Dai on Different Networks #12 - September 24, 2021

Dai on Different Networks #12

If you missed last week’s update, here’s a link to Dai on Different Networks #11.

Highlights

  • After a brief trial run, I can confidently report: definitely Rollup sznnn! As a whole, Rollups saw an increase in circulating DAI of around 865% in only seven days.
  • Avalanche is growing and fast. Another 20mil DAI flood the network, and the chain’s seen its TVL grow from 0.5bil to around 5bil since the beginning of August.
  • Klaytn is continuing to stack massive real-world partnerships. After its recent announcement as the chain of choice for the Bank of South Korea’s CBDC pilot program, the good news just keeps rolling. This time it’s Maekyung Media Group, which aims to spearhead a new wave of Korean digital media innovation.

Overview

Where is my Dai (General)

Not a lot of movement this week, but we did see a slight decrease in Dai used for Lending and an increase in the “Other” category - with “Other” being an aggregate of Dai in Aragon, Tornado Cash, and PulseChain.

Source

Special thanks to @SebVentures. Bookmark his site for accurate, easy-to-read tracking for Maker analytics of all kinds.

Dai on Rollups

Rollup Solution Circulating Dai Weekly Movement
Optimism 18,748,119.31 18.87%
Loopring 534,337.40 2.08%
zkSync 1,421,216.41 47.53%
Aztec 2.0 294,682.86 796.89%

Source

Where is my Dai (Bridged)

All Assets

TVL of bridged assets

Dai Bridged from Ethereum

DAI Borrowed/Repaid

Loan to Value

  • A chart depicting MakerDAO’s running Loan to Value ratio. Credit to Dune user @datanut for the query, and thank you @MakerMan for the awesome feedback!

Circulating Dai by Platform

As of 09/23/2021

Solution Circulating Dai Dai Holders Weekly Dai Movement
Avalanche 195,830,093.00 ~2500 11.31%
Binance Smart Chain 262,200,235.88 49,327 0.03%
Fantom 100,888,381.30 4,660 -3.32%
Klaytn 87,947,067.27 6,321 -7.07%
Polygon 303,334,624.18 46,059 -7.36%
Solana 13,634,985.12 20 -47.52%
xDai 22,455,678.00 unknown 5.41%

The charts were a sea of red, but Avalanche was still flooded with another 20 million DAI as users hop from chain to chain in search of the rarest pixels.

xDAI is also gaining traction, seeing a week-over-week increase of 5.41% in on-chain DAI. HoneySwap and Gnosis are two likely candidates for the network’s top wallet.

By Platform

Avalanche

Solution Circulating Dai Dai Holders
Avalanche C-Chain 195,830,093 2,453
Avalanche P-Chain 0 0
Avalanche X-Chain 10,000,000 ?
  • The Contract (C-Chain) chain is EVM compliant, allowing devs to copy/paste projects and enabling easier bridging for end-users.
  • Platform (P-Chain) chain controls validators and creates “subnets” or sharded side-chains.
  • The Exchange (X-Chain) chain is used for the creation and exchange of assets.
C-Chain Top Wallets Liquidity in Dai
Benqi 96,318,849.96
Trader Joe 66,172,375.26
Snowball 9,304,097.99
Pangolin 4,358,298
Other 19,676,472

Current Events

Avalanche Newsletter

1/5 The Avalanche ecosystem has seen considerable growth over the past few weeks, from under $0.5B in TVL at the beginning of August to over $3B today. pic.twitter.com/qjdorPU30Y

— Kevin Peng (@Kevinpenger) September 24, 2021

Bridges

Binance Smart Chain

Top Holders Circulating Dai Proportion Weekly Movement
Binance Hot Wallets 184,958,786.93 70.54% -3.85%
Venus (vDAI) 11,240,063.28 4.34% 91.25%
PancakeSwap 11,152,570.13 4.28% -8.15%
ApeSwap 5,184,550.11 1.98% -2.15%
FTX 5,027,063.64 1.92% 8.31%
Vyper 4,066,599.85 1.55% 3.65%
MDX 2,878,560.92 1.10% -8.22%
Biswap 2,619,180.44 1.00% -13.46%
Other 35,241,424.56 16.16% 10.68%

Source

Current Events

Bridges

Fantom

Top Holders Circulating Dai Proportion Weekly Movement
Curve 70,219,662.51 70.00% -8.24%
SpookySwap 20,279,406.63 20.22% -3.55%
Other 9,810,422.42 9.78% 74.56%

Source

Current Events

Artion is out!

