Editor's Note: Original title: "Top 10 Big DeFi Investors' Lives on the Chain", author: DDex Bowen, reprinted with authorization by Odaily.
Bowen, the founder of DDex, released the latest research report, and conducted a follow-up survey on the on-chain behavior of the top 10 users on Maker DAO CDP. Through this information, we can probably see the on-chain behavior of the richest people on Maker DAO .
Where did the Ethereum of these TOP 10 users come from? How do they make money? How about their loan collateral data?
The following is the original text of DDex Bowen’s article, enjoy:
MakerDao and Coinbase Earn have teamed up to teach 100,000 US users how to use smart contracts to borrow money.
Recently, DragonFly Capital has passed a series of roadshows in China, which has also made this earliest ETH decentralized organization project more familiar to the Chinese market.
Rune, the founder of MakerDAO, also announced the 2018 MakerDAO Foundation's report card in Wang Feng's Ten Questions
"MakerDAO's current issuance of DAI in the early single-mortgage stage has surpassed the savings of many local banks, and its annual income exceeds 12 million USD, and its annual expenditure is less than 200,000 USD. The performance of the self-governing agreement is impressive."
So where did the $12 million in revenue come from?
We surveyed the top 10 users of CDP.
Start with the basics:
What is MakerDAO?
MakerDAO is one of the earliest decentralized autonomous organizations and smart contract systems built on Ethereum, providing the first decentralized basic stable currency Dai (Ether USD) and a derivative financial system. Dai is issued with full collateral of digital assets, and maintains a 1:1 anchor with the US dollar, 1 Dai = 1 US dollar.
Dai is currently the largest decentralized stablecoin. Individual users, enterprises, and financial institutions can obtain Dai as a liquidity and hedging asset without centralization risk through the smart contract developed by Maker. The Maker platform has key applications in mortgage loans, margin trading, international transfers, supply chain finance, and public bookkeeping.
What are CDPs?
Users (over) mortgage the digital asset ETH on the chain to generate stable coins. The stability of the stable currency is guaranteed through policies such as liquidation and interest rates, and Dai is generated.
By mortgaging $150 of ETH, the stablecoin DAI of $100 is repaid.
Main points:
Main points:
Top 10 CDP users account for 40.6% of the total DAI
Top 100 CDP users account for 78.6% of the total DAI
The big players come from the early ETH ICO project party (Request), ETH ICO participants (3 parent accounts are Genesis Block participants)
secondary title
Large household 1: code name CDP 3088
Mr. 3088,Low-risk long-term low-leverage users, ETH ICO participating users, on July 30, 2015, Genesis Block, invested 100 BTC, equivalent to investing 28,000 US dollars, and got 200,000 ETH (ETH ICO ratio, 1 BTC in the first two weeks = 2,000 ETH)
On May 14, 2016, participated in The DAO ICO, invested all the ETH ICO and got 200,000 ETH, it can be said that all the net worth was invested in one project.
On June 12, 2016, The DAO code risk was exposed, and hackers could move all the ETH in the address. By June 18, more than 3.6 million ETH had been stolen. On June 17, Vitalik announced the proposal for a fork. It was the first time that the Ethereum community experienced a hard fork decision. Everyone was vacillating, and the price of ETH dropped from $20 to $13.
For Mr.3088, it can be said to be the most painful 30 days in his life. All his investment was wiped out, and the The DAO token he got in his hand had no liquidity and no trading place.
On July 30, 2016, after the hard fork of ETH, Mr.3088 quickly withdrew all ETH, a false alarm in 2 months. At the same time, through the ReplaySafeSplit-contract, I got 2700 ETC. The strange thing is, why didn't Mr.3038 put forward the remaining 190,000 ETC?
There were very few on-chain transactions or transfers throughout 2017.
