Avalanche

Avalanche (AVAX) is a cryptocurrency and blockchain platform that rivals Ethereum. AVAX is the native token of the Avalanche blockchain, which—like Ethereum—uses smart contracts to support a variety of blockchain projects.

The Avalanche blockchain can provide near-instant transaction finality. AVAX is used to pay transaction processing fees, secure the Avalanche network, and act as a basic unit of account among blockchains in the Avalanche network.

Native and Bridged USDC

USDC.e and USDT.e are bridged tokens from Ethereum. USDC and USDT are native tokens integrated in Q4 2021.

Circle customers are able to mint native Avalanche USDC from the Circle Account and Circle APIs. Similar to other native USDC tokens on other blockchains, you can deposit Avalanche USDC back into a Circle Account and off-ramp to fiat currency seamlessly.

USDC.e on Avalanche is a "bridged form of Ethereum USDC" that was bridged from the Ethereum blockchain via the Avalanche Bridge. For this reason, USDC.e is not the same as native USDC. Circle products do not support USDC.e. You cannot send USDC.e to a Circle deposit address. To elaborate, it is not possible to use USDC.e in the Circle APIs, nor deposit USDC.e into a Circle Account and off-ramp back to fiat currency.

Scopes

1. USDC Swap and Transfer Activity since July 2022
2. USDC Circle Mints and Burns
3. Top Contracts and Protocols by Stablecoins $Volume
4. Avalanche Stablecoins Supply

Method

• Value Received: is the total stable coin value that flowed into the protocols, it can be for swaps, liquidity, etc.

• I used avalanche.core.fact_transactions and avalanche.core.fact_blocks to extract transactions and block data.

• USDC Circle contract:

  0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e

• for protocol contracts data I used avalanche.core.fact_event_logs and contract_address column

• because there is no price table for the avalanche tokens, first I map the avalanche token addresses to Ethereum addresses then I use the Ethereum price table to find the prices.

• the TVL and Supply (Mint, Burn) data is extracted by topics column in avalanche.core.fact_event_logs

🟠 Observations

• since July 2022, 1.34M swaps and 1.04M transfers occurred. the transfer volume of $30.04B is much higher than the swap volume of $5.07B.
• in November and as a result of the FTX collapse, the Transfer volume to CEXs spiked and a big volume of USDC went to Binance.
• Top Protocol users Transfered their USDC since July, are Aave($2.69B), Binance($2.06B), Benqi($406.9M), Stargate($396.8M), and Platypus finance($354.9M).
• Top Exchages users swapped USDC are 1Inch($374.2M), Trader Joe($203M), Kyberswap($171M).

🟠 Observations

• The biggest USDC burn volume occurred on July 28th, with $475M in 356 Burn Transactions by one user.
• since July, the number of transactions and total volume of burned USDC is higher than Minted USDC. $1.76B is burned and $1.15B is minted.
• 17.7 percent of burn transactions are bigger than $100K and 16.7 percent are between $10K and $100K
• 46.7 percent of mint transactions are above $100K and 32.7 percent are between $10K and $100K

USDC Vs Other Stablecoins

USDC Mint and Burn

🟠 Observations

• USDC Circle has the highest stablecoin volume in Avalanche Protocols, the second stablecoin is USDT
• Aave with $5.05B is the top Protocol that received the highest amount of Stablecoins. Binance($3.5B), Platypus($1B) and Benqi($940.4M) are in the next places.
• USDC has the highest share in Stablecoins Swap Volume. on average 50-70 percent of swapping volume belongs to USDC swaps. since the last weeks, the share of USDT increased and could reach above 10 percent on some days.
• USDC Circle with 556.3K swaps has the highest number of swaps, USDC.e is in second place with 292.6K swaps.
• 15.7 percent of USDC swaps are smaller than $10 and 10.1 percent are bigger than $10K, 33.5 percent are between $100-$1K
• USDC Circle with 254.2K transfers has the highest number of transfers, USDC.e is in second place with 170.3K transfers.
• 37 percent of USDC Transfers are between $100-$1K, one percent bigger than $10K, and 25.9 percent less than $10

💡 Conclusion

• since July 2022, 1.34M swaps and 1.04M transfers occurred. the transfer volume of $30.04B is much higher than the swap volume of $5.07B.

• Top Protocol users Transfered their USDC since July, are Aave($2.69B), Binance($2.06B), Benqi($406.9M), Stargate($396.8M), and Platypus finance($354.9M).

• Top Exchages users swapped USDC are 1Inch($374.2M), Trader Joe($203M), Kyberswap($171M).

• The biggest USDC burn volume occurred on July 28th, with $475M in 356 Burn Transactions by one user.

• since July, the number of transactions and total volume of burned USDC is higher than Minted USDC. $1.76B is burned and $1.15B is minted.

• 17.7 percent of burn transactions are bigger than $100K and 16.7 percent are between $10K and $100K

• 46.7 percent of mint transactions are above $100K and 32.7 percent are between $10K and $100K

• USDC Circle came into the stablecoins game in December, its supply increased so fast and could get close to USDC.e in April with $1.20B and took USDC.e place. USDC.e dropped heavily until today and its supply reached $191M. but the USDC Circle Supply is $856.7M and has the highest Supply among Stablecoins.

• USDC Circle has the highest stablecoin volume in Avalanche Protocols, the second stablecoin is USDT

• Aave with $5.05B is the top Protocol that received the highest amount of Stablecoins. Binance($3.5B), Platypus($1B) and Benqi($940.4M) are in the next places.

• USDC has the highest share in Stablecoins Swap Volume. on average 50-70 percent of swapping volume belongs to USDC swaps. since the last weeks, the share of USDT increased and could reach above 10 percent on some days.

• 15.7 percent of USDC swaps are smaller than $10 and 10.1 percent are bigger than $10K, 33.5 percent are between $100-$1K

• 37 percent of USDC Transfers are between $100-$1K, one percent bigger than $10K, and 25.9 percent less than $10

🟠 Observations

• USDC.e had the highest Supply among Avalanche Stablecoins and peaked at $1.98B on Feb 2022.
• USDC Circle came into the stablecoins game in December, its supply increased so fast and could get close to USDC.e in April with $1.20B and took USDC.e place. USDC.e dropped heavily until today and its supply reached $191M. but the USDC Circle Supply is $856.7M and has the highest Supply among Stablecoins.