Dai on Different Networks #8 - August 23, 2021

Dai on Different Networks #8

If you missed last week’s update, here’s a link to Dai on Different Networks #7.

Highlights

  • Dai’s supply exceeds 6 Billion.
  • Total Value Locked (TVL) reached an all-time high of 12.5 Million.
  • Optimism has started to take hold. This week saw an increase of around 17% in circulating DAI, while Loopring’s supply decrease by nearly 60%.
  • Venus, a stablecoin platform on BSC, saw an influx of nearly 7 million DAI this week, representing around a 46% increase in circulation.
  • Solana added a token explorer! Around 12 million DAI has been bridged, 99.8% of which is held in one wallet.
  • Charts tracking daily Dai transactions on DEXs and CEXs have been added.

Overview

Where is my Dai (General)

This week’s overview again shows minimal movement, with increases of 3.4% between DEXs and Lending protocols and a 2.4% increase in ‘Other’.

Source

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

Dai on Rollups

Rollup Solution Circulating Dai Weekly Movement
Optimism 4,480,024.10 16.94%
Loopring 589,900.42 -59.66%
zkSync 799,510.24 -0.46%
Aztec 2.0 34,499.50 -2.37%

Source

Where is my Dai (L2s)

Source

Daily Dai by CEX

By DEX

Circulating Dai by Platform

As of 08/26/2021

Solution Circulating Dai Dai Holders Weekly Dai Movement
Avalanche 9,978,866 unknown 0.00%
Binance Smart Chain 262,265,920.12 40,808 -0.07%
Fantom 40,370,330.49 3,062 0.12%
Klaytn 96,033,287.71 5,794 -2.11%
Polygon 379,489,005.02 32,667 -1.92%
Solana 12,851,475.07 20 -
xDai 19,664,394.00 unknown -0.61%

Similar to our overview, Dai didn’t see much chain-to-chain movement.

Tokens Bridged by TVL

This chart includes tokens across a number of 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 Weekly Movement
Pangolin 2,415,326.00 24.20% -41.24%
Other 7,563,560 75.80% 28.89%

Current Events

Avalanche Newsletter

Bridges

Binance Smart Chain

Top Holders Circulating Dai Proportion Weekly Movement
Binance Hot Wallets 120,772,949.42 46.09% -17.00%
PancakeSwap 35,287,138.68 13.47% 0.96%
Venus (vDAI) 22,728,523.54 8.67% 46.41%
ApeSwap 5,013,055.24 1.91% 1.86%
MDX 3,607,406.70 1.38% 4.50%
Paraswap 3,547,249.96 1.35% -8.60%
FTX 2,744,402.55 1.05% 0.00%
Other 68,565,194.04 26.08% 26.91%

Source

Current Events

Bridges

Fantom

Top Holders Circulating Dai Proportion Weekly Movement
Curve 32,643,228.22 80.86% -4.75%
SpookySwap 5,407,892.82 13.40% 40.91%
SpiritSwap 392,893.08 0.98% 19.55%
Cream 504,195.77 1.25% 0.00%
Other 1,411,489.00 3.83% -26.44%

Source

Current Events

Bridges

Klaytn

Top Holders Circulating Dai Proportion Weekly Movement
KlaySwap LP KUSDT-KDAI 55,387,584.05 57.68% -3.39%
KlaySwap LP KDAI-KAI 16,197,553.15 16.87% 6.91%
KlaySwap LP KXRP-KDAI 7,226,878.25 7.53% -21.20%
KlaySwap LP KLAY-KDAI 4,818,827.59 5.02% 8.50%
KlaySwap LP KORC-KDAI 44,671,142.21 4.86% 12.20%
Other 7,731,302.46 8% 33.82%

Source

Current Events

Polygon (formerly MATIC)

Top Holders Circulating Dai Proportion Weekly Movement
Aave 183,372,690.31 48.32% 6.44%
Quickswap 49,510,230.89 13.61% 6.11%
Iron Finance 44,722,788.12 11.79% 12.26%
Kyber 18,464,789.53 4.87% -8.23%
UniSwap 17,678,348.29 5.67% -34.83%
PolyCat 16,739,111.35 4.38% -1.27%
SushiSwap 10,424,793.63 5.03% -36.04%
Balancer 7,065,649.80 2.68% 1.09%
Other 31,510,603.10 4.09% 8.65%

Source

Current Events

Polygon Blog

Solana

Top Holders Circulating Dai Proportion Weekly Movement
Contract 1 12,831,204.58 99.84% 0.00%
Contract 2 19,970.00 0.12% 0.16%
Other 300.49 0.00% 0.00%

xDai

Top Holders Circulating Dai Proportion Weekly Movement
HoneySwap 2,638,658 13.42% -2.44%
CHAI 627,673.28 3.25% 1.83%
Other 16,453,148.72 83.34% 0.33%

Source

Current Events

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

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.

