NOTE: As this is computed by taking the average hourly price around the time of the tx event, the deposit value can increase over time, simultaneously growing the borrowing power.

How has that changed over time?

Does it vary by market?

How does that compare to whales?

What percent of borrowing power does the typical wallet have?

Who are the top whales on Compound?

How long are they taking to repay their loans?

Finally, when we look at the repayment rate over time, we appreciate that whales tend to keep debt levels around 50%.

NOTE: The dip observed in April 20th is caused by 5 whales taking loans probably to take advantage of the decline in the market

In terms of repayments, just 2 out 20 whales have paid their loans in totality since the launch of the protocol (the average repayment rate by whales is 20%). These are the cases of:

• Whale #10 (0x5921c191fe58175b1fb8943ed3f17345e615ff02) who took 84 days to repay the totality of their loan since their first borrowing back in January
• Whale #11 (0x691d4172331a11912c6d0e6d1a002e3d7ced6a66) who took 84 days to repay the totality of their loan since their borrowing back in January
• The fact that both addresses took the same time to repay and repaid in the same day (Apr 8 / Apr 9) makes us think both addresses belong to the same person / company / institution.

A whale is usually defined as a holder that owns large amounts of a token, usually having a big influence over the price and volume of the token itself but also on the governance of the protocol.

At Compound, we define whale as an address that interacts with large amounts of volume on the suite of products that Compound offers (ie. supplies and/or borrows large amounts of tokens).

To identify them, we estimate all addresses which net deposits (ie. deposits - redemptions) are equal or above 1% of the total net deposits. As a result, we find that 21 addresses (see below) represent 53% of the total net supply in Compound.