The Graph
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The Graph

USDC is 1-year old & Giving DAI a Run for Its Money

Happy 1st Birthday USDC! 🥳

USDC is a reserve-backed stablecoin built on Ethereum and developed by CENTRE, a collaboration between Coinbase and Circle. USDC can be stored in 15 different wallets, traded on 48 exchanges worldwide and used on DeFi platforms like Compound, Dharma, Melonport, dYdX and others. With over $420M in circulating supply, USDC is the second most used stablecoin globally, next to Tether and more utilized than DAI on Compound.

USDC in DeFi

cUSDC Supply on Compound

Earlier this month, Coinbase announced the USDC Bootstrap Fund, a commitment of $2M in USDC liquidity to Compound and dYdX to help grow decentralized lending and capital markets. This is an effort to drive USDC usage, that currently leads against DAI on both platforms. This also bodes well for other DeFi platforms like InstaDApp and Dharma that plug directly into Compound liquidity.

Other interesting statistics comparing USDC and DAI on Compound and dYdX:

Compound and dYdX data as of Sept 27, 2019

USDC Subgraph

Subgraphs are highly modular and can be useful for various use cases, such as efficiently indexing blockchain data to be pushed to a dApp UI or to analyze financial markets, like the usage of USDC.

Here we query USDC minters and the volumes per minter, we can conclude:

  • There are only 4 addresses that have minted USDC
  • $1.1 Quadrillion USDC has been minted and $729 Trillion USDC has been burned

We can use this data to watch which addresses or entities are provided access to the USDC token contract and to track minting and burning rates.

We can also query the subgraph to gauge USDC usage, such as finding balance per address and the number of USDC-based transactions per user. This data is not only interesting for DeFI apps and USDC issuers to track usage, but for investors that are interested in technical analysis and would like to better understand inflows and outflows of USDC into different exchanges and markets.

Use The Graph today!

If you have a token contract and you’d like to better track activity, build a subgraph! This indexing and querying layer will help your team build a simple UI that pulls your token’s data from the blockchain and will help you understand the overall usage.

If you’re looking to query Ethereum to create a UI that tracks DeFi or to conduct analysis on Ethereum data, query the subgraphs that are live today. Deployed subgraphs include Uniswap, Compound, Synthetix, MakerDAO, MolochDAO and many more!

Or if you’d like to simplify your app’s data indexing, deploy your own subgraph. Check out The Graph docs to learn how you can run a graph node, create a subgraph and query other subgraphs.

You can also join the Discord channel to chat about launching a subgraph and join The Graph community.

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The Graph is a query protocol for blockchain data using GraphQL.

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Eva Beylin

Eva Beylin

art, economics & blockchain.

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