According to the results:

• The highest number of swaps to BUSD and synthetic BUSD belongs to ‍‍thor1yep703ewakef0h2l9qel93xh96tvkm004pesq7 with 77.8K and 22.61K swaps.

• The highest number of swaps to USDC and synthetic USDC belongs to ‍‍thor1t2pfscuq3ctgtf5h3x7p6zrjd7e0jcvuszyvt5 with 13.82K and 13.73 swaps.

2 - Compare number of wallets swaps for USDC swappers and BUSD swappers

According to these results:

• The total number of swaps for BUSD and USDC is equal to 752K.

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• 90.9% of these swaps are for BSUD (683.3K) and 9.1% are related to swaps for USDC(68.3K).

• but for synthetics, the statistics are different!

• The total number of swaps for synthetic BUSD and synthetic USDC is equal to 97K.

• 64.6% of these swaps are for synthetic USDC (62.64K) and about 35.4% are related to swaps for synthetic BUSD(34.33K).

According to these results:

• The total number of wallets that swaps for BUSD and USDC are equal to 11.38K.

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• 9680 wallets only swapped to BUSD. (85%)

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• 1335 wallets only swapped to USDC. (11.7 %)

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• 367 wallets swapped to both BUSD and USDC. (3.22%)

• but for synthetics, the statistics are different!

• The total number of wallets that swaps for synthetic BUSD and synthetic USDC are equal to 442.

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• 193 wallets only swapped to synthetic BUSD. (43.7%)

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• 185 wallets only swapped to synthetic USDC. (41.9 %)

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• 64 wallets swapped to both synthetic synthetic BUSD and USDC. (14.5%)

According to the results:

• These charts are similar to the number of swaps to BUSD and USDC and synthetic assets over time.

• From March 10 onwards, the number of swaps to USDC has started to increase. If we look at the chart of synthetic assets, we can see that wallets swapping to synthetic USDC has begun on the same date and will increase over time. On the other hand, the number of wallets that swap to synthetic BUSD has begun to decrease and after April 26, 2022, it almost reached 0. By comparing these graphs, we come to the conclusion that with the decrease in the number of wallets swapping to synthetic BUSD and the increase in the number of wallets that swap to synthetic USDC since March 11, the number of wallets that swapped to USDC against BUSD has increased.

• The highest number of wallet swaps to BUSD was on Sep 27, 2021(376 wallets), Mar 29, and May 11, 2022. (310 and 334 wallets)

• The highest number of swaps to USDC was on May 10, 11, and 13 June 2022. (65, 57, 57 wallets)

• The highest number of wallet swaps to synthetic BUSD was on Mar 25, 29, and 30, 2022. (24, 21, 20)

• The highest number of swaps to synthetic USDC was on May 10, 26, and June 13 15 2022. (33, 33, 32 wallets)

3 - Compare volume of wallets swaps for USDC swappers and BUSD swappers

According to the results:

• These charts are similar to the number of swaps/wallets that swaps to BUSD and USDC and synthetic assets over time.

• From March 10 onwards, the number of swaps to USDC has started to increase. If we look at the chart of synthetic assets, we can see that wallets swapping to synthetic USDC have begun on the same date, and unlike the other two graphs (the number of swaps and the number of wallets that have swapped), its value does not increase over time and is almost a constant value.

  . On the other hand, the number of wallets that swap to synthetic BUSD has begun to decrease and after April 26, 2022, it almost reached 0. By comparing these graphs, we come to the conclusion that with the decrease in the number of wallets swapping to synthetic BUSD and the increase in the number of wallets that swap to synthetic USDC since March 11, the number of wallets that swapped to USDC against BUSD has increased.

• The highest volume of swaps to BUSD was on May 11,10 and 9,2022. (22.78M $, 22.16M $ and 22.1M $)

• The highest volume of swaps to USDC was on Mar 31, May 11, and Jun 13, 2022. (3.64M $, 3.25M $ and 3.0M $)

• The highest volume of swaps to synthetic BUSD was on Apr 6, Mar 31, and 30, 2022 (1.016M $, 9.38M $, and 9.0M $)

• The highest volume of swaps to synthetic USDC was on Mar 31, May 11, and Jun 13, 2022. (33, 33, 32 wallets)

Conclusion

In this work, we compared the behavior of USDC swappers with BUSD and also with synthetic USDC swappers and synthetic BUSD swappers from different perspectives.

In the general case where we also consider synthetics, BUSD is much higher than USDC in various measures that have been calculated.

• In terms of the number of swaps: BUSD is much more than USDC. (752K vs. 68.3K)
• In terms of the number of wallets: BUSD is much more than USDC. (9680 vs. 1335)
• In terms of trading volume: BUSD is much more than USDC. (1.873B $ vs. 204.591M $)

but if we consider only synthetic assets (synthetic BUSD and synthetic USDC), In various measures that have been calculated, BUSD is almost equal to USDC.

