Ethereum - New MakerDAO Userrs
Introduction to MakerDAO
-
MakerDAO is a decentralised protocol built on Ethereum that was launched in 2017 to allow cryptocurrency lending and borrowing without the need for a middleman.
-
According to MakerDAO Growth Thread, MakerDAO has 3 primary operations that can generate earnings:
- Fees generated by issuing DAI
- Liquidations, when a Maker Vault broke the Liquidation Ratio threshold.
- Fees, from PSM, the stablecoins-DAI DEX.
-
In other words, the more activities users perform on MakerDAO, the more protocol earnings the protocol generates.
-
Due to the fact that a protocol like MakerDAO relies on new users to be successful and robust, new users are pivotal. Without new users, MakerDAO's protocol health would suffer because the protocol would be unable to generate revenue.
-
In this dashboard, we will explore new MakerDAO users over time to track the protocol's health.
\
In the midst of this bear market, how is MakerDAO's new user growth in all operations / aspects?
ii. New MakerDAO Users who have Borrowed Flashloans and Liquidated for the First Time
- This section includes all Maker flash loans or uncollateralized loans, as well as flash loans on other platforms that use a Maker vault to receive DAI.
- It also includes all Maker vault liquidations. When the value of a vault's collateral falls below a certain threshold, the vault is liquidated.
iii. New MakerDAO Vaults and Vault Creators
- This section includes all vault creations on Maker
- As of September 7th 2022, there are 19.44k Maker Vaults and 18.88k Maker Vault Creators on MakerDAO.
- On November 18th, 2021, the most new Maker Vaults are created, and the most new Maker Vault Creators create their first Maker Vault, with 329 Maker Vaults and 317 Maker Vault Creators, respectively.
- The number of new Maker Vaults created and New Maker Vault Creators who created their first Maker Vault has slowed since July 2022, similar to the number of new depositors and withdrawers on MakerDAO.

Sections in this dashboard
- New MakerDAO Users who have Deposited and Withdrawn Funds for the First Time
- New MakerDAO Users who have Borrowed Flashloans and Liquidated for the First Time
- New MakerDAO Vaults and Vault Creators
Approach
-
This dashboard uses the new ethereum.maker tables on Flipside such as
ethereum.maker.ez_deposits, ethereum.maker.ez_withdrawals, ethereum.maker.ez_flash_loans, ethereum.maker.ez_liquidations, ethereum.maker.ez_vault_creation
-
MakerDAO users are identified as new for each action based on their first on-chain activity on MakerDAO for that action.
i. New MakerDAO Users who have Deposited and Withdrawn Funds for the First Time
- This section includes all deposits and withdrawals into and from Maker vaults.

Select granularity (day, week, month)
and apply to all visualizations.

- As of October 27th 2022, there are 17.36k unique depositors and 14.69k unique withdrawers on MakerDAO.
- This means that there are 2.67k unique depositors that have never withdrawn funds from MakerDAO.
- Since July 2021, it appears that the number of new depositors and withdrawers on MakerDAO has slowed.
- This is fitting given that there is currently very little on-chain ETH activity as the crypto market is in a bear market and Ethereum approaches the merge.
- MakerDAO has 2.63k unique flash loan borrowers and 992 unique liquidated wallets as of October 27th 2022.
- The cumulative number of new MakerDAO flash loan borrowers is steadily increasing. This is a positive sign because it means more flash loan earnings for the protocol.
- Cumulative number of new liquidated wallets on MakerDAO has been flat since March 13th 2022.
- The number of new liquidated wallets on MakerDAO peaked on March 12th, 2022, with 401 wallets liquidated on that day; since then, the number of new liquidated wallets on MakerDAO has plummeted.
- MakerDAO generates revenue through liquidation when a Maker Vault exceeds the Liquidation Ratio. This suggests that revenue generated through liquidations has declined.
Conclusion
- The number of new depositors and withdrawers on MakerDAO has slowed since July 2021. This is fitting given that there is currently very little on-chain ETH activity as the crypto market is in a bear market and Ethereum approaches the merge.
- The number of new MakerDAO flash loan borrowers is steadily increasing. This is a positive sign because it means more flash loan earnings for the protocol.
- The number of new liquidated wallets on MakerDAO peaked on March 12th, 2022, with 401 wallets liquidated on that day; since then, the number of new liquidated wallets on MakerDAO has plummeted. This suggests that revenue generated through liquidations has declined.
- The number of new Maker Vaults created and New Maker Vault Creators who created their first Maker Vault has slowed since July 2021, similar to the number of new depositors and withdrawers on MakerDAO.

This dashboard was created by banbannard on September 7th 2022
Thank you for taking the time to read this, and I hope you learned something new about MakerDAO!