What is the question?🚨

In this bounty we will analyze that what are the reasons of declining USDC in solana in recent weeks?

Where is the USDC going from solana and who are the people that doing this? Is is whales or the ordinary people?

What we will cover in this dashboard?🌊

Daily USDC Inflows and Outflows to Known Platforms
Top Addresses that sent and received USDC
USDC Inflow , Outflow and Netflow
Top 10 Platforms that USDC removed from and USDC inflow/ouflow Growth
USDC Transferred by Wallet Type

Method⚡

For answering the questions above, i analyzed ==USDC== trends on ==solana== and what happened to it in past 3 months.

I used ==Solana.core== database provided by Flipsidecrypto to gather the data that i needed for my analysis.

I mainly used ==“solana.core.fact_transfers”== and ==“solana.core.dim_labels”== tables and filtered ==USDC== data with its contract address:

==“EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v”==.

All the analytics and charts that you are going to see are since July (2022-07-01)

Introduction🚩

What is Solana?

Solana is a cryptocurrency that was designed to work similarly to and improve upon Ethereum. Named after a small Southern Californian coastal city, Solana is the brainchild of software developer Anatoly Yakovenko.

Yakovenko first proposed the innovative blockchain in 2017, and Solana launched in March 2020. It’s quickly become a popular crypto, ranking among the top 10 cryptocurrencies by market cap.

More Info

What is USDC?

As its name suggests, USD Coin (USDC) is a cryptocurrency whose value is tied to the U.S. dollar. USD Coin is a stablecoin, and as such one USDC should always be equal in value to one dollar.

USD Coin is the currently the second-largest stablecoin, with a current market capitalization of $73 billion. USD Coin and Tether (USDT) together account for 80% of the capitalization of the global stablecoin market.

More Info

What is USDC on Solana?

What is USDC Coin (Solana)? USDC (SOL) is a stablecoin native to the Solana blockchain that is pegged to the US Dollar. As a Solana Program Library token, or SPL, it is compatible with all wallets that offer Solana assets, such as Phantom and Slope.

More [Info](https://www.moonpay.com/blog/usdc-solana-moonpay#:\~:text=What%20is%20USDC%20Coin%20(Solana,such%20as%20Phantom%20and%20Slope.)

1. Daily USDC Inflows and Outflows to Known Platforms

As time passes, ==USDC== ==inflow== and ==ouflow== is ==increasing== day by day
==USDC== on ==solana== recorded its ==all-time high== in last 3 months on ==Oct 5th== and ==Oct 6th==
Most of the inflow on ==Oct 5th(ATH day)== was for ==Coinbase(CEX)== with ==208.66M==
According the charts above, looks like ==Coinbase== has did some big moves on ==USDC== on ==solana== in past 3 months for example on ==Aug 30th== and ==Sep 15th==

==“9BVcYqEQxyccuwznvxXqDkSJFavvTyheiTYk231T1A8S”== was the biggest ==USDC== sender and receiver on ==solana== with ==2.85T==
==“9BVcYqEQxyccuwznvxXqDkSJFavvTyheiTYk231T1A8S”== , ==“F8Vyqk3unwxkXukZFQeYyGmFfTG3CAX4v24iyrjEYBJV”== and ==“9dEVMESKXcMQNndoPc5ji9iTeDJ9GfToboy8prkZeT96”== are the biggest addresses that interacted with ==USDC== on ==solana== in past 3 months
These 3 addresses that i mentioned moved almost 6T ==USDC== on ==solana==

2. Top Addresses that sent and received USDC

Highest ==USDC== Netflow was on ==Aug 3th== with ==90M== in [ast 3 months
Lowest ==USDC== Netflow was on ==Oct 6th== with ==-60M== in past 3 months
Since the beginning of ==October==, ==USDC== on ==solana== recorded some big ==fluctuations== on its Netflow and most of it was ==negative==

THe largest amount of ==USDC== removed from ==FTX hot wallet(CEX)== with ==1.92B== in past 3 months
==FTX== and ==Coinbase== were the biggest losers of ==USDC== since ==July== with almost ==3.5B USDC==
Daily ==USDC== inflows and outflows growth has ==increased== in past 3 months and continuing to ==increase== day by day
In past 4 days, ==USDC== inflow/outflow has growed like ==30%==

3. USDC Inflow , Outflow and Netflow

4. Top 10 Platforms that USDC removed from and USDC inflow/ouflow Growth

5. USDC Transferred by Wallet Type

According the bar chart above, Biggest ==USDC== transporters were ==whales==
In past few days since ==Oct 4th==, whales removed large amounts of ==USDC== from ==solana==
They removed ==295.5M== ==USDC== from ==solana== on ==Oct 5th==
==Whales== removed over ==800M== ==USDC== from ==solana== in past 4 days
==96.6%== amount of ==USDC== were transferred by ==whales== in past 3 months
==Non whales== or ordinary people just transferred ==3.42% (129M)== of ==USDC== from ==solana== to somewhere else

Conclusion💡

Most ==USDC== inflows and outflows were for ==Coinbase== and happened on ==Oct 5th , 6th==
==“9BVcYqEQxyccuwznvxXqDkSJFavvTyheiTYk231T1A8S”== was the biggest ==USDC== ==sender== and ==receiver== in past 3 months
So far in ==October== ==USDC== had lots of ==netflows== and its lowest netflow in last 3 months was on ==Oct 6th==
Most amount of ==USDC== removed from ==FTX== and ==Coinbase==
==USDC== inflow and outflow growth had a ==growing trend== since ==July==
Biggest ==USDC== transporters are ==whales== and the largest amount of ==USDC== that transferred in past 3 months recorded on ==Oct 5th==
Over ==96%== of ==USDC== transporters from ==solana== to somewhere else are ==whales== (wallets with high balances)

Author: Sbhn_NP

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