Introduction to MakerDAO

MakerDAO is a decentralized lending platform based on Ethereum, peer-to-contract (i.e. between the user and the smart contract, without intermediaries). MakerDAO allows opening collateralized debt positions with cryptocurrencies – mainly ETH, but also other ERC20 tokens – to mint the stable coin DAI (a stable coin pegged to the US dollar). Dai’s stability is not only achieved through a system that controls the collateralization threshold of open CDPs (Collateralized Debt Position) but also through autonomous feedback mechanisms and incentives for external actors. Once generated, Dai can be freely sent to others, used as payment currency for goods and services, or held in the form of long-term savings.

What is DAI?

Dai is a type of stablecoin. The concept of stablecoin (stable currency) is quite simple: it is a token (like bitcoin and ether) that exists on a blockchain. But unlike bitcoin or ether, it has no volatility, although that is relative because the price of Dai does fluctuate, the thing is that compared to crypto-assets like ETH or BTC, we can consider Dai as a stablecoin.

Overview

In this dashboard, we will filtered the data up until 1st Jan 2022 and looking at a few metrics on MakerDao including deposits Vs withdrawals stats, DAI borrowed stats, comparing the top 10 DAI borrowers and Top 10 Depositors, and so on.

General stats and daily stats on MakerDao.

Up until today, there are a total of 8,14 billions withdrawals from MakerDao and 6.96 billions deposits with a total transaction of 7.78k deposits Vs 6.17k withdrawals. The total depositors is 1.9k Vs the 2.1k withdrawers.
The Daily deposited volume is aroud 100m to the highest of 700m on 12th June 2022. The number of depositors has a spike around 12 May which reaching 245 depositors in a day and the highest on 13 June 2022 with 290 depositors. The transactions followed proportionally with the spike of depositors.
The daily withdrawn volume is around 200m to 1.18 billion. The 1.18 billions is the ATH for the daily withdrawn volume which is on 31st May 2022. The highest withdrawers in a day is on 13 June 2022 with 199 withdrawers and the highest withdrawn transactions (289) followed on the same day.

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Conclusion:

There are more withdrawals compare to the deposits. But interestingly the patterns of deposits follow closely with the withdrawals patterns on 13 June 2022.

However, if we look at the USD volume charts, there are more deposits from May to June 2022 compare with the withdrawals on the same months which show more wallets which are depositing WETH on MakerDao.

DAI borrowed stats

The graphs show that the DAI borrowed throughout the year fluctuating around 20-50m and the numbers has been declining over the year from July to August 2022.
The highest spike of the DAI borrowed was in 1st April 2022 and it’s reached 51m which is the ATH for DAI borrowed on 2022.
In term of transactions and the number of borrowers, it does seem that there was a spike on 22nd January 2022 and it has been fluctuating around 10-20 borrower per day, and 10-30 transactions per day.

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Comparison of Top 10 DAI borrowers and Top 10 depositors in MakerDAO

Because of the automated mechanism of every single DAI minted will deposited corresponding of WETH on MakerDAO. It' would be very interesting to deep dive on whether the top 10 depositors is also the top 10 borrowers in MakerDAO.

Looking at the graphs for DAI borrowers, the top 1 DAI borrowers is 0x65b0bf8ee4947edd2a500d74e50a3d757dc79de0 with closed to 50m DAI borrowed from MakerDAO, followed by 0xabed497d0ccb6916c95dd98ad4402febf5f52fe7 with 43m borrowed and 0x9b7a6e6b894e243e994cfaa32ea07d8a60740981 with 39m standing at top 3.
For depositors, the top 1 is 0x741aa7cfb2c7bf2a1e7d4da2e3df6a56ca4131f3 with close to 2.7 billions deposited WETH, followed by 0x65b0bf8ee4947edd2a500d74e50a3d757dc79de0 with 1.27 billions deposited WETH and 0x28a55c4b4f9615fde3cdaddf6cc01fcf2e38a6b0 with 314 millions standing at top 3.

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As we can see here, the top 1 DAI borrowers 0x65b0bf8ee4947edd2a500d74e50a3d757dc79de0 is only standing at the top 2 in MakerDAO depositors. Correspondingly, we can see that the top 2 DAI borrowers 0xabed497d0ccb6916c95dd98ad4402febf5f52fe7 standing as the top 6 in depositors ranking and top 3 0x9b7a6e6b894e243e994cfaa32ea07d8a60740981 is only the top 9 in depositors ranking.

Further deep dive to the top 10 DAI borrowers and top 10 Depositors in MakerDAO. (part 2)

The tables shows the coins borrowed from MakerDAO and we can clearly see that some of these addresses is the top 10 depositors in MakerDAO.
For instance, the top 1 borrowers 0x741aa7cfb2c7bf2a1e7d4da2e3df6a56ca4131f3 who also appears as the top 1 depositors isn’t holding DAI in his/her wallets and they are actually holding WETH in their account.

Conclusion

Based on my own analysis, we can conclude that the top 10 DAI borrowers isn’t always appears to be the top 10 depositors in MakerDAO.

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