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Friday Metrics Watch #6

We continue our exploration into all things DeFi ( Decentralized Finance), DEXs, and Lightning network in our Friday Metrics watch.

We also recommend two great reads on DeFi-
DeFi Liquidity Models
A Comparison of Decentralized Exchange Designs by Richard Chen

Lightning Network Growth

The w/w growth in Lightning nodes showed a modest increase of 3% this week. Network capacity decreased by 1% to 1064 BTC this week, while capacity per channel was flat w/w.

DEX Tracker

Trading volumes on DEXs have increased on a w/w basis, with the average daily trading volume averaging 35k ETH for this week. IDEX remains the biggest DEX in terms of trading volume and DAI is the highest traded cryptocurrency on DEXs.

Fordex continues to be among the top 4-5 0x relayers, with maximum trade volumes in USDC/DAI and DAI/PAX pairs.

Also, we saw our first EURS (Euro stablecoin trades).

Crypto Loans Tracker

Compound Loans

Total loans issued on Compound for the last week stands at approx. $245k for the week, a huge decrease from $1.7 million the previous week. WETH is the most borrowed cryptocurrency on Compound followed by DAI and BAT.

Dharma Loans

Total loans issued on Dharma Lever (still in alpha) for the last week stands at approx. $3.1 million for the week, a more than 200% increase from last week. DAI is the most borrowed cryptocurrency on Compound followed by WETH and USDC.

MakerDAO Loans

DAI loans issued on MakerDAO for this week stand at ~$3.7 million, a significant drop from last week. The total outstanding DAI debt currently stands at ~$94 million.

Meanwhile in Crypto Wonderland….

“Corporate Investments in Crypto Startups is Soaring” Major finance and tech firms are pouring money into startups building technology to develop the crypto market, even though they’re steering clear of the volatile currencies themselves. Venture capital investments in crypto and blockchain startups that included funds from corporates have raced to $850 million so far this year, data compiled by PitchBook for Reuters shows. The 13 deals put the flows on track for a second straight annual record.

“Chinese Renminbi to Became a Cryptocurrency?” Donald Tapscott, executive chairman of the Blockchain Research Institute,  stated that the official Chinese currency, the renminbi (RMB), will become a cryptocurrency, in an interview with Bloomberg on April 17. In the interview, Tapscott revealed that he had recently been at a meeting with the vice-chairman of the Communist Party in China, who recalled that President Xi Jinping thinks that blockchain is one of the most important technologies for the future of the country. When asked if decentralized exchanges can operate in China —  which has previously banned initial coin offerings (ICOs) — Tapscott said that they could, although the government has a serious stance towards curtailing digital currencies.

“Belarus to Support Crypto Mining by Opening Data Centers” Several recent reports suggest that the crypto mining industry is witnessing a massive meltdown, however, some countries still remain hopeful of its future. In what can be considered a populist move, the president of Belarus, Aleksandr Lukashenko, has decided to support the development of a giant data center dedicated to Bitcoin mining. Lukashenko recently held a meeting with the members of the Belarus IT sector to discuss the benefits of moving towards a digital economy. The president also discussed different possibilities and measures needed to be taken to achieve it.

“Indian Regulator Give a Cold Shoulder to Crypto Startups”The Reserve Bank of India (RBI) has published its official document on a draft framework for fintech regulatory sandbox entitled “Draft Enabling Framework for Regulatory Sandbox.” The document explicitly excluded crypto assets like bitcoin, demonstrating a lack of intent to regulate the local crypto market. “The entities may not be suitable for RS (regulatory sandbox) if the proposed financial service is similar to those that are already being offered in India unless the applicants can show that either a different technology is being gainfully applied or the same technology is being applied in a more efficient and effective manner,” the document read, listing crypto assets, crypto trading, and ICOs as excluded areas.

Crypto Twitter Pick

What We’re Reading / Listening To

DeFi Liquidity Models by Alex Evans
A Comparison of Austrian and Keynesian Economics by Venture Stories

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Satoshi&Co Daily Crypto Newsletter

By Ramani Ramachandran and Rohit Alluri

ZPX - Daily Crypto Update