Artion is an open source NFT marketplace built on Fantom.

Key features:

🔹 near-zero tx cost and instant finality

🔹 0% commissions on sales

🔹 low minting fees

🔹 @chainlink price feeds

and much more to come!https://t.co/Dse9ksvw39

— Fantom Foundation (@FantomFDN) September 24, 2021

Bridges

Klaytn

Top Holders Circulating Dai Proportion Weekly Movement
KlaySwap LP KUSDT-KDAI 38,612,638.96 43.90% -12.54%
KlaySwap LP KDAI-KAI 17,595,397.50 20.01% -9.30%
KlaySwap LP KXRP-KDAI 7,974,459.50 9.07% 1.20%
Contract 5,973,952.24 6.79% -
KlaySwap LP KLAY-KDAI 4,472,697.33 4.76% -7.51%
KlaySwap LP KORC-KDAI 2,926,329.04 4.65% -28.65%
Other 14,274,446.10 15.86% -4.83%

Source

Current Events

Polygon (formerly MATIC)

Top Holders Circulating Dai Proportion Weekly Movement
Aave 189,654,246.71 61.90% 1.57%
Quickswap 23,147,211.33 6.17% -37.43%
Iron Finance 18,878,982.34 4.11% 51.55%
SushiSwap 10,512,491.34 3.43% -14.00%
UniSwap 10,782,431.22 3.54% 9.23%
Balancer 4,352,280.39 1.42% -30.69%
Other 49,049,081.99 19.43% -19.00%

Source

Current Events

Solana

Top Holders Circulating Dai Proportion Weekly Movement
Contract 1 10,629,927.66 77.96% -59.05%
Contract 2 2,999,107.61 21.996% -
Other 5,949.85 0.04% -47.54%

Current Events

xDai

Top Holders Circulating Dai Proportion
HoneySwap 2,797,633 12.45%
CHAI 680,572.42 3.03%
Other 18,977,472.58 84.51%

Source

Current Events

5/10

🐝 @Honeyswap (by @1HiveOrg) is the third biggest protocol on xDai in TVL terms. Its current TVL is at $9.5M.

It's a DEX with an open source interface for trading and pooling liquidity.

Seamless transactions (3 sec) ⚡ and extremely low fees ($0.001 p/tx) 🤑 pic.twitter.com/PZARsDEhAu

— MakerDAO Growth (@MakerGrowth) September 21, 2021

Bridges

Notes & Feedback

  • Working on a dashboard for Dai on Different Networks but as of now, Dune Analytics only pulls from the Ethereum, xDAI, and Polygon blockchains. BSC and Optimism were recently added and functionality is slowly being fleshed out.
  • Getting conflicting information on various Avalanche explorers, so the current total reflects total DAI and DAI.e and includes BENQI’s current DAI.e supply.
  • We’ll be aggregating the borrow/repay queries, and digging deeper into internal BSC movement.
    Have anything you’d like to see added to these breakdowns? Leave a message in the comments or DM me, @seth, or @JerryAG.

Thanks for reading!

Tracking Tools

DAI

Block Explorers

Bridge Metrics

DEX

Misc

This is for informational purposes only. We do not endorse any of the projects referenced in this update. Always do your own research before making investments and/or using DeFi products and services.

2 Likes

Here, on second thought, it is amazing to see that there is more DAI in Polygon than in BSC. Knowing that from BSC they only have to withdraw it from their exchange account.

As I mentioned, in the end, the money will always look for the channels with the least resistance. And that is why decentralization is so important.

2 Likes

This topic was automatically closed 30 days after the last reply. New replies are no longer allowed.