Introduction and methods

Osmosis is a network, developed through the Cosmos SDK (software development kit), using the infrastructure provided by this giant, which seeks to be a bridge between the different blockchains of this ecosystem. In addition, it provides service to projects connected through the Interblockchain Communication Protocol (IBC).

In this dashboard we are gonna track the stablecoin dominance of USDC, USDT and DAI on Osmosis, taking into account the transaction volume.

Results

Tracking the daily transactions volume over time splitting by each stablecoin token, we can see how the transactions volume increased during May and exploded on May 7th with the UST depegging on Terra. The amount of transactions passed from less than 1k daily to more than 20k. During the first days of the explotion, the most popular stablecoin was DAI. However, after a while, the USDC became more popular and surpassed the DAI. On the other hand, USDC also increased but not so much to surpass it. USDT is the less popular one.

Catching the global distribution of transactions among the stablecoins, we can see how USDC has been the most popular one so far with almost 70% of the cumulative transactions proceeding from Axelar but having almost 10% fo them from Grv. Another important one is DAI tha represents more than 16% of the total transactions proceeding from Axelar and also a 2.85% of Grv, computing almost 20% on aggregate. Finally. USDT only represents 1.64% of the total trnasactions.

Conclusions and insights

In this dashboard we have analyzed the popularism of stablecoins on Osmosis network. Basically we will focus on the transaction volume of the main stablecoins: USDC, DAI and USDT.

The main conclusions extracted from the analysis have been the follwoing:

• The stablecoin transactions volume increased during May and exploded on May 7th with the UST depegging on Terra.
• During the first days of the explotion, the most popular stablecoin was DAI. However, after a while, the USDC became more popular and surpassed the DAI.
• In general, USDC has been the most popular one so far with almost 80% of the cumulative transactions proceeding from Axelar and Grv platforms.
• Another important stablecoin is DAI representing more than 16% of the total transactions proceeding from Axelar and also a 2.85% of Grv, computing almost 20% on aggregate.
• USDT only represents 1.64% of the total transactions.