Dai on Different Networks #13 - September 30, 2021

Dai on Different Networks #13

If you missed last week’s update, here’s a link to Dai on Different Networks #12.

Dai on Different Networks: The Dashboard (soft-launch)

I created a dashboard to track some of the stats I’ve been reporting in real-time. Dune Analytics currently tracks Ethereum and Polygon proficiently, but databases for the other L1s and L2s are limited or non-existent - BUT more are being added every week. As more information becomes available this dashboard will be updated!

With the dashboard now available, we’ve made some changes to the format; namely, an extension of the highlight section and a pivot to focus on any anomalies seen over the course of the week. Hopefully, this format will prove to be a more valuable week-to-week format. As always - we’re open to any and all suggestions. :slight_smile:

Now, on to the meat and potatoes.

Highlights

Liquidity Mining Incentives have become the new normal in our multi-chain world, with each announcement boasting a higher and higher total.

This can be seen with Polygon’s $40mil program, Algorand’s $300mil program, Fantom’s $370mil program, and now Avalanche Rush - a $700mil program bolstered by an inital $180mil from the Avalanche Foundation, as well as large contributions from Aave and Curve.

As the Rush began a slew of announcements came from the AVAX team, including:

  • Trader Joe, the network’s top DEX by volume, launched a $20mil incentives program to be used for yield rewards and a bug bounty program. Trader Joe already has over 1.25bil locked in its protocol.
  • Kyber Network, a decentralized liquidity hub, is allocating $5mil to launch the network’s first Dynamic Market Maker(DMM).
  • Yield Yak will receive a $100k incentive to be disbursed to network developers. Avalanche claims this will be the first developer-centric liquidity allocation.
  • While no date is set, the Aave team has confirmed an upcoming integration and has hinted at stout liquidity mining incentives.

In the wake of the news another 12 million Dai was bridged to the network, primarily into Benqi and Trader Joe.

On the other hand, Solana saw a massive drop-off of over 11 million Dai or an 81% decrease in week-over-week circulation.

The timing comes after the release of Solana’s native Phantom wallet, a Metamask competitor, which has seen over 500k downloads since its release.

So one possibility is Dai is now being stored in Phantom wallets. A second is Huobi’s release of a SOL-USDC pair. Solana now claims to hold over $2bil in native USDC.

Whether DAI was rotated into USDC, or held in Phantom wallets - it’s movement to keep an eye on.

The xDAI chain is holding steady at around 22mil bridged DAI, totaling around a 67% increase over the last three months.

And last but not least - let’s address Rollup szn. Still definitely underway with another 14% increase in Dai circulating on Optimism, as well as over 7mil in Dai bridged to Arbitrum.

For perspective, on August 12th, Optimism only accounted for just over 4mil Dai. Rollups are growing, and fast.

Overview

Where is my Dai (General)

This week brings a few changes to the Overview, courtesy of @SebVentures, including the addition of a ‘Bridge’ section, as well as updates to the CeFi category.

We also had a large drop in total Dai held on custodial exchanges which coincided with increases in Dai circulating on DEXs, Lending Protocols, and Bridges.

Source

Dai on Rollups

Rollup Solution Circulating Dai Weekly Movement
Optimism 21,498,719.66 14.67%
Arbitrum 7,171,356 -
zkSync 1,417,242.99 -0.28%
Loopring 515,034.98 -3.61%
Aztec 2.0 352,211.04 19.52%

Source

Where is my Dai (Bridged)

All Assets

TVL of bridged assets

BIG shoutout to @ElProgreso for the find!

  • Dai now represents 8% of all assets bridged from Ethereum - an increase of nearly 3% over the last three months.

Dai Bridged from Ethereum

Circulating Dai by Platform

As of 09/30/2021

Solution Circulating Dai Dai Holders Weekly Dai Movement
Avalanche 207,851,631.00 ~3,062 6.14%
Binance Smart Chain 262,003,541.40 50,523 -0.08%
Fantom 86,728,270.450 4,977 -14.04%
Klaytn 81,659,285.56 6,309 -7.15%
Polygon 303,218,265.61 58,124 -0.04%
Solana 13,634,985.12 20 -47.52%
xDai 22,028,149.00 unknown -1.90%

Last week saw another crab market, but regardless, Dai keeps on flowing to Avalanche - with another 12 million bridged in the last seven days. This influx comes in the wake of the Avalanche Rush Liquidity Incentives Program.

All other L1’s saw decreases in circulating Dai, though Polygon’s volume has stabilized at around 300mil DAI.

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 ?

With so much activity happening on-chain, we’ll continue to track Avalanche’s top wallets as the network grows. To start, here’s a brief rundown of Avalanche’s three-chain network:

  • 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.

We’ll be focusing on the C-Chain, where nearly all the network’s current Dapps are housed.

C-Chain Top Wallets Liquidity in Dai
Benqi 92,638,682.80
Trader Joe 66,172,375.26
Snowball 8,271,565.60
Pangolin 2,092,070.80
Other 26,923,557

Bridges

Fantom

Top Holders Circulating Dai Proportion Weekly Movement
Curve 51,571,265.38 59.43% -26.56%
Scream 18,283,692.02 21.07% -
SpookySwap 4,939,576 5.39% -75.64%
Other 11,984,032.40 14.11% 22.16%

Source

Since its recent price boom, Dai has rotated from platform to platform on the Fantom network. Curve has maintained the top wallet, but second place has been a revolving door.

This week was a great example of this as a combined 34 million Dai exited Curve and SpookySwap. The primary on-chain benefactor is the Scream protocol, seeing a cool ~16mil Dai flood the platform.

Current Events

Bridges

Solana

Top Holders Circulating Dai Proportion Weekly Movement
Contract 1 2,554,827.76 98.84% -75.97%
Contract 2 12,764.22 0.49% -99.57%

Current Events

xDai

Top Holders Circulating Dai Weekly Movement
HoneySwap 2,699,206 -3.52%
CHAI 975,693.37 43.36%
Other 18,353,249.63 -3.29%

Source

Current Events

Bridges

Notes & Feedback

  • 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.

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.

8 Likes

It could be an uptick in Luna-TERRA’s stablecoin UST, USDC, and an uptick in USDT supply

image

3 Likes

Good call! Hadn’t considered UST - probably some combo of the three.

Seeing crazy volume on anything in particular?

2 Likes

Mostly on the Saber App.

We need to find a DefiPulse, or Stablecoin indicator on these chains–hard to keep track on inflows/outflows. You’re doing a great job w/the limit resources – keep it going! :muscle:t4:

2 Likes

lolz this dude dropping DAI alpha here at 4:52?

2 Likes

Well, it seem if there are announcements on Twitter where you get that information from it means it is an official announcement of the protocol :man_shrugging:. But is DAI officially in Solana or is it like in BSC that they added it without asking?

1 Like

:fire:

Def some solid alpha - and looks like you called 'em both!

So, looks like the block explorer still needs some fine-tuning… Updated total actually shows a 63% increase in circ DAI, with over 99% held in Saber and Mercurial.

2 Likes

They do have an “official” DAI Wormhole, but most dapps are using USDC and UST as their primary stable pairs.

Hoping Saber and Mercurial are signs of that changing :slight_smile:

1 Like

Hopefully yes, no doubt it is good that DAI is present thanks to the bridges, I am very interested in Solana, I do not know these projects I will read about them, thanks Alec and ElPro for discovering the alpha hehe

1 Like