Seeking Analysis of Frax Holders vs Farmers

With the impressive expansion of FRAX issuance taking place over the last month or so, now exceeding 2.4B FRAX (congratulations), I’m very interested to know how much of this FRAX is held by real users vs deployed in AMOs and farming/staking contracts. Is there any analysis of what proportion of issued FRAX is held by real users holding or taking out loans in FRAX vs AMO operations minting and controlling FRAX?

Compared to FRAX’s main competition, DAI, I believe there are likely many more users who hold DAI as a stablecoin over USDC due to it’s decentralization and non-custodial nature. But, I believe many of theses users do not hold FRAX due to potential loss of peg fears. This is why it would be good to know how many individuals are truly holding FRAX as a stablecoin and not using it to earn some kind of FXS yield.

Based on this Dune Dashboard: Dune Analytics It seems FRAX not deposited in a narrow range of contracts is only $400M.

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I’m aware of this page but it doesn’t actually answer my question. AMOs are protocol controlled, then there’s also incentivized LP staking pools, I’m asking if there is any data around how much FRAX is actually being held as a stablecoin and not used to earn staking yields from Frax itself. Presumably, Frax MC - (Frax in AMOs + Frax LP’d for Staking Rewards) = Real Frax Usage.

just take the total market cap of FRAX, and deduct the amount in AMO’s, non-protocol LP’s, lending pools and amounts other protocols hold (Eg TEMPLE hold 160m) or so.

generally speaking i would guess its about 80-90% thats used for farming / liquidity pools.


Would following metric be meaningful?

Frax owned by EOA / total Frax issued.


DAI owned by EOA / total DAI issued.