The State of Dai #01
The State of Dai
The price of Dai remained within two basis points this week, or .02%, of its peg, but fluctuated both above and below one dollar since the launch of Ethereum’s EIP-1559 upgrade.
Overall, Dai’s supply is over 5.7 million, and the total value locked in the protocol has reached a new all-time high of 11.9 billion.
Dai on Different Networks
Where is my Dai (General)
This week's overview shows a decrease of 2.4% of DAI circulation in DEXs and L2 solutions, and an increase of 2.5% in Lending and 'Other'.
Dai on Rollups
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 08/12/2021
Circulating Dai on BSC, Fantom, and Avalanche has remained steady for over a month, but Polygon is still experiencing volatility, with another 7.9 million Dai moved off-chain last week - though the exodus has slowed considerably.
Klaytn also saw around 6 million Dai enter its network as KlaySwap pools continue to grow.
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
Current Events
BENQI and Avalanche Launch $3 Million Liquidity Mining Initiative To Accelerate DeFi Growth
BENQI, an algorithmic liquidity market protocol, and the Avalanche Foundation are collaborating on a joint liquidity mining program to celebrate the launch of the BENQI protocol on August 19, 2021.
The Bundesliga 2020-2021 Season Celebration NFT Collection by Topps, powered by the Avalanche blockchain platform, will feature top players, rising stars, memorable moments from the 2020-2021 season.
Binance Smart Chain
Current Events
Binance Pay Bringing Crypto Payments to Shopify and Others, DAI included!
Binance is partnering with Alchemy Pay to allow for crypto payments on Shopify, among other e-commerce sites. DAI is being included in the launch.
Wrapped Bitcoin Vault launches on Binance Smart Chain
Bitcoin Vault is expanding its activities into the Decentralized Finances (DeFi) space by launching wrapped Bitcoin Vault (wBTCV) on Binance Smart Chain (BSC). The token will allow BTCV enthusiasts to participate in DeFi activities.
Fantom
Current Events
Atari Chain has launched the Atari decentralized exchange (DEX) and the Atari smart wallet on the Fantom OPERA chain.
Band Protocol Collaborates With Fantom Mainnet
The oracle solution, Band Protocol, has launched a validator node on Fantom OPERA.
Klaytn
Current Events
Samsung ‘Will Join Kakao’ to Trial Offline Payments for South Korea’s CBDC
Two Samsung affiliates are reportedly set to join a number of Kakao subsidiaries in piloting the Bank of Korea’s CBDC prototype – with reports that the electronics giant will test offline payments using its Galaxy smartphones.
Polygon (formerly MATIC)
Current Events
After Iron Finance’s explosion and deflation, SushiSwap and PolyCat have seen the highest increase in DAI usage this week, with respective increases of 144.394% and 34.113%.
PolygonPunks become the 1st ‘NFT Punks’ on Polygon (Matic)
The project aims to recapture CryptoPunk’s success, but on the Polygon network.
Polygon (MATIC) Gets Integrated into Axelar for Cross-Chain Communication
Axelar is a decentralized interoperability network that connects blockchain ecosystems that aims to provide a seamless cross-chain transition for users and developers on the Polygon chain.
xDai
Current Events
When the transition happens, xDai transaction fees will be divided into priority fees and base fees. Priority fees will be sent to validators, and base fees will be burned. This means xDai will be burned on every block.
The burn will create a mismatch between burned xDai and the Dai used to create xDai, which will still be locked in the bridge contract. To maintain token & bridge equilibrium, the extra Dai in the contract must also be reduced in the same exact proportions.
The team is developing a mechanism to use the extra Dai to buy back and burn STAKE on Ethereum. This process will create a deflationary mechanism for STAKE with the aim of enhancing overall POSDAO security.
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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.