USA – Digital Asset Data unveiled with Cointelegraph that 27% of ETH from the MakerDao system went to a single address. Now, ETH is kept in DeFi applications.
Of the whole Ether (ETH) secured in the collateralized deb positions or CDPs of the longstanding MakerDAO network, 27% goes to a sole Ethereum address. Digital Assets Data, a funding technology information firm, shared the results with Cointelegraph on January 26.
Dai, which was established by Maker DAO, lets users use or make the stablecoin by risking the digital asset holdings as a deposit. Dai was not reinforced with bank accounts of reserve exchanges, yet it’s produced by placing Ether into a smart contract of CDP.
In November last year, the Dai stablecoin hit its 100 million-coin debt ceiling and presented multi-collateral Dai (MCD) that can be supported by numerous assets.
The single-collateral and old Dai, which created with Ether, became famous, and it’s referred to as “Sai.” Now, the new MCD is called “Dai.” Moreover, the CDPs for various properties were rebranded as vaults. Also, Ether is kept in an Ether vault, while the BAT or Basic Attention Tokens are kept in a BAT vault.
As per the Digital Assets data, around 155,000 CDPs were introduced on the old Maker protocol version, and 77% of the held CDPs under 0.05 ETH. A data science head at Digital Assets Data named Brandon Anderson stated to Cointelegraph that there’s one address that upholds 27% of the value protected in CPDs. He also mentioned that the new Vaults network has a similar dispersal, with a single address that’s holding 15% of the locked value. Furthermore, the head stated that as Maker endures to develop, the company will monitor how the distributions will play out, and if there’s more acceptance within the lower containers.
Anderson added in his statement that it’s probable that one or more of the involved addresses might be smart contracts that include ETH as a portion of MakerDAO. He elaborated that these don’t represent a sole entity. Furthermore, he explained that without a significant amount of additional research, the company couldn’t commit to identifying the addresses.
Anderson ended with a conclusion stating that the amount of whole locked properties has amplified while large players rule an uneven amount of inaccessible Ether in the network.
More than 3,500 vaults were created with the new network, wherein most of these have more than 1 ETH. The report was as per Digital Assets Data.
Cointelegraph reported in November 2019 that some value of Ether secured in decentralized finance or DeFi applications touched an all-time high or ATH price of 2.7 million ETH. It’s as per DeFiPulse, a DeFi monitoring resource. Moreover, the price has been progressively growing since the end-week of June.
DeFiPulse displays that the total value of funds secured in DeFi applications or apps reached an ATH of 3.2 million ETH or $793.1 million. The result was over 57% coming from the MakerDAO system. It’s amounting to $453.5 million or 2.5 million ETH.