Adjusted volume, latest day
USDStablecoin transfer volume on the latest complete day after every adjustment rule.
Dashboard · VantagePlanned
Stablecoin Transfer Volume, Adjusted for Bots
How much value do stablecoins move each day once bot, internal and round-trip transfers are removed?
How much value stablecoins really move each day once bot loops, internal hops and round trips are removed, by chain and by coin.
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Blueprint
What the dashboard will show.
The dashboard as it will open in Vantage. Each figure is named here and arrives with its receipt; until its data is published, its place stays empty.
Daily volume
Raw and adjusted volume on the latest day and over time.
Raw volume, latest day
USDEvery stablecoin Transfer event of the same day added up, mints and burns left out.
Adjusted share of raw
%Adjusted volume as a share of raw volume on the same day.
Unique senders
countDistinct addresses that sent a stablecoin that day, with addresses classed as bots left out.
Raw and adjusted volume by day
USDDaily raw and adjusted volume over the selected period on one axis.
What each rule removed
USDVolume removed each day by each rule: routing hops, bot transfers, round trips and same-entity transfers.
By chain and coin
Where adjusted volume happens and which coins carry it.
Largest chain's share
%The share of adjusted volume carried by the chain with the most of it on the latest day, named on the tile.
Largest coin's share
%The share of adjusted volume carried by the coin with the most of it on the latest day, named on the tile.
Adjusted volume by coin
%Each stablecoin's share of adjusted volume on the latest day.
Adjusted volume by chain
USDDaily adjusted volume on each covered chain over the selected period.
- Chain
- Every covered chain
- Period
- Last 30 days, 90 days or one year
About
What it answers, and for whom.
Raw stablecoin transfer volume counts every token movement: a single swap routed through several contracts, bots moving the same dollars back and forth and exchanges shuffling funds between their own wallets. This dashboard shows the raw figure beside an adjusted one with those movements removed, so the volume left is closer to value actually changing hands.
The adjustments are published rules, not a black box. Hops inside one transaction count once, addresses that behave like bots are set aside, transfers that return to the sender within a short window are netted and transfers between wallets of the same labelled entity are dropped. Each rule's effect has its own bar, so a reader can see how much each one removed.
Read the adjusted figure for the size of real activity and the removed bars for how much of the raw figure was noise. Compare chains on the adjusted figure, since raw volume favours chains with heavy automated trading.
Method
How it will be measured.
Every figure will be read at a block, kept with its source and its exact read, and open a receipt anyone can re-check.
How receipts work →- Raw volume is the sum of Transfer events of every registered stablecoin per chain and UTC day, with mints and burns left out.
- Within one transaction, a chain of transfers that routes the same amount through contracts counts once, from the first sender to the final receiver, using the transaction's call trace.
- Senders that transact far more often than any person could, or whose transfers sit inside DEX swaps, are classed as bots and their transfers are set aside.
- Transfers that return the same amount to the sender within a short window are netted, and transfers between addresses of one labelled exchange or entity are removed.
- Each rule is versioned and its daily effect is published, with the transfers behind it in the receipt.
The data it needs
Read from chain state and history
- stablecoin_flows_dailyTo buildStablecoin mints, burns and transfersStablecoin mints, burns, transfer volume and active addresses per stablecoin and chain per day.
- token_transfers_dailyTo buildToken transfer volumeERC-20 and native transfer counts, volume and unique senders and receivers per token per chain per day.
- dex_swaps_dailyTo buildDEX volumeSwap counts and volume per DEX, pool and chain per day, decoded from Swap events, valued with stablecoin legs and oracle prices.
- address_labelsTo buildAddress labelsLabels for known addresses: exchanges, bridges, protocols, funds, treasuries, sanctioned addresses and known attackers.
- Transfer events of every registered stablecoin on each covered EVM chain
- USDT TRC-20 Transfer events on Tron, once the Tron reader is added
- Call traces of each transaction, to collapse routing hops into one movement
- DEX Swap events and per-address transfer frequency, for the bot rules
- The address label registry, to drop transfers between one entity's own wallets
Questions
Questions people ask.
What is adjusted stablecoin volume?
It is transfer volume after removing movements that do not represent value changing hands: hops inside a single transaction, automated bot loops, round trips and transfers between one entity's own wallets. What remains is closer to payments, settled trades and real transfers between parties.
Why is raw stablecoin volume so large?
Because the same dollars are counted every time they move. One swap can create several transfers through routers and pools, and automated traders can move the same balance many times a day. Raw volume measures activity on the chain, not economic value.
Is adjusted volume the same as payments volume?
No. Adjusted volume still includes trade settlement, exchange deposits and DeFi activity between different parties. Payment-like transfers are a narrower slice, classified separately in the payments apps.
Can the adjustment remove real activity?
Sometimes. A busy business can look like a bot, and two wallets of one person look like two parties. The rules are published and each one's effect is shown, so readers can judge the figure and see exactly what each rule removed.
- Internal hop
- A transfer inside one transaction that passes funds through a router or pool on the way to the final receiver.
- Round trip
- Funds sent and returned to the same address within a short time, which adds volume without changing who holds what.
Related
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