3 Likes

Looks like DAI in Avalanche is picking up steam–Trader Joe alone has TVL of approx 29M DAI

Total Avalanche TVL is on :fire:

3 Likes

You got me thinking… definitely weird that we’ve seen a solid chunk of internal movement on Avax, but total supply hadn’t moved in months.

So, either token tracking is iffy or the user base is low, and since the C-chain is EVM compliant - it makes sense that it would grow first.

Definitely did.

Solution Circulating Dai Dai Holders
Avalanche C-Chain 213,727,329.69 2,453
Avalanche P-Chain 0 0
Avalanche X-Chain 9,978,886.00 ?
  • The Contract (C) is EVM compliant, allowing for project copy/pasting for devs and easier bridging for end-users.
  • Platform (P) chain controls validators and creates “subnets” or sharded side-chains
  • The Exchange (X) chain is used for the creation and exchange of assets.

Nothing happening on P or X, but the C-chain is rolling.

Found out DAI was originally bridged using the Avalanche Bridge and later replaced with the Avalanche-Ethereum Bridge (AEB), which added a mint-burn function to transfer ERC20 tokens, mint an on-chain equivalent (DAI.e), and burn the original token - meaning two ERC20 DAI exist on the chain.

  • Original Dai is sitting at around 1.25 million in circ supply and came through the first bridge.

  • Dai.e was bridged via the AEB and its circ supply is over 212 million.

Any chance you have some sources for wallet data? Not finding too much on individual holders, but some solid volume going through Pangolin.

1 Like

Take a look at Markr I briefly navigated it–but could not figure it out–otherwise this here might be the key:

https://cchain.explorer.avax.network/tokens/0xd586E7F844cEa2F87f50152665BCbc2C279D8d70/token-transfers

DAI.e contract address :point_up_2:t4: and totally – the $180M Avalanche incentive to move from Ethereum to Avax is working for those that don’t care for jpegs haha

I believe Curve and AAVE will be on AVAX soon™

1 Like

Alec that platform called “Benqi” similar to what Compound does, has Benqi DAI (qiDAI) and approximately $1.8B in TVL.

So, instead of cDAI, its qiDAI :slight_smile:

2 Likes

Billion :slight_smile:

Not so much DAI on Rollups yet but some movement to be sure…

Interesting to see xDAI in the L2s…

Hmm. I keep wondering if we need to see DAI metrics as % of total float. Numbers go up and down. I keep thinking % of float may be just as important as raw TVL in $$.

Weekly change in Tokens Bridged? I’d like to see this as just a table of numbers with weekly changes noted. That tells me more than the pie chart. Another interesting look again isn’t as TVL in USD but in terms of % of MC of the token.

I honestly am trying to fathom how BSC has so dang much TVL bouncing around. There is so much I question about metrics in relation to BSC but I don’t have the time to deep dive into BSC. It just sticks out as a quandry as to how they could get such a large TVL so fast…

Interesting 16.5M on xDAI ‘unknown’

Thank you again for the report. Always interesting.

2 Likes

Thanks for the catch!

Yeah… been struggling with xDAI a bit. It’s definitely a sidechain - multi-sig bridge, governance token, unique dapps, the whole nine yards. But it also mostly functions as an ETH scaling solution and bridge to and from BSC.

Idk, sort of a hybrid between a block ecosystem and an L2 - kind of like Poly before it bought a zk? Either way, gonna take it out next week to zoom in on the Rollups!

The TVL chart is from Etherscan and honestly doesn’t get updated enough. Working on getting that one migrated into Dune, and all in on adding % MC.

With you on BSC - total circ has barely moved since I’ve been tracking it, but plenty of interchain activity…

xDAI doesn’t have much for tracking. The only real sources are the total locked in the POA token bridge, HoneySwap’s metrics, and the Chai data from daistats… so definitely a work in progress.

Appreciate the feedback! :slight_smile:

I’ll do some digging into BSC and see what comes up!

:pray:

But man… multi-chain’s already getting interesting. Need to get my A-Z Dai in line.

1 Like

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