MakerDao StableCoin: DAI

    This analysis compares DAI with other stablecoins on the Ethereum blockchain, including its price, user, transaction data, swap activities, and top-swapped tokens from January 2022 onwards. The goal is to provide insights into the performance of DAI and its position in the cryptocurrency market.

    This analysis focuses on the share of DAI, a stablecoin from MakerDao, compared to other stablecoins such as USDC and USDT on the Ethereum blockchain. The analysis also examines the DAI share on two popular Layer 2 solutions, Optimism and Arbitrum.

    The analysis includes several parameters to compare the performance of DAI with other stablecoins. Firstly, the DAI price is compared to USDT, USDC, and BUSD. This comparison provides insights into how DAI's price has performed relative to these other stablecoins.

    The analysis includes user and transaction data for DAI, USDT, USDC, and BUSD. This data provides an understanding of the popularity and usage of each stablecoin.

    Thirdly, the analysis examines the swap activities from and to DAI. This includes data on how much DAI is being swapped with other cryptocurrencies and stablecoins and which cryptocurrencies and stablecoins are the most popular choices for these swaps.

    Lastly, the analysis looks at the top swapped tokens, providing insights into which cryptocurrencies are most frequently traded with DAI.

    The analysis covers the period from January 2022 onwards, providing a comprehensive view of the performance of DAI compared to other stablecoins over the past year. This analysis aims to provide a detailed understanding of the DAI stablecoin and its position in the cryptocurrency market.

    Introduction
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    DAI is a decentralized stablecoin on the Ethereum blockchain that is pegged to the value of the US dollar. It is created by MakerDao, a decentralized autonomous organization (DAO) that uses smart contracts to govern the creation and management of the DAI stablecoin.

    Unlike traditional stablecoins backed by fiat currency or other assets, DAI is backed by collateral in the form of other cryptocurrencies locked in smart contracts. This collateral is overcollateralized, meaning that more cryptocurrency is required to create DAI than the value of the DAI being created. This over-collateralization helps ensure that DAI maintains its peg to the US dollar, even during market volatility.

    DAI can be used for various purposes, including as a stable store of value, a means of exchange, and as collateral for other cryptocurrency transactions. Its decentralized nature and stability make it an attractive option for those seeking to participate in decentralized finance (DeFi) applications and transactions.

    What is DAI Token?

    In the analysis, I used different approaches to gather data on DAI, USDC, and USDT stablecoins.

    To analyze the price, I extracted the average hourly prices of the stablecoins over time using Ethereum's hourly price.

    To gather user and transaction data, I filtered the transaction hash that includes DAI, USDC, and USDT from the transaction table.

    To examine the swap activities from and to the stablecoins, I used the Ethereum Dex Swap table. Finally, I identified the contract addresses of DAI, USDC, and USDT on Optimism and Arbitrum and compared their shares on these chains.

    Method
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