2020 Q2 defi notice: which track is the next wave? BTC

 好运pk10     |      2020-08-05 18:29
Since March, the defi ecosystem has not only recovered and increased, but also slightly increased its activity, which is mainly due to the departure of comp in June 2020. With some notable policy calm events, this quarter, defi has been experiencing the sluggish development of new technologies. The constant calm provocation not only emphasizes the importance of solemn and frank inspection, but also the practicality of cherished measures (such as the exercise of defi insurance). At the same time, continuous growth and hype have shown that defi still has a lot of innovation capacity, and is ready to continue to grow in the next few quarters. 1 The

Ethereum ecological development company consensys officially released the second quarter of 2020 Defa notice (the full text of the notice was downloaded), which summarized and analyzed the development of difi in all aspects during Q2. During the second quarter of 2020, there are three major events around Ethereum: 1) the number of BTCs locked in Ethereum exceeds that of lightning network; 2) three large and calm events have resulted in the theft of 26 million dollars of funds by secret customers; and 3) the departure of comp and the frenzied and fluctuating mining activities.

Full text of the following notice:

01. Summary

02. Minor order

03. Eth and USD lock: data snapshot

04. Difi user: data snapshot

05. Formulation externality: data snapshot

06. Eth and total value locking: delve into

07 In depth study

08.compound and comp: in-depth study

09. BTC

10. Emerging

10. Emerging

11. Status of An'an coin

12. Confidence

13. Insurance

14. Conclusion

15. Contributors' remarks

{16. 16. 16. 16. 16. 16. 16. 16. 16. Contribution} {aboutcodefi data

17. Appendix

% 26nbsp; 01 summary  

during the second quarter of 2020, there will be three major events around Ethereum: 1) the number of BTCs locked in Ethereum exceeds that of BTCs locked by lightning network; 2) three large and calm events, which resulted in the theft of 26 million dollars of funds by secret customers; and 3) the departure of comp and the frenzied and fluctuating mining activities.

token BTC

event on Ethereum: in May 2020, the number of BTCs on Ethereum (token BTCs, such as wbtc) exceeded the number of BTCs on Lightning network (layer 2 extended network of bitcoin).

major: cross chain interoperability belongs to reverse minimalism, but it can be the future of blockchain. The team supporting the BTC token on Ethereum has been adhering to this confidence and is getting rewards. Similarly, Ethereum's defi ecosystem has such a strong attraction that BTC holders are constantly pursuing the means to exercise BTC to participate in defi.

comp and undulating mining

event: Ethereum defi project now released its governance token comp in mid June. The token is used to reward the borrower and the lender on the compound each day. The effect is that active defo users decide to lock in capital by using the defi mechanism, and then borrow and borrow on compound to maximize comp profits (i.e. \ 02 Preface: development of defi in the second quarter of 2020 %In the second quarter of 2020, to a large extent, defi experienced the recovery of Tianmi ecosystem after the market event in March. On March 12, the price of mainstream Tianmi currency fell by more than 40%. Although the Defa community was criticized for the fall in eth prices, it also showed that the main indicator of Qingxin Ethereum's ability to deal with the substantial increase of defi activities, and users poured in and cherished their own funds.

Since March, the defi ecosystem has not only recovered and increased, but also slightly increased its activity, which is mainly due to the departure of comp in June 2020. With some notable policy calm events, this quarter, defi has been experiencing the sluggish development of new technologies. The constant calm provocation not only emphasizes the importance of solemn and frank inspection, but also the practicality of cherished measures (such as the exercise of defi insurance). At the same time, continuous growth and speculation have shown that difi still has a lot of innovation capacity, and is ready to continue to increase growth in the next few quarters.

