Jun 13 · 4 min read

As the largest DeFi protocol by volume, MakerDAO locked ~96% of ETH (value equal to 1.65 million ETH, 410 million in USD on June 7, 2019) among the major platforms. In this article, we dive into activities around Maker CDPs and showcase statistics about their active users and top DAI borrowers.

Here are some preliminaries to understand the actions a CDP owner can take on Maker’s lending platform. We believe the lifecycle of a CDP can follow the actions below:

Create or change ownership

  • Open — Called when a user opens a new CDP with a sequentially generated id. The owner is set as the caller of the function
  • Give — Called when the owner gives away ownership of a CDP to another address.

Add or withdraw PETH

  • Lock — Called by the user when collateralizing an existing CDP. When a user deposits into Maker’s tub contract, the PETH collateral will be added into his CDP accordingly.
  • Free — Called when a user withdraws collateral from his CDP. It can only be called if the collateralization ratio of that CDP is high enough.

Lend or repay DAI

  • Draw — Called when a user borrows DAI, the borrowed amount of DAI will be minted and issued to borrower.
  • Wipe — Called when a user pays DAI and the accrued MKR interests back, the DAI will be burned.

Liquidate collateral

  • Bite — Called when the CDP is unsafe, the PETH collaterals are liquidated to return CDP to safe state, and burn the correspondingly repaid DAI. Increases the issuance of the SIN anticoin by the amount of DAI that will be burned, and assigns it to the caller of the bite function.
  • Shut — Called when a CDP is closed. There are accompanied actions that can be potentially taken in this process — if the CDP has significant DAI loan balance that hasn’t been repaid, the collateral locked in this CDP will be liquidated to repay the DAI debt (DAI will be burned afterwards). If after that, there are remaining collateral, they will be returned to owner address. This action clears all debt, unlocks all collateral and deletes the CDP record.

Active Users

By the data on May 30th, we checked the users’ activities of all the events above, and have the funnel chart as below:

Fig. 1 — Total count of DAI Lending & Repayments of Maker CDPs (by May 30th, 2019)

In this chart we can see that the latest CDP id was 17,959, which means there have been 17,959 CDP open events. Among them, only 9987 CDPs (55.61%) deposited collaterals ever. This tells that the remaining 7,972 CDP owners (44.39%) are inactive trial users with no more actions after opening the CDPs.

Among the 9,987 CDPs who deposited PETH as collaterals, 97.58% of them borrowed DAI. And among these 9,745 loans, 5,830 repaid DAI.

If we define active users as those CDPs who have ever deposited collaterals and are still open, the number goes down to 8,513, which is 47.4% of all the registered CDPs.

Fig. 2 — Active v.s. Closed Maker CDPs with Collateral Deposited in history (by May 30th, 2019)

Top CDPs

Fig. 3 — Top CDPs ranked by amount of borrowed DAI (by May 30th, 2019)

Above we have all the CDPs which have borrowed over 1 million DAI in the history. There are 62 CDPs in the list. In comparison, we show the total amount of collaterals they deposited also. From the chart we can see that the top 1 account borrowed over 20 million of DAI. Cumulatively, the top 47 CDP owners, which is only 0.26% of the CDP users, borrowed 50% of the issued DAI.

Fig. 4 — Pie Chart of borrowed DAI by CDPs (by May 30th, 2019)

Where the 20 million DAI CDP_3228 borrowed has flown to? We plotted the DAI flow for that top 1 account. The owner’s address starts with 0xb45de55d and the sankey diagram shows as follows:

Fig. 5 — DAI Token Transfer Flow of CDP_3228 Owner Address

Among all the 37 million DAI this account has owned, most of them are traded for WETH on Maker’s DEX system (previously was known as OasisDex, and now rebuilt as Eth2Dai by Maker team). A small portion of them are also circulated via dYdX and Kyber. This address is particularly trading the DAI/WETH pair according to the on-chain data. As the collateral currency is WETH originally, this top user case shows us the marginal trading need behind DAI lending.

Disclaimer: Alethio has no preference or prejudice towards any of the projects mentioned above. The range of protocols discussed is limited and we will keep working on adding more in the list to achieve a more holistic view. Alethio has a strong commitment to staying neutral by providing facts and best judgments based on objective and/or verified information. This article should never be used as a guide for any malicious practice or trading suggestion.


The blockchain is our collective memory. We must be able to see what this memory contains about us. Only then can we make informed decisions.


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Transparency to the blockchains



The blockchain is our collective memory. We must be able to see what this memory contains about us. Only then can we make informed decisions.

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