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Jun 7, 2022 β€’ 10 tweets β€’ 5 min read β€’ Read on X
State of Dai πŸ“Š β€” Our weekly roundup on how Dai has performed over the last week.

Let's go!

🧡

1/
Dai trading activity has cooled down compared to last week.

Fewer off-peg trades. Back to normal quickly.

As always, Dai peg is strong, safe, and resilient. βš–οΈ

2/
Slightly less TVL this past week at $10.4 billion (~300 million less).

The Maker Protocol remains the DeFi protocol with the highest total value locked! πŸ†

GUNIV3DAIUSDC1-A just appeared on the collateral pie charts πŸ‘€

Let's go deeper

πŸ”

3/
πŸ“ˆ 237 million Dai minted from GUNIV3DAIUSDC1-A vaults (+6 million over the last week)

πŸ“ˆ 664.7 million Dai minted from GUNIV3DAIUSDC2-A vaults (+42 million over the last week)

πŸ“ˆ Total is 901.7 million Dai minted from G-UNI vaults (13% of all Dai).

wen 1 billion?

4/
Payoffs and borrows are fairly balanced.

469.9 million Dai repaid.

605.6 million Dai minted.

+135 million net mints. πŸ’Έ

5/
Weekly vaults are trending towards the opening.

ETH-C and WBTC-C are top gainers.

WSTETH-B is picking up six new vaults! πŸš€

6/
Where is Dai?

EOA 52.8% (Love for Dai holders πŸ’š)
DEX 15.5%
Lending 10.3%
Bridges 10.7%
Other 9.6%
CeFi 1.0%

7/
Dai jumped into @StarkWareLtd's StarkNet!

99.9k Dai running on StarkNet at the time of writing β€” This represents +16% of its TVL!

#L222 is happening. This is just the beginning! 🌟

8/
@StarkWareLtd This chart is very interesting.

What vault holders initially spend their Dai on? πŸ€”

According to this calculation, so far this month, +95% of newly minted Dai is being transferred to decentralized exchanges.

Farmers LPing or traders swapping?

9/
@StarkWareLtd Want to learn more?

Find the full version in the Maker Forum and drop your comments!

πŸ‘‡

forum.makerdao.com/t/state-of-dai…

10/

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More from @MakerDAO

May 14
Spark, the first SubDAO set to launch.

Spark emerges as the pioneer among Maker SubDAOs, shaping the future of MakerDAO’s Endgame roadmap.

It fosters a dedicated and independent community that leverages the power of MakerDAO to develop innovative DeFi products that address proven market demands.

The highly anticipated Launch Season reaches its peak with the arrival of SparkDAO, along with its native token SPK and a variety of SPK token farming programs

Learn more about what SparkDAO has to offer. ↓Image
Spark App: The Powerhouse of DeFi

Spark's main offerings include SparkLend and Cash & Savings, available on .

β€’ SparkLend enables users to borrow DAI at large scales using high-liquidity assets, with a best-in-class user experience.

β€’ Spark Cash & Savings introduces a decentralized, on-chain banking-like product that connects cash and savings accounts’ features with the Dai Savings Rate (DSR). It is accessible with DAI, USDT, and USDC.app.spark.fi
SPK Tokenomics: Pre-farming the airdrop

SparkLend users can participate in pre-farming activities on to start earning SPK tokens in advance.

The current SPK pre-farming program will be active until May 20th, 2024. Earned SPK tokens will be distributed at the Spark Launch.

Users of SparkLend can track their accrued SPK tokens at .

Find more details about the pre-farming airdrop here: spark.fi
spark.blockanalitica.com/v1/ethereum/ai…
forum.makerdao.com/t/proposed-spa…
Read 8 tweets
May 3
As the launch season approaches, MakerDAO is preparing to introduce two new tokens - NewStable and NewGovToken.

Explore the details below ↓Image
After the upcoming brand reveal, the new tokens will be introduced into the ecosystem.

NewStable (NST) is the codename for the upgraded version of Dai, tailored for broader adoption and designed with enhanced stability features. The official name will be unveiled through the brand reveal.

NewGovToken (NGT) represents a refined approach to governance within our ecosystem. It’s designed to encourage wider participation and more dynamic decision-making. The final name will also be shared through the brand reveal.