After 2018, I mainly traded on ETH2DAI to earn more ETH. I tried Compound, but I didn’t put many assets on Compound. I once received 15,000 OMG free airdrops in June 2017, with a peak value of 370,000 US dollars, but none of them were sold. It can be said that once bitten by a snake, I am afraid of well ropes for ten years. Since The DAO, the largest ICO in history, almost lost all its assets, it never touches any ICO tokens again.
Since December 2017, users have been transferring an average of 1,000 ETH per order to exchanges such as Kraken, Bitfinex, and Gemini. It can be said that after waiting for 2 years, it finally came to fruition, and the holding of ETH was reduced by the average cost method. The total value of the reduction exceeds 40,000 ETH. After 2 and a half years of waiting, based on the current low price of ETH of 160 US dollars, the profit exceeds 6.4 million US dollars, and there are still 200,000 ETH in the account.
In Mr.3088's mind, MakerDAO's annual handling fee of 720,000 US dollars is a drop in the bucket compared to the profit he received from reducing his ETH holdings. As an investor who is optimistic about the price of ETH for a long time, it only needs an increase of 5 dollars in ETH to cover MakerDAO's handling fee expenses for one year.
Mr.3088 obtained a floating win of 32 million US dollars equivalent to 200,000 ETH through a cost of 28,000 US dollars. For him, the so-called over-collateralization actually means that 28,000 US dollars of chips were passed in 2015, and 8.2 million US dollars of stable coins were mortgaged in 2019. This is very similar to inheriting a courtyard house for free in the North Second Ring Road. In 2019, a loan of 20 million yuan was lent by pledging the property right house.
For Mr.3088, MakerDAO is just a credit loan. A credit mortgage with 273 times leverage can be taken out with only 28,000 US dollars in chips.
Loan pledge data:
Stake 178,921 ETH
Loan 8,280,868 DAI
Mortgage rate: 26.53%
Open Market: 11 Months
Contract interaction: 71 transactions
Handling fee: USD 722,986
secondary title
Big household 2: code name CDP 15336
Mr 15336,Low-risk arbitrage users, DSProxy contract users, the specific function can be arbitrage in CDP Keeper, CDP risk management. High-level players with the ability to use smart contracts. Occupies 1.5% of the total MKR.
ETH ICO participant, on July 30, 2015, Genesis Block, invested 500 BTC, which is equivalent to investing 140,000 US dollars, and got 1 million ETH (ETH ICO ratio, 1 BTC = 2,000 ETH in the first two weeks)
Started in 2016, became an ETH miner, mining in NanoPool, digger.ws (old European mining pool) and Dwarfpool, earning an average of 5ETH a day.
Very active ICO participant, investing in more than 20 ICO projects in total. Beginning on November 11, 2016, Golem ICO invested 15,000 ETH, Gnosis 2000 ETH , Digix 8,500 ETH , purchased 15,000 MKR on April 30, 2017, and EOS ICO invested 610,000 EOS. The largest investment was in The DAO project, investing 200,000 ETH, and participated in multiple rounds of The DAO voting in June 2016. Finally on July 20, 2016, 84,000 ETH was withdrawn from The DAO withdrawal. Some of The DAO tokens may have been sold on exchanges during the period.
Participation in ICO: Melonport, Iconomi, MakerDAO, Golem, Augur, Gnosis, EOS, Firstblood, RLC, Pluton, SingularDTV, Propy, ZRX, Request, Grid + , Qtum, Bancor, Aragon, Storj, Tron, AE, AION, RDN , REN.
Started trading on Poloniex in March 2016, and then used almost all exchanges, including Liqui, Bittrex, OKEX, Bitfinex, Binance, Huobi and BTC-E shut down by the US government. This user's address is also identified by Etherscan as 200 Million Trader. In July 2017, Bloomberg reported that this address earned $200 million in profits, but the government was unable to tax this person because it did not know who this person was.
Mr.15336 can be said to have witnessed the development of the entire ETH community, from ETH ICO participants, to miners, DAO votes, dAPP users, and is the most loyal supporter of the Ethereum world computer vision.
