This article was first published on Stories by MakerDAO on Medium
This article was written in close collaboration with Beneath, a blockchain data analytics service.
Dai went live on the Ethereum Mainnet in December 2017. Since then, it has kept a stable peg against USD as the price of Ether fluctuated by more than 94%. Today, more than 1.5% of all Ether is locked up as collateral in support of Dai.
When we announced the launch of Dai 13 months ago, we promised it would “enable the ecosystem to approach a new age of usability”. We are happy to say that we are delivering on that promise. In this post, we want to show you how Dai is actually used.
The information in this post is based exclusively on analysis of public transactions observed on the blockchain. As it uses Ethereum public addresses to differentiate between users, you should beware that some users may command multiple addresses.
Basics First: How Many Addresses Use Dai?
Dai has real and growing adoption. There are nearly 8,200 unique addresses with a non-negligible Dai balance, and in January, we saw more than 7,300 active addresses sending or receiving Dai. On average, we observe 20% monthly growth in both holders and active addresses. Since the inception of Dai, roughly 19,600 unique addresses have or have had a balance of more than 1 Dai. Compared against the current number of holders, this implies a retention rate of 42% over the lifetime of the protocol.
Blockchain data is messy and if these numbers don’t match what you see elsewhere, it’s because we have made a serious effort to report clean data. Amongst other things, we correct for proxies and smart contracts that only temporarily hold Dai, and exclude addresses with less than 1 Dai. Using carefully cleaned data is important — had we ...
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Stories by MakerDAO on Medium