the problem

It looks like over the last few weeks the market cap of USDC on Solana has been declining.

Method :

the following tokens were analysed in this dashboard

    when mint = 'EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v' then 'USDC'
    when mint = 'Es9vMFrzaCERmJfrF4H2FYD4KCoNkY11McCe8BenwNYB' then 'USDT'
    when mint = '9vMJfxuKxXBoEa7rM12mYLMwTacLMLDJqHozw96WQL8i' then 'UST'
    when mint = 'H5kMHghGUKo4MnGEp4mpAMxveDwnRZ4hXeZMWfp5EzGF' then 'UXD'
    when mint = 'USDH1SM1ojwWUga67PGrgFWUHibbjqMvuMaDkRJTgkX' then 'USDH'
    when mint = 'Ea5SjE2Y6yvCeW5dYTn7PYMuW5ikXkvbGdcmSnXeaLjS' then 'PAI'
    when mint = 'AJ6EVZEePA5HAn58ZRbLCWX3MsK2BKrkT6bJYunuTU71' then 'NIRV'
    when mint = 'EjmyN6qEC1Tf1JxiG1ae7UTJhUxSwk1TCWNWqxWV4J6oc' then 'FRAX'
    when mint = 'EjmyN6qEC1Tf1JxiG1ae7UTJhUxSwk1TCWNWqxWV4J6o' then 'DAI'

in terms of :

 - Daily volume and number of transactions
 - daily swap count/amount swapped/distribution/swappper count/swap programs by token_out
 - daily swap count/amount swapped/distribution/swappper count/swap programs by token_in
 - Inflow and Outflow Analysing to/from C.Exchanges
 - USDC and USDT top swappers

SWAPS by token-in :

I have Analysed the swap count by token_in , and have categorized the tokens under USDC,USDT and Other group (which contains other mentioned tokens) .

The results show that since the middle of May, the demand for USDC and other analyzed stablecoins has been decreasing and has been severely.

The number of daily swaps for usdc in the middle of May was more than 350 thousand per day, while this amount has reached 12 thousand in recent days.

This metric USDT has reached 1,600 from 35,000. A similar situation is observed for other currencies.

In the number of swappers, we see a significant and continuous decrease in all the investigated cases.

Swaps by token out :

SWAPS by token-out :

I have Analysed the swap count by token-ou , and have categorized the tokens under USDC,USDT and Other group (which contains other mentioned tokens) .

The results show that since the middle of May, the demand for USDC and other analyzed stablecoins has been decreasing and has been severely.

The number of daily swaps for usdc in the middle of May was more than 316k per day, while this amount has reached 12k in recent days.

This metric, USDT has reached 1,600 from 67k. A similar situation is observed for other currencies.

In the number of swappers, we see a significant and continuous decrease in all the investigated cases.

Inflow and Outflow to/from Exchanges

Findings and conclusion

According to the obtained results and presented graphs:

The number of transactions related to UDSC and other analyzed stablecoins has decreased significantly over time, especially after May.
Also, the volume of transfers related to UDSC and other studied stablecoins has experienced a large decrease over time, especially after May.
The number, volume and users related to swaps have also decreased significantly both in the case where the examined tokens are used as destination tokens and in the case of origin.
Also, I have checked the swaps done from usdc both in terms of time and in general. The results show that USDT and wSOL are the two major tokens used as swap destinations from USDC.
Investigations related to measuring the amount of USDC transferred to/from CEXs indicate a significant decrease in this metric as well. With more than 87% of transfer value, FTX hot wallet has been recognized as the major destination/source for sending USDC out/in over time.

Also, Coinbase has recently experienced significant growth in this metric.

flipside