If you missed last week’s update, here’s a link to Dai on Different Networks #12.
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.
Now, on to the meat and potatoes.
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.
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.
|Rollup Solution||Circulating Dai||Weekly Movement|
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.
As of 09/30/2021
|Solution||Circulating Dai||Dai Holders||Weekly Dai Movement|
|Binance Smart Chain||262,003,541.40||50,523||-0.08%|
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.
|Solution||Circulating Dai||Dai Holders|
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|
|Top Holders||Circulating Dai||Proportion||Weekly Movement|
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.
|Top Holders||Circulating Dai||Proportion||Weekly Movement|
|Top Holders||Circulating Dai||Weekly Movement|
- 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.
Thanks for reading!
- Dai on Different Networks Dash
- Dai-Curious Dashboard
- Dai Stats
- Maker Burn
- Maker Analytics Dashboard - @SebVentures
- Block Analitica
- Dai Markets
- Dai Bought on Uniswap/hr
- HoneySwap Analytics xDAI/Polygon
- Curve Analytics
- PancakeSwap Token Analytics
- DEX Metrics
- SushiSwap Token Pairs
- Pangolin Analytics
- Dappradar Rankings
- xDAI Analytics Dashboard
- Stablecoin Metrics
- Comprehensive List of Explorers and Aggregators
- A Community-built List of Every Project on the Polygon Chain
- Loopring Dune Analytics
- DAI in zkSync
- TVL for all Bridges
- Layer-2 Overview
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.