The State of Dai | Episode 18
Vacation peg! With less volatility, the peg gets smashed less too.
DAI supply at 9.3 billion with 17.9 billion locked.
☃️ Avalanche 🔶 Binance Smart Chain 👻 Fantom 🦉 Gnosis Chain (formerly xDAI) 🌃 Polygon ✈️ Up-and-Comers
Another month, another 33 million DAI bridged to AVAX.
While it has to plateau eventually (…right?), the consistent week-over-week growth has been a legitimate spectacle. The chain now has four projects topping 1 billion TVL:
With three active money markets and the Curve liquidity machine working as a cog, users have continued to race to Avalanche’s EVM-compliant C-Chain.
AVAX currently houses over 580 million Dai, or around 6.24% of the total supply.
🔶 Binance Smart Chain
From a tracking standpoint, Binance has been a complete mystery. On August 12, 2021, BSC held 262.23 million Dai. Today that total is 262.05 million Dai - an absolutely parabolic -0.07% decrease over four months.
What has changed significantly is the chain’s active Dai wallets. In the same four months active addresses have grown by over 109%, from just over 40k to around 85k.
Note that these totals aren’t necessarily unique users.
The 262.05 million dictated by the BSC network represents around 2.82% of the total supply.
Fantom OPERA has seen its fair share high’s and low’s this cycle, but despite the extreme variance in its token price - the chain’s TVL has remained remarkably conistent.
Like Avalanche, Fantom is competing with rollups as Ethereum’s preferred side-chain for decreasing base-layer congestion. Also like AVAX, the chain is EVM-compliant and offers rapid finality and miniscule transaction fees.
But while both offer a suite of protocols ported straight from Ethereum, Fantom has invested more into its own - a strategy more focused on the long-term.
Another unique Fantom feature (where MakerDAO is concerned) is DAI’s place in its ecosystem.
Dai, along with USDC, are the premier stablecoins, integrated and widely used by nearly every DeFi application on the network. USDT, on the other hand, has been relegated as a wrapped token used by few.
As an example, SpookySwap, the network’s largest DEX, features zero USDT pools, while two of it’s largest utilized DAI and USDC. Curve also chose to deploy a 2pool on the network (DAI-USDC), as opposed to its standard 3-pool split (DAI-USDC-USDT).
The side-chain wars are far from over, and while Fantom may or may not end up the top dog - DAI’s future on the chain is looking bright.
Fantom now holds roughly 300.4 million DAI or 3.228% of the total supply.
🦉 Gnosis Chain (formerly xDAI)
Thank you @Lozadaluis12 for the tip-off!
The underlying tokenomics look much the same, and wxDAI will remain the chain’s primary transaction token.
With the Gnosis merger, the chain has realigned its focus to building digital infrastructure necessary to facilitate real-world adoption.
Superfluid is a payment-streaming service that aims to remedy the growing need for a reliable method for paying contributors and employees in cryptocurrency.
RealT allows users to buy into “fractional, tokenized properties” across the globe.
Gnosis Chain is the proud owner of over 56 million DAI, a 35% monthly increase and good for around 0.61% of the total supply.
Polygon started the craze, quickly overtaking Binance as DAI’s preferred side-chain in Q2 of last year, but it was short-lived.
Its market share bled as users hopped to shinier, newer toys like AVAX and FTM, but December saw Polygon start make serious strides towards closing the gap.
Polygon currently holds over 412 million DAI, a 12% increase in the last 30 days, and good for 4.4% of the total supply.
An internal fued led to the Emergency Shutdown mechanism being called on the Optics bridge, which is the primary bridge to the network. The kerfluffle went public, and Celo saw a quick exodus - dropping from over 19 million circulating Dai to under 3 million in just 14 days.
Fortunately for them, the ship is slowly stabilizing, as December saw a strong 97% increase in on-chain Dai. Celo now plays host to around 5.2 million Dai.
Harmony has steadily grown its bag of circulating DAI, and slowly but surely, applications have started to put it to use.
Euphoria is an OHM fork utilizing DAI (along with ONE) as backbone collateral in its treasury.
Viperswap is Harmony’s top native DEX, and the main source for DAI LPs on the network.
That said, the largest dapp on the network, the gamified DEX DeFiKingdoms along with its 71.6% on-chain dominance, still offers no incentivized DAI pairs.
Circulating Dai by Platform
as of January 6, 2022
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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.