What is Avalanche?

Avalanche is a platform for creating custom blockchain networks and decentralized applications (dApps). Created by Ava Labs, the Avalanche crypto platform is one of many projects seeking to unseat Ethereum as the blockchain ecosystem's most widely utilized smart contract platform.

What is USDC?

USDC is a fully-reserved stablecoin cryptocurrency and Unlike other assets that fluctuate in price, is designed to maintain price equivalence to the U.S. dollar.

USDC has a variety of uses in the crypto ecosystem but is commonly deployed in DeFi protocols and by traders. USD Coin is managed by a consortium called Centre, which was founded by Circle and includes members from the cryptocurrency exchange Coinbase and Bitcoin mining company Bitmain, an investor in Circle.

Swap, Transfer, Mint and Burn Meaning

Swap

Crypto swapping is the process of conveniently exchanging crypto assets for their equivalent value in another coin or token.

Transfer

A crypto transfer is the movement of a crypto to an external wallet or another exchange via blockchain transaction. In order to move any crypto from one place to another, you would need a destination address which indicates where you would like to send your crypto.

Mint

Minting crypto is the process of generating new coins by authenticating data, creating new blocks, and recording the information onto the blockchain through a “proof of stake” protocol. Both new units of cryptocurrency and Non-Fungible Tokens (NFTs) can be minted this way.

Burn

When a cryptocurrency community decides that they want or need to destroy units of a specific cryptocurrency, they use a process called coin burning. Burning crypto is the process that effectively takes those tokens out of circulation, reducing the total supply of that coin and in some cases increasing demand.

Methodology

In this dashboard, I am going to analyze USDC swaps, transfers, mints, and burns actions on the Avalanche chain since July 2022.

In the first part, I am going to compare USDC Transfers vs Swaps and in the second part, USDC Mints and Burns are compared to each other.

For this, We need the USDC Token contract address on the Avalanche chain which is 0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e. Also we need its decimal number which is 6 (meaning that we need to divide the raw_amount by 10^6 in order to calculate actual value of transaction).

The main that I have used for this analysis is avalanche.core.fact_event_logs and used its event_inputs column in order to extract the raw value of transaction .

• Swaps: since there is no ‘Swap’ Event on transactions with USDC asset (transactions which their contract address is 0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e) firstly I have extracted the swap transactions TX_HASH by filtering the event_name column to ‘Swap’ (without filtering the contract_address to USDC token contract), Then, I have extracted USDC swap transactions by joining it with the extracted swap TX_Hash. I have excluded the transactions that were generating strange and incorrect transaction volume from swaps.
• Transfer: For USDC transfers, we can use both avalanche.core.fact_event_logs and avalanche.core.fact_token_transfers tables but according to the bounty question, I have used event_logs table by filtering results which their event_name is Transfer and their contract address is 0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e ==and are not listed among Swap TX_Hashes. since swap transactions also emit ‘Transfer’ event, I have excluded results which their type is ‘Swap’ (that we have extracted them in the previous step). I have also excluded the transactions that were generating strange and incorrect transactions volume from transfers.
• Burn and Mints: For this part, I have just used avalanche.core.fact_event_logs table with filtering the event_name column to ‘Burn’ and ‘Mint’ and contract address to 0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e.

In each part, I have provided over-time metrics in both daily and hourly periods.

In the last section of this dashboard, I have tried to provide some useful information about USDC on Avalanche such as its top destinations, emitted events and also some info about USDC holders on Avalanche.

in all parts (except the charts that I have tried to extract the success rate of transactions), I have only considered Successful transactions for this analysis (tx_status = 'SUCCESS')

Part 1: Swaps vs Transfers

According to these charts, the total number and volume of swap transactions with USDC since July is slightly more than Transfer actions.

But, in terms of number of users and also the average volume of actions, we can see Transfer has better situation.

Moreover, we can see that majority of swaps transactions are done with $100 - $1000 volume while the most number of transfer actions are done with only less than $10 volume. But the share of high-volume transactions (More Than $100000) on transfers is more than swap actions.

Also, we can see the success rate of both USDC transfer and swap transactions on Avalanche network is 100% which is quite satisfying !

On the left charts, we can see the hourly and daily number and volume of USDC transfers and swaps and also its number of users.

