ETH: Stablecoin Hours Off Peg in On-Chain Pools (More Than 0.5% From Peg)
Shown as its 2019–2022 sample; the latest readings and full history are included with Plus.
For each major dollar stablecoin, the number of hours each day in which its price in its on-chain pool was more than 0.5% away from its pool partner.
Why use it. How often a coin slips in the market that actually lets holders exit: one bad hour can be a thin moment, hours off peg several days in a row are a coin under real pressure. How to read it. Zero is a coin holding its peg all day. Compare with the exchange version of this chart: a coin can be fine on an exchange while its on-chain pool trades at a discount.
Calculation. Each hour whose pool price was below 0.995 or above 1.005 adds one to its UTC day; the latest day is a partial. Computed by CryptoKeyhole from its own Ethereum archive node, at the last block of each UTC hour: each coin's price in its largest on-chain pool, by the volume traded there. Curve 3pool for DAI, USDT and USDC; Curve USDe/USDT, crvUSD/USDT, RLUSD/USDC, USDG/USDC, PYUSD/USDC and USD1 against the USDC-USDT pool; Uniswap v3 GHO/USDC and FDUSD/USDT. A Curve pool's price is the geometric mean of its own quote for one token in each direction, so its fee cancels out; a Uniswap v3 pool's is the price of its last swap. Each price is against the coin on the other side of the pool, not against the dollar, so if USDC or USDT itself moves the others seem to move the other way; USDC and USDT have their own lines to tell which. USDS has no deep pool on Ethereum (its main market is the peg stability module that swaps it for USDC at one to one) and is not included. History runs from each pool's first funded hour.