Dai on Different Networks #16 - October 21, 2021

Dai on Different Networks #16

If you missed last week’s update, here’s a link to Dai on Different Networks #15.

Dai on Different Networks: The Dashboard

Highlights

DeFi Fall’s been surprisingly green, an uptrend that saw another exodus of humble liquidity miners chasing gains. So, at this point, it’s settled - our theme for the month: liquidity mining and bridging.

:bridge_at_night: Bridging

The Avalanche and Fantom chains have had a nice back-and-forth as new platforms continue to launch with shiny, new APY’s.

This week’s top mover was the Avalanche chain, which utilizes the Avalanche-Ethereum Bridge. The bridge now holds around 318 million Dai or 4.24% of the total supply.

Despite the downtick, the AnySwap Bridge is still one of the largest off-chain Dai holders with over 270 million in locked Dai.

As discussed in last week’s thread, in a multi-chain world - layer-2 solutions, bridge security, and Dai liquidity are topics worth further exploring. I’m working on a separate post to dive into this further.

:snowman_with_snow: Avalanche

The Avalanche Rush liquidity mining program saw an underwhelming launch, but Trader Joe flipped the script. The farming protocol launched its incentive rewards early last week, and in response, another 61 million Dai moved to AVAX.

Aave is still Avalanche’s money market of choice, with nearly 141 million Dai locked into its contract - and through the protocol, users have generated around 514 million in leveraged Dai.

Over 266 million Dai now lives on the chain or 3.78% of the total supply.

:ghost: Fantom

The Geist money-market surprise-launched on October 5th before locking up over 2bil in assets in under a day, but as towering APY’s have toppled back to earth, that growth has finally stalled.

That said, the protocol still has over 128 million Dai locked in its contract, and the recent release of a Geist 3pool (gDAI-gUSDC-gUSDT) on Curve could see that number rebound.

Geist’s swift rise and decline can also be attributed to the rapid growth of the Fantom ecosystem as a whole:

  • SCREAM, a competing money market, has seen its TVL shoot to around 392 million with over 25 million in Dai.
  • An Aave Governance poll that recently passed in support of a Fantom launch.

After a week of slight decline, Fantom currently holds over 250 million Dai or around 3.4% of the total supply.

Overview

Where is my Dai (General)


Source

Recent weeks have seen a shift in dominance from the ‘Other’ category in favor of DEXs, Lending protocols, and good old-fashioned cold storage.

Dai on Rollups

Rollups
Source

September was Optimism’s time, but October’s been all Arbitrum. Over 20 million Dai now lives on the platform, good for a 56% week-over-week increase.

Where is my Dai (Bridged)

All Assets

Dai now represents only 3.7% of the assets bridged from Ethereum.

Dai Bridged from Ethereum

Circulating Dai by Platform

As of October 21, 2021,

Week-over-Week

Avalanche

Bridges

Celo

Celo Markets

Bridges

Fantom

Farms

Money Markets & Bridges

Geist and SCREAM are the top money markets on Fantom, though a poll recently passed with the intent of launching the Aave protocol on the chain.

AnySwap is the preferred bridge to the network, as its top AMM, SpookySwap, utilizes the bridge natively.

Bridges

Solana

xDai

xDAI
Source

Bridges

Notes & Feedback

  • Huge thank you @ElProgreso and @MakerMan for all the contributions and feedback!
  • Began tracking the Celo network, and put Klaytn on hold as there’s currently no information on the conversion rate from Dai to KDai.

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

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.

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