Avalanche: Swaps vs Transfers

    Let's look at the volume of USDC swaps vs transfers by hour since 6/20. What is the average amount of USDC transferred vs swapped? Show number of unique swapper addresses vs transfer addresses by day for USDC Next, let's look at mints and burns of pairs involving Let's look at the volume of USDC mints and burns by hour since 6/20 How many unique wallets are minting and burning USDC by day What is the average mint vs burn for USDC by day Note anything else interesting about USDC transactions

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    Introduction and Methodology

    Let's celebrate Flipside's new addition to the family and analyse some Avalanche data! For this Flash Bounty, I will investigate the following aspects of the Avalanche network:

    • The count of transfers and swaps conducted on an hourly and daily basis.

    • The cumulative count of transfers and swaps conducted on an hourly and daily basis.

    • The amount of USDC minted on an hourly and daily basis.

    • The amount of USDC burnt on an hourly and daily basis.

    Firstly, let's start by looking at the overall picture of how Avalanche is doing lately, and look at the TVL as shown by the one and only DefiLllama.

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    Sadly, the current bear market has not been easy on Avalanche. As we can see, the TVL has been decreasing steadily and quickly since the end of April. I am hopeful that in a few months this picture will revert and we will see an upward trend for Avalanche's TVL - but for now, let's investigate users' latest behaviour (from the 20th of June onwards) when it comes to swaps and transfers.

    Transfers and Swaps: Count

    First, let's have a look at the hourly data.


    As we can see, the number of transfers has a big dominance over the number of swaps. This follows from what we would expect, users generally conduct a lot more transfers than swaps on many different networks, and we can now see that Avalanche also follows this assumption. Let's next normalise this graph in order to see the difference between the count of transfers and swaps even more clearly.


    We can see that the dominance of the number of transfers is almost constant between 60 to 70% compared to the count of swaps. We could also look at this data on a daily basis to smooth out the noise present in those charts.

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    The next step is to add all of these transfers and swaps together and present this data in a cumulative chart.

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    At the time of writing, we can see that the total number of transfers stands at just over 900k, 914k to be exact, whereas the total number of swap transactions stands at 422k. This shows that there is 2.17x more transfers than swaps - a pretty big difference!

    Hourly/Daily amount of USDC minted and burnt

    In this section, I will investigate how much USDC is being minted and burnt by users, on a daily and hourly basis.

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    We can see that there are some big spikes in both the minted and the burnt amounts. Comparing the charts when looking at the hourly data is quite difficult, therefore let's make our comparison a little bit easier and look at the daily graphs below.

    We can see that almost $40M has been minted on the 21st June - which is a LOT of money! The relationship between the amount of USDC minted and burnt stays fairly balanced, we can see for example that on the 20th of June almost $31M has been minted, whereas almost $37M has been burnt. Sadly, I was not able to get the unique addresses within this query, which means that I was not able to get the average amount per transfer/swap or per mint/burn - sorry!

    Conclusion

    For this flash bounty, I had some fun with the new Avalanche data that has just joined the Flipside family. I have looked at the comparison of the number of transfers vs the number of the swaps, as well as the amount of USDC being minted and burnt by users. As I mentioned, I was not able to get any of the averages per swap/transfer/mint/burnt, as I was not able to include the unique addresses in my analysis - maybe if I had more time on my hands I would have been able to fix this issue, but as this was a flash bounty, it was not possible. :)