Try Quests to earn AVAXAvalanche Swaps vs Transfers
Overview
Stablecoins are instrumental in DeFi. They facilitate trading on blockchain by replacing fiat currencies. In the aftermath of LUNA-backed UST, and FTX collapse there is a need to be more cautious about the stablecoins performance using learns that we obtain from that tragic incidents.
USDC is the second most popular stablecoin and like USDT is backed by the US dollar.
This dashboard investigates how USDC flow within the Avalanche blockchain, a proof of stake blockchain which promises fast and low-fee transactions.
Method, data and definitions
In this dashboard we break down the USDC flow into actions: Swap, transfer, and mint/burn.
- Swap-in: When a swap is executed for USDC, this action is defined as Swap-in.
- Swap-out: When USDC is swapped for another token, this action is defined as Swap-out.
The data is extracted from different tables from Avalanche schema.
This section presents how USDC is flowing trough mint and burn within the Avalanche blockchain.
Similarly, mint and burn volume has been decreasing since July 2022.
The USDC average size also decreasing.
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Looking at the number of unique wallets have involved in USDC mint and burn, we can see that variation in wallet minters is greater than wallet burner.
This section presents how USDC flow trough Swaps within the Avalanche blockchain.
As can be seen the volume of USDC swap in and out has decreased since the beginning of October 2022. The volume has a peak on November 8-10 as a result of the FTX collapse. We can see that in those three days the Avalanche blockchain experienced a USDC flowing in. It implies that many changed their tokens to stablecoins.
As data shows the average USDC swap size has not been changed since July 2022. However, the number of USDC swappers is decreasing,
This section presents how USDC flow trough inter-transfer on the Avalanche blockchain.
As can be seen the daily volume of USDC transfer and the average size of USDC transfers has been slightly decreasing since July 2022.
Looking at transfers to and from CEXes, we can see a spark flowing USDC to CEXes around the FTX turmoil.
This section provides a comparative insight into USDC flow within the Avalanche blockchain.
The graph below shows how (avg) NET USDC swap and (avg) transfer have changed over time.
The data shows that there is a correlation between average swap size and transfer size.
In this dashboard we provided the flow of USDC through three main actions on Avalanche: Swap, Transfer and mint/burn
Graphs below summarizes the share of each action in this process. We can see that when it comes to volume, transfer is the dominant action. However, the highest average USDC size is for mint and burn.
In terms of action, transfer is dominant over swapping.
Swaps are done in a smaller size than the other actions.
Please use ‘interval’ dropdown to change the interval of time series charts and use last_days button to determine the period of time for analysis.