Try Quests to earn SOLUSDC declining on Solana?
Introduction
Solana is a blockchain platform designed to host decentralized, scalable applications. Founded in 2017, it is an open-source project currently run by Solana Foundation based in Geneva.
Solana USDC launched in January 2021 and already has extensive adoption across leading crypto exchanges such as FTX, DeFi ecosystems such as Serum, Raydium, and Saber and Mango Markets, creator platforms, such as Audius, NFT marketplaces like Metaplex, and several native wallets.
It looks like over the last few weeks the market cap of USDC on Solana has been declining. To investigate this issue, we will answer the following questions in this dashboard: What appears to be the cause of this? Where is USDC being removed from the ecosystem and where is it being sent to? Does this trend seem to be driven by a few big whales, or does it seem more broad-based throughout the ecosystem? Are other stablecoins also dropping in market cap on Solana?
The total USDC market cap on Solana Networks is $27 billion.
The total USDC inflow to the Solana network is 43.9B, and the total outflow is 16.9B.
In the first chart, you can see the weekly changes in the inflow and outflow of USDC, which shows the green color of the inflow values and the red color of the outflow values. In general, in the last weeks of this chart, you can see the increase in the inflow and outflow values compared to the previous weeks. Also, in the last week, these values have increased significantly compared to the previous two weeks. Also, in the last week, outflow values were higher than inflow.
In another chart, you can see the Market cap usdc on a weekly basis.
==This chart shows that the market cap Usdc in Solana has been declining for the past few weeks. And the reason for that is the increase in USDC output from Solana. One of the reasons could be the== hacking ==of 8000 wallets in the Solana network on August 2.==
According to these two graphs, 14.7 billion dollars of USDC were sent from Solana to ftx hot wallet. These values include 87.2% of the outgoing USDC. You can see other destinations in the chart.
You can also see the weekly changes in the USDC output values sent to the top places in the two graphs below. Most of the output values have been sent to ftx hot wallet almost in most weeks. But in the past weeks, as the color of the graphs show beautifully, the sending of USDCs from Solana to Coinbase Hot Wallet and Coinbase: Hot Wallet increased, and you can see this increase dramatically in the last week of this graph.
Top places that USDC is sent to
Top addresses: Inflow and Outflow USDC
$USDC market cap
Market cap of other stablecoins on Solana
In the charts above, you can see the top addresses that imported and exported USDC to Solana. Overall, the address =="6ZRCB7AAqGre6c72PRz3MHLC73VMYvJ8bi9KHf1HFpNk"== has imported and withdrawn the most amount of USDC to the Solana network.
In the bar graphs, you can see the weekly changes in the input and output values of USDCs by the top addresses. From the initial weeks of the chart until July 25, the address "6ZRCB7AAqGre6c72PRz3MHLC73VMYvJ8bi9KHf1HFpNk" had the highest input and output values in different weeks. But in the last ten weeks of this chart, other addresses (pink color) that you see in the chart have the highest input and output values.
Addresses that bring in and out the most money are considered whales. In the last two months, 14.13 billion USDC has been outflow, of which approximately 14.126 billion was outflow by whales. ==These charts show that this trend of increasing USDC outflows from Solana is being done by several big whales, which you can see in the chart of the address of these whales==.
In this section of the dashboard, we will examine the market cap of USDT in the Solana network. Its market cap is 4.72 billion. The total amount of inflow is 8.38 billion, and the amount of outflow is 3.65 billion. The amount of incoming and outgoing USDT in Solana has decreased a lot in recent weeks compared to before, and the amount of outgoing has been higher. But in the last week of September 2022, the input values have increased significantly.
These changes show that considering that the Solana network usdc market cap has been decreasing in the last few weeks, the USDT market cap has also been decreasing in the last few weeks. Regardless of the suspicious amount of USDT input in the last weeks of September 2022.
In the chart opposite, you can see the market cap of Solana stablecoins. ==USDC== is the highest, with 27 billion. And the market cap of ==USDT== is approximately 4.7 billion.
Conclusion
The analysis showed that in the past weeks, the market cap of USDC in Solana has been decreasing, and the reason for this is the increase in the amount of USDC output by several big whales. Also, the hacking of Solana on August 2, 2022, can be one of the reasons for the decrease in the market cap. Considered this case. The data showed that 87 percent of outgoing USDCs are destined for FTX HOT WALLET, but in the past weeks, most of the USDC sent from Solana was to Coinbase Hot Wallet and Coinbase: Hot Wallet. Also, by examining other stable coins of Solana, we have seen a decrease in the market cap of USDT in the past few weeks, but in the last weeks of September, we have had a significant increase in the amount of USDT entering Solana (121.5 million).
Author
Gmail: ftmkhodabande@gmail.com **Tweeter: @**busygirlcom
Discord: Jinx#6675
> Special thanks to my friend camp#4286
