A new analysis puts trading volumes on the series under the microscope, after the analyst RyeBlocks pointed out that farming activity on the Aerodrome platform captured the largest share of daily USDC transfers. $USDC

According to the analysis, total daily USDC transfers reached about $121 billion, of which $109 billion are tied to farming activity on Aerodrome—around 90% of the total.

This elevated ratio raises fundamental questions about how trading volumes on the chain are measured, and whether they truly reflect real payments or merely capital movement driven by yield farming incentives.

Yield farming on decentralized platforms often relies on rotating funds between wallets to generate rewards; this behavior may inflate figures without necessarily indicating actual commercial use or real payments.

The key question remains: if most of today’s USDC daily volume is driven by a single incentive activity, what is the true value of the liquidity indicators that traders rely on to read the market?

The available notes do not include additional details about the analysis methodology or the time period covered by the figures, making full confirmation of the conclusions dependent on clearer data.

Press $USDC to follow market developments

Press $USDC to trade

$USDC

Inviting you to join my group quantitative readings and liquidity flows

https://app.binance.com/uni-qr/ikjpw7wR