Description of work

In this work, we want to analyze the behavior of stablecoins on Kashi markets, including:

• Which stablecoins are being deposited for lending

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• Which stablecoins as collateral for borrowing

First of all, let's introduce Kashi. To get to know Kashi, we must first know Bento Box.

BentoBox

BentoBox is a special smart contract that acts as a vault for certain tokens. This vault is basically a pool of funds that can be used by Bento-enabled applications in the Sushi ecosystem.

Users who deposit funds into one of the BentoBox vaults benefit from earning extra yield on their tokens. Vaults can generate yield in multiple ways, for example, by allowing other participants to take flash loans and pay a small fee that goes back to the users providing liquidity to the vaults, or by lending out assets in the vaults.

Kashi

Kashi which means “lending” in Japanese is Sushi’s first lending and margin trading solution powered by BentoBox. Kashi allows anyone to create customized and gas-efficient markets for lending and borrowing.

In contrast to other popular DeFi money markets such as Aave or Compound, Kashi isolates each of the markets. This means that users can create markets for more risky assets without having an impact on other markets.

Having the ability to borrow an asset also opens up the possibility for shorting it. This is useful for speculators who believe that the asset will go down in value but also allows for hedging, which can be extremely handy, for instance, when yield farming risky assets.

Source: finematics.com

Methodology

• To answer the first part of this question, we use the information in the [crosschain.ez_lending] table. information about lending on the Kashi platform is in this table.

  • Lending pools related to Kashi markets start with km, such as kmAAVE/DAI-LINK, which can be found with the following command":

    • SELECT * FROM flipside_prod_db.crosschain.ez_lending WHERE LENDING_POOL ilike 'km%'

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  • To find stablecoins in this table, we use the following command:

    • SELECT DISTINCT(SYMBOL) FROM flipside_prod_db.crosschain.ez_lending WHERE SYMBOL ilike '%USD%'

    • Also, DAI is a stablecoin whose name does not follow the above pattern.

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• To answer the second part of this question, we use the information in the [crosschain.ez_borrowing] table. information about borrowing on the Kashi platform is in this table.

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  • To find pools related to Kashi and stablecoins used as collateral, we use the methods mentioned in the first part.

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  • To find stablecoins used as collateral in [crosschain.ez_borrowing] table, we use the following command:

    • SELECT DISTINCT(SYMBOL) FROM flipside_prod_db.crosschain.ez_borrowing WHERE ACTION = 'Borrow' AND (COLLATERAL_SYMBOL ilike '%USD%' OR COLLATERAL_SYMBOL='DAI')

Notes

• Currently, the polygon data is only showing the recent months. Data will back-fill in the future. Polygon data is available from 2022-06-06 onwards.

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• As promised by flipsidecrypro, this data will be updated over time then, when you run queries later you may see different results than what is listed here.

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• In some records related to Polygon, the value of the AMOUNT_USD field is Null, so instead, we use the value of the AMOUNT field in calculations.

1 - Stablecoins deposited for lending

According to the results:

• A total of 3280 wallets have deposited stablecoins on Kashi for lending.

• 51.5% of these wallets deposited stablecoins on the Ethereum blockchain for lending in Kashi. (1689 wallets)

• 48.5% of these wallets deposited stablecoins on the Polygon blockchain for lending in Kashi. (1592 wallets)

• A total of 5050 deposits of stablecoins have been made for lending in Kashi

• 66.7% of the number of these deposits are on the Ethereum blockchain. (3368)

• 33.3% of the number of these deposits are on the Polygon blockchain. (1679)

According to the results:

• In 2021, the volume of stablecoins deposited in Kashi for lending was much higher than in 2022.

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• Also, the largest volume of deposits in Kahsi for lending in one day was on October 2, 2021, when 10.65 million $ USDT and 69.31K $ TUSD were deposited on Kashi.

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• The chart of the volume of stablecoins deposited for lending on the Ethereum blockchain for lending in Kashi is also the same as the general case because 99.4% of the volume of these deposits were made on the Ethereum blockchain.

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• The highest amounts of deposits for lending in the Polygon blockchain have been in recent days. (5.5K $)

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• 0xf4a3f5e4c523081db2806d3e2b159a8f0d1d35c6, 0x99b2c5d50086b02f83e791633c5660fbb8344653 and 0x3f000000220000003123e705f0d5fd5d9a53b190 have deposited the largest volume of stablecoins for lending in Kahsi with 15.39M $ and 14.04M $ and 10.65M $ respectively.

• The highest volume of stablecoins deposits on Kashi occurred in the Ethereum blockchain

• The most popular lending pools for depositing stablecoins based on volume are kmxSUSHI/DAI-LINK, kmWETH/USDT-LINK, and kmxSUSHI/USDC-LINK, which are 21.28M $, 17.81M $, and 12.86M $, respectively are deposited in them.

2 - stablecoins used as collateral

According to the results:

• In total, 123.2M $ of stablecoins have been deposited for lending in Kashi.

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• A tiny volume of stablecoins has been deposited on the Polygon blockchain for lending in Kashi which is about 0.16%, equal to 19.85K $.