As we see, Swap has the lead in all terms.

On the above charts, we can see hourly and daily flow of USDC transfers and swaps within Avalanche network over time since July. As we see, in majority of days, Swaps has the lead in all terms of number of transactions, number of users and also volume of transactions but during recent weeks especially after November, we can see quite increasing share of USDC transfers especially in terms of volume to the extent that Transfer is overtaking Swap share.

the highest spike of both swaps and transfers in terms of transactions count have achieved on 8th and 9th November 2022, the same date of market crash because of the FTX and Alameda collapse. But in terms of volume, we can see highes spike of transfers during late-July and the highest spike of Swaps volume has achieved on mid-November.

Totally, we can see kinda slightly decreasing activity of both swaps and mint transactions with USDC on Avalanche chain over time.

According to the left charts, Since July, the wallet address 0xf7873a371c111f3cb63c932690ea409618a10f43 is the most active swapper with total of 13796 swap transactions.

On the other hand, the wallet address 0x279f8940ca2a44c35ca3edf7d28945254d0f0ae6 has done the most number of transfers with USDC (27.472k) and is by far the most active transferrer of this asset within Avalanche network.

So, we can see the activity of Top transferrers is more than top swappers.

In terms of volume, we can see 2 wallets addresses on each activity with the highest transaction volume and high difference from other top users.

The wallet address 0xb4008bfa8b50c174389feb7f68480f845793a4de has by far done the most volume of swap transactions with USDC asset with total 3.79B USD !

On the other hand, the top users with the highest volume of USDC transfers is 0xbf14db80d9275fb721383a77c00ae180fc40ae98 with more than 15.42B USD transfer !

Part 2: Mints vs Burns

Based on these charts, the total volume and also number of Burn transactions with USDC asset within Avalanche network (since July) is more than its mints.

Despite higher volume of burns, we can see the average and median volume of mint transactions with USDC is more than burn actions with this asset.

Also, we can see that majority of burn transactions are done with $100 - $1000 volume but in terms of mint, the most number of transactions were done with more than $100000 volume !

The interesting thing is that there are only 4 wallet that are performing Mint and Burn transactions (2 wallet on each ativity) which are 0x53019e09128698a2571eafe65012aa7baaa3d7bb and 0xce3c97a4e1b8b19304fe6cf091e3f5c906533004 (for mints) and 0xbf14db80d9275fb721383a77c00ae180fc40ae98 and 0x31664888a2e72ab2aaee52bb44794f12bbbc7434 for burns. The identity of these addresses is unknown and they were not labeled in dim_labels table and also there were not any available data about them on Snowtrace and on-web.

Similar to the swaps and mints, the success rate of both Mints and Burn transactions is %100.

On the left charts, we can see the hourly and also daily number and volume of burn and mint transactions on USDC within Avalanche chain.

As we see, in both hourly and daily timespan (similar to the total stats on previous charts), the activity of Burn transactions is more than mints.

On the above charts, we can see hourly and daily flow of USDC Mints and Burns within Avalanche network over time since July. As we see, mint activity of USDC asset was more than its burns till late-July 2022 but after 28th July and because of a huge high spike of burned USDC on this day, total volume of burns have totally overtaken Mint and we can see their difference is increasing more and more as time goes on. The interesting thing is that in the same day of high spike on Burn volume, there is a huge high spike of average volume of mints on USDC. Also, as mentioned above, there are only 2 wallets for each action and in most of the days, only 1 of them were actively burning or minting but there are also few days that both of these assets of each action were actively performing USDC mints and burn transactions.

Similar to the swaps and transfers, the activity of mints and burns with USDC asset on Avalanche network is also slightly decreasing especially burns actions.

And on the left charts, we can see that wallet address 0xbf14db80d9275fb721383a77c00ae180fc40ae98 is the main burner and the wallet address 0xce3c97a4e1b8b19304fe6cf091e3f5c906533004 is the main minter of USDC token and the other two wallets have way less burning and minting activity compared to these two.