Fun Fact: Mr 15336 loves charity: donated 3 ETH to Mycrypto
Pledge data:
Stake: 141,405.38 ETH
Loans: 7,332,000 DAI
Mortgage rate: 29.72%
Engagement time: 8 months
Contract interaction: 260 transactions
Handling fee: $256632.33
secondary title
0x1937c5c515057553ccbd46d5866455ce66290284
0x60e16961ad6138d2fb3e556fc284d9c2fff41486
Mining address:0x7aa534c9b18d6f4117301971962986467e74eed1
Big household 3: code name CDP 12826
Ms 12826 Low-risk long-term low-leverage user, DSProxy contract user, the specific function can be arbitrage in CDP Keeper, CDP risk management. High-level players with the ability to use smart contracts.
Early investors in ETH, the earliest source of ETH is, on August 14, 2015, the Kraken access address was 51,000 ETH, most likely an American trading user, participated in The DAO ICO, and invested 25,000 ETH. The sub-account has multiple contracts, and contract developers know how to generate and write contracts. Holds $250,000 in MKR tokens and is a loyal fan of MakerDAO.
Ms 12826,There are relatively few operations on the chain, and there is no more data that can be analyzed.
Pledge data:
Stake: 48,017.579 ETH
Loan: 3,599,610.27
Mortgage rate: 42.97%
Engagement time: 9 months
Contract interaction: 36 transactions
Handling fee: $241596.38
secondary title
0x6e533c7fB353BD5d3c7f9f9Cc219C9666EdC1ce1
0x2227E7ACda025ebA3b07312D60654965c37F518f
0x653a92D29Da111e0912b4C01eD453c2e2De73170
0xe97B9678412991119350f4E4CD63bd42E2068Ba7
Big household 4: code name CDP 111790
Mr. 111790 is a low-risk and low-leverage user whose address is contract, contract developer.
Compound heavy user, deposit 58,000 ETH, borrow 4.45 million USDC H and 130,000 DAI, Compound interest fee: $ 229,924.93
The address was activated on September 11, 2016. It is suspected that after The DAO Hack, the new address was used to launder coins through Poloniex. Eth2dai frequent transaction user, more than 4000 transactions. Centralized exchanges: Poloniex, Bittrex, Gemini users, most likely American users. A ReplaySafeSplit contract user who has experienced ETH and ETC forks. Never used other dAPP, purely financial traders.
List of ICO investments: RDN , BLZ, FUN, FOAM
Mortgage data:
Stake: 49,855.293 ETH
Loans: 3,420,427
Mortgage rate: 39.33%
Liquidation price: $102.91
Participation period: 1 month
Contract interaction: 164
Handling fee: $36661.76
secondary title
0x5d76A92b7cB9E1A81B8eb8c16468F1155B2f64f4
0x794DEc90a3B9e399aAd7839Fa39c17A521977cdf
Big household 5: code name CDP 14290
Ms 14290 Low-risk and low-leverage user, DSProxy contract user, the specific function can be arbitrage in CDP Keeper, CDP risk management.
Addresses started in November 2016. Centralized exchanges: Hitbtc, Bittrex users. Unable to find previous transaction records.
Mortgage data:
Stake: 40,674.494 ETH
Loans: 3,420,427 DAI
Mortgage rate: 38.05%
Liquidation Price: $99.57
Engagement period: 6 months
Contract interactions: 43
Handling fee: $165555.87
secondary title
0x55d3412c741Bd6A3871c48a2f1987BBB5c4807D4
0x30baAfc99d8AC1E19c39101bfFc8c0E6272fc3
Big household 6: code name CDP 4242
Mr 4242 ,Low-risk and low-leverage users, DSProxy contract users. Started to contact ETH in 2015, centralized exchanges: Bitfinex, Shapeshift, Poloniex, Kraken users, most likely American users. Participated in many ICOs, ZRX, WAX, Powerledger, etc. It is difficult to trace previous transaction records after using Coin Mixer.
