP ) AS Day, ROW_NUMBER() OVER (ORDER BY Day) AS Day_number, SUM(count(*)) over (order by date_trunc('day', BLOCK_TIMESTAMP))/Day_number AS Swap_rate from flipside_prod_db.thorchain.swaps where TO_ASSET='BNB.BUSD-BD1' or FROM_ASSET='BNB.BUSD-BD1' group by 2 order by day
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for Synthetic Assets stats, I did what I did for original asset but here the name of assets is different from the first step, for example:
original asset : BNB.BUSD-BD1 Synthetic Assets : BNB/BUSD-BD1 4. for calculating the change after including only Synthetic Assets, I used this formula :
1-(value of Synthetic Assets/value of all)*-100
Info about the above figures :
in above figures, we present the 10 swappers by volume of swaps for both of BUSD and USDC
- for USDC the top swapper is 0xf841a830cd94f6f00be674c81f57d5fcbbee2857with about 15.758M USDC
- for BUSD the top swapper is bnb1rv89nkw2x5ksvhf6jtqwqpke4qhh7jmudpvqmj with about 314.644M BUSD
Conclusion
- count of swappers that swap with BUSD is about 3x the USDC number
- the ATH of daily BUSD swappers count was 458 swappers
- the ATH of USDC swappers count was 340 swappers
- there is continues increase in swap rate of BUSD
- for Synthetic Assets, there is not much difference between BUSD AND USDC stats
- Synthetic Assets USDC has higher swap count then original due to native fee