• In terms of the number of swaps: synthetic USDC is more than synthetic BUSD. (62.64K vs. 34.33K)
• In terms of the number of wallets: synthetic BUSD almost equals synthetic USDC. (193vs. 185)
• In terms of trading volume: synthetic BUSD is more than synthetic USDC. (189.953M $ vs. 132.18M $)

On May 9, 2022, the swap to synthetic USDC started and its value has been increasing in all analyzed criteria (except for the volume of transactions, which has been almost constant). Also, on April 25, almost all swaps to synthetic BUSD in All parameters were equal to 0 (except for a few days in June and July when the value was very low).

1 - Compare number of swaps for USDC swappers and BUSD swappers

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Description of work:

In this work, we want to compare the behavior of USDC swappers with BUSD swappers from different perspectives, including:

1. Number of swaps
2. Number of wallets
3. Volume of swaps

Also, we analyze all the above considering only synthetic assets (synthetic BUSD and synthetic USDC).

Let's first give a brief explanation about Synthetic Assets. According to the article mentioned by the official account of THORSwap Finance:

> Synthetic Assets (“Synths”) are a collateralized representation of an asset on THORChain. These derivatives of cryptocurrencies such as Bitcoin, Ethereum, etc will always have the same value as the original asset.

> Unlike Wrapped Assets, THORChain Synths are backed by THORChain Liquidity Pools, which contain 50% of the original asset and 50% $RUNE. THORChain Liquidity Pools ensure that the synth price always remains 1:1 with the native token price. Collateralization via pool ownership ensures always-on liquidity and pricing. In short, there is always a direct correlation between the Synth and the Assets which are being secured.‍

More information about synthetic assets is available at:

• thorswap.medium.com

• docs.thorchain.org

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Notes:

The asset name of synths contains a slash instead of a dot

• For BUSD (including synthetic BUSD), we run the following code
  • SELECT DISTINCT(TO_ASSET) FROM thorchain.swaps WHERE TO_ASSET ilike '%BUSD%'
• For only synthetic BUSD, we run the following code
  • SELECT DISTINCT(TO_ASSET) FROM thorchain.swaps WHERE TO_ASSET ilike '%/BUSD%'
• For USDC (including synthetic USDC), we run the following code
  • SELECT DISTINCT(TO_ASSET) FROM thorchain.swaps WHERE TO_ASSET ilike '%USDC%'
• For only synthetic USDC, we run the following code
  • SELECT DISTINCT(TO_ASSET) FROM thorchain.swaps WHERE TO_ASSET ilike '%/USDC%'

According to the results:

• From March 10 onwards, the number of swaps to USDC has started to increase. If we look at the chart of synthetic assets, we can see that swapping to synthetic USDC has begun on the same date and will increase over time. On the other hand, the number of swaps to synthetic BUSD has started to decrease and after April 26, 2022, it almost reached 0. By comparing these graphs, we come to the conclusion that with the decrease in the number of swaps to synthetic BUSD and the increase in the number of swaps to synthetic USDC since March 11, the number of swaps to USDC against BUSD has increased.

• The highest number of swaps to BUSD was on May 11 and 12 (7409 and 7661 swaps) and June 13 of 2022. (6222 swaps)

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• The highest number of swaps to USDC was on June 13, 14, and 15 of 2022. (2438, 1803, and 2113 swaps)

• The highest number of swaps to synthetic BUSD was on Apr 6, 7, and 19 of 2022 (1500, 1386, and 1323 swaps).

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• The highest number of swaps to synthetic USDC was on June 13, 15, and 14 of 2022 (2438, 2113, and 1803 swaps).

According to these results:

• The total volume of swaps for BUSD and USDC is equal to 2.078B $.

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• 90.2% of the volume of swaps belongs to swap to BUSD. (1.873B $)

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• 9.85% of the volume of swaps belongs to swap to USDC. (204.591M $)

• The total volume swaps for synthetic BUSD and synthetic USDC are equal to 322M $.

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• 59% of the volume of swaps belongs to swap to synthetic BUSD. (189.953M $)

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• 41% of the volume of swaps belongs to swap to synthetic USDC. (132.18M $)

According to the results:

• ‍‍thor1yep703ewakef0h2l9qel93xh96tvkm004pesq7 has the highest volume of swap to BUSD (251.83M $), has the highest volume of swap to USDC (21.71M $), has the highest volume of swap to synthetic BUSD (116.49M $), and the highest volume of swap to synthetic USDC(21.715M $). Literally a whale!