What Will You Read?

In This Analysis, You will read about Stablecoins on Thorchain. I Compared the behavior of USDC swappers with BUSD swappers.

What do you think is their volume and swap rate?

Do those results change if you only include synthetics?

What is Thorchain?

THORChain is a decentralized liquidity protocol that allows users to swap assets in a permissionless setting. It enables the exchange of native layer-1 assets like BTC by acting as a vault manager. To secure its network, THORChain uses Tendermint and Cosmos-SDK.

\n Analyzer: Hess - Reading Time almost 7 Min

Method

I Used Thorchain swap and analyze USDC and BUSD stablecoins. with Like USDC and Like BUSD, I extracted those assets from other swaps.

Synthetic: I Found that synthetic assets have / in their name. So I include all stablecoin swaps that include / in their name.

Swaps to Stablecoins

Swaps from Stablecoins (Only Include Synthetic)

Let’s examine the total daily number of swaps and volume from stablecoins.

Charts show that swaps from stablecoins increased from March 2022.
As you can see clearly, the most popular token in BUSD.
The highest number of swaps and amount of BUSD swapped in May 2022.
with 1B dollars, BUSD has the highest share which is 90% of total swaps.
with 198M dollars, USDC is in second place with 10& of total swaps.

Let’s examine the total daily number of swaps and volume to stablecoins.

Trends are completely like the previous charts.

Swaps from BUSD was higher than USDC until May 2022.
After May 2022, The total swaps and volume of BUSD decreased but USDC volume didn’t change too much.
The total number of USDC swaps increased after May.
with 188M, USDC is in the first place if we include only synthetic assets which is 58% of total swaps volume.
with 131M, BUSD is in the second place.

Conclusion

There are two Conclusion:

If we consider all swaps, BUSD is the most popular stablecoin in Volume and number of swaps.
IF we consider only synthetic assets, USDC is the most popular stablecoin.

Thank you for Reading

Analyzed Completely By Hess

Twitter_id: hessaminanloo

discord_id: hess#0890

ENS: he3am.eth

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