Stablecoin Dominance Osmosis
Q20. Compare the transaction volume for USDC, USDT, and DAI on Osmosis. Is there a stable coin that Osmosis users prefer? Extra credit: Is stablecoin dominance the same on Osmosis as it is on Sushiswap and Thorchain? Why might this be or not be the case?
Methodology
The purpose of this dashboard is to show which stable coin users prefer. To achieve this goal, we conduct our review based on three metrics.
- Based on the volume transferred.
- Based on the number of transfer transactions.
- Based on the number of unique users who use them in their transfers.
Note: For these two metrics, we also calculate the number of cumulative values.
What is clearly seen in the chart above is that the USDC transferred volume dominates the other stablecoins on most days (approximately 99% of the days). DAI is in second place and USDT follows them.
Before 10th April we see not any amount of USDT transferred and after this date, the first signs of USDT appeared.
We had two huge peaks for USDC transferred on 27th May and 13th June with 4.18M USD and 3.93M USD respectively.
On 19th June, we see DAI stablecoin overtook USDC, but only for 1 day.
The chart above represents the cumulative transferred volumes. As we can see, USDC is the undisputed winner among the other stable coins.
The cumulative transferred volume of USDC is over 68M USD which has very higher than the two other stables.
Interestingly, the transferred volume of USDT at the beginning of the path (after 15th April) was higher than the other two stables, but USDC quickly regained its position and returned to the first place on 4th May. DAI acted with a slight delay and returned to second place on May 30.
It can be said that DAI has started its growth in earnest since May 16.
The next metric we investigate is transactions count for these stables.
As can be seen in the chart above, as in the previous metric, USDC ranks as a user preference for transfer, and also DAI and USDT are in ranks 2 and 3.
We see a huge peak in the chart above for USDC transactions count on June 13 with 628 transactions. The chart of USDC had very fluctuated over time. For example, just two days before that peak, it has 34 transferred transactions.
The start of growth for USDC was after May 9, 2022.
The cumulative number of transactions also shows clearly that USDC is in the first rank with over 12.37k transactions.
DAI is in second rank with 1276 transactions in total and USDT only has 291 transactions.
For this metric, USCD is in the first place. DAI and USDT are also in second and third place, but from the chart above it is not possible to say with certainty which of the two is more preferred. This chart is very similar to the previous metric. USDC has very fluctuated.
On 13th June we had the most number of unique users transferred USDC with 314 users.
As we get in previous charts, in cumulative number of users also USDC is in the first rank with over 7,680k transactions.
DAI is in second rank with 379 users in total and USDT only has 216 users.
Conclusion
1-USD coin is the most popular stablecoin in the Osmosis network followed by DAI and Tether USD.
2- transferred volume of USD coin is over 66M since March 2022. ( 8 times bigger than DAI and tether USD.
3- The USD coin is also dominating the number of swaps and number of users in Osmosis.
4- All these metrics increased from the beginning of May and the ranking between these 3 stablecoins became bold and obvious.
5- After May 2022, USD coin dominated the Osmosis network in all key metrics followed by DAI and tether USD.