Overall analysis

Observation

1. ==Trade volumes on Solana and Ethereum by far exceed that on other chains.== While both Solana and ethereum boast of trade volumes close to 300 Billion USD, other chains get close to 4 and 9 Billion USD.

2. However, USDC users are more equally split on chains. With solana being home to 25% of the senders and surprisingly, polygon takes away the highest share.

3. ==The volume of USDC moved peaked during the second week of November 2022. This could be a result of the FTX collapse.==

4. All though it appears that USDC trading occurs daily, more of the trade is concentrated on monday nights. (UTC)

5. Okay, here’s something surprising.

   1. ==Solana wallets typically make a crab or octopus transaction (<50$)==
   2. Shrimp ( <1$) makes up a chunk of share in polygon.
   3. ==Humpback whales (>5000$) are typically found only in the ethereum chains.==

6. As expected, in the ethereum and solana chains, humpback whales are the ones contributing to the daily volume.

Observation

1. ==The price, volatility and volume peaked on November 10 because of the FTX saga.== This shows that people tend to move towards to stablecoin during times of uncertainity ==even though they had to premium of 0.1 cent for every USD.==

Algorand

Observation

1. USDC alone accounts for 0.8 billion USD of volume transacted on algorand. While it peaked on November 10, it has recovered its previous levels quickly.
2. Each sender sent an average of 14k USDC.
3. ==Majority of the USDC comes into algorand through CEX’s and leaves through CEXs. Of them, the notable ones are KuCoin and USDC’s parent company Circle.==
4. More than half the transfers send less than 100 USDC in a transfer.
5. Monday nights and thursday evenings are when algorand users feel comfortable to transfer USDC

Axelar

Observation

1. 
   
   
   \
2. Unlike other chains, the trade volume on axelar peaked on Novemeber 13.
3. A total of 5610 users moved 57 Million USD in the span of 13k transfers.
4. ==Dolphins and whales (100-5000) make up close to 50% of the trades on axelar, WHile it is the humpback whales that move the highest amount of USDC.==
5. Mark the day, ==Sunday Nights are when axelar USDC users are active.==

Ethereum

Flow

Observation

1. A whooping 420 Billion USD were moved in the month of November 2022. As expected due to FTX fallout, the volume peaked in the second week of novemeber which has now stabilised to 15 Billion.

2. Ethereum chain posses a consant stream of 20k users.

3. The source of USDC on ethereum is quite strange.

   1. dAPP - Circle is the major is the source which is to be expected.
   2. ==De-Fi app Gelato is among the important sources of USDC transfers==
   3. ==MEV-bot linked accounts make up the 3rd highest share of source.==
   4. Finally CEXs ( binance, coinbase and ftx) make up the top 10 addresses.

4. ==1inch, A defi aggregator is among the few defi apps that attracts a lot of USDC.==

5. Humpbacks !! . Man, they do everything on ethereum. ==30% of the transfers are classified as humpback transfers (22 as whales). they account for 99.7 % of the volume. Too much power.==

6. ==Monday nights, busy nights.== A huge chunk of transfers happen then.

Observation

1. A total of 18M USD were moved in the month of November 2022. As expected due to FTX fallout, the volume peaked in the second week of novemeber which has now stabilised.
2. ==Share of sharks (500-1000 $) increased drastically during the FTX fallout.==
3. Other than that, dolphins are really popular. They make up about 40% of the trades and 15% of the trade volume.
4. Monday nights and saturday can be considered as peak hours

Near

Optimism

Observation

1. A total of 63 Million USD were moved in the month of November 2022. As expected due to FTX fallout, the volume peaked in the second week of novemeber which has now reduced.
2. De-fi is the rage. Burrow, ref finance and aurora together make the top senders of the USDC on near. And not only that, but they are among the biggest receivers too.
3. Fish, Dolphin and octopus ( 10-500$) make up 50% of the transactions on near.
4. ==While the world works, near users transact. Weekday Tuesday and Wednesday are when== A huge chunk of transfers happen then.

Osmosis

Observation

1. A total of 11 Billion USD were moved in the month of November 2022. As expected due to FTX fallout, the volume peaked in the second week of novemeber which has now stabilised.
2. Humpbacks !! . Man, they do everything on optimism also. 30.25% of the transfers are classified as humpback transfers (23 as whales). they account for 99.7 % of the volume. Too much power.
3. A huge chunk of transfers happen on Wednesday afternoon and nights.

Polygon

Observation

1. A total of 50 Million USD were moved in the month of November 2022. As expected due to FTX fallout, the volume peaked in the second week of novemeber which has now stabilised.
2. Dolphin and octopus ( 10-500$) make up 50% of the transactions on Osmosis.
3. Thursday afternoons seems to be the perfect time for osmosis users

solana

Observation

1. A whooping 10 Billion USD were moved in the month of November 2022.

2. The source of USDC on polygon is quite strange.

   1. Binance and mexc among the top sources for Polygon USDC
   2. Hop protocol favourite bridge

3. Hop protocol, A defi bridge is among the few defi apps that acts as a major destination for USDC

4. With cheap transaction fees, shrimps can easily make transactions here.. They account for a total of 22% of the transfers. They have been steadily growing in the last few days.

