Introduction

Stablecoins are instrumental in decentralized finance. The earlier launched stablecoins like USDT are pegged to USD. However, the recently launched stablecoins are algorithmic and/or backed by cryptos such as DAI. GARD is the first algorithmic stablecoin on Algorand's blockchain that is backed by ALGO.

This dashboard investigates the popularity of Gard.

Analysis

The graph below shows the daily amount of $GARD minted through Gard.money.

The graph below shows the daily number of wallets who have minted Gard so far.

The graph below compares the daily number of wallets who have minted Gard with the daily amount of Gard that have been minted.

We can see that are days with a few wallets involved in minting Gard but the high amount of mint. On the other hand there is day with high amount of wallet involvement in minting but a low amount of Gard minting.

ALGO fees

Gard.money generates ALGO fees in two ways. When a wallet deposits Algo in order to mint Gard and when a wallet pays back borrowed GARDs and withdraws deposited (collateral) ALGO, both a fee will be generated.

The graph below shows the daily amount of generated ALGO fee on Gard.money. In this graph, fees generated by deposits have been distinguished from fees generated by withdrawals.

The box below shows ALGO generated as fee on Gard.money so far (At the time of writing; 2022-4-23).

The total amount of ALGO collateral currently backing the GARD is calculated by total deposited ALGO substracted by the total ALGO withdrawn.

The current collateral is 3.8M.

The summary of findings

• The highest daily amount of Gard mint is found on March 31st and April 12th.

• The number of wallets minting Grad is growing. The week starting with April 11th, a considerable growth in minting Gard is observable.

• Gard.Money has generated about 25L ALGO fees.

• The total amount of ALGO collateral currently backing the GARD is about 3,8M. Interestingly the amount of deposits are considerably higher than amount of withdraws.