Try Quests to earn SOLWorld Cup of Bounties Flipside World Cup Round of 32: USDC Transfers
Description of work
In this dashboard, we want to analyze USDC Transfers on different chains.
This dashboard includes the following sections:
- a - Definitions and methodology
- What is USDC?
- Analyzed chains
- Overall comparison of USDC transfers in selected chains.
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1 - 1 Comparison of the number of USDC transfers in selected chains
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2 - 1 Comparison of the amount of transferred USDC in selected chains
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3 - 1 Comparison of the average amount per USDC transfer on selected chains
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4 - 1 Comparison of the number of wallets that transferred USDC on selected chains
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5 - 1 Comparison of the number of wallets that received USDC on selected chains
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2. Deeper analysis of USDC transfers in each chain
- Conclusion
What is USDC?
USD Coin (USDC) is a cryptocurrency designed to maintain a constant value of $1 USD. Along with assets like Tether (USDT) and the Gemini Dollar (GUSD), USD Coin is part of a broader category of cryptocurrencies called stablecoins, which use a variety of mechanisms — such as pegging their value to fiat currencies or commodities — to help maintain a stable price. Stablecoins are an essential tool in the dynamic cryptocurrency market, and can help digital asset holders within the crypto ecosystem to benefit from the relative stability of the dollar or of other stable assets.
The USDC stablecoin was created by CENTRE, an organization founded by crypto exchange Coinbase and financial technology (FinTech) firm Circle. Each USDC is redeemable for one dollar, and is backed by one dollar or a dollar-denominated asset with equivalent value held in accounts at regulated U.S.
- Source: www.gemini.com
- Image Source
Ethereum
- USDC Smart Contact on Ethereum: 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48
- Ethereum Docs
- To find USDC transfers on Ethereum:
- We use data from
[ethereum.core.ez_token_transfers]table.
- We use data from
Solana
- USDC Smart Contact on Solana: EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v
- Solana Docs
- To find USDC transfers on Solana:
- We use data from
[solana.core.fact_transfers]table.
- We use data from
Algorand
- USDC Asset ID on Algorand: 31566704
- Algorand Docs
- To find USDC transfers on Algorand:
- We use data from
[algorand.core.ez_transfer]table.
- We use data from
Optimism
- USDCSmart Contact on Optimism: 0x7f5c764cbc14f9669b88837ca1490cca17c31607
- Optimism Docs
- To find USDC transfers on Optimism:
- We use data from
[optimism.core.fact_token_transfers]table
- We use data from
Osmosis
- USDC Smart Contract on Osmosis: ibc/D189335C6E4A68B513C10AB227BF1C1D38C746766278BA3EEB4FB14124F1D858
- Osmosis Docs
- To find USDC transfers on Osmosis:
- We use data from
[osmosis.core.fact_transfers]table.
- We use data from
Axelar
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USDC Smart Contract on Axelar: ibc/9F9B07EF9AD291167CF5700628145DE1DEB777C2CFC7907553B24446515F6D0E
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To find USDC transfers on Axelar:
- We use data from
[axelar.core.fact_transfers]table.
- We use data from
Near
- USDC Smart Contact on Near: a0b86991c6218b36c1d19d4a2e9eb0ce3606eb48.factory.bridge.near
- Near Docs
- To find USDC transfers on Near:
- We use data from
[near.core.fact_receipts]
- We use data from
- The query for finding USDC transfers on Near is from Ebrahim Yousefi
Flow
- USDC Smart Contact on Flow: A.b19436aae4d94622.FiatToken
- Flow Docs
- USDC transfers on Flow:
- We use data from
[flow.core.fact_events] - Each token transfer transaction on Flow contains records with
EVENT_TYPE = 'TokensDeposited'andEVENT_TYPE = 'TokensWithdrawn'in[flow.core.fact_events]table.
- We use data from
1 - Overall comparison of USDC transfers in all chains.
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In section 1, you can compare chains together using the “Select_Blockchains_To_Compare“ drop-down list on the top of the dashboard and you can change the time span of results and charts using the “Timespan“ drop-down list. also, you can change the time frame of charts using the “Time_frame_of_the_charts“ drop-down list.
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All queries in this dashboard are set to run every 24 hours
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✔️Observations
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Among the investigated chains, Ethereum and Solana have the highest amount of USDC transfer by a large margin.
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After the announcement of the bankruptcy of the FTX exchange (in 2022-11-11), the amount of USDC transfers in Solana has decreased sharply and the share of Ethereum has increased sharply.
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Also, after the drastic reduction of Solana's share of the amount of USDC transfers, the share of other chains has slightly increased in the amount of USDC transfers, among which the increase of Optimism's share is significant.
Conclusion
In this dashboard, we compared USDC transfers on 8 different blockchains, and the following results were obtained:
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The Ethereum and Solana chains have by far the largest amount of USDC transfers.
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After the news of the bankruptcy of the FTX exchange and the problems related to Alameda Research, which is one of Solana's investors, the amount of USDC transfers on Solana has decreased sharply, and the amount of USDC transfers on Ethereum has increased sharply.
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Also, the news of the bankruptcy of the FTX exchange has caused a shock to the crypto market, which has also caused the price of other tokens to drop, but its effect on Solana was much greater. With the decrease of Solana's share of the USDC transfer amount, the share of other chains of USDC transactions has increased by a small amount, and this increase in the share of Optimism, which is one of Ethereum L2s, is more.
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The news of FTX's bankruptcy on 2022-11-11 has caused a negative wave in the cryptocurrency market and reduced the price of many tokens. that this price reduction causes many users to sell their assets and convert them into stablecoins, which, as it is clear in the charts, the amount of USDC transfer has greatly increased in most chains on 2022-11-11 .