   \

conclusion

1. ==Trade volumes on Solana and Ethereum by far exceed that on other chains.==
2. ==Solana wallets typically make a crab or octopus transaction (<50$)==
3. ==Humpback whales (>5000$) are typically found only in the ethereum chains.==
4. ==The price, volatility and volume peaked on November 10 because of the FTX saga.== This shows that people tend to move towards to stablecoin during times of uncertainity ==even though they had to premium of 0.1 cent for every USD.==
5. ==Majority of the USDC comes into algorand through CEX’s and leaves through CEXs. Of them, the notable ones are KuCoin and USDC’s parent company Circle.==
6. ==MEV-bot linked accounts make up the 3rd highest share of senders on ethereum.==
7. ==On ethereum and optimism, 30% of the transfers are classified as humpback transfers (22 as whales). they account for 99.7 % of the volume. Too much power.==
8. ==De-fi is the rage. Burrow, ref finance and aurora together make the top senders of the USDC on near. And not only that, but they are among the biggest receivers too.==
9. ==Hop protocol, A defi bridge on polygon is among the favourite defi apps that acts as a major destination for USDC==
10. ==Binance, FTX and coinbase alone make account for 9 out of 10 toop senders and receivers.==

Observation

1. A whooping 150 Billion USD were moved in the month of November 2022. Post November 11, the fall of FTX and binance stopping USDC deposits, the transactions have dried down.

2. The source of USDC on solana is broken down below. ( We consider only CEX for this chain)

   1. ==Binance, FTX and coinbase alone make account for 9 out of 10 toop senders and receivers.==

3. ==Solana boasts of cheap transaction fees, resulting in crabs being the transaction types.==

4. Monday, Wednesday are Very active for solana USDC users,.

Key takeaways

1. ==Trade volumes on Solana and Ethereum by far exceed that on other chains.==
2. ==Solana wallets typically make a crab or octopus transaction (<50$)==
3. ==Humpback whales (>5000$) are typically found only in the ethereum chains.==
4. ==The price, volatility and volume peaked on November 10 because of the FTX saga.== This shows that people tend to move towards to stablecoin during times of uncertainity ==even though they had to premium of 0.1 cent for every USD.==
5. ==Majority of the USDC comes into algorand through CEX’s and leaves through CEXs. Of them, the notable ones are KuCoin and USDC’s parent company Circle.==
6. ==MEV-bot linked accounts make up the 3rd highest share of senders on ethereum.==
7. ==On ethereum and optimism, 30% of the transfers are classified as humpback transfers (22 as whales). they account for 99.7 % of the volume. Too much power.==
8. ==De-fi is the rage. Burrow, ref finance and aurora together make the top senders of the USDC on near. And not only that, but they are among the biggest receivers too.==
9. ==Hop protocol, A defi bridge on polygon is among the favourite defi apps that acts as a major destination for USDC==
10. ==Binance, FTX and coinbase alone make account for 9 out of 10 toop senders and receivers.==

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Introduction

USD Coin (USDC) is a digital stablecoin pegged to the United States dollar. USD Coin is managed by a consortium called Centre,[2] which was founded by Circle and includes members from the cryptocurrency exchange Coinbase[3] and Bitcoin mining company Bitmain,[4] an investor in Circle.[5] USDC is issued by a private entity and should not be confused with a central bank digital currency (CBDC).

Circle claims that each USDC is backed by a dollar held in reserve, or by other "approved investments", though these are not detailed. The wording on the Circle website changed from the previous "backed by US dollars" to "backed by fully reserved assets" in June 2021.[7]

USDC reserves are regularly attested (but not audited) by Grant Thornton, LLP,[4] and the monthly attestations can be found on the Centre Consortium's website.[8]

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Section In this Dashboard

1. Overall analysis
2. Algorand
3. Axelar
4. Ethereum
5. Flow
6. Near
7. Optimism
8. Osmosis
9. Polygon
10. Solana

Objective

Compare and monitor which chains are most active and liquid in their transfers of USDC. In our analysis we an overall comparison of all the chains together then dive deeper into each chain(the goal is to help the public see the high level first). Here are a few of the metrics 

• Amount transferred
• average amount per transfer
• number of wallets transferring USDC 
• Show the distribution of transfers 
• USDC usage patterns based on time and date
• Is USDC transfer volume correlated with price volume
• Top sources and destination of USDC

Glossary

1. Classifying trade sizes

   when PRICE_USD < 1 and PRICE_USD > 0 then 'shrimp (0-1)'
     when PRICE_USD < 10 and PRICE_USD >= 1 then 'crab (1-10)'
     when PRICE_USD < 50 and PRICE_USD >= 10 then 'Octpus (10-50)'
     when PRICE_USD < 100 and PRICE_USD >= 50 then 'Fish (50-100)'
     when PRICE_USD < 500 and PRICE_USD >= 100 then 'Dolphins (100-500)'
     when PRICE_USD < 1000 and PRICE_USD >= 500 then ' Shark (500-1000)'
     when PRICE_USD < 5000 and PRICE_USD >= 1000 then ' Whale (1000-5000)'
     when PRICE_USD >= 5000 then 'Humpback whale (5000+)'
   

2. Volume : the sum of all amounts transferred.

3. Usage pattern : at what time and day of the week is the chain active.