Try Quests to earn AVAXAvalanche Swaps vs Transfers (Redux)
-- 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 -- 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
Mints vs Burns - Hourly Volume
- As we can see below the burns dominate most of the days on the hourly chart.
- The highest was 219M burns and 75M mints on 28July at 01:00 UTC.
- Most days the hourly has been below 5M per hour together.
- There have been some hours where we see only burns and no mints like
- The number of transactions have been very few, however burns have dominated mints.
- In total there has been 1.6B $USDC burned vs 1.1B$ USDC minted.
Methodology
-
We look at the the mints vs the burns first and then afterwards look at the swaps vs transfers.
-
We look at various metrics asked in the question and list down our observations below.
-
The analysis only starts from
2022-07-01 -
We use the following queries as base queries and then modify and chart the data as needed.
\
Avalanche USDC vs. USDC.e
- Circle announced the launch of USD Coin (USDC) on Avalanche (“Avalanche USDC”), which is the native USDC token on the Avalanche blockchain (specifically, Avalanche C-Chain).
- Circle customers are able to mint native Avalanche USDC from the Circle Account and Circle APIs. Similar to other native USDC tokens on other blockchains, you can deposit Avalanche USDC back into a Circle Account and off-ramp to fiat currency seamlessly.
- USDC.e on Avalanche is a "bridged form of Ethereum USDC" that was bridged from the Ethereum blockchain via the Avalanche Bridge. For this reason, USDC.e is not the same as native USDC. [1]
Mints vs Burns - Daily Unique wallets and averages
-
As we can see below the burns dominate most of the days on the daily chart.
-
The highest was 475M burns and 75.2M mints on 28July, surprisingly all the mints on that day came in a single hour at 01:00 UTC.
-
Most days the it has been below 50M per day together.
-
There have been some day where we see mostly burns and negligible mints.
-
The number of transactions have been very few, however burns have dominated mints, Jul 27-29, 2022 was surprisingly
-
The daily average has been between 1-5M $USD, the mints however have a higher daily average than burns.
- The highest was 37M for mint on Jul 28, 2022 and 14.6M for Burn on Oct 14, 2022.
-
The daily number of unique wallets on the other hand have been like 1 each and only 2 on Nov 2, 2022.
0xbf14db80d9275fb721383a77c00ae180fc40ae98is the wallet address that has been burning USDC on Avalanche.
Swap vs Transfers - Daily
-
As we can see below the swaps dominate most of the days on the daily chart.
-
The highest was 1.52B transfers and 521M swaps on 28July, 2022.
-
Most days the it has been below 0.5B per day together, it peaked >0.5B in Aug, 2022, however since then has plunged.
-
The number of transactions have been stable around 20K together, however Nov 7-9 saw some high number of transactions for swaps specially.
-
The daily average has been between 10-50K $USDC, the swaps contributing for the most of it as compared to transfers.
- The highest was 132K for transfers on Jul 28, 2022 and 90K for swaps on Nov 15, 2022.
Swap vs Transfers - Hourly
- As we can see below the transfers dominate most of the days on the hourly chart.
- The highest was 0.9B transfers on 28 July, 2022 01:00 and 1.6B swaps on 15 Nov, 2022 01:00.
- Most days the hourly has been below 50M per hour together.
- The number of transactions have been consistently between 1-1.5K hourly.
- In total there has been 40B $USDC swapped vs 31B$ USDC transferred.