Try Quests to earn AVAXAvalanche Swaps vs Transfers (Redux)
USDC
==USD Coin (USDC)== is a stablecoin issued by CENTRE — a joint venture between Coinbase and Circle. The cryptocurrency is backed by U.S. dollar-denominated assets held at regulated and audited U.S. financial institutions. USDC has a variety of uses in the crypto marketplace, but is commonly deployed in decentralized finance (DeFi) protocols and by traders.
Mint and Burn USDC
Circle launched USDC on the Avalanche C-Chain. Following the integration, users will be able to mint and redeem USDC tokens directly on the Avalanche blockchain rather than bridging them over from Ethereum
What we see in this dashboard?
- Total, daily, average amount of USDC used in swaps VS transfer transactions in Avalanche
- Total , daily , average amount of USDC used in mint VS burn transactions in Avalanche
- Number of unique wallets used USDC in swaps VS transfers transactions in Avalanche
- Number of unique wallets used USDC in mint VS burn transactions in Avalanche
Analyze
I used avalanche.core.fact_event_logs and avalanche.core.fact_token_transfers tables and by filtering event_name column identify and separate each type of transactions ( Transfer , Swap , Mint , Burn ) then got all data about unique wallets , total and average amount and also daily metrics for USDC usage in each type of these transactions and finally with using charts showing difference between ==Transfer,Swaps== and ==Mint,Burn== metrics
P.S for swapping i just consider transactions with swap event name but for transfer because overlap of swap and transfer transactions (swap transaction has some internal transfer event name) first i consider transfer transactions and also exclude any swap transaction tx hash from them
In below you can see daily , total and average USDC amount and also unique wallet participate in USDC transfer VS swap
As you can see all metrics like total and average amount and also number of unique wallets are close for both of Transfer and Swap transactions but there is a interesting thing that when you look to daily total amount of USDC used in swaps VS transfers ; In August there were some big dump and bottom in crypto market and its obvious number of swaps much more than transfers and most users prefer to swap their token to USDC but in recent weeks because market had a range trend we see transfer and swaps USDC amount are close
In below you can see daily , total and average USDC amount and also unique wallet participate in USDC Mint VS Burn
As you can see total amount and daily transactions of USDC burn is much more than USDC mint but average amount of each mint transactions higher than burn transactions and it show number of mint transaction are lower but ==its in big size of USDC amount==
Maybe you are confused ==how USDC Burn amount are higher than USDC Mint amount== that is because there is a bridged token USDC.e that users acquired after bridge their USDC from Ethereum to Avalanche and now can swap them to USDC then burn it
P.S There are 4 wallets participated in Mint and Burn transactions in total ; 2 of them are use less with few amount but other two wallets seem like a bridge or portal belongs to ==Circle== and one of them used mostly for burn USDC and other one used mostly for USDC mint
Results
- Around ==108K unique wallets== used swaps VS around ==115K unique wallets== used in transfers
- Around ==41B USDC== amount used in Swaps VS around ==32B USDC== amount used in transfers
- Average amount of USDC is ==16K for swaps== VS average amount of USDC is ==21K for transfers==
- Unique wallets participate in Mint and Burn were ==2 for each of them==
- Total amount used in Mint was ==1.2B USDC== VS total amount used in Burn was ==1.8B USDC==
- Average USDC amount used in Mint was ==800K== VS average USDC amount used in Burn was ==400K==
Conclusion
- Total USDC amount used for ==Transfer== was lower USDC amount used for ==Swaps== but average USDC amount for Transfer was higher than USDC amount used for Swaps and this shows amount USDC Transferred was much bigger in each transaction and also number and USDC amount for each Transfer and Swap transaction relate to Crypto market for example when market crash and all users got panic sell volume of Swaps go much higher than Transfers
- Average USDC amount for Mint is higher than USDC amount for Burn but total Burn USDC amount and transactions are much higher than Mint transactions and it shows because of market situation users prefer to burn their USDC and turn it the real ==USD fiat currency==