The community is discussing what opportunities might be available to Dai on networks outside of Ethereum but with so many different networks and dApps being launched, it can be difficult to get a sense of the landscape.
@Growth has published stats on Dai usage in different networks in their weekly updates (here, here, and here) and @ProtocolEngineering published this thread outlining A Multichain Strategy and Roadmap for Maker.
What happens to Dai once it hits L2s? Hopefully, this article provides some insight.
As of 7/7/2021
|Solution||Dai Market Cap||Dai Holders|
|Binance Smart Chain||$262,036,026.91||29,764|
There’s around 10 million DAI bridged to the Avalanche as aDAI (AVADAI).
DAI can be bridged to the network using the Avalanche-Ethereum Bridge.
Its network is designed to house multiple chains, each supporting its own virtual machine, like EVM or WASM.
Their team describes the model as a “platform of platforms” that provides a scalability outlet for large blockchain ecosystems.
Its consensus model is called Snowball, a PoS algorithm designed by Ava Labs.
- Pangolin Exchange is the network’s native DEX.
- Snowball is an AMM offering DAI swaps and liquidity pool pairs.
- Avaxtars is a browser-based NFT collection game that features a native token AVAX. The token currently can’t be bought on exchanges, so DAI must be swapped using the Pangolin DEX.
- AVAX Duels lets you duel against live opponents for the chance to loot their AVAX tokens. AVAX is obtained by swapping from DAI using a DEX.
BSC currently holds around 262 million DAI.
To bridge from the xDAI network to BSC, use the Omni Bridge.
Transactions on the BSC network are paid in BNB, so you may need to purchase or swap some currency to BNB to cover the fees when transferring tokens off the network.
BSC likely doesn’t need much of an introduction. It hosts more daily transactions than Ethereum or any other blockchain ecosystem.
On June 22:
- Binance Network: 4,464,987 total transactions
- Ethereum Network: 1,297,644 total transactions
- PancakeSwap is a UniSwap clone and the primary exchange used on BSC.
- Pancake Bunny is a yield farming protocol that nets the Bunny Token that supports PancakeSwap. DAI can be used as a staking pair.
- Autofarm is a DeFi suite and yield farmer that allows users to track all their BSC DeFi investments in one central hub.
- Blizzard.Money V2 is a yield farming protocol with some of the largest liquidity pools on the chain. DAI can be staked in the system.
- ForTube is a DeFi lending protocol operating on the ETH and BSC networks.
- CryptoBlades is an RPG where users build characters, craft weapons and armor, and battle both players and monsters. It rewards its users in the SKILL token which can be exchanged via their platform for DAI.
- PokerDefi is a yield farming dApp where users can stake DAI-BNB and DAI-USDC pairs to earn the PKR token. It gamifies the process by selecting random pairs twice a day and multiplying potential yields by up to 10 times.
- Staking Saloon is a mini-game based around NFT-staking from the greater SeaScape network. Users can trade the tokens through SeaScape directly into DAI.
You can bridge to Fantom from L-1 Ethereum by using Multichain.xyz.
Fantom is an EVM-compliant distributed ledger technology stack that utilizes a DAG (Directed Acyclic Graph) based platform. The Fantom OPERA network is designed to power smart cities, a topic discussed by @derek in A Multichain Strategy and Roadmap for Maker.
In essence, Fantom allows for increased throughput and interoperability within your “smart city walls”.The network aims to improve myriad real-world sectors, from public utilities and healthcare to education, traffic management, and sustainability systems.
The network’s native token is Fantom (FTM).
The network is still coming into its own and offers many of the typical top names in DeFI, but a few native dApps have begun to pick up steam.
- SpookySwap is a DEX and AMM governed by the BOO token. It features DAI as an available swap option and as a DAI-FTM liquidity pair for yield farming.
- ShroomSwap is an AMM and yield farming protocol built for ERC-20 tokens that lists MakerDAO as an integral backer of its infrastructure.
Around 62.61 million DAI have been bridged to the network as KDAI.
Users can bridge from L-1 Ethereum using the Orbit Bridge.
Klaytn is an EVM compliant “hybrid” blockchain that combines aspects of centralized and decentralized blockchains. In their words, the network is an “enterprise-grade, service-centric platform focused on providing a user-friendly blockchain experience.”
It’s designed for the easy integration of blockchain technology into current business workflows and allows its users to create blockchain applications (bApps) catered to their specific business needs.
