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1/ Recapping @alexhevans presentation of @MakerDAO adoption last night.
In its first year, Maker issued roughly $200 million in loans. For perspective, it took @LendingClub five years to originate $250 million in loans.
In its first year, Maker issued roughly $200 million in loans. For perspective, it took @LendingClub five years to originate $250 million in loans.
2/ Telltale sign of a “#cryptonetwork working” is it being able to scale far more quickly in the service it provides than a comparable company could.
We saw it with #Bitcoin, we’re seeing it with @MakerDAO.
We saw it with #Bitcoin, we’re seeing it with @MakerDAO.
3/ Almost 2% of all $ETH outstanding is now locked in @MakerDAO (red line), with > $70M in loans currently outstanding (blue line).
Loans outstanding = current market cap of $DAI: coinmarketcap.com/currencies/dai/
Loans outstanding = current market cap of $DAI: coinmarketcap.com/currencies/dai/
4/ While the average is skewed by a power law distribution of loan-sizes, the average size of loans using @MakerDAO is ~$30K and going down over time.
5/ Average @MakerDAO loan-size decreasing implies more loans are being created, as opposed to the same actors simply increasing the size of their existing loans.
6/ Indeed, the number of active @MakerDAO loans (non-empty CDPs) is > 2,500 and growing nicely (blue line), with age of loans settling in at ~5 months (red line).
7/ @MakerDAO is currently collateralized at ~400%, which means for every $1 of loan there’s $4 of collateral backing it up (extreme caution shown by users).
8/ Hypothesis: when collateralization ratios are on the rise for @MakerDAO, we're getting a signal on nervousness around a potential $ETH price drop.
9/ Keepers are @MakerDAO supply-siders that liquidate toxic loans & make money from doing so: reddit.com/r/MakerDAO/com…
Thus far keepers have made $1.4M in nearly risk-free profit from their efforts.
Thus far keepers have made $1.4M in nearly risk-free profit from their efforts.
10/ Fun story from last night: @MakerDAO open-sourced their original keeper software -- it was quickly forked and they were outcompeted.
Now, non-Maker affiliated keepers are doing the majority of the work.
Now, non-Maker affiliated keepers are doing the majority of the work.
11/ I'm merely the messenger here. If you enjoyed the graphs above, follow @alexhevans @DAR_crypto & @visavishesh, they did the hard work.
Alex will put out an in-depth @MakerDAO report (more graphs!) in the coming weeks on placeholder.vc & someone will tweet it out 😄
Alex will put out an in-depth @MakerDAO report (more graphs!) in the coming weeks on placeholder.vc & someone will tweet it out 😄
12/ If it wasn't obvious already, @placeholdervc is long $MKR. At all times our portfolio positions can be seen here: placeholder.vc/about
13/ If you'd like to get to know the @MakerDAO community more, I recommend joining their Tuesday (community) and Thursday (governance/risk) calls - they're open! calendar.google.com/calendar/embed…
