State of Dai: January 4 - 10, 2022

Hi everyone, thanks for checking out the State of Dai. Now separate from the Weekly Relay with the objective to scale and improve all the information you need for your Dai escapades!

  • We saw heavy turbulence in the market and thus turbulence in the peg—multiple high-capital trades above and below the peg in a confusing market.

7-Day Dai stats

  • This looks like Dai pricing 7-day max of 1.122 and a min of .951 - averaging out to 1.000027. Silver lining overall, the peg saw some variance but was affected very little if one zooms out.

  • The total supply dipped just below 9.3 billion, and TVL in the protocol dropped to 15.7 billion.


  • Net burn of 78 million Dai.

  • A total of 83 new vaults were opened by 45 unique creators.

  • The 7th was a high-volume kind of day, with both 1inch and Uniswap topping 110 million Dai traded in a 24-hr window.

  • Maker has a 50% share of the ETH locked into lending protocols.

MakerBurn rundown

  • PSM USDC 3.52 billion
    • ETH-A 2.64 billion
    • WBTC-A 1.10 billion
    • ETH-C 552.70 million
    • PSM USDP 499.97 million
    • ETH-B 87.02 million
    • GUNI DAI-USDC (0.05%) 77.88 million
    • LINK 74.13 million
    • stEth 49 million
    • UniV2DaiUSDC 43.22 million
    • YFI 21.91 million
    • MATIC-A 19.75 million
    • UniV2UsdcEth 15.83 million
    • NSDROP 10.69 Million
    • WBTC-C 10.14 million
    • GUNI DAI-USDC (0.01%) 10 million
    • MANA 6.30 million
    • GUSD 4.98 million
    • renBTC 4.73 million
    • UniV2WBTCEth 4.54 million
    • UNI 3.23 million
    • WBTC-B 2.49 million
    • FFT1-DROP 2.15 million
    • HTC-DROP 1.46 million
    • 6s Capital 1.43 million
    • UniV2wBTC-Dai 1.11 million
  • Other vaults below 500K (UniV2DaiEth, UniV2UniEth, CF-DROP) at 583k.

  • The current LTV of 99% is even with the previous high seen in October. With a 1% uptick to 100%, the total would be the highest since the DeFi run in the summer of 2021.
    • LTV allows lenders to assess the risk of a secured loan by taking the loan amount and setting it relative to the asset’s current market value. (LTV = (Amount owed on a loan/Appraised value of asset) x 100).

  • After a fast and furious launch, the wstETH vault has cooled down to an average collateralization ratio of 299%.

  • Liquidation walls are unforgiving, beginning at a 7% market drop before sharpening significantly.

  • In that hypothetical drop, vaults riding the edge of collateralization are on WBTC and ETH.

  • wBTC deposits have continued to trend up since October, including regular MATIC deposits.

  • 63 auctions in the last week on the following vault types**:
    • ETH-A, ETH-B, and ETH-C
    • stETH
    • wBTC-A and B
    • renBTC
    • MATIC
  • Average settling time was around 35 mins.

  • Growth across different vaults ilks had a healthy bump in WBTC this past week. | |


This update is assembled by a group of contributing members in the MakerDAO community. This does not serve as financial advice or an inducement to vote in any specific way. This update is purely for information and communication purposes only.


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