Open Analytics Bounty: MakerDAO (September 1)

    Open Analytics Bounty: MakerDAO (September 1)

    Introduction

    MakerDAO aims to stabilize the bitcoin economy. Maker uses two tokens. Dai is a collateral-backed stablecoin. The Maker Foundation and MakerDAO community believe a decentralized stablecoin is needed to realize digital money's benefits. Second, MKR is a governance token used by stakeholders to oversee Dai. MKR token holders make Maker Protocol decisions, backed by the public and other stakeholders. Maker unlocks the power of decentralized finance for everyone by building an inclusive platform for economic empowerment. Multi Collateral Dai (MCD), the next version of the Maker Protocol, has been launched and is active on the main Ethereum network. The Maker Protocol now accepts any Ethereum-based asset as collateral to create Dai if accepted by MKR holders and granted Risk Parameters through the Maker decentralized governance mechanism.

    Method

    In the current dashboard I tried to deep dive into MakerDAO users behaving on formerly mentioned at the above.

    For achieve these goals I used Flipsidecrypto’s table as below to calculate and assessing users behaving metrics in total and over the time.

    > * ethereum.maker.ez_deposits > * ethereum.maker.ez_withdrawals > * ethereum.maker.ez_flash_loans > * ethereum.maker.ez_flash_loans > * ethereum.maker.ez_liquidations > * ethereum.maker.ez_repayments

    Also I set

    date_trunc('{{interval}}', block_timestamp) as date, 
    

    and used

    AND Date >= '{{ُsince_date}}' 
    

    The above interval (Daily, Weekly & Monthly) and date tape allows you to select the start date for the time period over which you'd like the aforementioned metrics to be calculated; after you're ready, click the Apply All Parameters button.

    NOTE: This dashboard's computation start date is 2021, however you can change it in the way described.

    Analysis

    :chart_with_upwards_trend: Part I: Overall View

    Conclusion

    • 15.5k users have deposited over 125k.
    • Most users and transactions moved on to withdrawing and repaying.
    • GUSD accounts for 52% of overall deposit volume, with USDC at 43%. There is no specification in the contract that MakerDAO members will increase their contributions in proportion to the gain in Ethereum price, even if the average price climbed steadily until November 2021.
    • Since 2022, both transactions and users have increased for lenders.
    • Since 2022, borrowers and lenders have increased.
    • Two addresses made over 65% of deposits and 64% of withdrawals.
    • Over 22% of the borrowed volume (390 transactions) was due to the same location.
    • 57% of the liquidated volume came from one wallet, which was emptied in 506k transactions.
    • 31 transactions totaling more than 45% of the original volume have been reimbursed.
    • Less people withdrew deposits with time.
    • 42% of depositors have withdrawn monies.
    • New deposits, withdrawals, and transactions have slowed since 2022.
    • Average daily new borrowers rose from five in August 2021 to over 100 in January 2022.
    • Just around 8% of borrowers have paid off their obligations completely.
    • I can't find any liquidated borrowers.

    About:

    Dive into MakerDAO

    The Aims of Dashboard:

    In this dashboard we are looking at users behaving on deposit, withdraw, lending, borrowing and repaying on MakerDAO and calculate the following metrics:

    > * Total Count of Depositors, Withdrawers, Lenders, Borrowers and Repayors over the time and in total. > * Find who deposit and withdrawn along to ETH price changes. > * Top 10 addresses for each metrics.

    Hey there 👋!

    Firstly, I appreciate you sticking with it until the conclusion.

    I’m Hamed, Ph.D. In Civil Engineering and interested in data science.

    I've made many similar dashboards and visualizations since I started at Flipside in January.

    Please have a look at my various contact information and let me know what you think.

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    :chart_with_upwards_trend: Part II: Assessing Metrics Along with ETH Price Changes

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    :chart_with_upwards_trend: Part III: Top 10 Addresses Based on Volume

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    :chart_with_upwards_trend: Part IV: Depositors Who Withdrawn their assets Over Time

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    :chart_with_upwards_trend: Part V: Borrowers Who Repaid or Liquidated Over Time

    db_img

    🔭 Findings:

    More than 15.5k unique users deposit their assets by more than 125k transactions count.

    withdraw and repaying were the next activities by most users and transactions count.

    More than 52% of deposited assets were belongs to GUSD that followed by USDC with 43% of deposit volume.

    🔭 Findings:

    The average price of Ethereum up until November 2021 rose steadily to its greatest point at the beginning of the month, but there is no indication in the contract that MakerDAO members will increase their deposits in proportion to the rise in the price of Ethereum. On the other hand, lenders have been on an upward trajectory in terms of total transactions and number of users since 2022.

    Since 2022, both borrowers and borrowers have been on the upswing.

    🔭 Findings:

    In the section we can track top 10 depositor, withdrawer, borrower, lender & repayors addresses based on volume.

    More than 65% of deposit volume, deposited by only two addresses that have had most withdrawn with 64% of withdrawn volume.

    Over 22% of borrowed volume was owing by a single address, with a total of 390 transactions.

    One wallet was liquidated for more than 506k on only six transactions, representing more than 57% of the volume liquidated.

    Lastly, one address has refunded more than 45 percent of the volume on 31 transactions.

    🔭 Findings:

    The number of depositors who withdrew their funds declined with time.

    More than 42% of depositors have completed withdrawal activities.

    Since 2022, the cumulative growth of unique depositors, withdrawals, and transactions has slowed.

    🔭 Findings:

    The last segment is comprised of debtors who have returned their loans.

    Since late 2021, the daily number of unique borrowers has skyrocketed, increasing from 5 in August 2021 to more than 100 in January 2022.

    Nearly 8% of borrowers have repaid their debt, while the remainder are still in debt.

    I cannot locate liquidated borrowers at this moment.