They make the distinction between dApp and bApp as its users aren’t obligated to run decentralized services on the network. This allows for Business Enterprises to create private, centralized bApps while still participating in the public Mainnet.
Klaytn was founded in South Korea by the team behind the social media platform Kakao and is predominantly populated with region-specific apps and services.
It’s run by a Governance Council headed by Kakao, LG Electronics, PUBG, Union Bank, and Binance, among others.
The network consists of three modules:
The Core Cell is publicly available and user-run. Two nodes-types are hosted in the Core: a Consensus Node (CN) and two Proxy nodes (PN).
The Klaytn team maintains central control of the CN bootnodes used to onboard new users by registering them as a PN and directing them to the proper End-point Node (EN).
Outside of Bootnodes, users are free to run public PNs and ENs to help maintain the network. Participating users are rewarded via the KLAY token.
Because the service is designed for commercial use, information on a large portion of its bApps is not publicly available. That said, the network is open to traditional dApps and web services offered on other block ecosystems.
As of July 7, the Polygon network holds around 418.4 million DAI, the majority of which is held in the Aave protocol.
The official bridge can be accessed via the MATIC bridge.
Polygon aims to help Ethereum “keep up with the competition” as it transitions to a proof-of-stake model. So how does the Polygon network perform?
- Most transactions sit around between .0001 and .0003 MATIC, or well under one cent.
- It already performs at a throughput of 7000 transactions per second (TPS)
Most of Polygon’s Dapps are the same top Dapps you see on Ethereum, like 1inch and Aave, but Polygon’s working on building its own ecosystem.
Here are a few currently utilizing DAI.
- QuickSwap is similar to Uniswap.
- Polycat Finance is a traditional yield farming protocol that employs a “burn mechanism”, using 100% of the network’s fees to buy its native token FISH, and sending it to the burn wallet. Polycat can be found at:
- Slingshot DEX is a trading protocol that operates on the Polygon network. DAI is one of their featured stablecoins. They offer real-time market analysis, so every change is shown live.
- Aavegotchi is a call-back to Tamagotchi, where players collect and raise digital pets. The platform allows for staking and yield farming, making them the first playable NFTs to be backed by digital value.
- The Museum of Crypto Art partners with artists who “tell the story of crypto culture.”
- SportX is a decentralized peer-to-peer sports betting market.
- Pirate Dice is a yield farm with a unique twist. Users can also dice gamble and collect NFTs in a treasure-hunt-styled game.
- Decentral Games is a 3D casino inhabited by user avatars and governed by a DAO. Its treasury is backed by DAI and Decentraland’s MANA token. Dai and USDC are its primary backers.
Around 13.85 million DAI have been bridged to the xDAI network.
xDai bridges DAI over to quick and low-cost sidechains, making transfers and payments cheaper.
So let’s take our DAI and see what it can do on the xDAI network. Like Polygon, its primary function is to remedy Ethereum’s high and ever-changing gas fees.
- A standard xDAI transaction costs $0.000021 USD.
- Transactions take five seconds.
All transaction fees on the network are paid in xDAI. Bridges include:
- POA Network is behind the xDai chain and supports the network through R&D.
- Connext is used to trade Dai for xDai and vice versa across the xDai, Polygon, and BSC networks.
- Omni Bridge can also be used to bridge xDAI back to its native network for easy conversions back to ERC-20 DAI.
xDAI can also be used to directly swap to the Binance chain by using component.finance to swap from xDAI to wxDAI, or wrapped xDAI.
- HoneySwap is a Uniswap fork operating as the leading xDAI DEX.
- Component.finance allows you to connect a software wallet to convert stablecoins.
- Swarm provides decentralized storage and communications and aims to become the de-facto operating system of the decentralized web. Its BZZ token is the most bridged token on the xDAI chain with over 37,000 holders.
- HashAvatars - Claim randomly generated Avatars for 1 xDAI. You choose the amount minted and sell or keep them as NFTs.
- TokenUp - Buy and sell NFTs using xDAI.
- Foundation - Bid on digital art from emerging artists using xDAI.
- NiftyChess preserves online chess boards as NFTs.
- GUStakes lets you stake xDAI on God’s Unchained matchups, a decentralized TCG created by a former director of Magic The Gathering Arena.
xDai has another interesting feature. You can visit the BlockScout faucet to claim the xDAI required for a transaction.
The fee for this is paid in xDAI. After swapping to BEP-20 DAI, you can bridge over to the Binance chain.