--- tags: Weekly Relay --- # State of Dai: January 24th, 2022 ![](https://i.imgur.com/1QFWKZO.png) *Hi everyone, thanks for checking out the State of Dai. Now separate from the Weekly Relay with the objective to scale and improve all the information you need for your Dai escapades!* ![Peg](https://i.imgur.com/ullM7ag.png) - As expected, the drawdowns in both crypto and equities pushed the market all over the place. ![7-Day Dai stats](https://i.imgur.com/KjSVFqr.png) - The peg spread hit a maximum and minimum of $1.11 and $.84, respectively. :grimacing: ![Largest ](https://i.imgur.com/Rbb9iaq.png) - Some massive trades (70MM according to decipher) stand out. Unsure about the reliability of that data. However, it does correlate with the volume spike. ![Messari volume](https://i.imgur.com/cZkeSoz.png) - Messari reported a single-day spike of 1.1 billion on Flappy Friday. ![](https://i.imgur.com/Yv9N4LJ.png) - Shown above are Uniswap candles for the DAI/USDC pair, which are the largest by volume; Same story throughout the week. ![Nomics data midpoint](https://i.imgur.com/cvMO0Km.png) - The midpoint on that pair was still under par with a 0.01 spread and 52 million DAI depth. ![Curve at 48 million](https://i.imgur.com/LqQvOuS.png) - In the past 24 hours, Curve has dominated with 48 million in volume. ![DAI Supply](https://i.imgur.com/aEzNS5t.png) - Despite all this, DAI supply is still up above 9.7 billion, with 15 billion locked. - PSMs saw heavy usage this weekend, and USDC has spiked back to 51.4% of Dai (at time of writing). ![Mint/burn](https://i.imgur.com/jPBzwS6.png) - Last week contained a net Dai burn of 182 million. ![64 Vaults](https://i.imgur.com/nMzwUW9.png) - 64 vaults have been created. ![Collateral list 1](https://i.imgur.com/KRFsqRE.png) ![Collateral list 2](https://i.imgur.com/hhwIVrP.png) **MakerBurn rundown** - PSM USDC 4.5 billion (ATH) - ETH-A 2.06 billion - WBTC-A 1.00 billion - PSM USDP 500 million - ETH-C 325 million - Aave D3M 83 million - LINK 71 million - GUNI DAI-USDC (0.05%) 70 million - UniV2DaiUSDC 61 million - stEth 41 million - ETH-B 39 million - YFI 24 million - MATIC-A 19 million - UniV2UsdcEth 13 million - NSDROP 10 Million - GUNI DAI-USDC (0.01%) 10 million - WBTC-C 9.7 million - GUSD 4.6 million - renBTC 3.8 million - MANA 3.7 million - UniV2WBTCEth 2.9 million - WBTC-B 2.4 million - FFT1-DROP 2.2 million - HTC-DROP 2.1 million - UNI 1.7 million - 6S Capital 1.4 million - Other vaults below 500K (wBTC-B, UniV2DaiEth, UniV2UniEth, CF-DROP) at $822,890. ![Loan-to-Value](https://i.imgur.com/fecGcek.png) - LTV has exceeded 100%, clocking in at 123%. ![20% drop](https://i.imgur.com/fz9dcK2.png) - Hypothetically, as if we could stomach more, a 20% drop in the market would coincide with the next liquidation wave. ![WBTC exposure is still high](https://i.imgur.com/7UDIlP1.png) - Refer to Primoz's excellent analysis of the weekend to see where slippage was most apparent. WBTC had 7.28% slippage. Maker has 47.6% of assets, which is good to keep in mind for the next set of signal requests. ![WBTC SLippage](https://i.imgur.com/AsY7EdM.png) - Even on 280 million, there is significant slippage for WBTC. ![WBTC drop](https://i.imgur.com/oFKcXo8.png) - Luckily, the vaults on WBTC-A & WBTC-C are well protected. They would need a 10k drop, more than 30%, for any significant threats. [daistats.com](daistats.com) | [makerburn.com](makerburn.com) | [maker.blockanalitica.com](maker.blockanalitica.com) ### 🎙️ Have Feedback? We value your input! Take our [survey](https://survey.sogosurvey.com/r/OBV0Y7) to let us know what we might be missing or how to do better. *Disclaimer: This update is assembled by a group of contributing members in the MakerDAO community. This does not serve as financial advice or an inducement to vote in any specific way. This update is purely for information and communication purposes only.*