Dai on Different Networks #5 - August 5, 2021

Dai on Different Networks #5

If you missed last week’s update, here’s a link to Dai on Different Networks #4.

Overview

Where is my Dai (General)

This week’s overview shows an increase of 6.7% of DAI circulation in DEXs and L2 solutions, and a decrease of 3.4% in Lending and ‘Other’ over the past week.

Dai on Rollups

Rollup Solution Circulating Dai Weekly Movement
Optimism 3,352,612.40 9.36% increase
Loopring 1,503,583.015 23.24% decrease
zkSync 800,724.96 0.61% increase
Aztec 2.0 32,024.81 5.26% increase
Hermez 10,853.06 0.92% decrease

Where is my Dai (L2s)

Special thanks to @SebVentures. Bookmark his site for accurate, easy-to-read tracking for Maker analytics of all kinds.

Circulating Dai by Platform

As of 07/29/2021

Solution Circulating Dai Dai Holders
Avalanche 6,773,460.03 unknown
Binance Smart Chain 262,150,860.10 39,435
Fantom 38,085,643.83 2,973
Klaytn 58,354,550.11 5,124
Polygon 396,725,368.30 27,485
xDai 16,154,879 unknown

Circulating Dai on BSC, Fantom, and xDAI has remained steady for the past month, but Polygon is still experiencing high volatility - with around 86 million Dai moved off-chain last week.

Klaytn also saw around 4 million Dai exit its network.

Tokens Bridged by TVL

This chart includes tokens across several chains, including Polygon, Loopring, Solana, Avalanche, Fantom, BSC, DeversiFi, Nerve, Harmony, RSK, Fuse, zkSync, OMG Network, Near, Aztec, Hermez, and Immutable X.

By Platform

Avalanche

Top Holders Circulating Dai Proportion
Pangolin 2,320,167 22.21%
Other 4,453,293.03 77.79%

Current Events

Pangolin Exchange and Penguin Finance announce a formal partnership

  • The partnership aims to provide the Avalanche network with liquidity and exposure.

A Graphic of the Avalanche Ecosystem

Bridges

Binance Smart Chain

Top Holders Circulating Dai Proportion
Binance Hot Wallets 144,686,162.76 55.1961%
PancakeSwap 28,200,915.36 10.7583%
Venus (vDAI) 26,592,299.39 10.1446%
ApeSwap 3,883,362.84 1.4815%
MDX 3,668,742.89 1.3996%
BiSwap 3,450,175.10 1.3162%
Wault 2,508,045.22 0.9568%
Other 49,161,156.54 18.7530%

Source

Current Events

Binance Pay Bringing Crypto Payments to Shopify and Others

  • Binance is partnering with Alchemy Pay to allow for crypto payments on Shopify, among other e-commerce sites.

Binance Reveals the Top Projects Within the BSC Ecosystem at the Binance Awards 2021 Event

  • Projects listed include PancakeSwap, TrustWallet, and BSCscan.

Bridges

Fantom

Top Holders Circulating Dai Proportion
Curve 33,694,189.43 90.6151%
SpookySwap 2,716,652.11 7.133%
Cream 220,713.33 0.5579%
Other 1,454,088.96 1.6940%

Source

Current Events

Blockchain Gaming Enthusiasts Can Now Swap ATRI Tokens Faster And Cheaper Using SpookySwap

  • ATRI is an Ethereum-based (ERC20) crypto token that will be used as a currency for several entertainment services, including games, gambling, and betting platforms. The ATRI token is run by Atari, the developer behind arcade classics like Pong, Pacman, and Tetris.

What Is Fantom (FTM)?

  • Explores the Fantom OPERA network and its DAG-based layer-1 blockchain.

Fantom is an algorithm belonging to the Byzantine Fault-Tolerant consensus that allows for honest nodes of a network to guarantee to agree on the timing and order of a set of transactions.

Bridges

Klaytn

Top Holders Circulating Dai Proportion
KlaySwap LP KUSDT-KDAI 39,423,683.70 67.5589%
KlaySwap LP KXRP-KDAI 5,200,291.85 8.9115%
KlaySwap LP KLAY-KDAI 4,750,592.76 8.1409%
KlaySwap LP KORC-KDAI 3,902,505.10 6.6876%
Other 5,077,476.70 8.7011%

Source

Current Events

Bank of Korea Chooses Klaytn’s operator, Ground X, as Supplier for CBDC Pilot

The CEO of Ground X - Jason Han, has given an interview with @CNBC about South Korea's Central Bank plan to collaborate with Ground X in creating its first #CBDC on the @kakaotalk blockchain.https://t.co/UIfOlxeuh9 pic.twitter.com/1jV8wbfEoj

— Klaytn (@klaytn_official) August 3, 2021

Polygon (formerly MATIC)

Top Holders Circulating Dai Proportion
Aave 175,682,202.97 44.2831%
Iron Finance 69,405,065.80 17.4945%
Quickswap 62,158,528.96 15.6678%
DFYN LP 23,854,534.42 6.0129%
SushiSwap 12,423,559.13 3.1315%
Balancer 8,699,462.18 2.1928%
Other 44,502,014.84 11.2174%

Source

Current Events

Over 182 million DAI has exited Iron Finance in the past two weeks. This comes on the heels of a month-long surge that saw the revamped project overtake Aave as the top DAI holder on the Polygon chain.

Aave now sits firmly as the largest DAI holder on the chain with over 175 million DAI or around 44% of Polygon’s total market share.

In total, the chain’s seen around a 30% decrease in circulating DAI.

Volmex Finance has expanded to Polygon.

  • Volmex is a derivates trading protocol that launched on the Ethereum network.

A Public Vote on the 3 Best Projects on Polygon

  • Current leaders: PolyCat.Finance (51%), PolyDoge (29%), and QuickSwap (13%)

xDai

Top Holders Circulating Dai Proportion
HoneySwap 2,688,362 16.5366%
CHAI 587,881.82 3.6495%
STAKE ? ?%
BAO ? ?%

Source

We’ll continue to track xDAI’s daily transactions to better understand DAI’s flow through its network.

Transactions per day

  • Its Governance token (STAKE) can be swapped to through numerous chains and DEXs, which makes the tracking of input DAI a challenge. STAKE’s top pair on HoneySwap is STAKE-xDAI with 301,131 in xDAI currently pooled.

Current Events

Onboarded the Genuino Project

  • Through a partnership with ACF Fiorentina, jerseys worn by players will be certified and authenticated using IoT tech and available to fans to purchase and trade along with exclusive digital memorabilia (NFTs).

Bridges

Thoughts?

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

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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.

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