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Matic; Friday Metrics Watch #10

After great conversations with Thomas Pacchia and Dhruv Bansal, this time around, we have on the Satoshiand.co podcast series, Sandeep Nailwal, from the Matic network. Matic is an implementation of Plasma on the Ethereum network. Matic uses sidechains and state channels, in conjunction with a POS algorithm on the sidechain to attempt to solve the scalability issue on Ethereum. It is analogous to what Lightning attempts on Bitcoin.

Matic recently raised capital through an IEO process from Binance launchpad and is also Coinbase Ventures first investment in an Indian team.

A quick synopsis of the podcast before out regular Friday DeFi metrics….

What is Matic?

Matic Network is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators. Matic strives to solve the scalability and usability issues while not compromising on decentralization and leveraging the existing developer community and ecosystem. Matic Network is an ​off/side chain scaling solution for existing platforms to provide scalability and superior user experience to DApps/user functionalities.

Who is using this now?

Gaming, Payments and DeFi are among the earliest beneficiaries of a Matic sidechain network. Matic Network’s design is very conducive for building Dapp-based games and some of the popular decentralized gaming projects such as Decenterland, Chainbreakers, and Pocket Full Of Squares are already building Matic’s sidechains.

Why is it promising?

The most unique thing about Matic Network is that it is the first Plasma implementation on the Ethereum blockchain, with prominent Dapp projects already building on the Matic network. Plasma is very critical for the scalability of the Ethereum blockchain and Matic Network is expected to benefit from the growth of Plasma. Moreover, it is Coinbase Ventures first investment in India.

And now on to regular Friday programming…

Ethereum Locked in DeFi

MakerDAO still accounts for a lion’s share of ETH locked up in collateral, with about 1.97 million of ETH locked up. Compound showed a moderate w/w growth of 2% while Uniswap, Augur and MakerDAO declined.

Source: defipulse.com

Lightning Network Growth

Capacity per channel decreased by 3% w/w. The total number of nodes increased w/w by 1% while the total number of channels and network capacity decreased by 2% and 5.5%, respectively.

Source: 1ml.com

(For reference, some previous articles on LN, here).

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.

Source: dex.watch

(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. $1.2 million for the week, a meaningful increase from $760k in the previous week. WETH is the most borrowed cryptocurrency on Compound followed by DAI and BAT.

Source: loanscan.io

Dharma Loans

Total loans issued on Dharma Lever for the last week stands at approx. $900k for the week, a moderate decline from $960k in the previous week. DAI is the most borrowed cryptocurrency on Compound followed by WETH and USDC.

Source: loanscan.io

MakerDAO Loans

DAI loans issued on MakerDAO for this week stand at ~$12 million, a >10x increase from last week. The total outstanding DAI debt currently stands at ~$81 million.

Source: loanscan.io

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

You can also check out last week’s Metrics Watch here.

Crypto Twitter Pick

What We’re Reading / Listening To

The Basics of Ethereum 2.0 Economics by Eric Conner
Matic Network, Crypto Landscape and Regulation in India, Ethereum and More featuring Sandeep Nailwal


Satoshi&Co Daily Crypto Newsletter

By Ramani Ramachandran and Rohit Alluri

ZPX - Daily Crypto Update