[Statistics] Where Does All This DAI Come From? Quick Facts About Maker Customer Vaults

There seems to be a general lack of clarity about who Maker Protocol’s vault users are, and how they use our product. I’m in the middle of chasing down some data on long-run profitability and margins, as well as beginning to discuss how vaults behave after liquidation.

Here are some quick facts about where the (as of writing) 4.97 billion DAI come from:

~15% come from just 1 user
~25% come from just 5 users
~31% come from just 15 vaults
~35% come from the top 5 vaults in each of our 7 largest vault types

54% come from just 1 vault type (ETH-A)
16% come from the PSM
~69% come from the 3 largest vault types that aren’t stablecoins (ETH-A, WBTC-A, ETH-C)

ETH-A is the only large type where the top 5 vaults are not a majority of all DAI issued:
ETH-A – 37.8%
WBTC – 66.7%
ETH-C – 85.5%
LINK – 87%
YFI – 93.9%
ETH-B – 55%

Over the life of a each vault type (with the exception of ETH-A), the average vault tends to provide in the neighborhood of 25x times the fees of the median vault:
ETH-A – Median 3.05; Average 1596.16
WBTC – Median 105.95; Average 2757.51
ETH-C – Median 39.30; Average 1826.55
LINK – Median 37.65; Average 1535.71
YFI – Median 103.02; Average 2724.24
ETH-B – Median 51.23; Average 2664.13
UNIV2DAIETH – Median 35.88; Average 1101.96

Why even read this?
This is a multi-billion-dollar enterprise. It’s important we understand how our product is being used. This is definitely not a substitute for a deep dive into these numbers. But it is a beginning for understanding.

Some data pulled from the Token Flow beta GUI and the rest kindly provided by @tmierzwa


You forgot to write a Conclusion. In you opinion, is it good, bad, or Ugly?

Would you say that:

Is a Institution, or an individual?

What are the Odds that some of these Vault folks will never pay back their debt?

The big vault is most likely Nexo.


That’s Nexo. They have the biggest ETH-A vault, second biggest WBTC vault, and third biggest LINK vault.

I’ll leave conclusions for when I’ve got more than just a snapshot of today to look at. But I suspect you know what my priors are.

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Very interesting fact sheet.

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