Aerodrome farming accounts for roughly 90% of USDC transfers on Sep 23

On Sep 23, on‑chain analyst RyeBlocks reported that liquidity farming on Aerodrome was responsible for about $109 billion of the $121 billion total USDC transferred that day, roughly 90% of the volume.

What the data shows

RyeBlocks estimates that one‑tick farming – a strategy that concentrates liquidity in a narrow price range – generated around 75% of USDC transfer volume measured since Aerodrome’s launch. The remaining $12 billion of the day’s transfers were not linked to the identified farming activity, though the analysis does not specify how those transfers were used.

How Aerodrome works

Aerodrome is a decentralized exchange on Base, the Coinbase‑developed blockchain. Liquidity providers deposit assets into pools and can earn AERO token rewards. In one‑tick farming, providers repeatedly move USDC within pool contracts, causing multiple on‑chain transfer records even when no new purchase or payment occurs.

Why transfer totals can be misleading

Transfer volume on a blockchain records token movements, which can include repeated internal shifts tied to trading or liquidity management. Visa’s On‑chain Analytics Dashboard and Dune Analytics both separate raw stablecoin transfers from “adjusted” volumes that aim to filter out bot activity, high‑frequency trading, and internal movements. As a result, a high transfer total does not necessarily reflect consumer or business payments.

Context with broader stablecoin activity

Circle, the issuer of USDC, reported $14.8 trillion in on‑chain USDC volume for Q2 2026, a figure that includes trading and transfers alongside payments. Separate metrics from Visa, Allium, and Bernstein also highlight the distinction between total transfers and payments, using varied methodologies and time frames.

Implications

The RyeBlocks finding does not imply wrongdoing by Aerodrome or its users; providing liquidity is a standard exchange function. However, the concentration of USDC movements in farming activity suggests that headline transfer numbers may overstate actual payment usage.