Introduction

Stablecoins play a crucial role in theDeFi ecosystem as they facilitate token-to-fiat conversions and vice versa. They are relied upon by users and arbitrageurs alike.

Among stablecoins, USDC stands as the second most popular option, backed by the US dollar. While it belongs to an earlier generation of stablecoins, recent iterations have adopted algorithmic, crypto collateral-backed, or commodity-backed models.

Avalanche, a prominent Layer 1 blockchain, has integrated USDC, similar to its integration of USDT. This dashboard aims to provide a comprehensive overview of the usage and movement of USDC on Avalanche, offering a comparative analysis. The dashboard also includes similar overviews for Layer 2 chains such as Arbitrum, Optimism, and Polygon as the appendices. The "Comparison" tab allows for a direct comparison between Avalanche and the other chains.

Methodology

In order to conduct a comprehensive analysis of USDC movement and usage, we have considered five primary data points: USDC mint and burn, holders, transfers, interaction with centralized exchanges (CEXes), and swaps.

Each of these data points has been analyzed with a time-based perspective, allowing us to capture trends and patterns over specific periods.

All the findings have been summarized and consolidated into a single tab, providing users with the ability to easily compare the different metrics and data points.

For this study, we utilized various Flipside databases to gather and analyze the relevant data. These databases provide valuable insights and contribute to the accuracy and depth of our analysis.

References

More about the Author

Twitter: @SocioCrypto | Discord: SocioCrypto#1741 | Flipside Profile: https://flipsidecrypto.xyz/SocioCrypto

Further Reading

• USDC FLOW Dashboard

• Avalanche High-level Dashboard