Automated Trading Bots Accounted for 70% of Stablecoin Transaction Volume in 2024, Survey Finds
A recent survey conducted by CEX.IO, utilizing data from Allium, has shed light on the significant role that automated trading bots played in the stablecoin market last year. The survey reveals that bots were responsible for handling 70% of the total stablecoin transaction volume in 2024, with Base surpassing Ethereum in transaction numbers due to bot-driven activity.
Key Findings of the Survey
The survey analyzed blockchain activities across major platforms such as Ethereum, Base, and Solana to uncover the prevalence of automated trading bots in the stablecoin market. The results showed that on average, 77% of the total stablecoin transaction volume in 2024 fell under the unadjusted category, predominantly driven by bot transactions.
The survey also highlighted a fourfold increase in bot activity compared to the previous year, with bots accounting for 90% of the unadjusted category in 2024. This resulted in bots facilitating 70% of the total stablecoin transaction volume for the year.
“USDC dominated the unadjusted category, making up over 65% of the volume. This underscores the fact that much of USDC’s transaction activity was driven by bots.” – CEX.IO
Coinbase’s Base network experienced a significant impact from bot-driven activity, surpassing Ethereum in raw transaction numbers. The survey report revealed that Base managed to outperform Ethereum in total stablecoin transaction volume in the fourth quarter of 2024.
“Networks such as Solana and Base, where USDC supply dominates, saw unadjusted transactions represent over 98% of stablecoin activity as of December 2024. Due to the bot activity, Base even managed to surpass Ethereum in total stablecoin transaction volume in Q4 2024.” – CEX.IO
Implications of Bot Activity on Stablecoin Market
The study revealed that without bot-driven activity, the stablecoin transaction landscape would look vastly different. While adjusted stablecoin transfer volume doubled in 2024, it still lagged behind the exponential growth of bot transactions in the market.
Tether (USDT) retained its position as the dominant stablecoin for organic transactions, constituting over 68% of the adjusted volume. On the other hand, PayPal’s PYUSD demonstrated significant adoption growth, tripling its share in adjusted transactions but accounting for less than 2% of organic transaction activity.