Top Destinations and Emitted Events of USDC Transactions Since July

According to the above charts, Trader Joe is by far the most popular destination of USDC transactions within Avalanche in all terms of number of transactions, number of users and also volume of transactions. On the next ranks of these top popular destinations we can see some famous DeFi protocols such as AAVE, 1inch, Pangolin, Metamask, Stargate and other DeFi protocols meaning that as mentioned at the start of the dashbaord, USDC is mainly being used within DeFi protocols such as decentralized exchanges. So, thats the main reason behind that high swap activity of this token within Avalanche network.

Trader Joe is an AMM that focuses on trading Avalanche (AVAX). This DEX, however, also has services related to lending and borrowing, liquidity pools, leverage trading, yield farming, NFTs, staking, as well as a launchpad. Overall, Trader Joe announces itself as one of the most exhaustive DEXs's in the DeFi space.

Aave is a decentralized finance (DeFi) protocol that allows users to lend their cryptocurrencies for interest and borrow both crypto and real-world assets

1inch is an exchange aggregator that scans decentralized exchanges to find the lowest cryptocurrency prices for traders, and is powered by its 1INCH utility and governance token. 1INCH is used to furnish the platform's decentralized "instant governance" model, and facilitates liquidity mining through token staking.

Pangolin is a community-driven decentralized exchange for Avalanche and Ethereum assets with fast settlement, low transaction fees, and a democratic distribution–powered by Avalanche. Pangolin brings you the best trading opportunities to find and maximize your yield.

MetaMask is a software cryptocurrency wallet used to interact with the blockchain. It allows users to access their wallet through a browser extension or mobile app, which can then be used to interact with decentralized applications.

Stargate Finance is a decentralized crypto exchange with modern features that aims to deliver a fully composable native asset bridge. As a liquidity transport protocol, the platform allows users to add liquidity to various pools, stake assets and transfer native assets

And on the left chart, we can see there are only 4 emitted events by USDC transactions within Avalanche network since July, Transfer is by far the most emitted event by USDC transactions.

USDC Holders on Avalanche

==There is no date filter for the below results.==

According to the above charts, currently (3 December 2022) there are 70.8k unique wallets who are holding Avalanche USDC in their asset.

The most number of these holders are only holding less than $10 USDC in their wallet and there are a few number of holders (1398 unique wallets) who are holding more than $10000 USDC in their Avalanche wallet.

Also on the right chart, we can see top 10 rich addresses of Avalanche USDC. Binance exchange has the highest volume of USDC assets in its wallet and the second rank, belong to the AAVE protocol vault.

Totally, the majority of these rich addresses are labeled and famous protocols except 4 of them that seems are real regular ‘Whales’ of USDC asset on Avalanche chain.

Summary and Conclusion

According to the above analysis, since 1st July 2022 on the Avalanche chain:

• the Activity of Swap transactions with USDC asset is more than Transfer actions and also the total volume of swaps with this asset is more than Transfers. But, the average volume of transfers is more than Swaps and as time goes on, Transfer’s share is getting more and more to the extent that during recent weeks, transfers activity, especially in terms of volume, has totally overtaken Swap activity with this token.
• in the competition of Mints vs Burns, we have seen there were only 2 wallet addresses for each action and total, the activity of Burns was more than Mints but the average volume of mints was more than Burn actions.
• Total activity of Mints, Swaps, Burns and Transfers actions with USDC asset is slightly decreasing over time.
• DeFi protocols such as Trader Joe (as the top popular destination), AAVE, 1inch, Stargate, Metamask and Pangolin were among the top 10 popular destination of USDC asset on Avalanche network.
• There are almost total 70.8k unique holders of USDC asset on Avalanche network that majority of them are just holding less than $10 in their wallet.
• Binance exchange is by far the top rich address of USDC on Avalanche network.

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According to the above charts, an average Swapper of USDC on Avalanche network is more active than an average USDC users who transfer this token within blockchain since he/she has performed more swap transactions and also performed more volume than the Transferrer.

Moreover, we can see that most number of users on both activity have done 2 - 10 transactions with USDC and the second rank belong to the users who have only 1 done 1 transaction. Also, we can see the majority of users on both activities have totally performed $100 - $1000 volume of actions on Avalanche. However, the share of users who have transfered more than $100000 USDC is more than the share of swappers who have done more than $100000 volume of swaps.

Transfer and Swap Users Stats