Stablecoin Weekly Report: The total number of stablecoin active addresses hit a new high, revealing the user portrait of DAI
Author: MYKEY researcher Ma Lie
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The total market value of stablecoins increased by about $143 million last week, a weekly growth rate of 1.33%
On May 23, Tether issued an additional 100 million TRC20 version of USDT in the Tron network
The total number of stablecoin active addresses hit an all-time high on May 25
Centrifuge releases Tinklake on Ethereum, supports traditional assets as collateral, and lends stable coins on the platform
The data shows that DAI has a more concentrated holding distribution than USDT, but it is more used in decentralized applications
1. Overview of Stablecoin Data
1. Overview of Stablecoin Data
Source: MYKEY, Coinmetrics
market liquidity
Source: MYKEY, Coinmetrics
Source: MYKEY, Coinmetrics
Source: MYKEY, Coinmetrics
Source: MYKEY, DeBank
Number of currency holding addresses
Source: MYKEY, DeBank
Source: MYKEY, DeBank
Source: MYKEY, DeBank
Source: MYKEY, Coinmetrics
Active addresses
Source: MYKEY, Coinmetrics
Source: MYKEY, Coinmetrics
Number of transactions on the chain in 24 hours
Source: MYKEY, Coinmetrics
Source: MYKEY, Coinmetrics
24-hour on-chain transaction volume
Source: MYKEY, Coinmetrics
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2. The premium of DAI disappears, and the room for growth expands
Since the market crash on March 12, 2020, there has been a certain premium for the decentralized stablecoin DAI; until the time of this report, the premium was close to disappearing.
The March 12th shock exposed some flaws in DAI's stabilization mechanism. The market downturn will make people have a safe-haven demand for the stablecoin DAI, but at the same time, the supply side of DAI also needs to buy Dai to repay debts, so as to prevent liquidation due to the drop in collateral prices - the increase in demand and the drop in supply will lead to a positive premium for DAI unanchored.
When DAI is at a negative premium, Maker can reduce circulation, shrink supply, and push DAI back to the anchor price by raising loan and deposit rates at the same time; but when DAI is at a positive premium, under normal circumstances, the ultimate adjustment method of Maker is only Both the interest rate and the deposit rate are reduced to 0. If it does not work, there may be a longer-term positive premium.
Perhaps it is the long-term positive premium of DAI that has pushed Maker to accelerate its adoption of other assets, or it may be the pressure from centralized stablecoins such as USDT, USDC, BUSD, and decentralized stablecoins such as Acala, Kava, and Celo that make Maker play more radical.
In recent months, Maker has successively listed USDC and WBTC as collateral assets for its MCD contract, increasing the supply of DAI and pushing DAI back to the anchor price.
On May 26, Centrifuge released Tinklake on Ethereum. People can use traditional assets as collateral to borrow and lend on this platform; stablecoin holders can lend their own stablecoins on this platform and obtain corresponding interest. As of the time of writing, the platform has issued a loan of 255,000 DAI for freight forwarding companies, and the collateral is Freight Forwarding Invoices.
The partners of Centrifuge and Maker may be able to provide Maker with tokenized traditional assets as collateral in the future. In addition to the ETH, BAT, USDC, and WBTC that have been added, we will see more assets become collateral in MCD in the future, increasing the growth space of DAI.
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Source: MYKEY, Etherscan
The figure above shows the proportion of the currency holdings of the top 100 addresses with the most DAI and USDT holdings. It can be seen that the holding distribution of DAI is more concentrated than that of USDT. The top 100 addresses with the most DAI holdings accounted for 75.50% of the total DAI circulation; while the top 100 USDT holdings accounted for 44.59% of the USDT Ethereum network circulation.
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Source: MYKEY, Etherscan
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Source: MYKEY, Etherscan
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Source: MYKEY, Etherscan
We want to explore the portraits of DAI holders who use DeFi applications, so we drew the above usage time heat map based on the DAI transactions involved in dYdX, OasisDEX, Curve, Aave, and Kyber smart contracts in the past three months (the time in the figure is Beijing time).
The above figure shows that in the past three months, DAI holders have used the above-mentioned DeFi applications more frequently from 21:00 Beijing time to 9:00 the next day (9:00 to 21:00 Washington time in the United States). This provides us with important information that DAI holders using these DeFi applications are more likely to be in the Western Hemisphere, most likely US users.
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Source: MYKEY, Etherscan
We can see that the heat map has changed greatly compared with the heat map of DAI usage time in DeFi applications - in the past month, except for May 10, the use of DAI was mainly concentrated at 9:00 Beijing time to 1:00 of the next day; and the use of DAI is relatively inactive between 1:00 and 9:00. Therefore, this heat map shows that DAI users are more concentrated in the Eastern Hemisphere (closer to the time of activity of Chinese users).
Source: MYKEY
Source: MYKEY
This issue of the MYKEY Stablecoin Weekly Report has shared so much, please pay attention to the follow-up weekly reports. In the follow-up reports, we will provide you with more interpretations of the development status of stablecoins and analysis of their development trends, so as to help you continuously update your understanding of the development of stablecoins.
