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@0xAzinDo Wallets with Higher Stablecoin Usage Represent More Valuable Users?
A Case Study on the Avalanche Blockchain
To explore whether wallets with higher stablecoin usage are more valuable, we used the number of stablecoin transfers per wallet as the primary metric. The hypothesis is that wallets with more stablecoin transfers are associated with higher value. To test this, we sorted wallets on the Avalanche blockchain by their total number of stablecoin transfers.
Methodology
To ensure the analysis focused on genuine user activity, we excluded smart contracts and bots by applying the following filters:
Maximum daily transfers: Fewer than 50.
Maximum weekly transfers: Fewer than 1,000.
Minimum transaction requirement: The wallet must have initiated at least one transaction.
Smart contract interaction: The wallet must have interacted with at least five unique smart contracts.
Median transfer volume: Greater than $10.
After applying these filters, we ranked the top 5,000 wallets based on their number of stablecoin transfers.
Here is an overview of the filtered wallets
Here is the DEFI activity of filtered wallets
We identified 5,000 wallets that passed all of our filters for spotting high-value users. Now, it's time to explore how this selected group has performed across various sectors of the Avalanche blockchain — from DEX trading and bridging to ERC-20 transfers, NFT activity, and lending/borrowing behavior.
👇 Let’s dive into the data and see what these wallets reveal.
🔁 DEX Trading Volume
At their peak, these wallets were responsible for 18% of Avalanche’s entire monthly DEX trading volume — a record hit in April 2022.
Even today, in May 2025, they still account for 4% of the total monthly DEX activity. This consistency reflects their long-term involvement in DeFi trading on the chain.
🌉 Bridging Activity
Their role in bridging assets is even more pronounced. In August 2024, these wallets contributed to a staggering 37.8% of all bridge volume on Avalanche.
As of May 2025, 13% of the total monthly bridge volume is still driven by this group, showing how pivotal they are in cross-chain liquidity movements.
🔄 ERC-20 Token Transfers
In terms of ERC-20 token transfers, the wallets peaked in July 2022, accounting for 12.8% of the total volume — a huge number in a highly active ecosystem.
Today, they’re still responsible for 2.4% of ERC-20 transfer volume, maintaining a strong presence in token transactions.
🎨 NFT Trading Volume
Their influence extends into NFTs as well. In June 2023, this cohort made up 18% of all NFT trading volume on Avalanche — nearly one-fifth of the entire market.
In May 2025, they still hold 4.6% of the total, suggesting these wallets are not only traders but also culture participants in the Avalanche NFT scene.
🏦 Lending & Borrowing
When it comes to DeFi, the numbers are even more impressive.
In July 2022, 48% of all lending volume came from this group — nearly half of the entire network’s activity. Similarly, they were responsible for 47% of borrowing volume in September 2022.
As of May 2025, their share still stands at a significant level:
▪️ Lending volume: 17.7%
▪️ Borrowing volume: 16.6%
Conclusion 📊✨
Based on the analysis of 5,000 selected wallets on the Avalanche blockchain, it’s clear that while these wallets once held significant shares in key metrics—such as DEX trading volume, bridging, NFT activity, and lending/borrowing—their activity and influence have steadily declined over time, especially in recent months.
This downward trend shows that higher stablecoin usage does not necessarily mean a wallet is a more valuable or active user today . Past high stablecoin holdings or transaction volumes don’t guarantee ongoing impact or engagement.
So, the answer to “Do wallets with higher stablecoin usage represent more valuable users?” is:
Not necessarily ❌✅ — because real value comes from consistent and sustained activity, not just historical stablecoin volume.