A data‑driven look at where stablecoin capital is moving across Ethereum, Arbitrum, and Polygon.
This project explores a simple but overlooked question in crypto: "Where is liquidity actually staying?"*
Most dashboards track volume, but volume only tells you where activity happened—it doesn't tell you if that capital is sticking around or just passing through.
To answer the deeper question, I built a dashboard that analyzes USDC and USDT transfers over 7 days using:
- Dune Analytics (for raw on‑chain data)
- Python (pandas, matplotlib, seaborn) (for cleaning, analysis, and visualisation)
- Power BI / Streamlit (optional, for dashboarding)
The result is a clear, visual breakdown of:
- Which chain processes the most volume
- Which chain is actually accumulating capital (net flow)
- Which stablecoin dominates DeFi activity
| Metric | Ethereum | Polygon | Arbitrum |
|---|---|---|---|
| Total Volume (7d) | ~$371B | ~$17B | ~$9B |
| Net Flow (mint - burn) | -$507M | +$34.7M | -$232M |
| USDC Share | 75.9% | 75.9% | 75.9% |
The main takeaway:
- Ethereum dominates by volume, but capital is leaving.
- Polygon has lower volume, but it was the only chain in this window where stablecoins actually accumulated.
- Arbitrum attracted activity, but liquidity didn’t stay.
USDC is the preferred stablecoin for DeFi, accounting for ~76% of all tracked volume.
Stable-coin-Liquidity-Rotation/
├── stablecoin_flows.csv # Raw data exported from Dune
├── Stablecoin_Liquidity_Rotation.ipynb # Full analysis notebook
├── README.md # This file
└── requirements.txt # Python dependencies
- Clone the repository
git clone https://github.com/AkpanDaniel/Stable-coin-Liquidity-Rotation.git cd Stable-coin-Liquidity-Rotation pip install -r requirements.txt Run the notebook
Open Stablecoin_Liquidity_Rotation.ipynb in Jupyter or VS Code.
Run all cells to reproduce the analysis and visualisations.
Chart Description
Volume by Chain Total stablecoin volume per chain (bar chart).
USDC vs USDT Breakdown of stablecoin preference by chain (stacked bar).
Daily Heatmap Volume trends over the 7 days (heatmap).
Volume vs. Net Flow: Bubble chart showing the relationship between activity and capital movement.
For analysts, founders, and investors:
Volume is a lagging indicator. It shows what already happened.
Net flow is a leading indicator. It shows where capital is heading next.
Stablecoin preference matters. USDC and USDT serve different ecosystems.
This project is a reminder that the right question often matters more than the right answer.
I plan to expand this dashboard by:
Extending the time window to 30 days
Adding more chains (Solana, Base, Optimism)
Including DEX volume and bridge data for richer context
Automating the data pipeline with GitHub Actions
Feedback, suggestions, and ideas for new metrics are welcome. Open an issue or reach out directly.
MIT License – feel free to use, adapt, and build on this work.
Built by Akpan Daniel