MakerDAO remains one of the most influential projects in the decentralized finance (DeFi) ecosystem. As the pioneer of decentralized stablecoins through its DAI token, MakerDAO enables users to generate DAI by locking up collateral—primarily ETH—in smart contracts known as Collateralized Debt Positions (CDPs).
In a recent collaboration with Coinbase Earn, MakerDAO educated over 100,000 U.S. users on how to lend and earn interest directly via smart contracts. Meanwhile, DragonFly Capital’s roadshows in China have further amplified interest in MakerDAO across Asia. During Rune Christensen’s visit to China, he revealed a striking insight:
“MakerDAO’s smart contract generates over $12 million in annual revenue, with expenses under $200,000. The performance of the smart contract is impressive.”
This sparked a natural question: Where does this $12 million in revenue come from?
The answer lies in the stability fees paid by CDP users—essentially interest charged for generating DAI against locked collateral. But who are these users? Who bears the cost of sustaining one of DeFi’s most critical infrastructures?
To uncover the truth, we analyzed the top 10 CDP addresses on MakerDAO.
Key Insights from the Top CDP Holders
- The top 10 CDP addresses control 40.6% of the total DAI supply.
- The top 100 addresses hold 78.6% of all DAI, highlighting extreme concentration.
- Among the top 10, one belongs to an early ETH ICO project (Request Network), while three trace back to Genesis Block participants.
- The top 3 CDP holders participated in The DAO ICO, indicating a high tolerance for risk and deep roots in Ethereum’s early days.
These users aren’t just DeFi participants—they are foundational figures in the crypto economy.
1. CDP #3088 – The Long-Term ETH Believer
CDP #3088 belongs to an early Ethereum investor who participated in the 2015 ETH ICO, investing 100 BTC (worth ~$28,000 at the time) and receiving 200,000 ETH.
This user went all-in during The DAO ICO, committing their entire ETH balance—only to face near-total loss when the infamous hack occurred in June 2016. After Ethereum’s hard fork, they recovered their funds and gradually withdrew assets.
Since then, they’ve adopted a conservative strategy:
- Avoided new ICOs post-DAO hack
- Accumulated more ETH through trading and airdrops (e.g., 15,000 OMG tokens)
- Slowly sold ~40,000 ETH via dollar-cost averaging across Kraken, Bitfinex, and Gemini
Despite selling a portion, they still hold 200,000 ETH, valued at ~$36 million. Their CDP activity reflects long-term confidence in ETH appreciation.
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Key Metrics:
- Collateralized: 178,921 ETH
- DAI Generated: 8,280,868 DAI
- Collateralization Ratio: 26.53%
- CDP Duration: 11 months
- Stability Fee Paid: $722,986/year
- Parent Account:
0xa1a45e...be0f3
For this whale, a $720K annual fee is trivial—just a 5% ETH price increase covers it entirely.
2. CDP #15336 – The Arbitrage Powerhouse
CDP #15336 is linked to an elite trader who invested 500 BTC (~$140,000) during the ETH ICO and received 1 million ETH. Active since day one, this user:
- Operates through DSProxy contracts for automated arbitrage and risk management
- Owns 1.5% of MKR, giving significant governance influence
- Earned mining rewards averaging 5 ETH/day in 2016
- Participated in over 20 ICOs, including Golem, Augur, EOS, and The DAO (investing 200,000 ETH)
Bloomberg once reported this address generated $200 million in profits, though the individual remains anonymous.
They trade across Binance, Bitfinex, Huobi, and others—and were flagged on Etherscan as a “200 Million Trader.”
Key Metrics:
- Collateralized: 141,405 ETH
- DAI Generated: 7,332,000 DAI
- Collateralization Ratio: 29.72%
- Stability Fee Paid: $256,632/year
This user exemplifies how sophisticated actors use DeFi not just for borrowing, but for systemic market participation.
3. CDP #12826 – The Silent Developer
CDP #12826 belongs to a low-profile but highly strategic user who:
- Withdrew 51,000 ETH from Kraken in August 2015
- Invested 25,000 ETH in The DAO
- Holds substantial MKR tokens (~$250K), signaling strong alignment with MakerDAO
Likely a developer or team behind multiple smart contracts, this user operates with minimal on-chain noise—indicating advanced privacy and control tools.
