Crypto Stablecoin Report 05: DAI Maintains Steady Growth, Exploring Use of DAI by Users of Centralized Exchanges
Original link: https://bihu.com/article/1242900727
Original publish time: June 16, 2020
Original author: Lie Ma, researcher of MYKEY Lab
We released MYKEY Crypto Stablecoin Report to share our interpretation of the development status of stablecoins and analysis of their development trends to help the participants in the crypto market stay updated on the development status of stablecoin. The MYKEY Crypto Stablecoin Report will be published every week, looking forward to maintaining communication with the industry and exploring the development prospects of stablecoin together.
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- Last week, Tether continued to additionally issue nearly 100 million USDT on Tron.
- The circulation of DAI has maintained steady growth for several weeks.
- The proportion of DAI users in Huobi active users is less than that of OKEx and Binance, and Binance users have the highest DAI usage rate.
- The active users of Binance, Huobi, and OKEx in the past three months used DAI accounted for about 27% of the total DAI usage((number of transactions on the blockchain, amount of transactions).
- The median number of DAI transfers of the above users in three months is 6 and the median of the transfer amount is 2,093 DAI, mainly for retail investors, and 2% of transaction activities are dominated or arbitrage activities.
1. Overview of Stablecoin Data
First, let’s review the changes in the basic information of the various stablecoins in the past week(June 5, 2020, ~ June 11, 2020, the same below).
Market Circulation
Source: MYKEY, Coinmetrics
Currently, the market circulation of major stablecoins is about $11.283 billion, which is not much changed compared to last week.
Source: MYKEY, Coinmetrics
In the past week, while the total market capitalization has not changed much, each stablecoin has a certain increase or decrease in issuance. Among them, Tether issued 99.87 million USDT on Tron, PAX, HUSD, DAI, and GUSD flow increased by $2.93 million, $3.91 million, $3.17 million, and $3.17 million, with DAI flows showing the most stable growth, maintaining that level of growth for several weeks. The circulation of USDC, BUSD decreased by $5.76 million and $6.1 million.
The Number of Holding Addresses
Source: MYKEY, DeBank
The number of stablecoin holding addresses on Ethereum has increased significantly. Last week, the number of stablecoin holding addresses on Ethereum increased by 77,417.
Source: MYKEY, DeBank
The increase in the number of holding addresses mainly came from USDT, with an increase of 71,199, followed by USDC, DAI, and PAX, with an increase of 2,220, 1,890, and 1,763.
The Number of Active Addresses
Source: MYKEY, Coinmetrics
Last week, the total number of active addresses of stablecoins continued to be at historical highs, hitting a historical peak on June 7.
The Number of 24-hour Transactions on the Public Blockchains
Source: MYKEY, Coinmetrics
Last week, the daily number of transactions of major stablecoins remained on an upward trend.
The Number of 24-hour Volume of Transactions on the Public Blockchains
Source: MYKEY, Coinmetrics
Source: MYKEY, Coinmetrics
Last week, the daily volume of transactions of major stablecoins maintained the recent trading level, and the proportion of the daily volume of transactions of each stablecoin did not show a trend change.
2. The Analysis of Use of DAI by Users of Exchanges
This week, we took Etherscan’s labeling of hot and cold wallets on Exchanges as a clue to analyze the use of DAI by the active users of the three Exchanges of Binance, Huobi, and OKEx in the past three months.
It’s worth noting that of the three Exchanges, only OKEx has enabled DAI exchange pairs, while Binance and Neither Huobi has enabled DAI exchange pairs. However, our concern is not users’ transaction behaviors on Exchanges, but users’ activities on Ethereum. Although Binance and Huobi do not have DAI exchange pairs, the users may still be DAI users.
We chose the three Exchanges of Binance, Huobi, and OKEx because they represent Chinese users to a large extent so that we can understand the use of DAI by Chinese users. We share some specific findings below.
We counted the Ethereum addresses that interacted with the Exchanges’ hot and cold wallets within three months, marked as the addresses allocated to users by the Exchanges, and used them to represent the active users of the Exchanges within three months (which can be characterized but not equal to all active users, but for the convenience of description, hereinafter referred to as ‘active users’). We can see that Binance, Huobi, and OKEx have 39,255, 28,336, and 7,078 active users within three months.
For these active users, we inquired and recorded their external addresses outside the Exchanges. According to these external addresses, we can view that whether they are DAI users and their use of DAI. According to statistics, Binance, Huobi, and OKEx have 1,998, 387, and 348 active users, who have used DAI in the past three months, accounting for 5.09%, 1.37%, and 4.92% of their all active users.
Source: MYKEY
By comparison, we see that Binance and OKEx have more active users than Huobi. The assumption that can be used for explanation is that OKEx has DAI exchange pairs, which promotes the use of DAI for the users or attracts users who use DAI to transfer in OKEx. The reason why users of Binance have a higher DAI usage rate is not clear, and a convincing explanation has not yet been found.
We checked the users who have directly topped up DAI to OKEx in the past three months, and 178 users topped up DAI to OKEx, accounting for 2.51% of the active users in the past three months, and this verifies the hypothesis for OKEx to a certain extent.
Because the users of Binance, Huobi, and OKEx have a lot of overlap, deduplication is required to view the overall use of DAI by their users, and we saw that 2,446 active users of the three Exchanges have used DAI in the past three months after processing. As mentioned above, these users represent DAI users in China to a certain extent, and their number of transactions and amount of transactions in the past three months accounted for approximately 27% of the total in the three months.
Besides, judging from the transaction characteristics of these 2,446 DAI users, most of them are retail investors. The median number of DAI transfers of the above users in three months is 6 and the median of the transfer amount is 2,093 DAI. However, the number of transactions and amount of transactions of a small number of DAI users (addresses) are dominated, of which 2% of addresses account for 75% and 88% of the number of transactions and amount of transactions of all 2,446 users, and according to their transaction behavior, some of them are arbitrage activities.
This is what we’re sharing in this MYKEY Crypto Stablecoin Report, welcome to stay tuned for follow-up crypto stablecoin reports. We will provide more interpretations of the development status of stablecoins and analysis of their development trends to help you stay updated on the development status of stablecoin in the follow-up report.
PS: MYKEY Lab has the final right to interpret the content of the article, please indicate the source for the quotation. Welcome to follow our official account — MYKEY Lab: MYKEY Smart Wallet.
Past review
MYKEY Crypto Stablecoin Report 03: Where are the users of DAI?
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