State of Dai #13
Dai-lights
We’ve spent recent weeks tracking the growth of Avalanche and Fantom, but the dust has settled and AVAX came out on top. So, after a brief rundown of the latest AVAX and FTM happenings, we’ll move into this week’s theme: layers.
☃️ Avalanche
Avalanche just keeps rolling.
While the competition stalled out, AVAX’s TVL has climbed to $11 billion. The network now houses over 400 million Dai or over 4.6% of the total supply.
👻 Fantom
Fantom’s lived a monetary rollercoaster since the launch of the Geist AMM, and the swings haven’t slowed.
This week saw around 30 million Dai return to the network, adding up to a cool 231 million Dai or 2.71% of the total supply.
🕊️ Harmony
Harmony aims to be a player in the future scalability of the Ethereum base-layer through its low-cost, sharded proof-of-stake network, though some implementations have come slower than expected.
That said, it’s been picking up steam due in large part to the gamified DEX, DeFi Kingdoms. Despite offering only two Dai LPs, the chain’s managed to lock in around 33 million Dai, or just over 0.38% of the total supply.
The majority is held in the Euphoria and Viperswap protocols, though around 40.2% is still floating in wallets, apparently waiting for the right farm.
🌜 Moonriver
Polkadot, like Avalanche and Cosmos, aims to build a platform upon which any number of blockchains can be built.
That number is currently capped at 100 parachains, so to divvy up their digital land Polkadot is holding auctions allowing users to stake their DOT in support of their preferred project.
Moonriver was the first auction winner and aims to run atop the Moonbeam parachain as its “permanent canary chain”, through which code is stress-tested before being shipped to Moonbeam.
Here’s a look at Moonriver’s current landscape:
Though its primary use case is stress testing, its users have access to earlier launches than chains intended for battle-tested code. And degens rejoiced.
A little over 17 million Dai has been bridged to the parachain, or around 0.2% of the total supply.
⛽ Rollup szn
A flurry of speculation surrounding Loopring saw its price march to its ATH, but it’s not the only layer-2 making headway:
At the time of writing, the Optimism network still only houses a handful of platforms but has continued to grow to the tune of nearly 47% in the last two weeks.
The State of Dai
We saw a bit of turbulence on the 11th, but the overall DAI price range was tighter this week.
The total supply took another nice leap this week, and the TVL is creeping its way to 20 billion. All this while USDC exposure continues to dip, now down around 12% in the past 30 days.
The 11th was a big day for Dai, with over 473mil changing hands through Uniswap alone.
A solid 47 new vaults were opened last week by 64 unique creators.
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Disclaimer: 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.