Crypto Stablecoin Report: DAI Maintains Steady Growth; Exploration of Centralized Exchange Users Using DAI
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To help crypto market participants keep updated on the development status of stablecoins, we launched the MYKEY Stablecoin Report to share our interpretation of the development status of stablecoins and analysis of their development trends. Looking forward to maintaining exchanges with peers and jointly exploring the development prospects of stablecoins.
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Last week, Tether continued to issue nearly 100 million USDT on the Tron network DAI circulation has maintained steady growth for weeks Compared with OKEx and Binance, the proportion of DAI users among Huobi's active users is relatively small, and Binance users have the highest DAI usage rate Active users of Binance, Huobi, and OKEx accounted for about 27% of the total DAI usage in the past three months (number of on-chain transactions, transaction amount) 1. Overview of Stablecoin Data
1. Overview of Stablecoin Data
Source: MYKEY, Coinmetrics
market liquidity
Source: MYKEY, Coinmetrics
Source: MYKEY, Coinmetrics
Source: MYKEY, Coinmetrics
Source: MYKEY, DeBank
Number of currency holding addresses
Source: MYKEY, DeBank
Source: MYKEY, DeBank
Source: MYKEY, DeBank
Source: MYKEY, Coinmetrics
Active addresses
Source: MYKEY, Coinmetrics
Source: MYKEY, Coinmetrics
Number of transactions on the chain in 24 hours
Source: MYKEY, Coinmetrics
secondary title
24-hour on-chain transaction volume
Source: MYKEY, Coinmetrics
Source: MYKEY, Coinmetrics
Last week, the daily transaction volume of major stablecoins maintained the recent transaction level, and the proportion of daily transaction volume of each stablecoin did not show a trend change.
2. Analysis of DAI usage by exchange users
This week, we analyzed the use of DAI by active users of three exchanges, Binance, Huobi, and OKEx in the past three months, using etherscan's marking of hot and cold wallets of exchanges as clues.
It is worth noting that among the three exchanges, only OKEx has opened DAI trading pairs, and neither Binance nor Huobi have opened DAI trading pairs. However, what we focus on is not the user's transaction behavior in the exchange, but the user's activity in the Ethereum network. Although Binance and Huobi do not have DAI trading pairs, their users may still be DAI users.
The reason why we chose Binance, Huobi, and OKEx is that they largely represent Chinese users, so that we can understand the situation of Chinese users using DAI. Some specific research results are shared below.
We counted the Ethereum addresses that interacted with the hot and cold wallets of the exchange within three months, marked them as addresses assigned to users by the exchange, and used them to represent the active users of the exchange within three months (which can be represented but not Equal to all active users, but for the convenience of description, hereinafter referred to as "active users"). We got the number of active users of Binance, Huobi and OKEx within three months to be 39,255, 28,336, and 7,078 respectively.
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Source: MYKEY
By comparison, we can see that a larger proportion of Binance and OKEx active users use DAI than Huobi. The hypothesis that can be used for explanation is that OKEx has a trading pair of DAI, which promotes the use of DAI by its users/or attracts users who use DAI to trade on OKEx. The reason why Binance users have a higher DAI usage rate is not clear, and no convincing explanation has been found.
We checked the users who have deposited DAI directly to the OKEx exchange in the past three months. In the past three months, 178 users recharged DAI to OKEx, accounting for 2.51% of its active users. This somewhat validates the hypothesis for OKEx.
Since the users of Binance, Huobi, and OKEx have a large overlap, in order to view their users' usage of DAI as a whole, deduplication processing is required. After processing, we see that 2446 of the active users of the three exchanges have used DAI in the past three months. As mentioned earlier, these users represent Chinese DAI users to a certain extent, and their transaction times and transaction value in the past three months accounted for about 27% of the total transaction times and transaction value of DAI in the past three months.
This issue of the MYKEY stablecoin report has shared so much, please pay attention to the follow-up reports. In the follow-up reports, we will provide you with more interpretations of the development status of stablecoins and analysis of their development trends, so as to help you continuously update your understanding of the development of stablecoins.
This issue of the MYKEY stablecoin report has shared so much, please pay attention to the follow-up reports. In the follow-up reports, we will provide you with more interpretations of the development status of stablecoins and analysis of their development trends, so as to help you continuously update your understanding of the development of stablecoins.
