About Avalanche:

Avalanche, like several other projects, is a platform for smart contracts and decentralized applications, and was created with the aim of solving Ethereum's shortcomings. Avalanche's focus is on scalability, and by providing a new architecture and structure, it has tried to process a large number of transactions in an instant, while also providing an acceptable amount of decentralization.

In a way, Avalanche seeks to create conditions for global asset exchange that allows anyone to launch or trade any type of digital asset and control it in a decentralized manner using smart contracts and other advanced technologies. The Avalanche platform uses a new approach to consensus to achieve strong security guarantees while achieving fast finality and high throughput without compromising decentralization. Unlike other networks that uniformly impose terms and conditions of network participation on the system, Avalanche empowers individuals and institutions to easily create powerful, reliable, and secure applications and custom blockchain networks with complex rules, or in networks Available private or public work according to their use cases.

One of the differences between Avalanche and other decentralized networks is its consensus protocol. The consensus protocol optimized in Avalanche for smart contracts is called Snowman. Avalanche also uses DAG or Directed Circular Graph as a distributed ledger.

The Avalanche family of protocols work through sequential (repeated) polling based on partial patterns. When a validator determines whether a transaction should be accepted or rejected, it asks a small random subset of validators whether they think the transaction should be accepted or rejected.

About USDC:

The USDC is like a programmable dollar that can be used 24/7 for large and small payments. This stablecoin is pegged one-to-one to the US dollar and its market cap is transparently visible in a public record. In addition, USDC's developer company, Circle, stores the USD Coin's backing dollar amount.

Overview of analysis:

In this dashboard the application of USDC token on Avalanche network has been determined by considering the following parts:

• Transfer VS Swap
  • What is the average amount of USDC transferred vs swapped?
  • Show number of unique swapper addresses vs transfer addresses by day for USDC
• Next lets look at mints and burns of pairs involving
  • Lets look at the volume of USDC mints and burns by hour since 7/1
  • How many unique wallets are minting and burning USDC by day
  • What is the average mint vs burn for USDC by day

Methodology:

The data provided by Flipside has been used to handle this analysis.

In this analysis, the following topics have been covered:

• Step 1: The address of USDC on Avalanche

  • contract_address = '0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e'

• Step 2: Transfer and Swap activities

  Metrics→ Total volume, count of transactions, unique users, Average volume per day, Average sender per day, Over time analysis, Cumulative analysis, 7-day moving average volume, Median of volume

• Step 3: Mints and burns

  • Metrics→ metrics of previous step
  • Hourly analysis
  • Popular NFL players

• Step 4: By aggregating the outcomes of the steps and deep dive into the Avalanche blockchain, draw a conclusion about the application of USDC on Avalanche.

Part 2: Mints and Burns

Conclusion:

By the use of the new tables of Avalanche on Flipside, the application of USDC on this network has been underestimated by considering the Transfer, Swap, Mint and Burn actions.

• The highest volume of USDC is used for Transferring compared to other actions.
• Since start of July, the burn action via USDC token has huge volume compared to mint actions and partially it means that users send their USDC token to other chains.

Useful links:

• Avalanche Network
• SnowTrace
• About USDC

Author:

Credited by MZG

Discord handle: m.zamani#0361

Twitter handle: @GargariZamani

Findings:

• About three quarters of the transactions are related to burn action with volume of over 1.77 billion USDC.
• The average and Median volume of mint action are larger than burn action as can be seen. However, the average volume of USDC burn per day is greater than mint action.
• The burn action via USDC has more transactions compared to mint action over the chosen time period.
• The hourly investigation on mint and burn actions with USDC demonstrated the spikes on each action specially the spikes for burn action was more than mint action.
• The 7-day average and Median of volume of mint action via USDC was larger than burn action over time.
• The average volume of burn action with USDC was higher than mint on the first two weeks of October. But over rest of the time period, the average volume of mint action was greater than burn.

Part 1: Swaps and Transfers

Findings:

• The share of transferred USDC is much more than swapped USDC on Avalanche network.
• The count of transactions related to the swap of USDC is more than USDC transfer. However, the count of distinct users for transferring USDC is more than swap action.
• There was a spike on transferring USDC on July 28, 2022 and Also, the highest volume of swaps related to USDC happened on September 6 with over 268 million USDC.
• The 7-day moving average volume of USDC transfer is larger than USDC swap as can be seen.