Open Analytics - 22. MakerDAO

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    Deposits & Loans

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    We had Total count of 78 thousand transactions in the 2023 executed by 2150 Users which they had exchanged their assets into DAI for any reason which the amount of this swaps stands at total volume of 1.89 Billion dollors (such a wow).

    The maximum swapped amount is 16 million which is not so much remarkable and it is normal after all. The average of swaps volume stands at 24k which shows that the count of transactions were so high and as i have just told you, it really was.

    The Daily charts of Transactions, Users and Volume shows a stable pattern for the swaps into DAI and for volume, as the total swapped volume goes high we see that the average line changes too.


    The top 10 tokens which they have swapped to DAI has been specified which you can see them in donut chart. USDC and by it follows USDT are the two most popular assets to be swapped for DAI which in daily chart you can see that they are standing at top for almost all days. and this could be because of popularity of these two assets.

    We had Total count of 79 thousand transactions in the 2023 executed by 2290 Users which they had exchanged their asset from DAI into other asstets for any reason which the amount of this swaps stands at total volume of 1.84 Billion dollors. Pay attention that the counts of swaps here are more than last part but the amount of swaps is less than it.

    The maximum swapped amount is 16 million which is not so much remarkable and it is normal after all. The average of swaps volume stands at 23k which shows that the count of transactions were so high and as i have just told you, it really was.

    The Daily charts of Transactions, Users and Volume shows a stable pattern for the swaps into DAI and for volume, as the total swapped volume goes high we see that the average line changes too.


    The top 10 tokens which DAI has been swapped for has been specified which you can see them in donut chart. USDC and by it follows USDT are the two most popular assets to be swapped for DAI which in daily chart you can see that they are standing at top for almost all days. and this could be because of popularity of these two assets.

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    Despite of stable numbers for loans and repays transaction and users count over time, We have some uprising slopes here in the volume chart.

    On the day of January 14th the total amount of loans has went to 104 Million dollors and this wasn't the end, at February 17th this amount has gone to 140 Million in just one day, Just after the second high peak on February 21th the repayments went high too, To the total amount of 78Million dollors.

    Conclusion


    Total Volume of Deposits for just two month are acceptable and we will be having more over time, Although the withdraws amount were high too but deposits higher volume has changed the situation over good.

    Loans higher volume than repayments shows that users mostly are joining into the chain than leaving it and this is a good news after all.

    swapping behaviour shows a same situation for DAI in swapping for and being swapped and there is nothing interesting about it.

    Afterall as we have seen tha total volume of deposits and loans shows that there is a good future after MakerDAO which you can make your own research and that's up to you but if you are asking me, the system had a lot of improvements and uprising patterns in the new year.

    MakerDAO is emerging as a prominent force in the DeFi space. Although DAI was a little unstable initially, it has evolved a lot since then. Given the popularity and necessity of stablecoins in the crypto market, there is a huge future opportunity for MakerDAO and DAI. However, since the mechanism to maintain the DAI peg is slow to react, this could be a huge threat to maintaining rationality in severe market turmoil where potential liquidations could be triggered across DAI and MKR and result in heavy damages. Nevertheless, up until this point, there are no signs of such instances. As this space matures with time, hopefully, there never will be.

    The first chart at the right side shows the total stat of the loans and repays including repays and loans transaction and users count with their volume.

    The daily chart shows some high peak slopes but there is nothing more and special to talk about.

    Daily Count of Loans and Repays Transactions seems to be more in January than February as it is shown on the chart but it is not so higher number to be discussed.

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    Well after two month of 2023, we see good results in MakerDAO system for deposits. the count of transactions stands in a good situation with total count of 774 transactions for the new year executed by 282 users.

    total deposited volume in the meantime is 430 Million in dollors which is acceptable for two month and the daily net worth stat of the system is determined for you to have better understandings. by 430 million of deposits the maximum deposit was 104 which includes the quarter of what has been deposited which you can consider that as an amazing volume for a users.

    Daily count of transactions and users were so stable over time and we see no up rising or down going slopes on the chart.

    The daily amounts has been shown with average line to make a better understanding and we see the same slopes for average just like as total volume. Total Net worth of deposits shows that most of the days we had more withdraws than deposits but over all the volume of deposits are a lot more than what we have for withdraws.

    Introduction


    What Is MakerDAO?

    MakerDAO is an organization developing technology for borrowing, savings, and a stable cryptocurrency on the Ethereum blockchain. It has created a protocol allowing anyone with ETH and a MetaMask wallet to lend themselves money in the form of a stablecoin called DAI. By locking up some ETH in MakerDAO’s smart contracts, users can create a certain amount of DAI–the more ETH locked up, the more DAI can be created. When users are ready to unlock their ETH, which serves as collateral for their DAI loan, they simply pay back the loan along with any fees.

    MakerDAO has created a core layer of the decentralized financial system on Ethereum–what the kids these days are calling “DeFi”.

    What Is DAI?

    The first decentralized, collateral-backed cryptocurrency, DAI is a crypto asset that attempts to maintain a stable 1:1 value with the U.S. dollar by locking other crypto assets in contracts.

    This means that unlike other asset-backed cryptocurrencies, which may be issued by for-profit companies, DAI is the product of an open-source software called the Maker Protocol, a decentralized application running on top of the Ethereum blockchain.

    As such, DAI maintains its value not by being backed by U.S. dollars custodied by a company, but by using collateralized debt denominated in ether (ETH), Ethereum’s cryptocurrency.

    If you’re unfamiliar, collateralized loans provide a way for a lender to secure a loan using assets they own. Historically, these loans have a lower interest rate than unsecured loans, as they allow lenders to seize the asset and sell it in the event borrowers are unable to pay the loans.

    The Maker Protocol, through smart contracts running on Ethereum, enables borrowers to lock ETH and other crypto assets, thus collateralizing it, in order to generate new DAI tokens in the form of loans.

    If borrowers wish to recover the locked ETH, they will have to return the DAI to the protocol and pay a fee. In the event of liquidation, the Maker Protocol will take the collateral and sell it using an internal market-based auction mechanism.

    Due to its design, the supply of DAI cannot be altered by any party in the network. Rather, it is maintained through a system of smart contracts designed to dynamically respond to changes in the market price of the assets in its contracts.

    Methodology


    As the time that the StableCoins came into the crypto currencies world, a lot changed in the market. with announcing lending systems, MakerDAO has released its DAI project for lendings in StableCoin to make easier to access to the market than other lending systems.

    In this dashboard we are going to seek more about DAI and its loans and repays with total deposits to see how did it change since the statr of 2023. Then we will be checking the behaviour of DAI holders in swapping actions to see which tokens do they exchange DAI to or which tokens do they swap into DAI.

    For gathering all the needed data i have used all these tables : ethereum.core.fact_hourly_token_prices for each token's prices,ethereum.maker.ez_deposits for deposits stat,ethereum.maker.ez_withdrawals for withdraws (Deposits Net Worth),ethereum.maker.ez_flash_loans and ethereum.maker.ez_repayments for Loans and Repays and in the end for the swapping stats i have used ethereum.core.ez_dex_swaps.

    I hope you make your best use out of this dashboard ... !

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