Mr 4242 is a very low-key and privacy-conscious user who doesn’t want other people to track him through on-chain data. He is a low-key bigwig in the currency circle.
Mortgage data:
Stake: 37,654.456 ETH
Loan: 2,510,508.72 DAI
Mortgage ratio: 38.22
Liquidation Price: $100
Participation time: 2 weeks
Contract interaction: 201
Handling fee: $75340.87
secondary title
0xa89886ea1bcd97c4d0108981ae2cf78c2bca76fd
0xb96fbc8c9a25a62718a16f1cd323ab20c502fde4
Big household 7: code name CDP 13917
Ms 13917 ,Request Token project party, low-risk long-term low-leverage user, DSProxy contract user.
Request Network, a German project party, raised 100,000 ETH on October 13, 2017. The purpose of financing is to make it easier for everyone to collect, pay, and transfer money. At that time, I thought the idea of going to the center to pay was great, but when I thought about it later, wasn’t it just scanning the QR code to transfer money? After a lapse of 2 years, the project party has also made several payment and receipt functions. The best product is the project introduction video in the early ICO.
Through the Multisig multi-signature wallet, pledge ETH and borrow DAI to operate. It is the only indication of the TOP 10 CDP that the project party's financing ETH is used as a pledge to generate DAI for use cases required by the company's operations.
Mortgage data:
Stake: 25,113.59 ETH
Loan: 1,870,030 DAI
Mortgage ratio: 44.91
Liquidation price: $111.69
Engagement time: 9 months
Contract interactions: 18
Handling fee: $105260.09
secondary title
Big household 8: code name CDP 2406
Mr 2406,Low-risk long-term low-leverage users, DSProxy contract users.
ETH ICO participants, on July 30, 2015, Genesis Block, received 66,800 ETH. But after getting the ETH token, I haven't moved the account for 2 years.
Once spent 26,000 ETH to register ENS, the very frequent ENS registered users were the first batch of players who speculated on the ENS domain name. If ENS is really the same as the domain name market, maybe Mr. 2406 is the Cai Wensheng of the Ethereum world.
Mortgage data:
Stake: 46,668.089 ETH
Loan: 1,700,000 DAI
Mortgage rate: 20.88%
Liquidation price: $54.64
Engagement time: 12 months
Contract interaction: 8 transactions
Handling fee: $170972.5
secondary title
0x352f25babf4a690673e35195efa8f79d05848aad
Big household 9: code name CDP 19514
Ms 19514 ,For low-risk and low-leverage users, the address is the DSProxy contract. 50,000 US dollars MKR holdings, Binance user, newly opened address 12 months ago, cannot find previous transaction records.
Mortgage data:
Stake: 21,672.625 ETH
Loan: 1,500,000
Mortgage rate: 39.67%
Liquidation price: $103.81
Engagement period: 3 months
Contract interaction: 9 pens
Handling fee: $44427.5
secondary title
0x33B71FaCc11E85d49FA206a21cA78bd5Cf2D5733
Big House 10: CDP 16843
Mr 16843 ,For high-risk and high-leverage users, the address is the DSProxy contract. ETH2DAI user, managing multiple CDPs at the same time, 16707, 16619. Centralized exchanges: Poloniex, Kraken, Bitfinex, Binance users, most likely American users. The address was activated in March 2017, and the previous transaction records cannot be found.
Mortgage data:
Stake: 14,874.023 ETH
Loan: 1,445,000 DAI
Mortgage rate: 55.69%
Liquidation price: $145.72
Engagement period: 6 months
Contract interaction: 29 transactions
Handling fee: $42819.68
Parent account: 0xbCc694EEDA03E2F1dB9F44151Dfa9Eca31FA6f08
0xdE40FA9D65C4BD9b2e9a335595b0B734378bD400
0x43f30328E6e27Df0311ca852c84612b9B634C4Ca
IOS
Android