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What Is UST?
TerraUSD (UST) is the Terra blockchain's decentralized and algorithmic stablecoin. Due to its 1:1 peg to the US dollar, it is a perfect medium of exchange for the DeFi and TraFi systems. We support Ethereum-based UST (ERC-20), which is a multi-chain asset. UST acquired on Gemini may be transferred to Ethereum-compatible wallets and then exchanged for the native form of UST through a bridge. Gemini does not endorse or guarantee the peg of UST to the US dollar at 1:1.
What Is DAI?
Dai (DAI) is a decentralized stablecoin based on Ethereum (ETH) that aims to maintain a $1.00 USD value. Unlike centralized stablecoins, Dai is not backed by a bank account holding US dollars. Rather than that, it is secured with Maker platform collateral. Nota bene: In the event that the Dai credit system is improved or shut down, Dai holders may be required to transfer their Dai to Ethereum through the Maker platform.
As seen in the charts above, the top 10 addresses that contain the most UST are listed. As can be seen, the anchor market's address name has the most quantity of UST. The community pool's address name has the second-highest UST holding, followed closely by the terra mint/burns swap fees' address name. The smallest of the top ten addresses in terms of UST holdings is the uusd/uluna LP's address name. This result suggests that the majority of UST are distributed in the Anchor protocol, community pool, and Terra mint/burn swaps fees.
As seen in the above plots, the bar and pie charts reveal the top 10 addresses holding the most DAI. We observed, however, that these addresses do not disclose their identities. We hypothesized that these addresses correspond to MakerDao users who own a large amount of DAI, which is categorized as a Whale.