Hope you all had a good week in crypto (and otherwise). Our two-part series on Uniswap elicited quite a few interesting responses. Some folks were wondering if Uniswap might eventually replace 0x. We don’t think so, we think they are eventually two fundamentally different audiences. Expect 0x as well to iterate and come up with some interesting stuff to drive liquidity on the 0x ecosystem.
Recapping context for the benefit of new Satoshi&Co readers; Currently, DeFi along with the Lightning Network are probably the two most interesting user applications out there in the crypto space. To keep readers updated on how fast the DeFi and Lightning Network ecosystems are going, we wanted to make our Friday edition of the newsletter primarily dedicated to tracking the progress of key metrics in both these ecosystems. In Satoshi&Co Friday editions, we 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.
Total ETH locked in DeFi showed a modest decline of 1% this week, driven by declines of 14% and 2% in Augur and MakerDAO, respectively. dYdX posted a strong w/w growth of 53%, while ETH locked in Uniswap and Compound increased by 5% and 13%, respectively.
It was another week of moderate growth for LN nodes and capacity. The total number of nodes and the total channel capacity increased w/w by 1% and 0.3%, respectively, while the total number of channels decreased by 1%.
(For reference, some previous articles on LN, here)
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.
Total loans issued on Compound for the last week stands at approx. $480k for the week, up by more than 2x from the previous week. WETH is the most borrowed cryptocurrency on Compound followed by DAI and ZRX.
Total loans issued on Dharma Lever (still in alpha) for the last week stands at approx. $274k for the week, an 100% increase from the previous week. DAI is the most borrowed cryptocurrency on Compound followed by WETH and USDC.
DAI loans issued on MakerDAO for this week stood at $2.1million. The total outstanding DAI debt currently stands at ~$89 million.
You can also check out last week’s Metrics Watch here.
“Coinbase Ventures Into Staking Service Biz” The institutional asset custody arm of United States cryptocurrency exchange Coinbase has launched staking for Tezos (XTZ). Coinbase Custody, which provides storage facilities for institutional investors, is seeking to expand its suite of services to include staking — a means by which Proof-of-Stake (PoS) cryptocurrency networks incentivize activity. Through its offline storage service, investors will be able to participate in networks such as Tezos using Coinbase as a regulated intermediary.
“Facebook On a Blockchain Hiring Spree” Facebook is stepping up its emphasis on blockchain technology by posting five blockchain job listings on LinkedIn. The social media titan now has a total of 25 job listings for blockchain specialists, with the new advert requesting a production manager, business operations manager, data scientist, software engineer, and growth product manager. There has also been speculation over whether Facebook will adopt its own cryptocurrency, with the New York Times reporting that “Facebook may succeed where Bitcoin has failed”.
“VeriBlock Goes Live” After a year on its testnet, the VeriBlock blockchain went live yesterday on the Bitcoin mainnet, allowing exchanges, wallet providers, merchants and other crypto businesses to leverage Bitcoin’s robust blockchain security. VeriBlock allows any blockchain to inherit the full proof-of-work security of Bitcoin using a novel consensus protocol — proof of proof — which records snapshots of any given blockchain and embeds them (in an aggregated form) in Bitcoin transactions, allowing the former to inherit the latter’s security characteristics.
“Tron Acquires a Blockchain App – CoinPlay”CoinPlay, an online digital coin mining platform designed for new miners, was acquired by Tron. After the BitTorrent acquisition, CoinPlay is a step ahead for Tron as CoinPlay is the first global blockchain app store. According to the blog published by the Foundation, the acquisition will help Tron build a “truly decentralized Internet”. The blog also states that CoinPlay is a blockchain application store that offers the most comprehensive, suitable, and updated blockchain apps.
The role digital currencies are playing in geopolitics by Andrew Gillick
Lightning Network – The Road to Scaling Bitcoin featuring Christian Decker