Introduction

DAI is a stablecoin on the Ethereum network initially released in 2017 and mantained and regulated by MAKER DAO. It is considered to be the first example of decentralised stablecoin (Source). The Dai Foundation is an independent legal entity for safeguarding the Maker community’s intellectual property.

UST is also a decentralised stablecoin native to the Terra network. It was conceived to improve on the scalability problems of existing cins as DAI. The Luna Foundation Guard (LFG) is a nonprofit organization dedicated to creating and providing greater economic sovereignty, security, and sustainability of open-source software and applications that help build and promote a truly decentralized economy.

This bounty will analyse the top 10 addresses holding these both stablecoins.

Methodology

Two different queries will be done for each stablecoin on the ethereum.erc20_balances table for DAI and terra.daily_balances for UST. The addresses will be ordered by balance as of March 23rd in descending order and a limit 10 will yield the top 10 addresses holding each stablecoin.

Both queried tables have labels identifying known addresses. Since none these labels hinted at any of the respective foundations, I searched for this information online:

• DAI Foundation has a donations address on their website - 0x85a294558d5597ac156dd920a74b502b6f2b1b86

• LFG address was identified by jxboi in this submission - terra1gr0xesnseevzt3h4nxr64sh5gk4dwrwgszx3nw

Results

Figure 1 shows the top 10 addresses holding UST. Balances are shown in the Y-axis on a log scale. 7 out of 10 are identified from the labels in the tables: Anchor Market leads with 8.6B, Terra Community Pool is second with 2.2B and Terra fees address makes third with 1.44B.

Wormhole Bridge with 685M and Anchor Overseer with 397M both received transfers from the LFG amounting to 450M and 485M respectively as seen in jxboi submission.

The unknown addresses were also search for in Terra Finder. No information is found on the Top6 and Top9 addresses but Top 8 address is a smart contract belonging to address terra1pdfk3dq48u4rj3w4t97lkgejte9ac9g0k853la [which holds over 622M MARS tokens], so it could well be Mars Protocol (https://finder.terra.money/mainnet/address/terra1pdfk3dq48u4rj3w4t97lkgejte9ac9g0k853la)

LFG's address with 76 USD is shown as well as position 11.

Conclusions

The Top10 holders of UST have bigger quantities of the token than Top10 DAI holders. This can be explained because UST supply is over 50% bigger than DAI supply (16B to 9B) and because some key contracts on UST hold big amounts of UST (2 Anchor and 2 Terra addresses).

Up to 5 bridges are found on both lists, Wormhole and Ethereum bridges in UST Top 10 and Avalanche, Multichain and Polygon Matic bridges on DAI.

Only 1 LP address appears in UST list on last position, the uUSD-uUST poolin Astroport while 2 pools make the DAI list: Curve's 3token pool (DAI-USDC-USDT) on 1st place and UniswapV3 DAI-USDC LP. 3 yielding pools complete DAI's list: Compound's cDAI, AAVE's aDAI and Yearn's DAI pools.

Special thanks to jxboi for his previous work.

Each address was queried with a CTE on the respective table and the result added to the Top 10 addresses with a join.

Figure 2 shows the top 10 addresses holding DAI. Balances are shown in the Y-axis on a log scale. All addresses could be identified through labels and/or Etherscan searches.

Top address holds 1.5B in DAI and belongs to the Curve.fi pool of 3 stablecoins (DAI-USDC-USDT). Second addres holds over 1B and belongs to the Avalanche bridge. On third and fourth place we find Compound and AAVE DAI token, cDAI with 550M and aDAI with 479M. Another bridge, Multichain (former Anyswap) with 379M closes the top 5.

Next address is a surprise. PulseX is a project from Richard Heart where users send their crypto assets to sacrifice addresses - meaning the assets will be lost. Its associated address holds 278M DAI.

The only CEX address in the list makes it position 7, Binance peg tokens address with 252MDAI.

Closing the list are the Yearn DAI pool (208M), the Polygon Matic bridge (202M) and the UniswapV3 DAI-USDC pool (144M)

DAI Foundation's address yielded no result on the query, although it has around 40DAI according to Etherscan.