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Solana

It looks like over the last few weeks the market cap of USDC on Solana has been declining. What appears to be the cause of this?

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USDC Declining on Solana?

Introduction:

This dashboard will investigate into Solana ecosystem to check stalecoins marketcap and especially USDC and find the reasons its marketcap drop.

Methodology:

Flipside Crypto database
solana.core.fact_transfers table
solana.core.dim_labels table
DeFi lama

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USDC marketcap analysis

Top USDC receivers and senders

Note: The analysis is for after 2022-08-26 (Beginning of marketcap drop based on DefiLama)

USDC destination

Note: The analysis is for after 2022-08-26 (Beginning of marketcap drop based on DefiLama)

Conclusion:

Based on Flipside Crypto database:
USDC marketcap on Solana is about 3.15 billion $ (20.3B $ inflow and 17.1B $ outflow).
The address ‘5tzFk…’ has withdrawn the most amount of USDC from Solana (about 60% of total withdrawal).
83.12% of all USDCs have been withdrawn by only 5 wallets approving whales have the main role in USDC declining.

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Unfortunately, I can’t find other solana stablecoins correct marketcap (in comparison to DeFilama data) as you see below, so despite the written codes, I did not check them.