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• About 99.4% of the total volume of stablecoins has been deposited on the Ethereum blockchain for lending in Kashi.

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• DAI, USDC, USDT, TUSD, and sUSD are respectively the most popular stablecoins deposited for lending in Kashi.

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• DAI is the most popular stablecoin that has been deposited for lending in Kashi, which consists of 38.9% (47.888M $) of the total stablecoins being deposited for lending in Kashi.

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• USDC is the second most popular stablecoin deposited for lending in Kashi, consisting of 28.9% (35.630M $) of the total stablecoins being deposited for lending in Kashi.

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• USDT is the third most popular stablecoin have been deposited for lending in Kashi, which consists of 26% (32.067M $) of the volume of total stablecoins being deposited for lending in Kashi.

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• The distribution of stablecoins deposited for lending on the Ethereum blockchain for lending in Kashi is also the same as the general case because 99.4% of these deposits were made on the Ethereum blockchain.

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• Only USDC, DAI, and USDT are deposited on the Polygon blockchain for lending on Kashi.

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• USDC, by far, is the most popular stablecoin have been deposited on the Polygon blockchain for lending in Kashi, which consists of 94.9% (18.84K $) of the volume of total stablecoins being deposited on the Polygon blockchain for lending on Kashi.

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• DAI is the second most popular stablecoin deposited on the Polygon blockchain for lending on Kashi, which consists of only 2.63% (522 $) of the total stablecoins deposited on the Polygon blockchain for lending on Kashi.

According to the results:

• So far, 310 loans have been paid with stablecoin collateral on Kashi.

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• About 92.3% of these loans have been paid on the Ethereum blockchain. (286 loans)

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• Only 7.74% of these loans have been paid on the Polygon blockchain. (24 loans)

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• So far, 104 wallets have borrowed from Kashi using stablecoins as collateral.

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• About 93.3% of these wallets have borrowed from Kashi on the Ethereum blockchain. (97 wallets)

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• Only 6.73% of these wallets have borrowed from Kashi on the Polygon blockchain. (7 wallets)

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• The volume of all loans paid to stablecoins collaterals is 3.37M $.

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• Almost all of this loan was paid on the Ethereum blockchain. 3368515.31$ was paid on the Ethereum blockchain, and only 1453.73$ was paid on the Polygon blockchain.

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• 0x5edcf547ece0ea1765d6c02e9e5bae53b52e09d4 has taken the most volume of loans using stablecoins as collateral. (734.57K $)

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• In Kashi, DAI, USDC, USDT, and USDN stablecoins are used as collateral.

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• The most popular stablecoin used for collateral is DAI.

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• 64.3% of the total volume of loans paid was related to DAI collateral. (2.164M $)

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• After DAI, USDC is the second most popular stablecoin for collaterals.

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• After DAI, USDC is the second most popular stablecoin for collateral. 33.6% of the total volume of loans paid to stablecoin collateral is related to USDC collateral.

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• About 98% of the total volume of loans paid is related to DAI and USDC collaterals.

• DAI, USDC, USDT, and USDN stablecoins are used as collateral in the Ethereum blockchain.

• USDC and DAI stablecoins are used as collateral in the Polygon blockchain.

Conclusion

• A total of 5050 deposits of stablecoins have been made for lending in Kashi

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  • 66.7% of the number of these deposits are on the Ethereum blockchain. (3368)

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  • 33.3% of the number of these deposits are on the Polygon blockchain. (1679)

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• In total, 123.2M $ of stablecoins have been deposited for lending in Kashi.

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  • About 99.4% of the total volume of stablecoins has been deposited on the Ethereum blockchain for lending in Kashi.

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  • DAI is the most popular stablecoin that has been deposited for lending in Kashi, which consists of 38.9% (47.888M $) of the total stablecoins being deposited for lending in Kashi.

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  • In 2021, the volume of stablecoins deposited in Kashi for lending was much higher than in 2022.

• DAI, USDC, USDT, TUSD, and sUSD are respectively the most popular stablecoins deposited for lending in Kashi.

  • Only USDC, DAI, and USDT are deposited on the Polygon blockchain for lending on Kashi.

• The most popular lending pools for depositing stablecoins based on volume are kmxSUSHI/DAI-LINK, kmWETH/USDT-LINK, and kmxSUSHI/USDC-LINK, which are 21.28M $, 17.81M $, and 12.86M $, respectively are deposited in them.

• So far, 310 loans have been paid with stablecoin collateral on Kashi.

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  • About 92.3% of these loans have been paid on the Ethereum blockchain. (286 loans)

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  • Only 7.74% of these loans have been paid on the Polygon blockchain. (24 loans)

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• The volume of all loans paid to stablecoins collaterals is 3.37M $.

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  • Almost all of this loan was paid on the Ethereum blockchain. 3368515.31$ was paid on the Ethereum blockchain, and only 1453.73$ was paid on the Polygon blockchain.

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  • The most popular stablecoin used for collateral is DAI.

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  • 64.3% of the total volume of loans paid was related to DAI collateral. (2.164M $)