If you missed last week’s update, here’s a link to Dai on Different Networks #13.
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; that said, 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 the week’s anomalies. Hopefully, this format will prove to be a more valuable week-to-week format. As always - we’re open to any all and suggestions.
Now, on to the meat and potatoes.
DeFi Summer is transitioning nicely into DeFi Fall - this time driven by absurd multi-chain liquidity mining programs. In response, humble farmers are hopping from chain to chain in search of fertile yields.
And therein lies our theme of the week (and likely the month): liquidity mining.
Avalanche saw a lot of action last week after the announcement of a ~$700 million incentive program the AVAX team calls Avalanche Rush. That hype reached a peak over the weekend after the release of the long-awaited Aave and Curve protocols.
- The news saw another ~20 million Dai flood the Avalanche network, now totaling a strong 211 million circulating Dai.
- Through BenQi and now Aave, over 394 million interest-bearing Dai are being leveraged on the chain - with the majority held in Curve and Trader Joe.
Fantom has seen peaks and valleys over the past month, but this past week was a big one.
- Geist Finance launched over the weekend and saw its TVL rise from around 17k to over 2bil in 24 hours. This amounted to around 131k in Dai bridged to Fantom, or a 134% increase in circulating Dai.
Rollup szn is still underway, though some steam was lost as money moved to Avalanche, Terra, and Fantom.
- Optimism and Arbitrum saw a combined 109% increase in circulating Dai or just over 10 million Dai. Optimism’s ecosystem is still a little sparse and is primarily controlled by Synthetix and Uniswap.
- Arbitrum’s top projects include multi-chain staples like Curve, Sushiswap, and Abracadabra (MIM).
This week saw a ton of chain-to-chain movement, and it shows, as Dai in bridges and EOAs (Externally Owned Accounts) increased by a combined 2.7%.
Dai parked in lending platforms and the ‘Other’ category also saw a week-to-week decrease of 2.3%.
|Rollup Solution||Circulating Dai||Weekly Movement|
BIG shoutout to @ElProgreso for the find!
- Dai dropped from 8% of all bridged assets to 5.7% in a week, as Dai was converted the native stablecoin of various chains - UST (Terra) being a primary example.
As of October 7, 2021
|Solution||Circulating Dai||Dai Holders||Weekly Dai Movement|
|Binance Smart Chain||262,125,946.10||52,311||0.05%|
DeFi Summer is transitioning into DeFi Fall - this time driven by absurd multi-chain liquidity mining programs. The week’s biggest mover was Fantom, seeing a week-over-week increase of nearly 134%.
Avalance and Solana are also seeing solid input with respective increases of 6.8% and 9.84% in circulating Dai over the past week.
- Avalanche’s top projects are Aave, BenQi, Curve, and Trader Joe.
- Solana’s top Dai wallets are Saber and Mercurial Finance.
|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|
|Top Holders||Circulating Dai||Weekly Movement|
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.