Methodology
In this dashboard, I have explored the stablecoin borrowers on Makerdao. the analyzed stablecoins are : ‘USDC','USDT','DAI','FEI','BUSD','TUSD' .
to Borrow these stablecoin, user should deposit wETH (the first deposits are known as vault creation and the rest are known as Re-deposit in this dashboard) and then borrow the preferred token. the results show that most of users prefer to borrow DAI .
==Time range and Scale (day, week and month)can be altered by the user.==
Items provided in this dashboard are
- weth deposits value by type in preferred time range and total
- tot user by type
- borrow amount by deposit type
- total weth deposit value vs total borrow amount
- total borrow amount by symbol
- total borrow by deposit type
- distribution of borrowers by amount borrowed
- distribution of depositirs by amount weth deposited
- first transactions after borrowing by top events
- sector share of first transactions after borrowinng
- platform share of first transactions after borrowing
- sub platform share of first transactions after borrowing
Introduction
MakerDAO is a decentralized organization dedicated to bringing stability to the cryptocurrency economy. The Maker Protocol employs a two-token system. The first being, Dai, a collateral-backed stablecoin that offers stability. The Maker Foundation and the MakerDAO community believe that a decentralized stablecoin is required to have any business or individual realize the advantages of digital money. Second, there is MKR, a governance token that is used by stakeholders to maintain the system and manage Dai. MKR token holders are the decision-makers of the Maker Protocol, supported by the larger public community and various other external parties.
What is the point of MakerDAO?
MakerDAO allows depositors to earn interest on the DAI they keep in the DAO's bank. Dai tokens are locked in a DSR (DAI Savings Rate) contract and continuously accrue Dai based on DSR's interest rate. Lock in ETH, WBTC, LINK, MATIC, MANA, and more into a CDP as collateral and receive a low-interest loan in Dai tokens
Observations
- As can be seen from the charts, in past 6 months, more than one million dollars have been deposited to this platform by 761 people in a total of 2620 transactions, so the average amount deposited per transaction, user, and day is 377k, 16k, and 5.56M dollars, respectively.
- 92% of the deposits were related to redeposit and the rest were related to vault creation.
- $10k-100k with more than 35% is the first and 1k-10k with 25% of deposits is next.
- November 7, with 182 users, recorded the highest participation rate for ReDeposit in the last 6 months.
Observations
- As can be seen from the charts, in past 6 months, more than one 141 M$ have been borrowed from this platform by 357 people in a total of 2819 transactions, so the average amount borrowed per transaction and day is 77.6k and 0.78M dollars, respectively.
- $1k-10k with more than 32% is the first and 10k-100k with 25.7% of deposits is next.
- September 5, with 18 users and 21M $ borrowed, recorded the highest rate for borrowing in the last 6 months.
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Conclusion
MakerDao is a large and important project created on Ethereum and is one of the pioneers of decentralized finance. This project has always had a large share of locked funds or TVL and its main use is lending and savings. The Maker protocol has two cryptocurrencies, the stablecoin Dai and the MKR token. DAI is a cryptocurrency with a fixed value of $1 that is created by staking on Maker; Dai is actually a loan that users receive and has many and important uses. MKR is also the governance token of this protocol and its owners have a role in its decisions and events.
Analysis of Maker’s two-token system
The Maker Monitoring Token or MKR was created by the MakerDAO protocol in order to support the stability of the Dai stablecoin and enable monitoring of the Dai credit system. The MKR token is based on the ERC-20 standard on the Ethereum blockchain platform, and based on how close the value of the stable coin Dai is to the dollar, the MKR token can be issued or burned.
Since MKR holders benefit financially from the stability of the MakerDAO system and stablecoin Dai, they are encouraged to act in the interests of the MakerDAO protocol. In this way, MKR holders can vote on regulatory proposals and decisions, such as determining the amount of the fee and which types of assets can be accepted as collateral. In the MakerDAO ecosystem, one MKR token is equal to one voting right. Therefore, organizations and institutions that have a significant amount of MKR tokens can have a great impact on the voting results.
The Dai (DAI) stablecoin is the second monetary component in the MakerDAO dual-token system after the MKR token. Stablecoins have emerged as an intermediary between the tradition
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Observations
- We have reviewed the first transactions that users have made after taking a loan from this platform. According to the results, Layer2 and DeFi with 38 and 35% of the total transactions have been the two most popular sectors with borrowers. Dapp followed them with 19.2%. In the charts, you can also see the popular sub-sectors of each of these sectors.