Before the community votes on the v2 deprecation strategy for the v2 DAI and v2 USDT markets, we wanted to post some additional context on the specific user positions in these markets:
DAI v2
Top 20 DAI borrowers’ entire supply positions
Top 20 DAI borrowers’ entire borrow positions
Top 20 DAI borrowers’ DAI borrows relative to total v2 DAI borrows
Top 20 DAI suppliers’ entire supply positions
Top 20 DAI suppliers’ entire borrow positions
Top 20 DAI suppliers’ DAI supply relative to total v2 DAI supply
As seen in the above charts, the largest DAI supplier and borrower is a recursive user who supplies $90.6M DAI (47% of the total DAI supplied on v2) and borrows $57.1M DAI (42% of the total DAI borrowed on v2). If we were to slash DAI rewards and/or increase the DAI reserve factor, it’s possible this recursive user will leave the protocol.
Most of the other top DAI borrowers, most notably the account whose address ends in fbe5ddc3, are non-recursive.
Most of the other top DAI suppliers are also non-recursive and do not borrow against their DAI collateral.
USDT v2
Top 20 USDT borrowers’ entire supply positions
Top 20 USDT borrowers’ entire borrow positions
Top 20 USDT borrowers’ USDT borrows relative to total v2 USDT borrows
Top 20 USDT suppliers’ entire supply positions
Top 20 USDT suppliers’ entire borrow positions
Top 20 USDT suppliers’ USDT supply relative to total v2 USDT supply
As seen in the above charts, the largest USDT borrower is a non-recursive user with address ending in be389d04 who supplies $68.0M ETH & WBTC and borrows $40.6M USDT (20% of the total USDT borrowed on v2). The next 3 highest USDT borrowers borrow mostly against USDC collateral.
Since USDT is not a collateral asset, most of the USDT suppliers do not have any borrows.
Next Steps
We will move forward with deprecating v2 USDC, with an on-chain proposal next Monday 9/11. In the meantime, we welcome the community to vote on the below poll regarding USDT and DAI deprecation.