Methodology

In this bounty, By using flipside_prod_db.aave.market_stats and flipside_prod_db.aave.deposits tables we will try to analyze the data for the supply and borrow rate of five tokens: wBTC, wETH, USDC, USDT, DAI, and their total borrow and supply over time.

We will limit the date from the beginning of January 2022.

Finally, we will try to check the correlation between total supplied wBTC and USDC and WETH borrow and supply rates to measure the correlation between USDC borrow rates and total wBTC supplied.

and calculate the average number of daily rates.

First, supply and lending rates for at least five tokens (wBTC, wETH, USDC, USDT, DAI) in Aave V2

Using the below charts, we can see the average supply rate, stable borrow rate, and variable borrow rate of these five tokens since the beginning of 2022.

As we see, the USDT token has the most supply rate among other tokens.

The following chart shows that wBTC and wETH tokens have the most negligible rates among other tokens in case of average supply rate which can be confirmed using the pie chart.

From the Pie chart we can see USDT hast the greatest average supply rate with about 37% followed by DAI with 29% and USDC with 27%.

In case of daily average variable borrowing the USDT token again has the greastest rate among other tokens.

The following chart shows that wBTC and wETH tokens have the most negligible rates among other tokens in case of average variable borrowing rate which can be confirmed using the pie chart.

From the Pie chart below, we can see USDT hast the greatest average supply rate with about 30.7% followed by DAI with 28.5% and USDC with 25.5%.

In the case of daily average stable borrowing rate we have the same results we had in the previous charts.

Second, the Total and daily amount of Wrapped BTC supplied over time.

From the following charts, we can see the daily supplied amount of WBTC in Aave version 2 since 2022. Using the chart, we can see the maximum supplied WBTC belongs to May 3 with about 170M dollars. There is no clear pattern in WBTC staking chart in Aave V2.

The total supplied amount of WBTC was 112.1K which worthed about 3.77B dollars.

Last but not least, the correlation between USDC borrow rates and total wBTC supplied.

A direct correlation between the USDC borrow rate and the supply of WBTC can be seen using the below chart. As the supply of WBTC started to decline from May 12, as mentioned in the previous charts, so did the USDC borrow rate. There was an exception in the chart from June 12 and June 15 when WBTC dropped dramatically, but the borrowing rate of USDC did not change much.

Conclusion

In this dashboard we tried to visualize supply and lending rates for five tokens, wBTC, wETH, USDC, USDT, DAI, in Aave V2, and draw the chart of daily amount of Wrapped BTC supplied since 2022 and find the total supplied amount of WBTC.

Finally we tried to find and explain the correlation between USDC borrow rates and total wBTC supplied.

What is AAVE protocol? from Link

Aave is a decentralized non-custodial liquidity protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers can borrow in an overcollateralized (perpetually) or undercollateralized (one-block liquidity) fashion.

image from Link