- Network trade counts across most networks are on the downtrend.
- DAI movement volume on Ethereum spiked above $2B in an hour this week.
- Algorand traders are trading memecoins much more, driving up network activity.
Network Activity Roller Coaster
Network trade counts on all networks we track were relatively flat, and most ended the week on a downward trend except for Algorand. Algorand’s trades were up 96% from the end of last week to this week, marking the biggest percentage gain. Meanwhile, Ethereum, Optimism, and Arbitrum experienced significant spikes in on-chain trade volume and average trade size around October 2, but numbers reverted roughly back to the mean by the end of the week.
In single hours on both October 5 and 6, the $DAI stablecoin from Maker topped $1B in movement volume on Ethereum. October 5th saw an hour with $1.3B while the 6th saw an hour with a whopping $2.7B in volume. On average throughout the week, $USDC from Circle and $USDT from Tether each dominated the movement volume, but $DAI is a popular alternative for some traders who find the 5% APY from Maker’s CDP an attractive on-chain place to earn income on their stablecoins.
Algorand Memecoins On the Rise
Although activity on Algorand tends to lower than most other networks Blockpour tracks, it seems as though traders on the network have begun to adopt memecoins as part of their regular diet. Trade counts on the network have been on the rise since last week, and now the memecoin Hellbender 392 Scott VA $OTSDHBVA is dominating activity on the network. As of the time of writing on October 6, the token led the network with 4,334 trades.
Let's Talk About CEX: The top ERC-20 tokens transferred at centralized exchanges
This section reviews the ERC-20 token transfer flow trends from the largest centralized exchanges from September 29 - October 5, such as Coinbase, Bitfinex, Bitstamp, and Kraken.
- Net Flows (USD): +$380,942,486
- Total Transfers: 195,549; 73,034 IN / 122,515 OUT
The top five ERC-20 tokens transferred through Coinbase were:
- Net Flows (USD): +$161,093,286
- Total Transfers: 4,214; 1,766 IN / 2,448 OUT
The top five ERC-20 tokens transferred through Bitfinex were:
- Net Flows (USD): -$4,194,965
- Total Transfers: 2,513; 2,194 IN / 319 OUT
The top five ERC-20 tokens transferred through Bitstamp were:
- Net Flows (USD): -$136,853,782
- Total Transfers: 31,089; 10,220 IN / 20,869 OUT
The top five ERC-20 tokens transferred through Kraken were:
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