Avalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks. It is one of Ethereum’s rivals, aiming to unseat Ethereum as the most popular blockchain for smart contracts. It aims to do so by having a higher transaction output of up to 6,500 transactions per second while not compromising scalability.

This is made possible by Avalanche’s unique architecture. The Avalanche network consists of three individual blockchains: the X-Chain, C-Chain and P-Chain. Each chain has a distinct purpose, which is radically different from the approach Bitcoin and Ethereum use, namely having all nodes validate all transactions. Avalanche blockchains even use different consensus mechanisms based on their use cases.

• What is the average amount of USDC transferred vs swapped?
• Show number of unique swapper addresses vs transfer addresses by day for USDC
• volume of USDC mints and burns by hour since 7/1
• How many unique wallets are minting and burning USDC by day
• What is the average mint vs burn for USDC by day
• Note anything else interesting about USDC transactions

By filtering the event_name column as ‘Swap’ in avalanche.core.fact_event_logs table, and defining contract address of USDC as ‘0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e’, we can reach to swap transactions for USDC. By filtering the event_name column as ‘Transfer’ in avalanche.core.fact_event_logs table, and defining contract address of USDC as ‘0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e’, and excluding swaps, we can reach to transfer transactions for USDC. and by defining the event name as ‘burn’ or ‘mint’ we can reach to burn or mint transactions.

In the above charts, you can see count of swaps and transfer transactions, you can also see count of wallets and the volume of transactions for these transactions on USDC.

As you see, in most of the hours, count of wallets that did swaps on USDC was more than count of wallets that transferred USDC, but because of some spikes in the count of transfers, we can we the total count of wallets that transferred USDC was a bit more(about 5 K) than count of wallets that swapped USDC from July 1st.

Hourly count of wallets that transferd USDC was around 100 to 200 wallets in most of the times, while count of wallets that swapped USDC was around 170 to 300 in most of the times. There was 4 big spikes in count of transferes and swappers of USDC on Aug 3rd, Nov 18th, Nov 30 and Dec 7th.

In total, count of swaps on USDC was about 30 K more than count of transfer transactions. There was two big spike in count of swaps and transfers which was on Nov 8th and 18th. This spike was bigger for swap transactions.

In most of the times, the volume of swaps was bigger than the volume of transfer transactions and in total, more than 40 B USDC was swapped, while the volume of transfers was more than 31.5 B.

Volume of transfers was less than 100 M in most of the times from July 1st. In only 3 hours this volume reach to more than 200 M USDC. There was also a big spike in the volume of transfers on July 27th that this volume reached to more than 850 M USDC, the average volume of transfers at this hour was 2.9 M!

Hourly volume of swaps was less than 50 M in most of the times. It reached to more than 100 M in 4 hours which one of them was a big spike on Nov 15th that the volume of swap reached to more than 1.6 B! The average volume of swaps in this hour was about 2.4 M!

In total, the average volume of swaps was 16 K while the average volume of transfering USDC was 21 K.

In the above charts, you can see count of USDC transferers and swappers based on the count of transaction in each week.

As you see, the highest count of USDC transferers, did between 1 to 10  transaction in each week. The second rank belongs to transferers that had only 1 transaction in each week. Count of transferers with more than 100 transaction in a week was very low in comparison with total transactions from July 1st.

Although count of transferes decreased from mid of August to mid of Oct, but form mid of Oct, count of transferers increased and reached to its highest level in the last week of Nov from July 1st.

The highest count of swappers did between 2 to 10 swaps in each week. The second rank belongs to swappers that swapped 1 time in a week. Similar to transfer transactions, a small share of swappers did more than 100 swaps in a week.

Similar to the chart of USDC transferers, count of USDC swappers decreased from August, but in the mid of Oct, it increased sharply and reached to its highest level from July 1st.There was also another spike in the last week of Nov.

In this part we were asked to do analysis about the mints and burns transactions of USDC in hourly and daily time.

As you see, the highest count of transactions was burn. This count was about 3 times more than count of mint transactions. Count of mints was less than 10 in most of the hours, except 3 hours, while in most hours, counts of burns changed between 10 to 20 transactions.

In the daily chart, you can see that daily count of burns was more than 50 transactions in most of the days, while count of daily mints was less than 30 in most of the days. There was also a big spike in burn transactions on July 28th that count of burns spiked from 11 on July 26th to 356 on July 28th. There was also spikes in the mint transactions on Aug 4th and Nov 2nd.

Total count of minters and burners was 2 from July 1st. In the hourly chart, we can see that count of minters and burners was 1 in all the times except in 4 days that it reached to 2. In other word, count of minters reached to 2 only in two days and count of burners reached to 2 in three days only, from July 1st.

Total volume of burns was more than volume of minting USDC. In the hourly chart, you can see that mint volume was less than 30 M in most of the hours and reached to more than 70 M in only 1 hour. Volume of burns was less than 40 M in most of the times and had a big spike on July 28th that reached to more than 215 M USDC. Total volume of burn in this day was 475 M, while in other days, this volume was less than 100 M.

The average volume of mints was 823 K USDC while the average volume of burns was about half of mints(423 K). In the hourly chart, we can see that in most hours, the average volume of mints was less than 10 M and had a big spike on July 28th, that the average volume of mints reached to more than 70 M in an hour. The average volume of mints was 37 M in that day, while the average volume of burns was 1.3 M in that date.

If we analyse the only 4 wallets that burned and minted USDC, we can see that only 2 wallets did burn transactions and only 2 wallets did mint transactions. That only 2 of them did the highest count and volume of mnts and burns.

‘0xb…e98’ as the main burner of USDC, did 4192 burn transactions which had 1.77 B USDC volume.

‘0xce…004’ as the main minter of USDC, did 1458 mint transactions which had 1.2 B USDC volume.

In the above charts, you can see the top destination of USDC transactions based on 3 criteria(count of transactions, count of wallets and volume of transactions).

As you see, in all the 3 charts, Trader Joe was the main destination for USDC transactions on Avalanche.

Based on count of transactions, EMDX and ‘0x32…443’ were the in the next ranks of destination.

Based on count of wallets, LB Router and Aave and Metamask were in the next rank of destinations.

Based on volume of transactions, Aave, Benqi Finance and 1inch were in the next rank of destinations.

Volume of transactions to Aave was less than half of volume of transactions to Trader Joe.

In the last chart, you can see the total count of USDC holders on Avalanche.

As you see, the highest count of holders, hold less than 5 USDC in their wallets. This is more than 68% of USDC holders on Avalanche.

In the next ranks we have wallets with the balance between 10 to 50 USDC(less than 9% of total holders) and 100 to 1 K USDC(less than 8.5% of total holders). Only 1392 wallets(less than 2% of total holders) have the balance of greater than 10 K USDC.

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