The State of Dai | Episode 15
Dai-lights
DeFi Fall’s been a season of bridging and farming, a trend that’s likely to continue into the foreseeable future.
Avalanche started slow, but once it got rolling it never stopped. The chain dragged in another 95 million Dai last week, but AVAX isn’t the only chain gaining traction. Harmony’s top protocols are mostly familiar faces, and its Dai integrations are limited but a certain OHM fork saw the chain’s circulating DAI balloon to over 33 million.
Klaytn and Celo also saw their fair share of highs-and-lows, which got the better of the Celo chain - but the former has steadied and is beginning to trend back up.
Read on for the full scoop!
☃️Avalanche
Avalanche’s primary bridge is the Avalanche-Ethereum Bridge (AEB), whose contract holds nearly 100% of the Dai bridged to AVAX.
All told, the chain now accounts for over 578 million Dai, or around 6.3% of the total supply.
🪔 Klaytn
Klaytn went and eclipsed the $1bil TVL mark while no one was looking.
Built by the team behind the social media platform Kakao, along with the backing of a plethora of big-name investors, Klaytn’s focus is to provide an “enterprise-grade, service-centric” platform upon which user-friendly blockchains can be deployed for corporate use.
And it’s worked pretty well so far, as evidenced by their selection for the Central Bank of South Korea’s CBDC pilot.
That said, it’s rarely all smooth sailing. A chain outage in mid-November saw both prices and userbase decline, but it’s since steadied and now looks primed to retake the lost ground.
Over 61 million Dai now lives on Klaytn or nearly 0.7% of the total supply.
Its primary DEX, and protocol period, is KlaySwap, which at the time of writing is maintaining a hearty 91.61% on-chain dominance. Naturally, the majority of the Dai living on the network is moved or parked on KlaySwap.
Here’s a look into its current landscape:
A Look into Up-and-Coming Layer-1s 🌌
🌱 Celo
The Celo chain lost another 34% of its circulating Dai over last week after internal struggles went public.
The Optics bridge, utilized natively by Celo, was placed in Emergency Shutdown mode and remained locked for hours. Fingers were pointed and explanations made, but the end result is the loss of nearly 70% of its circulating Dai over the last 14 days.
🕊️ Harmony
Harmony, on the other hand, has been trending up.
The current protocol offerings are sparse, and the Dai integrations even more so, but the chain has still managed to amass over 33mil Dai - or a 37% increase over the last 7 days.
A few of its protocols are familiar faces, like Sushiswap and Curve (though in fairness, if a chain exists these two will be there), but a handful of Harmony originals bolstering the recent growth.
The first is Euphoria (WAGMI), an OHM fork that’s recently taken off on the chain.
The second is ViperSwap, which is based on elements of both Uniswap and Sushiswap.
The State of Dai
The DAI peg experienced some slippage on the 23rd and wider price bands for very large trades while the mid-line stood strong through the madness, and the overall range continues to tighten. Max and min at 1.03 to 0.94 with 481 million DAI traded.
The DAI supply crossed the 9 Billion mark this week!
The past week saw 89 new vaults opened by 59 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.