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