Kashi Lending

> Kashi is a lending and margin trading platform, built on the BentoBox, that allows for anyone to create customized and gas-efficient markets for lending, borrowing, and collateralizing a variety of DeFi tokens, stable coins, and synthetic assets.

BentoBox

> The BentoBox (sometimes referred to as Bento) is a token vault that generates yield for the capital deposited into it. While there are many such yield generating “vaults” in DeFi, the BentoBox is a little different. Bento’s innovation is its ability to track the user’s deposits via artificial balance, which is used to account for their idle funds, while the same funds are simultaneously applied to strategies. The BentoBox creates yield for these funds without incurring any loss.

• Source → BentoBox , Kashi Lending

Description of Work

In this bounty, we want to analyze the behavior of stablecoins Deposit for lending and Collateral on Kashi markets for both Polygon and Ethereum. For this, we examine the following:

• Which ones are being deposited for lending?
• Which ones as collateral?

Note

• We use the crosschain schema, ez_lending and ez_borrowing table
• Currently the Polygon data is only showing the recent months. Polygon data on crosschain schema for ez_lending and ez_borrowing is available from 2022-06-06 17:30:19.000 onwards for lending and 2022-06-07 00:33:54.000 onwards for borrowing.
• Stablecoins on Kashi: USDC, USDT, DAI, TUSD, sUSD and UST
• Kashi lending pool: Lending pool in Kashi starts with km → like ==kmWETH/USDC-LINK
• Deposit for Lending: Use the ez_lending table:
  • where action = 'Deposit' and lending_pool ilike 'km%' and symbol in ('USDC', 'USDT', 'DAI', 'TUSD', 'sUSD', 'UST')
• Collateral: Use the ez_borrowing table:
  • where action = 'Borrow' and lending_pool ilike 'km%' and collateral_symbol in ('USDC', 'USDT', 'DAI', 'TUSD', 'sUSD', 'UST')

1 → Analyze the behavior of stablecoins Deposit for lending on Kashi markets

Observations

• The total number of Deposits for Lending Stablecoins in Kashi markets is 5334, of which 3407 are in Ethereum (63.9%) and 1927 are in Polygon (36.1%).
• The total volume of Deposits for Lending Stablecoins in Kashi markets is 123990883.0654 (USD), of which 123970847.547827 (USD) in Ethereum (100%) and 20035.51757224 (USD) in Polygon (0%).

Because we have the Polygon data from ==2022-06-06 17:30:19.000==, the volume of ==Polygon is much less compared to ==Ethereum==.

Observations

• The total number of unique addresses that Deposited StableCoins for Lending have 3550 unique addresses, of which 1716 are for Ethereum (48.4%) and 1831 are for Polygon (51.6%).

It is interesting that the number of addresses in ==Polygon== is more than that of ==Ethereum==, while we have Polygon data from ==2022-06-06 17:30:19.000== and Ethereum data from ==2021-03-26 07:16:42.000== We have

Observations

To better compare Ethereum and Polygon blockchains, we compared the blockchains from 2022-06-06 onwards and reached two interesting results:

• A lot more transactions and wallets have been made on Polygon since ==2022-06-06== to deposit stablecoins for lending. The volume of depositing stablecoins for lending is still much higher for Ethereum than for Polygon

From 2022-06-06, more users use Polygon, but with a small volume, and fewer users use Ethereum, but with a large volume.

Observations

• The highest Amount of Deposit StableCoin for lending is on Oct 2, 2021 with 10.63M USD and then Aug 10, 2021 with 577k USD and then Nov 21, 2021 with 533k USD
• The highest Number of Deposit StableCoin for lending transactions is on Jul 12, 2022, all related to Polygon
• The highest Number of wallet that deposit StableCoin for lending transactions is on Jul 12, 2022, all related to Polygon
• The highest Number of Deposit StableCoin for lending transactions is related to USDC with 64%, followed by USDT with 16.9% and then DAI with 15.5%.
• The largest Volume of Deposit StableCoin for lending is DAI with 36.8%, followed by USDC with 28.7% and then USDT with 25.8%.
• The highest Number of Unique wallet that deposit StableCoin for lending is related to USDC with 65.7%, followed by USDT with 15.8% and then DAI with 14.8%.

Users Deposit more== USDC for lending while users Deposit DAI in ==larger volume== for lending.

2 → Analyze the behavior of stablecoins collateral for borrowing on Kashi markets

Observations

• The most popular lending pools for depositing stablecoins for lending, in order of Volume of Deposit:
  • kmxSUSHI/DAI-LINK== with 21243303.5847837 USD
  • kmWETH/USDT-LINK== with 17796884.820653 USD
  • kmxSUSHI/USDC-LINK== with 12856697.007547 USD
• The most popular lending pools for depositing stablecoins for lending, in order of Number of Deposit:
  • kmWETH/USDC-LINK== with 2082 deposit
  • kmxSUSHI/USDC-LINK== with 424 deposit
  • kmWETH/USDT-LINK== with 272 deposit

Observations

• The total number of Collateral Stablecoins for Borrowing in Kashi markets is 316, of which 286 are in Ethereum (90.5%) and 30 are in Polygon (9.49%).
• The total amount of Borrowing from Collateralizing Stablecoins in Kashi markets is 3370148.92310609 (USD), of which 3368000.31124633 (USD) in Ethereum (99.9%) and 2148.611859761 (USD) in Polygon (0.1%).

