Try Quests to earn cryptoStablecoins on Kashi
Stable Coins as Collaterals
In the first section, we are interested in the stable coins that were used as a collateral for borrowing assets. The figure on the right shows the number of times each stable coin were used on each blockchain.
Our observations:
- 4 out of 7 analyzed stable coins were used as collaterals on Kashi, namely, USDC, USDT, USDN and DAI.
- Ethereum was used more times than the Polygon as a network borrow from. This might be because of the fact that Polygon was added to the game in the recent months.
- In both blockchains, USDC was the most used coin as the collateral. The second place, in both blockchains, belongs to DAI.
- Only USDC and DAI were used in the polygon blockchain as the collateral.
Outline
In this report, we are taking a look at the stable coins usage on the Kashi platform, both as collaterals for borrowing assets, and a medium to lend money.
What is Kashi?
Kashi is a platform that allows users to borrow and lend cryptocurrencies. Kashi is built off of Sushi’s BentoBox. Bento holds the tokens and Kashi utilizes those tokens for borrowing and lending. In short, BentoBox serves as a wallet for Kashi.
Notes
- We analyzed 7 stable coins for this report. We used CoinMarketCap to select the top stable coins based on their market cap at the time of writing this report. Here are the top 7 seven stable coins that are supported on Kashi: USDC, USDT, TUSD, DAI, BUSD, USDN, UST (currently deppeged)
- Here is the initial observation for each blockchain (day/month/year):
- For borrowing:
- Ethereum: 11/04/2021
- Polygon: 07/06/2022
- For lending:
- Ethereum: 26/03/2021
- Polygon: 06/06/2022
- For borrowing:
Stable Coins Lent
Lets take a look at the stable coins that were lent on Kashi. The figure on the right shows the number of times each coin were deposited on each blockchain.
Our observations:
- 5 out of 7 analyzed stable coins were deposited on Kashi, namely, USDC, USDT, TUSD, DAI and UST.
- Same as borrowing, USDC is the leading coin that was deposited for lending, on both blockchains.
- Ethereum is by far the dominant blockchain for lending stable coins. Polygon is still in its early stages.
- USDT and DAI have been deposited about the same number of times in both blockchains, though the USDT’s marketcap is about x10 more than DAI’s.
- Since, currently, UST is a deppeged coin from its original purpose, we did not expect it to be among the popular ones.
Conclusions
- We have seen that the Ethereum network has seen much more borrowing and lending transactions than Polygonon the Kashi platform.
- USDC and DAI are the most popular stable coins to borrow, while USDC, USDT and DAI are the top lent stable coins.
- Polygon is a new comer to Kashi platform, and that is why we saw very little borrowing and lending transactions on it.