Key Metrics:
- Collateralized: 48,017 ETH
- DAI Generated: 3,599,610 DAI
- Stability Fee Paid: $241,596/year
Their use of DSProxy suggests automated portfolio management—a hallmark of institutional-grade DeFi usage.
4. CDP #111790 – The High-Frequency Trader
Activated after The DAO hack, this address may have been used for privacy-preserving fund migration via Poloniex. It’s since become a powerhouse:
- Over 4,000 transactions on ETH/DAI markets
- Also active on Compound: deposited 58,000 ETH, borrowed USDC and DAI
- Paid $238K in Compound interest fees alone
This user thrives on arbitrage and liquidity provision.
Key Metrics:
- Collateralized: 49,855 ETH
- DAI Generated: 3,420,427 DAI
- Stability Fee Paid: $36,661/year
Despite lower fees paid compared to others, their activity volume is among the highest.
5–6. CDP #14290 & #4242 – Privacy-Focused Strategists
Both users:
- Use DSProxy contracts
- Maintain minimal transaction footprints
- Prefer exchanges like Bittrex and HitBTC
CDP #4242 appears to use Ethereum mixers for enhanced privacy—common among whales avoiding scrutiny.
While limited data exists, their consistent low-leverage positions suggest capital preservation over speculation.
7. CDP #13917 – Request Network: A Project Funding Its Future
This is the only non-individual in the top 10:
Request Network, a German-based payment protocol that raised 100,000 ETH in October 2017.
Instead of selling tokens immediately, they used a multisig wallet to:
- Lock ETH as collateral
- Generate DAI to fund operations
- Avoid market dilution
A textbook case of how blockchain projects can leverage DeFi for sustainable treasury management.
Key Metrics:
- Collateralized: 25,113 ETH
- DAI Generated: 1,870,030 DAI
- Stability Fee Paid: $105,260/year
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8–10. CDPs #2406, #19514 & #16843 – The Spectrum of Risk
CDP #2406 – The ENS Visionary
An early ETH holder (66,800 ETH) who waited two years before acting. Now heavily invested in ENS domain bidding, potentially positioning for future value capture in decentralized identity.
CDP #19514 – The Quiet MKR Holder
Owns $50K worth of MKR and uses Binance primarily. Minimal on-chain activity suggests passive holding or off-radar operations.
CDP #16843 – The High-Leverage Gambler
Unlike others, this user operates at a 55.69% collateralization ratio, nearing liquidation thresholds ($145.72 liquidation price). Manages multiple CDPs simultaneously—indicating aggressive leverage plays.
Frequently Asked Questions (FAQ)
Q: What is a CDP in MakerDAO?
A: A Collateralized Debt Position (CDP) allows users to lock crypto assets (like ETH) to generate DAI stablecoins. Users pay a stability fee (interest) to maintain their loan.
Q: Why do large players use MakerDAO instead of selling assets?
A: To avoid triggering capital gains taxes or market sell-offs. By borrowing DAI, they access liquidity while maintaining exposure to asset appreciation.
Q: Is DeFi dominated by whales?
A: Yes—data shows the top 1% of CDP users control over 40% of DAI supply. DeFi remains largely a "whales’ game" due to high entry barriers and gas costs.
Q: How are stability fees calculated?
A: Fees depend on the amount of DAI generated, collateral type, and current rate set by MKR governance. Rates fluctuate based on system risk and demand.
Q: Can small users participate meaningfully?
A: Absolutely. While whales dominate volume, tools like DSProxy and yield aggregators allow retail users to automate strategies and compete efficiently.
Q: Why do some users have such low collateralization ratios?
A: These users often use DSProxy or keeper bots to monitor prices and repay debt automatically before liquidation—enabling safer high-leverage positions.
Final Thoughts: DeFi’s Foundation is Built by Early Believers
The top MakerDAO CDP users are not random speculators—they are:
- Early Ethereum adopters
- Survivors of The DAO collapse
- Builders who understand risk and reward at protocol level
Their actions fuel DeFi’s growth while proving that decentralized credit markets work—even at multi-billion dollar scale.
As adoption expands beyond crypto natives, platforms like MakerDAO will evolve—but for now, they remain a testament to the vision and resilience of blockchain’s first generation.
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