What is the 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

Analyzed Topics:

1. USDC Hourly and Monthly Transfer and Swap Activity Since July
2. Overall Transfers and Swaps Stats Since July
3. Top 5 Transfer Users and Swappers in Terms of Volume Since July
4. USDC Daily Transfer and Swap Activity Divided by Platforms
5. Hourly and Daily USDC Mints and Burns
6. Mints and Burns Overall Stats Since July

Introduction🚩

What is Avalanche (AVAX)?

Avalanche (AVAX) is a cryptocurrency and blockchain platform that rivals Ethereum. AVAX is the native token of the Avalanche blockchain, which—like Ethereum—uses smart contracts to support a variety of blockchain projects.

The Avalanche blockchain can provide near-instant transaction finality. AVAX is used to pay transaction processing fees, secure the Avalanche network, and act as a basic unit of account among blockchains in the Avalanche network.

More Info

What is USDC?

USDC is a fully-reserved stablecoin, which is a type of cryptocurrency, or digital asset. Unlike other cryptocurrencies that fluctuate in price, USDC is designed to maintain price equivalence to the U.S. dollar.

More Info

Method⚡

In this dashboard i analyzed USDC on Avalanche swap and transfer activity at first from different angles on a hourly and monthly basis, then i explored its burning and minting activity on a hourly and daily basis and went deep through USDC activity by users on avalanche in past 5 months since July.

I mainly used ==“avalanche.core.fact_event_logs”== table from ==Avalanche.core== database provided by Flipsidecrypto and used USDC on avalanche contract address to filter its data: ==“0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e”==

Also i only considered successful transactions with tx_status = ‘SUCCESS‘

I analyzed all the data since July 2022 ==(2022-07-01)==

This dashboard made on ==2022-12-08==

Findings👀

• USDC Transfers and swaps didnt record any serious move since July until November, in November it had lots of fluctuations on number of swaps and unique swappers especially on November 18th.
• Number of swaps has decreased with a gentle slope after August but it recovered itself on November, if we take a look at it in a general view, we can see July had the highest swap activity among past 5 months with almost 300K number of swaps recorded by over 150K swappers.
• In terms of transactions and users, swap activity was always higher than transfer activity in every months since July, but in terms of volume and average volume, it is reverse and transfer is in the lead on every months since July.
• Transfer volume and average volume recorded so many fluctuations on every months and spiked a lot. Highest transfer volume spike was on July 28th.

Findings👀

• In here we the overall transfer and swap activity of USDC since July 2022. We can see that swap stats are higher than transfer stats in overall but in the other hand, Transfer is in the lead in terms of volume and average volume as i mentioned earlier.
• USDC Transfer recorded over 10B volume with an average volume of 78.8M in past 5 months while USDC swap recorded less than 10B with an average volume of only 8.5M.
• 765K swappers has recorded over 1.3M number of swaps while 542K transferrers has recorded over 1M transfers over time.

Findings👀

• In this section, we can see USDC transfer and swap volume divided by Platforms on a daily basis.
• We can see that most transfer volume has spent in late July especially July 28th with the highest transfer amount over time in past 5 months and most of the transfer volume of that day belong to burn address. Highest swap activity happened on mid November especially on Nov 10th and most of the swap volume on that day belong to 1inch DEX.
• In overall, Aave is in the lead of transfer volume share between platforms with almost 5B transfer volume and accounting 39% of the transfer share followed by Binance in the second place with 2.48B transfer volume and accounting 19.5% of transfer share since July.
• In swap volume overall share, we can see that 1inch and Trader Joe is in the first and second places with 425M and 340M swap volume over time and accounting over 50% of the swap volume share together.

1. USDC Hourly and Monthly Transfer and Swap Activity Since July

4. USDC Daily Transfer and Swap Activity Divided by Platforms

5. Hourly and Daily USDC Mints and Burns

Findings👀

• Most number of burns happened on July 27th, 28th and 29th. In the daily charts we can see that the burn activity was much more than mint activity in past 5 months.
• Although recently number of minters and burners has increased, but number of mints and burns didnt change at all after early August.
• USDC has recorded its highest mint and burn volume on July 28th with over 500M total volume and most of it belong to burns. After that day, its mint and burn volume saw a huge drop and dindt recover after that so far until present.

Findings👀

• These charts are showing the overall mints and burns activity of USDC since July. As we observe, although number of minters and burners were very close, but almost 3K more burns has recorded than mints.
• 865 burners has recorded 4.2K burns and 691 minters ahs recorded 1.4K mints over time in past 5 months.
• It is the same story in total volume and average volume chart too, Burns has recorded over 1.7B total volume with an average volume of 670M and mints has recorded over 1.2B total volume with an average volume of 844M.
• Burns recorded higher total volume than mints but mints has higher average volume than burns.

6. Mints and Burns Overall Stats Since July

Findings👀

• ==“0xbf14db80d9275fb721383a77c00ae180fc40ae98”== wallet address was the biggest USDC mover with over 3.8B USDC transferred by him/her in past 5 months since July.
• ==“0xb4008bfa8b50c174389feb7f68480f845793a4de”== wallet address was the biggest USDC swapper with over 15.4B USDC swapped in only 5 months since July.
• It is interesting that although total transfer volume was higher than swap total volume over time as i mentioned earlier, but the top 5 swappers used much more USDC than top 5 transfer users in past 5 months.

2. Overall Transfers and Swaps Stats Since July

3. Top 5 Transfer Users and Swappers in Terms of Volume Since July

Conclusion💡

• USDC has recorded more swap activity in terms of number of transactions and users but in terms of volume and average volume, it recorded much more volume on transfers than swaps over time.
• July was a hot month for USDC transfers.
• ==“0xbf14db80d9275fb721383a77c00ae180fc40ae98”== was the biggest USDC mover and ==“0xb4008bfa8b50c174389feb7f68480f845793a4de”== was the biggest USDC swapper in past 5 months since July.
• Aave for transfer volume and 1inch for swap volume, they were the most popular platforms among other platforms since July for USDC lovers.
• In overall, there were more burning activity than minting for USDC in past 5 months.
• Although number of minters and burners were very close, but almost 3K more burns has recorded than mints on USDC.

Author: Sbhn_NP

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Thanks for your time!