Analysis

Welcome to our On-Chain Analytics Dashboard, designed to provide in-depth insights into the recent turmoil in the stablecoin market. In the past week, a bank run at Silicon Valley Bank led to the FDIC taking control, significantly impacting Circle, the creator of USDC. With around $3 billion of their reserves held at the bank, this development sparked panic among USDC holders, causing the stablecoin to break its peg and fall to around 87 cents.

This unprecedented event resulted in a surge of activity and uncertainty within the stablecoin market, with Curve, the largest on-chain DEX for stablecoin liquidity, witnessing a major portion of the affected transactions. Our dashboard aims to explore this phenomenon in greater detail by examining the top five stablecoin pools on Curve in terms of Total Value Locked (TVL).

We will delve into key metrics such as swap activity and token balances in these pools during this critical time period, providing a comprehensive understanding of the impact of the Silicon Valley Bank crisis on the stablecoin market and Curve's role in facilitating the flurry of transactions that ensued. Join us as we navigate through these turbulent waters and shed light on the events that have shaken the crypto landscape.