Try Quests to earn cryptoStablecoin Swappers
AS you can see BNB is swapped much more than USDC to the other tokens.
But how about swaps volumes in $USD?
The left chart compares to $USD volume of these stable coin sales, as you see almost 1.2B $USD of BUSD tokens has been swapped into other assets, while swaps volume of $USDC is about 30M $USD.
Also the right chart compares the share of each stable coin in swapping to other tokens, we see more than %97 of this swaps belongs to BUSD!
Here is also BUSD has higher share but if you compare the numbers with swaps to other assets data, the number of swaps is lower.
Let’s check swaps volume in $USD:
The $USD volume and share of each stablecoin is very similar to previous results. Swaps to BUSD volume is 1.2b $97 share of the swaps, and $USDC is 35m with %2.8 share.
BUSD’s dominance is dropped a few here.
What are Synthetic Assets “THORSynths”?
Synthetic Assets (“Synths”) are a collateralized representation of an asset on THORChain. These derivatives of cryptocurrencies such as Bitcoin, Ethereum, etc will always have the same value as the original asset.
Unlike Wrapped Assets, THORChain Synths are backed by THORChain Liquidity Pools, which contain 50% of the original asset and 50% $RUNE. THORChain Liquidity Pools ensure that the synth price always remains 1:1 with the native token price. Collateralization via pool ownership ensures always-on liquidity and pricing. In short, there is always a direct correlation between the Synth and the Assets which are being secured.
What can Synths be used for?
Synths have great utility for traders and arbitrageurs, as they can be transacted nearly instantly and at a fraction of the cost compared to native L1 swaps. This is due to the fact that synths solely live on the highly-scalable THORChain network (so no need to worry about different chains, gas prices, wallets). In the future, it will allow THORChads to also earn yield with Synths thanks to vaults and provide other exciting THORFi utilities.
As we see, in Synths version of this stablecoin, BUSD is not superior like native versions! let’s take a look at
daily volume in $USD here:
As it predicted BUSD is higher share, lets see the total amounts now:
And total results:
We see in both transaction amounts and volume in $USD, Synth.USDC share is growing, while BUSD’s is dropping!
The total results:
Synth.BUSD is still superior but not as high as native version!
Comparing the behavior of USDC swappers with BUSD swappers
Hello everyone! In this dashboard we are comparing BUSD and USDC, the two major stable coins swaps statistics on ThorSwap. Let’s start!
Same as the sales, here is also at first BUSD has higher share but if we go forward in time, USDC share rises
And the daily volume in $USD here:
Checking the total results:
So, we see the Synth stablecoins here, let’s combine all of our data to to find total effects of them:
First Swapping All type of StableCoins to other tokens:
We can see Synth.USDC effects here clearly! if we compare the charts with native stablecoin’s charts we see the growth of USDC usage rate by the help of Synth type of it.
The total results:
Synth.BUSD has added 189m and Synth.USDC has added 130m$USD in swaps volume, and the share of usage rate of BUSD us decreased comparing to the native-only types.
Let’s combine the Purchases now:
Same like above, the effect of Synth.USDC is clear!
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Conclusion:
- BUSD is higher popularity in Thorswap compared with USDC in both Swapping to other tokens an Swapping from other tokens.
- Synth type of BUSD and USDC has lower transactions volume and counts comparing to the native types of them.
- In Synth type of BUSD and USDC, BUSD is the popular one either, but not as much as the native type, specially in recent month the popularity of Synth.USD is growing with higher rate comparing to the Synth.BUSD, With the help of Synth.USDC, BUSD usage rate has been decreased from %97 to %89.
- The reason of Synth.USDC growth can be Ethereum higher swap fees comparing the BSC, In fact users prefer to use Synth.USDC on Thorchain and pay less fees in order to use erc20 type of it.