The conversion process for token holders is straightforward:

β€’ For NewStable (NST): Dai holders can seamlessly upgrade to NewStable, enjoying the flexibility to revert back to Dai as desired.

β€’ For NewGovToken (NGT): Each Maker token (MKR) can be converted into 24,000 NGT. This redenomination aims to encourage wider participation in governance activities.

These additions represent an expansion and will not replace the existing Dai (DAI) and Maker (MKR) tokens. Users will have the option to transition to NewStable and NewGovToken.

Now, let’s talk about key functionalities:
NewStable

β€’ NewStable will be accessible to both new users and existing Dai holders. Existing users can upgrade their Dai, with the flexibility to convert their holdings back to Dai whenever they choose.

β€’ NST holders can engage in farming to earn NGT right from launch.

β€’ 600 million NGT will be distributed annually to participating NST holders through farming.

β€’ Farming will not be available to US residents or users employing VPNs.

β€’ The official name of NST will be unveiled through the new brand reveal.
Read 6 tweets
Jul 24, 2023
What a blast #ETHGlobalParis πŸ‡«πŸ‡· was!

The Spark team loved working with such brilliant minds who created amazing projects on Maker, Spark, and sDAI.

Among all the great participants, we've awarded our prizes totaling 12,000 DAI to the selected projects:

↓

Image
Image
Image
πŸ₯‡ Claiming the top spot for the best use of Conduits:

DustConduit β€” 2,000 DAI

Implemented the IAllocatorConduit to mediate between SubDAOs and external protocols, thus facilitating the standardized flow of DAI between SubDAOs and yield opportunities.

ethglobal.com/showcase/dustc…
πŸ₯ˆ Taking second place for the best use of Conduits:

RWA Yield β€” 1,000 DAI

Leverages the MakerDAO ecosystem to allow loans against tokenized assets. Users pledge RWAs, and receive DAI loans through an automated dividend-paying protocol.

ethglobal.com/showcase/rwa-y…
Read 8 tweets
Jul 3, 2023
.@phoenixlabsdev has proposed a multi-chain future for Spark!

Together, we will strive for the integration of Layer 2 solutions and the exploration of other blockchain networks.

Success lies in being where the users are.

This is a recap of Spark's multi-chain roadmap.

↓ Image
Firstly, @phoenixlabsdev's proposal outlined key considerations for prioritizing Spark deployments on different chains:
1) Business Case:

Blockchain teams must present a compelling rationale for why Allocators should provide debt capacity to a particular chain.

Allocators won't allocate resources if there is no significant product demand on that chain.
Read 14 tweets
Jun 21, 2023
Currently, @LidoFinance's stETH is one of the largest assets in crypto β€” there are over 7 million stETH with over 200k holders.

Similarly, its wrapped version, known as wstETH, has gained immense popularity in DeFi, particularly among the Maker Protocol's users.

↓
wstETH represents right now ~30% of stETH total supply, amounting to ~2 million wstETH tokens.

These wstETH tokens primarily find utility within lending protocols β€” over 60% of all wstETH is sitting in top-tier DeFi lending apps.

↓

etherscan.io/token/0x7f39c5…
With ~932k wstETH, the Maker Protocol's smart contracts hold around 46% of wstETH's total supply.

wstETH holders primarily use their liquid-staked ETH holdings for DAI loans and on-chain leverage.

β†’ https://t.co/w27XAo6uh1defillama.com/protocol/maker…
Read 4 tweets
Jun 20, 2023
sDAI (Savings DAI) is the new tokenized version of DSR-enabled DAI.

Fully powered by the DSR, it is an ERC-4626 token that offers enhanced integrations and gas efficiency for a better user experience.

How does it work? ↓
Recently the DSR went from 1% to 3.49%, enabling a higher yield natively streamed to all DAI holders that opt in.

sDAI implements a tokenized EIP-4626 compliant wrapper for DAI deposited into the DSR, converting the DSR-deposited position into a token you can hold and use.
The sDAI token allows users to interact with the DSR through the following methods:

β€’ Deposit DAI into the DSR by calling SavingsDAI's mint method.

β€’ Withdraw DAI from the DSR by calling SavingsDAI's burn method.
Read 5 tweets

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