Dai on Different Networks #14 - October 7, 2021

Dai on Different Networks #14

If you missed last week’s update, here’s a link to Dai on Different Networks #13.

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; 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. :slight_smile:

Now, on to the meat and potatoes.

Highlights

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.

:snowman_with_snow: 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.

:ghost: 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.

:bridge_at_night: 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).

Overview

Where is my Dai (General)

Source

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%.

Dai on Rollups

Rollup Solution Circulating Dai Weekly Movement
Optimism 25,282,126.23 17.60%
Arbitrum 13,704,201.00 91.10%
zkSync 1,396,391.07 -1.47%
Loopring 512,218.35 -0.55%
Aztec 2.0 373,083.99 5.93%

Source

Where is my Dai (Bridged)

All Assets

TVL of bridged assets

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.

Dai Bridged from Ethereum

Circulating Dai by Platform

As of October 7, 2021

Solution Circulating Dai Dai Holders Weekly Dai Movement
Avalanche 221,982,089.00 ~3,062 6.80%
Binance Smart Chain 262,125,946.10 52,311 0.05%
Fantom 202,925,265.60 4,977 133.98%
Klaytn - 6,309 -%
Polygon 283,729,628.23 64,878 -6.43%
Solana 24,422,166.27 - 9.84%
xDai 22,050,755.00 unknown 0.10%

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.

By Platform

Avalanche

Solution Circulating Dai Dai Holders
Avalanche C-Chain 211,458,599.43 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
Aave 93,485,731.99
Trader Joe 66,172,375.26
Benqi 30,964,211.58
Snowball 7,247,055.28
Pangolin 4,009,313.00

Bridges

Fantom

Top Holders Circulating Dai Proportion Weekly Movement
Geist 140,627,210.31 69.15% -%
Curve 30,958,980.60 15.19% -26.56%
Scream 12,775,152.24 6.26% -30.13%
SpookySwap 5,774,311 5.39% -75.64%
Other 12,789,611.45 6.65% 6.72%

Source

Current Events

Bridges

Solana

Current Events

xDai

Top Holders Circulating Dai Weekly Movement
HoneySwap 2,363,109 -12.45%
CHAI 687,223.327 -29.57%
Other 22,050,755.00 20.15%

Source

Current Events

Bridges

Notes & Feedback

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.

1 Like

Hey team.

I have been looking at these a bit and I wondered does it make sense to have a winners/losers list by network and then by protocol.

Conceptually what I want to see is where the DAI moved to, and where it moved from.

I am not sure if the 100% graph works for me here because while I think % of cap is important also seeing the actual amounts help a bit. Don’t get me wrong if you had amounts I’d be the first person saying I want to see MC as a % of total too.

So maybe when it comes to winners and losers list maybe these should be in % MC?

I mean 20M or 100M may seem like a lot but this is what .3% and 1.5% respectively.

So tables and graphs of amounts in % of MC and $$ might also be useful.

I can look for a chart but I think it is also important to state how much total DAI there is and whether this increased or decreased over the week.

I keep wondering as well if the collateral backing DAI is important when it comes to the state of DAI but maybe this is a risk anaysis report thing so out of your domain.

Something like N DAI outstanding this week + some reasonable high level breakdown into ETH, wBTC, rest with amount of DAI borrowed and average vault CR. idk maybe this is a risk/vault analytics thing. I just think it would be nice to have with the State of DAI report…

1 Like

Thanks for the in-depth feedback! :slight_smile:

I’ve been putting together this dashboard to try and track more of the internals we’ve discussed. Still in the ‘building’ stage so any feedback on the dash would be very much appreciated!

Keep an eye out for today’s post! Incorporating as much as possible.