, 11 tweets, 4 min read Read on Twitter
0/ With the ETH price recovering (& $DAI falling), I felt it was time to do a second @MakerDAO 'State of Play' to review how the biggest CDPs are fairing during this "bull market".

I did the first State of Play on the 16th of Dec, 2018 (the bottom of the bear market).

1/ First, let's review some metrics:

*ETH Locked in MakerDAO: 2,202,279 (~2.1% of ETHs total supply).
*Last major liquidation: CDP 4492 on the 23rd of Feb for 8800 ETH
*New CDPs opened over the last 7 days: 299
*Stability fee: 7.5%
*Current $DAI price: ~$0.97
2/ Now, let's start with an old favourite - CDP 3228.

3228 has been very busy - interacting with their CDP on a daily basis. After being liquidated to the tune of 55,000 ETH back in December, they've managed to work themselves back up to having 46,300 ETH locked in their CDP.
3/ On the 22nd of March 2019, we had a new entrant to the top 10 CDPs - #15336 who has kept adding ETH to their CDP for a current total of ~86,400 with an outstanding debt of $3.8mil.

4/ The largest CDP by collateral amount, #5199, has been quite active and now has an astonishing 221,000 ETH locked in their CDP.

My favourite fact about this CDP? It was opened on December 20th 2018 - just 4 days after ETH bottomed at ~$83.

5/ This State of Play wouldn't be complete without a review of the stability fee and $DAIs price volatility.

We've since learnt that the Maker system fairs very well during a bear market but, as the system currently stands, it suffers during a bull market.
6/ The stability fee has been quite volatile since Dec 16th 2018:

-Lowered to 0.5% from 2.5% on the 22nd of Dec 2018
-Increased to 1% on 10th of Feb '19
-Increased to 1.5% on 24th of Feb '19
-Increased to 3.5% on 10th of March '19
-Increased to 7.5% on 24th of March '19
7/ During these stability fee increases, the price of $DAI has continued to trade below its peg of $1 - with increased volatility over the last ~3 months.

Image source: stablecoinindex.com by @myles_snider
8/ There are remediations being worked on to keep the price of $DAI stable - such as the Dai Savings Rate (DSR) and multi-collateral DAI (MCD) - but until they are ready we will have to rely on both the DAI debt ceiling and the stability fee.
9/ Unfortunately, it seems that a higher stability fee does not seem to dissuade CDP owners from drawing out more $DAI with the current circulating supply hovering at 92 million (with a ceiling of 100mil).

The tweet below explains why this is happening.

10/ That's it folks!

I hope you have enjoyed the second MakerDAO 'State of Play'! If you have any questions, please @ or DM me :)

Sources for all data:
daiprice.info by @latetot
mkr.tools by @mikeraymcdonald
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