• Using flipside's terra.daily_balances & ethereum.erc20_balances tables, the top 10 wallets of DAI and UST are plotted.
• Then, the respective foundations were excluded by filtering out labelled addresses.
• Please note that right now the labels table is not providing accurate results, but the SQL queries will update automatically when this issue is fixed.

Although these data are not excluding foundations currently, I remember exploring the data a couple of days ago when the labels table was fully functional and here are my key takeaways.

1. The top wallets belonged to foundations or protocols both for UST & DAI.
2. Foundations are holding more UST than DAI. For example, there are 4 addresses that hold more than 1 billion UST, compared to 1 address holding more than 1 billion DAI.
3. Regarding the anonymous addresses, there was a very similar pattern in both, with addresses having more than 100million UST or DAI.
4. Apparently hedge funds and Venture capital firms are already investing in DeFI apps, leveraging the low risk & high yield stablecoin staking.

Method

Conclusion

I've included 2 tables that include all the labelled foundations. Please note that when these two lists come back, then the bar charts above will also update to the correct addresses. So I've included them to quickly verify when the labels table is back online.

UST is the top algorithmic stablecoin in the whale category, thanks to the anchor protocol's 19.5% APY. It will be interesting to monitor the trend in the future, since DAI is also doing very well even though it has a lower earning interest rate.