Fuse Pool Analysis
Are the DAI and USDC Vaults using the same Fuse Pools to seek yield? What differences can you identify?
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Introduction
- Rari Capital has vaults that earn interests on stablecoins by providing liquidity to Rari Capital's Fuse pools.
- In this dashboard, we will look at the Fuse pools that DAI and USDC Vaults use to seek yield.
- We will then compare the token allocations to Fuse Pools of these two vaults to see if there are any differences.
- USDC and DAI Vault allocations are found using
ethereum_core.ez_token_transfers
table with filter of origin_function_signature =0xd42ec3fe
.
Token Allocation Similarities
- The USDC and DAI Vaults are both vaults where users can earn interest on stablecoins by depositing them into vaults, and these vaults will provide liquidity to Fuse Pools.
- The 3 Fuse Pools that the DAI Vault allocated to, namely:
- Fuse Pool 6 (Tetranode's Locker),
- Fuse Pool 18 (Olympus Pool Party),
- and Fuse Pool 7 (ChainLinkGod's / Tetranode's Up Only Pool)
are also the Top 3 Fuse Pools allocated by the USDC Vault to seek yield.
- In other words, DAI Vault and USDC Vaults use the same top 3 Fuse Pools to generate yield.
- These 3 Fuse Pools are
verified
on Rari Capital and is on top 6 in terms of liquidity supplied.
Token Allocation Differences
- Based on these two vaults' token allocations, we can see that the USDC Vault allocates tokens to 8 Fuse Pools, whereas the DAI Vault only allocates tokens to 3 Fuse Pools.
- The USDC Vaults tokens are more diversified as they are allocated to 8 Fuse Pools, whereas the DAI Vaults tokens have a higher concentration risk because tokens are only allocated to 3 Fuse Pools.
- In addition to that, the top 3 pools of the USDC and DAI Vault are the same, but ranked differently.
Top 3 Fuse Pool of USDC Vault
Rank 1 : Fuse Pool 7 (ChainLinkGod's / Tetranode's Up Only Pool)
Rank 2 : Fuse Pool 6 (Tetranode's Locker)
Rank 3 : Fuse Pool 18 (Olympus Pool Party)
Top 3 Fuse Pool of DAI Vault
Rank 1 : Fuse Pool 6 (Tetranode's Locker)
Rank 2 : Fuse Pool 18 (Olympus Pool Party)
Rank 3 : Fuse Pool 7 (ChainLinkGod's / Tetranode's Up Only Pool)
Conclusion
- The Top 3 Fuse Pools allocation to generate yield by DAI Vault and USDC Vault are the same, but ranked differently.They are Fuse 6, Fuse 7 and Fuse 18.
- The USDC Vaults tokens are more diversified due to their allocation to 8 Fuse Pools, whereas the DAI Vaults tokens have a higher concentration risk due to tokens being allocated to only 3 Fuse Pools.
- In November 2021, both vaults reached an all-time monthly high allocation of 30M USD for USDC Vault and 21M USD for DAI Vault. Both USDC and DAI Vault allocated equal amounts to the same Fuse Pool in November 2021 - Fuse 6, Fuse 7, and Fuse 18.
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- Token allocation for both USDC and DAI Vault began in May 2021.
- In November 2021, both vaults reached a monthly all-time high allocation of 30M USD for USDC Vault and 21M USD for DAI Vault.
- In November 2021, both USDC and DAI Vault allocated equal amounts to the same Fuse Pool - Fuse 6, Fuse 7, and Fuse 18.
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