Because we have the Polygon data from 2022-06-07 00:33:54.000, the volume of ==Polygon is much less compared to ==Ethereum==.

Observations

• The total number of unique wallet that Collateral StableCoins for Borrowing have 123 unique addresses, of which 109 are for Ethereum (88.6%) and 14 are for Polygon (11.4%).

Observations

• The highest Amount of Collateralizing Stablecoins for Borrowing is on May 19, 2021 with 206k USD and then Jun 12, 2021 with 174k USD and then Jun 23, 2021 with 158k USD
• The highest Number of Collateralizing Stablecoins for Borrowing transactions is on Jul 1 and Jul 12 2022
• The highest Number of wallet that Collateralizing Stablecoins for Borrowing transactions is on Jul 1 and Jul 12 2022
• The highest Number of Collateralizing Stablecoins for Borrowing transactions is related to USDC with 69.3%, followed by DAI with 29.4%.
• The largest Volume of Collateralizing Stablecoins for Borrowing is DAI with 64.2%, followed by USDC with 33.6% and then USDN with 2.1%.
• The highest Number of Unique wallet that Collateralizing Stablecoins for Borrowing is related to USDC with 66.1%, followed DAI with 32.3%.
• Interestingly, the number of transactions and the number of unique wallets are the same for USDT and USDN

Users Collateralizing more== USDC for Borrowing while users Collateralizing DAI in ==larger volume== for Borrowing .

Observations

• The most popular symbol that Borrowing from Collateralizing StableCoin, in order of Volume of Borrowing:
  • RAI== with 695588.8056 USD
  • GRT== with 416697.02458337 USD
  • USDT== with 70899.031871 USD
  • ALPHA== with 65715 USD
  • CRV== with 38959.92 USD
• The most popular symbol that Borrowing from Collateralizing StableCoin, in order of Number of Borrowing:
  • NMR== with 72 Borrowing
  • RAI== with 64 Borrowing
  • SUSHI== with 33 Borrowing
  • CRV== with 23 Borrowing

Observations

• The top Wallet that Borrowing from Collateralizing StableCoin, in order of Volume of Borrowing:
  • 0x5edcf547ece0ea1765d6c02e9e5bae53b52e09d4== with 734574.040584904 USD
  • 0xd2d58f785ea44dec2d3443cae65fb2ad66a2f67f with 238848.183592551 USD
  • 0x57ef012861c4937a76b5d6061be800199a2b9100 with 227343.46314732 USD
• The top Wallet that Borrowing from Collateralizing StableCoin, in order of Number of Borrowing:
  • 0xf14662b6b7edfebe645d783afef03a6ce615dfe0== with 14 Borrowing
  • 0x5edcf547ece0ea1765d6c02e9e5bae53b52e09d4== with 13 Borrowing
  • 0x7487c0c0f59049a7aece671f135f7b7e72e06e3f== with 13 Borrowing

Observations

• The top 10 Wallet that depositing stablecoins for lending, in order of Volume of Deposit:
  • 0xf4a3f5e4c523081db2806d3e2b159a8f0d1d35c6== with 15385035.8136561 USD
  • 0x99b2c5d50086b02f83e791633c5660fbb8344653== with 14011377.7568368 USD
  • 0x3f000000220000003123e705f0d5fd5d9a53b190== with 10632033.309638 USD
• The top 10 Wallet that depositing stablecoins for lending, in order of Number of Deposit:
  • 0xae45367aeac760a6d716c3eb5432ebdc2019586e== with 109 deposit
  • 0x99b2c5d50086b02f83e791633c5660fbb8344653== with 38 deposit
  • 0xc69fd67b95e8ace226f4d08a9e03d1dc369e5eab with 272 deposit

3 → Wallets that deposit stablecoin for lending and use stablecoin as collateral for borrowing

Observations

• There are 34 wallets that both deposit stablecoin for lending and use stablecoin as collateral for borrowing.

• There are 17 (50%) of these wallets that deposit as much stablecoin for lending as collateral for borrowing. (Number of deposit and collateral== is same).

• There are no wallets that deposit the same amount (USD) of stablecoin for lending as collateral for borrowing the same amount (USD) of stablecoin.

• There are 22 (64.7%) of these wallets that Deposit USDC for Lending and use USDC as Collateral for Borrowing.

• There are 5 (14.7%) of these wallets that Deposit DAI for Lending and use DAI as Collateral for Borrowing.

Final Conclusion

> From the review and Analyze the behavior of stablecoins on Kashi markets for deposited for lending and use as collateral for borrowing, it was found that users use stablecoins more for lending and less use it as collateral for borrowing. As the data for Polygon was only available for the last one month, it became clear that more (number) deposits are made on Polygon, while the amount of deposits is still higher for Ethereum, and users deposit more (number) USDC for lending, while the volume is deposit for lending is more in DAI, also lending pools kmxSUSHI/DAI-LINK, kmxSUSHI/USDC-LINK, kmWETH/USDT-LINK, mWETH/USDC-LINK and kmxSUSHI/USDC-LINK in terms of volume and number of deposits are popular. Also, the use of USDC as collateral for borrowing is more (number), but a larger volume of DAI is used for borrowing as collateral. Also, users used more stablecoins as collateral for borrowing RAI, GRT, USDT, ALPHA, NMR, SUSHI and CRV, and there are also 34 wallets that both use stablecoins for lending and use stablecoins as collateral for borrowing.