Regarding stablecoins, these data analysis results are quite interesting

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Chain News ChainNews (ID: chainnewscom)

, by Jesus Rodriguez, published with permission.

Lasse Clausen, the founder of the European blockchain investment fund 1kx, recently traveled to China to participate in the Shanghai Blockchain Week. He tweeted in China, saying that "DeFi has really become a thing in China, and DAI will have a 4% premium when sold in the over-the-counter market." DAI's OTC premium in China hits 4%? This is indeed surprising. This tweet sparked a lot of discussion.

DeFi is indeed hotly discussed in China, but it is not at all like Lasse Clausen's observations and his conclusions. According to Lianwen, the background is that Lasse Clausen had a meal in China with Wang Bowen, the co-founder of the decentralized exchange DDEX. During the meal, he learned that DAI usually has 1%~4 % premium. So, there was this tweet.

• Indeed, stablecoins, and even the entire DeFi ecosystem, have been having heated discussions, but lack credible and transparent data and analysis.

• Another typical example is that Rune Christensen, founder of cryptocurrency mortgage lending platform MakerDAO, recently revealed two surprising pieces of information in an online Q&A with the Chinese community:

China is currently the largest source of MakerDAO Collateralized Debt Position (CDP) smart contract users, compared to the United States, which only ranks second;

MakerDAO “makes $13 million a year on a cost of just $200,000, so it’s completely self-sufficient.”

This information is "interesting" enough to completely surprise people, but how to prove it is a problem.

Fortunately, some research institutions have been working hard to unearth more facts worthy of people's deep thinking through on-chain data analysis. For example, Jesus Rodriguez, chief technology officer of IntoTheBlock, an on-chain data analysis company, recently wrote an article and shared some interesting data analysis results on the stablecoin chain, which are worth pondering:

Written by: Jesus Rodriguez, Managing Partner and Chief Scientist at Invector Labs, CTO and Angel Investor at IntoTheBlock.

Stablecoins are a unique presence in the cryptocurrency ecosystem and are gaining traction right now.

• Recently, I attended a conference and highlighted some methods of applying data science analysis methods to stablecoin blockchain data analysis. Here, I want to share some of the most interesting data analysis results first.

• At a high level, stablecoins can be divided into three broad categories:

• Stablecoins backed by fiat currency: This type of stablecoin is usually linked to fiat currency or other assets in the real world. The most typical examples are stablecoin projects backed by fiat currency like Tether and TrueUSD, and Digix Global These are stablecoins backed by commodities;

Cryptocurrency-backed stablecoins: This type of stablecoin is backed by a pool of cryptocurrency assets. Usually, such stablecoins require over-collateralized cryptocurrencies to deal with market fluctuations. A typical example is Maker;

In the current cryptocurrency market, stablecoins based on fiat currencies are dominant. In addition, projects like Maker have gained greater market competitiveness in the category of cryptocurrency-collateralized stablecoins. At this stage, unsecured stablecoins are still experimental, and while there are some unsecured stablecoin projects that are popular, we still know very little about their potential performance.

So, let’s focus on fiat-backed and crypto-collateralized stablecoins first, and see what insights might surprise you.

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Five surprising results about fiat-backed stablecoins

Ideally, stablecoins should be traded at a fixed value (e.g. 1 USDT pegged to 1 US dollar), but strangely, people actually lose money when buying and trading these assets.

According to IntoTheBlock's In-Out Money analysis, some investors tend to buy fiat currency-backed stablecoins at a price much higher than the base price, as can be seen from the analysis of Tether and TrueUSD in the figure below:

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2) Stablecoin networks are not growing

3) Most stablecoins are not used for large transactions, but Tether is an exception

4) While stablecoins are already widely used globally, most fiat-backed stablecoins are more popular outside of Asia

5) The daily usage rate of stablecoins backed by legal tender is high

Tether is currently the most dominant fiat currency-backed stablecoin on the market, but other stablecoins in this category have no lower daily usage than Tether. The following figure shows the daily usage rate of TrueUSD, which fully illustrates this point:

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Five Surprising Results About Crypto-Collateralized Stablecoins

1) Some investors who bought the stable currency DAI actually lost money

Similar to fiat currency-backed stablecoins, according to analysis, some investors also bought DAI at a price higher than $1, as shown in the figure below:

2) The stablecoin DAI is still growing

Most fiat currency-backed stablecoin networks have not grown as expected, but DAI is completely different. Its network has grown very fast. The following figure shows the statistical analysis results of DAI network addresses:

3) The large transaction of DAI did not last

According to IntoTheBlock's large-value transaction analysis, the stable currency DAI does not show continuity, and the fluctuation is more obvious, as shown in the following figure:

4) DAI adoption is higher in markets outside of Asia