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

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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

If You're New to Flipside

• From within the charts, you can hover over the three dots and choose from
  • SQL code
  • a CSV file of the data
  • an API URL with a JSON object of the data
• If you hover over the charts, you can see the values.
• You can click on and off the little squares with labels in the legend.

Feedback, questions and suggestions may be directed to @potmo on twitter (do not expect a quick response but expect one) or you can DM me on discord to .. you guessed it, potmo#9983.

Methodology:

Swap and transfer transactions each generate a ‘Transfer’ event type. The ‘Transfer’ event gives us the amount and the token address. Transactions with a Transfer event interacting with the USDC contract

‘0xB97EF9Ef8734C71904D8002F8b6Bc66Dd9c48a6E' include swaps and other types of transfers.

In other words, a transaction, involving a swap, has multiple events, two of which are “Swap” and “Transfer”. To get only those transactions, involving USDC, we have to look at the transfer event, within the same transaction, in which the transfer occured. The ‘Transfer’ event also reveals the ‘to’, ‘from’ and ‘value’ data we need.

This makes things a bit tricky. Using the new Avalanche fact_event_logs table, we first find all transfer events, in which the USDC token contract was called (transfers of USDC either to another address or a swap pool). Then we match the transaction ids to events, querying the same table. Now we can categorize transfer transactions as being either swaps or not swaps.

Important:

> We will use the term ‘transfer’ to mean any event from the ‘arbitrum.fact.events’ table that is not a swap. > > ‘Burn’, “Mint’ and ‘Swap’ refer to events with those respective names in the ‘event_name’ field of the ‘arbitrum.facts.events’ table.

We also have to be careful, when looking at users of swaps and transfers, to count the addresses of receivers that did not send but not to count them twice!

For how I did this, check out the SQL, by clicking the three dot ‘more’ menus on the relevant charts.

Hourly Swaps and Transfers

Daily Swappers and Transferers – Unique Wallets.

Hourly Burns and Mints

Daily Minters and Burners – Unique Addresses

We see here that there is usually a mint transaction, on rare occasions two and burns occur sporadically. Counting daily users is failry irrelevant. You can see the total list of addresses involved in minting and burning activities. But the boss asked us for this so there you have it.

Realize that, while some tokens have elaborate “tokenomics” schemes, where some method of minting and burning of the token supply is encoded in the contract, USDC has very simple “tokenomics”: Peg to the USD with 1:1 reserves. This is ensured by Circle Inc, who are heavily regulated (you know like FTX and Lehman Brothers). The “burning” and “minting” events depicted in the data, no doubt, relate to bridging of USDC on and off the Avalanche network.

This box of test is a place holder for when I am done with layout, as one of the endearing “features” of this dashboard app is out-of-control scrolling / resizing of the bottom widget. If you see this text, know that I forgot to delete it when I was done editing the dashboard. Thanks for your patience and understanding. (Also, of course, now that I have entertained myself with this, this widget will deliberately not be deleted.) I am excited about the new app being released!

BONUS!!! – Weekly Totals

We weren’t asked for this, but zooming out a bit on the transaction counts and volumes will give us some needed perspective.

Key Insights:

Note: These insights were written on Dec 8, 2022. While the charts should should stand the test of time, if you run the queries, the insights may not!

• Swap vs transfer volume: Overall, 86% of all transfer events are swaps. We do see a substantial variance by the hour, ranging from as low as 55% to as high as 99%.
• Swap vs transfer total transactions: When we count by number of swap events, we see a closer proportion, and also some variance, but significantly less. The weekly charts help us see this range easier. For the most part these proportions range from 55% swaps to 70% swaps.
• Swap vs transfer Users: Even though swaps exceed transfers in number and in volume swapped, the total number of non swapping users is greater than the total number of swappers.

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• Mint vs burn transfer volume: this is more sporadic than the comparison of swaps/ non-swaps. Total burns generally exceed total mints, but not always, on a week to week basis. We see a big outlier on July 25th, with a 95 to 5 ratio and a couple of weeks where the mints exceed the burns.
• Mint vs burn users: There are only a handful of addresses involved in burning and minting events. These are contracts. It is more interesting to focus on number of transactions and their volume.