I have developed a dashboard that constructs a comprehensive analysis of the utilization of USDC on Avalanche compared to L2 networks such as Optimism, Arbitrum, and Polygon. The dashboard explores various aspects, including the minting and burning of USDC on each chain, the number of holders, the velocity of USDC transfers, the average transfer amounts, and other relevant statistics that shed light on the usage of USDC on Avalanche in contrast to L2s like Optimism, Arbitrum, and Polygon.

Additionally, I utilized labels to investigate which protocols demonstrate the highest levels of USDC usage.

Furthermore, I examined swapping activity involving USDC, specifically focusing on the assets that users are swapping to and from in association with USDC.

Let's take a look at an overview of USDC activities on Avalanche and other Layer2 chains. Since January 2023, USDC has experienced the highest number of users on the Polygon and Arbitrum chains, significantly surpassing Avalanche and Optimism. Polygon and Arbitrum have seen a considerable number of unique users utilizing USDC in their transactions, while Avalanche ranks third with 1 million unique users. Optimism closely follows with 996,000 unique users.

However, when considering the share of transactions, Avalanche only accounts for 11.19% of USDC transactions. In terms of the total amount of USDC, Avalanche holds the fourth position with 27 billion USDC, while Optimism and Arbitrum have a significant lead with over 80 billion USDC. The difference between Avalanche and the top two chains is substantial.

In the preceding section, we observed an overview of the comparison between USDC on Avalanche and other Layer2 chains. Now, let's take a quick look at stablecoins on Avalanche. then, We'll see detail comparison of USDC on Avalanche with other Layer2 chains.

Upon closer examination, it becomes apparent that USDC exhibits the highest level of activity on the Avalanche chain, boasting 1 million unique users and capturing a substantial 55% share of the total transactions. Additionally, USDC.e secures the third position in terms of both the number of users and transactions. It is worth noting that USDT, with 626,000 unique users, emerges as a significant competitor to USDC, indicating a healthy rivalry between the two stablecoins on the Avalanche chain.