  03 locked Eth and USD: data snapshot  

locked eth

defi is decided to transport intelligent compliance agreements, which can automatically implement new financial instruments based on blockchain. One way to measure the success of defi is to measure the amount of money \ The number of locked eth is replaced by the number of Eth and weth (ETH in erc-20 token) that have been sent to these smart matches. The locked dollar generation represents the dollar value of the funds locked in the defi smart Compliance Agreement. The locked dollar value is directly related to the market price of eth. Even if the ETH locked in the defi amount remains the same, the locked dollar value will increase or decrease as the dollar price of eth changes. Since the beginning of 2019, the total number of eth locked in defi has been increasing, with large areas attributed to maker and compound. Maker's dominant position in locking eth (as of mid-2019, maker accounted for nearly 100% of eth locked, and still accounts for a large number of shares) is due to the fact that maker is the early and key role of the Defa wave that started in 2018. Maker is the driver of a new wave of financial formulation, which relies on the disintermediated tranquil currency: Dai. When maker released Dai, it was the only defi player to perform the strange function of tranquil coin. Therefore, a large number of eth locked in the relevant intelligent agreement of defi flooded into locking eth in exchange for Dai's intelligent compliance contract. Starting from the middle of 2019, a new wave of defi formulation was first released, among which a large number of Dai peaceful coins were used. Maker continues to occupy a large part of locked eth, but the updated formulation decision introduces a new way to exercise Dai (now the crowdsourcing DAI), which is the first to weaken its dominance in the market.

image

Figure 1: Eth and weth locked in defi (2018-2020). Since mid-2019, the number of eth locked in defi has been increasing.

After witnessing a record high number of eth locks in the first quarter (at that time), the total number of eths locked on the network first decreased, then stagnated between 2.5 million and 3 million in the large area time in the second quarter. However, in mid June, compound released its comp governance token, which can be used in a complex but lucrative mechanism known as rolling mining (see compound and comp: delving deeper). The impact of

comp on eth locking is huge. After a period of stagnation in the large area of the quarter, the amount of eth lock-in increased by more than 500000 in less than a month. By the end of the quarter, the number of eth locked in had reached an all-time high of 3.3 million (Figure 2). The addition of eth locking is almost entirely due to comp (green).

image2 [0} Figure 2: eth lock-in quantity in defi is the first in the second quarter of 2020 from the middle of June. The sudden increase of eth locking amount is due to comp.

The

dollar lock-in value

Defa made headlines last quarter. On February 6, the value of $1 billion was locked in the development of Ethereum defi. The $1 billion target is added by the dollar value of Eth and erc-20 tokens, of which about 64% of the dollar value comes from eth or weth, and the remaining 36% comes from erc-20 token.

In the second quarter, the dollar value of locked Eth and weth almost doubled, from $400 million in early April to $750 million at the end of the quarter. A large chunk of this (about $200 million) appeared in the last two weeks of the quarter and can be attributed to compound (Figure 3).

One of the annihilating issues in measuring the dollar value of eth + erc-20 tokens is the ability to double count. If the user locks eth in maker, and then locks the generated Dai in compound, the locked Eth and Dai will be calculated simultaneously when measuring the dollar locked in eth + erc-20, and the actual amount of locked funds is only the original eth.

For a more detailed analysis of eth locked by Ethereum, please refer to the chapter \

Figure 3: dollar value

04 of Eth and weth locked in DFI in the second quarter of 2020: data snapshot image4 Figure 4: daily active users

in the second quarter of 2020 In the second quarter of 2020, a total of 79648 unique addresses interacted with Ethereum defi. In Figure 4, we can see that the daily active users set up by the entire defi remained equal and peaceful throughout the quarter until the middle of June. Due to the frenzy of comp, Pk10, active users were suddenly added. As far as the daily active users are concerned, good luck Pk10 is the busiest town day in the quarter on June 21. There are 6333 active users on Ethereum defi. Compound alone accounted for 2877 (45.4%) of these users. Be careful, the total number in Figure 4 can include a duplicate count of light users for each designated share, so at first it looks higher than the actual count of the only user in defi. However, each given value in the figure is real.

Figure 5 shows a group of major defo developed eth locks, user growth and daily active user (dau) statistics throughout the quarter. In figures 2 and 4, we have seen that compound is a significant addition to eth locking and dau, as we can see in Figure 5.

However, the impact of comp on the defi ecosystem lies in the increase of users' back children. In terms of eth lock-in volume and dau, comp makes compound suddenly swallow up a huge piece of the market