[Sushiswap] - Stablecoins on Kashi
Methodology
The following methods are used in this dashboard:
- Due to the fact that both lending and borrowing are done on the Kashi platform, and in addition, it was necessary to extract the results for the Ethereum and Polygon networks, the following tables were used to solve this question:
> ethereum.sushi.ez_lending > ethereum.sushi.ez_borrowing > polygon.sushi.ez_lending > polygon.sushi.ez_borrowing
- Then it was checked which stable coins were used in this platform.
- Next, it was checked how each of these stablecoins were in terms of the number of times they were used and the dollar amount. These parameters were investigated in both Ethereum and Polygon networks, as well as for both lending and borrowing.
- At the end, it was also checked how many times each of these stablecoins have been used as collateral.
Introduction
What is Kashi?
Kashi is a lending and margin trading platform, built on the BentoBox, that allows for anyone to create customized and gas-efficient markets for lending, borrowing, and collateralizing a variety of DeFi tokens, stable coins, and synthetic assets. Kashi's broad diversity of tokens is supported through the use of a unique isolated market framework. Unlike traditional DeFi money markets where high-risk assets can introduce risk to the entire protocol, in Kashi each market is entirely separate (similar to the SushiSwap DEX), meaning the risk of assets within one lending market has no effect over the risk of another lending market. (Source)
Bounty Question: Analyze the behavior of stablecoins on Kashi markets. Which ones are being deposited for lending? Which ones as collateral? Do this for both polygon and Ethereum.
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- Five stablecoins are used in this platform:
> DAI > USDC > USDT > TUSD > sUSD > > \
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Among these 5 stablecoins that have been used in the lending section on the Ethereum network, in terms of the number of times it is used (it means deposit), the USDC is at least 1.75 times more used than the second stablecoin (DAI). But in terms of dollar amount deposited, it shows that DAI ranks first with a difference of 12.25 million dollars compared to USDC. These two hairs show us that more dollars have been deposited than USDC in the less frequently used DAI.
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It is interesting that in these 5 stablecoins, only TUSD was the number of withdrawals more than the number of deposits.
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An average of 1.21 deposits have been made for each withdraw for USDT, which is 1.15 for USDC.
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- Only 3 stable coins are used in the Polygon network:
> DAI > USDC > USDT > > \
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Among these 3 stablecoins that are used in the lending section on the Polygon network, in terms of the number of times it is used (it means deposit), USDC stablecoin ranks first with a huge
difference, also in terms of the number of times it is used. And in terms of the dollar amount deposited.
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In this network, for DAI and USDT, the number of withdrawals is more than the number of deposits (unlike the Ethereum network, where in both, the number of deposits was more than the number of withdrawals.)
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An average of 4.25 deposits have been made for each USDC withdrawal.
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It is interesting that in the Polygon network, the dollar amount of deposits in all three stablecoins used was larger than the dollar amount of withdrawals. Something that was not present in any of the 5 stablecoins of the Ethereum network.
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In terms of order and ranks, all three top stablecoins in the lending sector are also in the same ranks in this sector.
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The appearance of the charts is also very similar to the lending section. But there are also small differences.
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In terms of the number of borrow and repay times in every 5 stable coins, the number of borrows is more. But in terms of the amount of dollars in every 5 stablecoins, it is superior with repay with a slight difference.
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In borrowing and lending, only three stablecoins are used on the Polygon network.
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Here, too, USDC has the first rank in both parameters, and its difference with the other two is very clear and obvious.
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An interesting point to note in the Paligan network is that the difference in the amount of dollars available between borrow and repay is very high. For example, the repaid dollar value of USDC is about 7 times its borrowed value. This amount for DAI is more than 20 times!
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- In the Ethereum network, the following three stablecoins are used as collateral:
> DAI > USDC > USDT
- The following two stablecoins are used as collateral in the Polygon network:
> DAI > USDC
- In both networks, USDC has been the most used as collateral.