Aerodrome Farming Dominates USDC Transfers, Analyst Finds

An on-chain analyst found that nearly 90% of USDC transfers on September 23rd were related to farming activities on Aerodrome, a decentralized exchange on Base. According to RyeBlocks, this accounts for approximately $109 billion out of the total $121 billion in USDC transfers recorded that day.

The same analyst estimated that one-tick farming has generated around 75% of USDC transfer volume since Aerodrome's launch on August 28th. This type of farming involves using a very narrow price range for a position, resulting in repeated movements of USDC through pool contracts.

RyeBlocks described this activity as 'inorganic farming', highlighting the need to distinguish between actual payments and trading-related activities. The analyst also noted that the remaining $12 billion of transfers may not necessarily represent consumer or business payments.