Arrakis Study Shows On-Chain Dollar Yield Buyers Primarily Use Crypto-Native Funds

Arrakis Finance, an on-chain liquidity protocol, has released a study tracking the on-chain purchase records of 10 tokenized dollar yield products, covering 71,697 buyers with a total purchase amount of $91.3 billion. Of the $12.4 billion in classified demand, approximately two-thirds came from protocols and DAO treasuries, while the remainder came from individuals, exchanges, market makers, and crypto funds, with no purchases identified from traditional financial institutions. Wallets with purchases of $1 million or more accounted for about 4% of buyers but held approximately 93% of the funds, with 2,586 buyers contributing over 90% of the nominal purchase amount. The median purchase amount among institutional buyers of Centrifuge's JAAA was approximately $29.1 million, nearly three times that of the next product. About 80% of purchases were settled in USDC, with USDT accounting for around $4.4 billion, almost all of which was used for syrupUSDT. Primary subscriptions were the main pathway, with secondary market purchases accounting for less than 6%, and only sUSDe had 55% obtained through decentralized exchanges. The median first activity time of buyer wallets was concentrated around mid-2024, with Europe, the Middle East, and Africa accounting for 42%, Asia-Pacific for 40%, and the Americas for 18%. After tracing the $5.17 billion of unmarked institutional-level funds two hops back, 40% originated from exchanges, 38% from DeFi native funds, and another 22% could not be identified.

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