The top 10 DeFi users of MakerDAO
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The top 10 DeFi users of MakerDAO

By Marco Cavicchioli - 4 Nov 2019

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Who are the top ten users of MakerDAO’s DeFi platform? 

The research was carried out by Bowen Wang and published on the DDEX blog. Wang conducted an analysis of the first 10 CDP addresses and found that they represent 40.6% of the entire DAI supply. In addition, the first three participated in the DAO ICO, which means their risk tolerance is very high. 

The largest CDP address is 3088. On July 30th, 2015, the date of the Genesis Block of Ethereum, it invested 100 BTC, or about 28,000 dollars, obtaining 200,000 ETH. 

On May 14th, 2016, it participated in the DAO ICO and invested all 200,000 ETH.  After various events, reconstructed by Wang, user 3088 today has 178,921 ETH collateralised, and has generated 8,280,868 DAI with a rate of 26.53%. 

It is worth recalling that 1 DAI token is always worth about 1 US dollar, as it is a stablecoin.

The second user is 15336, also a participant of the ETH ICO: on July 30th, 2015 the address invested 500 BTC, or $140,000, receiving one million ETH. 

In the ICO of DAO it has invested 200.000 ETH, and today it has 141.405,38 ETH collateralised, whereas the DAI generated are 7,332,000, at a rate of 29,72%. 

The third is user is 12826, who participated in the DAO ICO by investing 25,000 ETH. To date, it has 48,017,579 ETH collateralised, with 3,599,610.27 DAI generated at a rate of 42.97%.

The other seven users range from 3,420,427 DAI to 1,445,000 DAI generated, and together with the first three, they generated just under half of all the 90 million DAI in circulation. 

In addition, the first 100 CDP addresses generated almost 80% of all DAI, which leads Wang to say that DeFi is still a “whales’ game” today. 

Despite this, many CDP users seem to believe that “ETH is Money”, also because the average size of transactions for the first 100 CDP users is about 300,000 DAI.

Wang’s conclusion is that DeFi is still in its infancy, at a time when the main users are still some of the first supporters of Ethereum, but the growth is evident.

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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