Author: MYKEY researcher Jiang Haibo

To help crypto market participants keep updated on the development status of stablecoins, we launched the MYKEY Stablecoin Report to share our interpretation of the development status of stablecoins and analysis of their development trends. Looking forward to maintaining exchanges with peers and jointly exploring the development prospects of stablecoins.

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1. Overview of Stablecoin Data

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market liquidity

Source: MYKEY, Coin Metrics

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Source: MYKEY, Coin Metrics

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Number of currency holding addresses

Source: MYKEY, DeBank

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Source: MYKEY, DeBank

Source: MYKEY, DeBank

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Source: MYKEY, Coin Metrics

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Number of transactions on the chain in 24 hours

Source: MYKEY, Coin Metrics

Source: MYKEY, Coin Metrics

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Source: MYKEY, Coin Metrics

Source: MYKEY, Coin Metrics

Last week, the on-chain transaction volume of major stablecoins increased by 0.9% compared with the previous week, and DAI's transaction volume accounted for an increase compared to before.

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2. The theoretical leverage of Compound

After Compound started distributing the governance token COMP last month, it has become the largest DeFi lending platform. At present, the total deposit of DAI in Compound is 865 million US dollars, and the total loan is 782 million US dollars, but the actual supply of DAI in Maker is only 201 million.

In reality, banks match the deposit and loan needs of different people. It rarely happens that a person deposits money in a bank and then takes a loan from the same bank, but this happens frequently in Compound. Next, we will explore the maximum leverage that arbitrageurs can add in order to maximize the use of funds.