What is Avalanche?

> Avalanche is a smart contract-capable blockchain platform focused on transaction speed, low costs, and eco-friendliness. Created by Ava Labs and launched in 2020. Ultimately, what Avalanche hopes to deliver is a highly scalable blockchain that doesn’t sacrifice decentralization or security. - The Shrimpy Team

What is USDC?

This is a Stablecoin which means a Token trying to simulate the dolar price where 1 $USDC=1 $USD, this stablecoin was brought by Circle and Coinbase team and is operated by Centre.

Terminology - Using my own terms.

Swap: A Transaction type where an user exchange 1 asset for another.

Transfer: A Transaction type where an user send assets to an address.

Mint: A transaction type where an user receives assets from the blockchain.

Burn: A transaction type where an user send assets to the blockchain.

USDC Swaps vs USDC Transfers in Avalanche

🔍 USDC Swaps vs Transfer Analysis🔍

In transactions and users both types are doing really good.

• Swaps have less users but more transactions.
• Transfers have less transactions but more users.

But if we look to the user activity by day, we can see that most of the days, there are between 50% to 60% users swapping than users transfering USDC.

In USDC Volume we can see a big difference between swaps and transfers being the volume of Swaps (40.8 Billion) really high with more than 9 billions extra than Transfer Volume (31.7 Billion)

• Average USDC seems to be higher for Transfers than Swaps, mostly because there is less Transfer transactions over Swaps.
• Median USDC is higher for swaps with an extra $24 over Transfers.
• Maximum USDC is much higher for Swaps than Transfers, Maximum Swap almost reach the 1 Billion where Transfer Volume almost reach 200 Million.

If we look to the average volume by Hour, the amount of Transfer Volume is higher and increasing in the latest months.

• Average Swap Volume seems to concentrate more in July to September, after these months the Average Volume in Transfers is notoriously bigger.

USDC Mints vs Burns in Avalanche

🔍 USDC Mints vs Burns Analysis🔍

The first thing to notice here, is the amount of Users burning and Minting which are 4 in total:

• 0x31664888a2e72ab2aaee52bb44794f12bbbc7434 (Burn): Address with low amount of Burn transactions and Burn USDC Volume.
• 0x53019e09128698a2571eafe65012aa7baaa3d7bb (Mint): Address with low amount of Mint transactions and Mint USDC Volume.
• 0xbf14db80d9275fb721383a77c00ae180fc40ae98 (Burn): Address with heavy amount of Burn Transactions and Burn USDC Volume.
• 0xce3c97a4e1b8b19304fe6cf091e3f5c906533004 (Mint): Address with heavy amount of Mint Transactions and Mint USDC Volume.

The first 2 Addresses doesn’t add too much activity and volume, and most of them come from the last 2 addresses.

There are more Burn Transactions and Total Volume than Mint.

• The difference is 2717 more Burn Transactions than Mint.
• 0.75 Billion of USDC Burn more than Mint.
• Maximum USDC Volume is higher for Burn than Mint.
• Because of Less Mint Transactions, their Average/Median USDC Volume is higher than Burn.

In the Date charts we can see that in July 28 there are larger amounts of USDC Burned (the Spike in USDC Volume Burned).

• Although the Average USDC Volume Minted in July 28 is higher.
• It’s seems that most of the Volume in both mints and Burn is concentrated in specific days and not everyday.

I Don’t know why the above charts have their colors changed if they’re from the same querie, but pay attention to the color of each chart to differentiate Burn/Mint

Summary

Swaps and Transfers have the higher amount of Activity and Volume than Mints/Burns.

• Swap Activity, And Volume is higher than Transfer, but thanks to having less users Average Volume of Transfers is much higher in the last months than swap.
• There are much more users swapping everyday than users sending transfers, in a ratio of 50-60% Users swapping vs 40-50% Users sending Transfers.
  • There are some days which are exceptions, with Swap Users decreasing more.

There are 2 addresses minting USDC, but only one of them is the heavy minter which have 99% of the total Volume, the same happens to Addresses Burning USDC, there are 2 and only 1 of them have 99% of the Total Volume.

• There are a lot of days without activity, and most of the USDC Volume is concentrated in specific dates.
• Average Minting USDC Volume is higher than Average Burning USDC Volume, thanks to the amount of transactions.

The Addresses Minting/Burning Heavy Amounts of USDC aren’t labeled.

Made by Popex404, Twitter Link Here

Methodology

Using avalanche.core.fact_event_logs to get all the data from USDC as indicated by the Flipside Question, considering all the data from July 1 onwards.

There aren’t transactions with event_name= ‘Swap’ and the USDC

Contract_Address in the flipside table at the same time, so the approach is getting in a CTE all the Swaps Transactions ID, and then using them to get all which have the contract_address of USDC.

With this approach we can exclude the Swaps from the Transfers (Because Swaps have event_name Transfers too) and comparing them better.

For Burns and Mints we can use the event_name to compare them.

Flipside Question

Examine Avalanche USDC(0xB97EF9Ef8734C71904D8002F8b6Bc66Dd9c48a6E- https://snowtrace.io/token/0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e) swaps vs transfers and mints vs burns using the new fact_event_logs data and avalanche.core.fact_traces data.

Lets look at volume of USDC swaps vs transfer by hour since 7/1.

• 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
• Note anything else interesting about USDC transactions