Stablecoins on Kashi

Question

Analyze the behavior of stablecoins on Kashi markets. Which ones are being deposited for lending? Which ones as collateral?

*Do this for both polygon and Ethereum. You can use the cross-chain sushi ez_lending and ez_borrowing.

Methodology

In this dashboard, the following tables are used to extract information:
- flipside_prod_db.crosschain.ez_borrowing
- flipside_prod_db.crosschain.ez_lending
The main purpose of this dashboard is to analyze the status of stablecoins in terms of the amount borrowed and lent in the Kashi protocol.
Ethereum blockchain data is available from March 2021 onwards and Polygon network data is available from June 2022 onwards.

Data Analysis

According to the chart below, the amount of borrowed stablecoins on Kashi and on the Ethereum blockchain in 2021 was much higher than in 2022. The highest volume of borrowed stablecoins is related to September 7, 2021. The amount of borrowed stablecoins on May 19, 2021 is also high. On the other hand, among the various stablecoins, the largest volume of borrowing is related to USDC. After USDC, DAI and USDT have the second and third positions, respectively. sUSD also ranks last among stablecoins with a volume of 315k.

Considering that only June and later data is available for the Polygon network, therefore, in this time frame, the highest amount of borrowed stablecoins is related to July 6. On the other hand, among the various stablecoins, the most popular stablecoin for borrowing so far has been USDT. (in terms of borrowing volume)

The graph of the number of borrowers of stablecoins in the Kashi protocol on the Ethereum network shows that in 2022 the number of borrowers has decreased sharply. On the other hand, the number of borrowers during the period from May to July 2021 was extremely high.

The maximum number of borrowers of various stablecoins are:
- USDC → Jun 17, 2021 → 31 borrowers
- DAI → Aug 16, 2021 → 19 borrowers
- USDT → Jul 6, 2021 → 21 borrowers
- FEI → Oct 17, 2021 → 7 borrowers
- UST → May 18, 2021 & Aug 18, 2021 → 5 borrowers
- TUSD → Jul 17, 2021 → 7 borrowers
- sUSD → Apr 22, 2021 → 4 borrowers

Among the various stablecoins, the most users have borrowed USDC. Respectively DAI, USDT and FEI are the second to fourth most popular stablecoins for borrowing.

On the Polygon network, USDC is the most popular stablecoin with 18 borrowers. The maximum number of users who borrowed from Kashi in one day is equal to 4 users.(Jul 7, 2022)

Among the various stablecoins, USDC has the highest number of collateral paid by borrowers with 195 times. DAI, which has also been paid 87 times by borrowers as collateral, is in second place. On July 1, 2022, 10 borrowers provided USDC collateral for their loans. (The highest number of collaterals paid in a one day with stablecoins.)

The most popular collateral in the Kashi protocol on the Polygon network and among the various stablecoins is USDC. On the other hand, the highest number of collaterals that have been paid in the form of stablecoins in Kashi and on the Polygon network in one day is equal to 3 collaterals on June 30, 2022.

Due to the lack of available data for the Polygon network, the most popular currency that users deposit in Kashi and on the Polygon network as a lending currency is USDC.

USDC → ~8k $USD

With 1495 lenders, USDC is the most popular stablecoin deposited for lending in Kashi on the Ethereum network. The chart below clearly shows that the number of lenders deposited in 2022 is much lower than in 2021.

99On the other hand, among the various stablecoins that have been deposited in Kashi and on the Ethereum network as lending, DAI is the most popular.

The maximum amount of lending of various stablecoins are:
- USDC → Jun 18, 2021 → 1.68M $USD
- DAI → Aug 10, 2021 → 4.18M $USD
- USDT → Oct 10, 2021 → 10.6M $USD
- FEI → Aug 3, 2021 → 8.54M $USD
- UST → Nov 1, 2021 → 212k $USD
- TUSD → Nov 24, 2021 → 1.72M $USD
- sUSD → Apr 29, 2021 → 203k $USD

USDC is also the most popular stablecoin deposited on Kashi and on the Polygon network with 23 lenders.