The State of Dai #11
Multi-chain DAI-lights
DeFi Fall’s been bridge-centric, with each week seeing a new top off-chain Dai holder. This week was no different - DeFi’s back, but with more bridges to cross and places to go.
🌉 Bridging
Avalanche and Fantom have had a nice back-and-forth in a battle for liquidity, but this week saw some decisive action.
The Avalanche-Ethereum Bridge now holds around 330 million Dai or 98.6% of all DAI bridged to Avalanche.
The AnySwap Bridge isn’t too far behind, with over 203 million in locked Dai - good for 89.6% of Dai bridged to Fantom.
☃️ Avalanche
Avalanche Rush apparently just started a bit late. After an underwhelming launch, the chain has fully rebounded - and it has Banker Joe to thank.
Trader Joe launched an unannounced borrowing and lending market, throwing Joe in the money market mix. The news saw Joe lock in over $1bil in TVL and 98mil DAI.
Despite the launch, Aave is still Avalanche’s top money market, with nearly 182 million Dai locked into its contract - and through the protocol, users have generated around 607 million in leveraged Dai.
Over 333 million Dai now calls Avalanche home, or 4.21% of the total supply.
👻 Fantom
The Fantom ecosystem is popping across the board - movement that’s seen Geist retake liquidity dominance on the chain.
The Aave-clone has over 118 million Dai locked in its contract, and through the protocol, users have generated around 536 million in leveraged Dai.
After another week of decline, Fantom now holds around 227 million Dai, or 2.8% of the total supply.
The State of Dai
In a market that can’t decide which way is up, the DAI peg hit some chop the past week. Range max and min was from .90 - 1.05, with just under a billion dollars in volume.
Dai’s supply is above 7.5 billion with 16.5 billion TVL, and like last week - USDC number go down.
A total of 113 new vaults were created last week. Do you follow the DAIbot yet?
A 10% upswing saw MakerDAO grab first place in TVL on Ethereum, again.
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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.