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Friday Metrics Watch (DeFi. LN, DEXs et al)

It would be an understatement to say that the crypto tectonic plates are shifting. It is early days, so rapid prototyping and evolution is only to be expected. In addition, ideas move like never before at warp speed, across Telegram channels, Discord groups, Reddit threads, and over plain-old-internet websites as well as even streamed conferences. It is impossible to keep track of everything that is going on, even for those in the industry that live, breath and eat this crypto stuff day in and day out.

Currently, DeFi along with the Lightning Network are probably the two most interesting user applications out there in the crypto space currently. To present our readers with updates on how fast the DeFi and Lightning Network ecosystems are going, we wanted to make our Friday edition of newsletter primarily dedicated to tracking the progress of key metrics in both these ecosystems. In Satoshi&Co future Friday editions, we will therefore try to present to our readers more data-driven research on different components of the DeFi stack, LN as well as other adjacent ecosystems such as DEXs (decentralized exchanges) and stablecoins.

Without further ado, we now dive into the inaugural edition of Friday Metrics Watch.

Ethereum Locked in DeFi

MakerDAO still accounts for a lion’s share of ETH locked up in collateral, with more than 2.1 million of ETH locked up. Augur and dYdX have shown strong w/w growth, partly because of their low base values.  

Ethereum Locked in DeFi
Source: https://mikemcdonald.github.io/eth-defi/

(For reference, some previous articles on DeFi herehere and here)

Lightning Network Growth

Lightning Network is continuing its stellar growth in nodes and channel capacity as the total number of nodes grew by 18% and the network capacity also grew by 22% over the past one week. (For reference, some previous articles on LN, here)

DEX Tracker

Trading volumes on DEXs have declined on a w/w basis, with the average daily trading volume averaging 20k ETH for this week. IDEX remains the biggest DEX in terms of trading volume and DAI is the highest traded cryptocurrency on DEXs.

DEX Tracker
Source: Dexwatch.com

(For reference, some previous articles on DEXs, here and here)

Crypto Loans Tracker

Compound Loans

Total loans issued on Compound for the last week stands at approx. $135k for the week. WETH is the most borrowed cryptocurrency on Compound followed by DAI and BAT.

Compound Loans
Source: loanscan.io

Dharma Loans

Total loans issued on Dharma Lever (still in alpha) for the last week stands at approx. $130k for the week. DAI is the most borrowed cryptocurrency on Compound followed by WETH and USDC.

Dharma Loans
Source: loanscan.io

MakerDAO Loans

Barring the day when ~800k was issued in DAI, MakerDAO’s daily run rate has stabilized between 300k and 400k for the remaining days. The total outstanding DAI debt currently stands at ~$93 million.

MakerDAO Loans
Source: loanscan.io

(For reference, some previous articles on MakerDao, here and here).

Meanwhile in Crypto Wonderland….

“Tendermint Raises $9 Million” Tendermint has raised $9 million in the Series A investment round led by cryptocurrency investment company Paradigm, with contribution from Bain Capital and 1confirmation among other investors. Part of the funds will purportedly be allocated to support of further development of the Cosmos Network and its ecosystem. The company also plans to spend the funds on the building staff and creating a sustainable business model.

“Crypto Exchange Regulations For Canada” Canadian regulators are looking to create new rules for crypto trading platforms, months after the death of the founder of digital platform Quadriga CX that led to about C$180 million ($135 million) in frozen cryptocurrencies. The Quadriga situation highlighted a regulatory vacuum for the cryptocurrency industry in Canada and raised questions about who would be held accountable for any potential losses.

“Crypto Can Disrupt Banks” A group of international banking authorities, the Basel Committee on Banking Supervision, which is part of the Bank of International Settlements (BIS), has issued a statement on the current situation of the cryptocurrency market. BIS believes that cryptocurrencies are an unsafe medium of exchange and store of value and has warned that they pose a number of risks to banks and financial institutions.

“CBOE To Discontinue Bitcoin Futures Trading Temporarily” The Chicago Board Options Exchange (CBOE) has announced that it is dropping any new bitcoin futures contracts this month. The decision may have been necessitated by low trading volumes. CBOE indicated that its CFE futures platform was currently pondering its position on cryptocurrency derivatives trading. Current bitcoin futures contracts remain available for trading until June when they expire. 

Crypto Twitter Pick

What We’re Reading / Listening To

Investing In Bitocoin by Su Zhu and Hasu
Ethereum 1.x: Building Things One Step at a Time featuring Alexey Akhunov


Satoshi&Co Daily Crypto Newsletter

By Ramani Ramachandran and Rohit Alluri

ZPX - Daily Crypto Update