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Data Don’t Lie: Q1 Ethereum DeFi Data Review



In the first quarter of 2021, the cryptocurrency market gave everyone a happy answer. Period: The return rate of Bitcoin is about 100.02%; the return rate of Ethereum is about 162.17%; the return rate of DeFiPulse index is about 242.69%; Tokens are used as a diversified portfolio to track the performance of the DeFiPulse index) In addition, according to statistics from coingecko, the total market value of DeFi tokens in the first quarter of 2021 rose from nearly US$21.9 billion to US$95.3 billion, an increase of approximately 335%. Market value trend of DeFi tokens | Source: coingecko Under the favorable market conditions, DeFi tokens act as the α (excess return) of the market, giving investors substantial returns. In addition to the superior price performance, the fundamental data of DeFi has also seen good growth. This article will use several key indicators to provide the community with a more intuitive and reliable analysis of the development of the DeFi ecosystem. "User Volume" The measurement of this "User Volume" indicator assumes that an independent address represents a user. In reality, a user may have multiple independent addresses, so the data may be overestimated. In addition, the growth users of different protocols will also overlap. The number of DeFi users is one of the important indicators to measure the development and activity of the DeFi ecosystem. 2020 is the first year of DeFi. The DeFi ecology ushered in all-round prosperity, and the number of ecological users also surged from approximately 93,061 to 1,172,208, an increase of 1159%. In the first quarter of 2021, against the background of the overall bull market in the market, the DeFi ecosystem will flourish, ushering in another wave of user growth. According to statistics from Dune Analytics, the number of Ethereum DeFi ecological users has surged from approximately 1,172,208 to 1,757,583, and the number of users has increased by 585,375, a growth rate of nearly 50%. CICC: Maintain the judgment that the U.S. economy will enter a recession next year, and the GDP data will not have much impact: October 28 news, CICC research report pointed out that the real GDP in the third quarter of the United States has a quarter-on-quarter annualized rate of 2.6%, a year-on-year increase of 1.8% %, better than expected. In terms of sub-items, the contribution of export expansion and import decline to GDP is as high as 1.6 and 1.1 percentage points respectively, and the total contribution of the two is 2.7 percentage points, which is almost equivalent to the entire growth rate of GDP. Consumption and investment, which represent domestic demand, continue to slow down, indicating that the endogenous growth momentum of the economy is weakening, especially real estate investment. Maintain the judgment that the U.S. economy will enter a recession next year. For the Fed, this GDP data will not have much impact. Compared with economic growth, the Fed is now more concerned about inflation trends and financial stability. [2022/10/28 11:51:53] DeFi user volume trend | Data source: Dune Analytics Among the DeFi protocols participating in the calculation, the top three user growth are Uniswap, 1inch, and Kyber. The specific data analysis is shown in the table below: Top 3 protocols for user growth | Data source: Dune Analytics We made a pie chart of the user volume of some mainstream DeFi protocols involved in the calculation, as follows: Pie chart of user volume ratio of each protocol | Data source: Dune Analytics From the above two data charts, we can find some very interesting phenomena: the number of users of Unsiwap alone has accounted for 88% of the total number of DeFi users; DappRadar responded to the question of inaccurate data: Decentraland is being recalculated User data: According to news on October 12, the metaverse platform Decentraland previously claimed that the blockchain data provider DappRadar’s statistics were inaccurate. DappRadar stated on its official blog that it is recalculating Decentraland’s user data. Initially, DappRadar only tracked 13 Decentraland contracts, they will now track more than 3,000 contracts, and will start working on ways to include Metaverse transactions in their tracking as well. DappRadar says it tracks the number of unique active-zce wallets (UAWs), number of transactions, and transaction volume across different dApps, and provides verifiable access to all users by tracking "immutable decentralized application data from the blockchain." “Insights” to do this, such as when tracking the number of transactions for a smart contract, this data point is tracked in real-time on the blockchain. Earlier news, DappRadar had reported that Decentraland had only 38 daily active-zce users, and Decentraland responded that it was inaccurate for DappRadar to only track specific smart contract transaction reports. [2022/10/12 10:31:37] Even though there will be overlap of users between protocols, the number of users of Uniswap far exceeds that of all other protocols. Based on this, it is not difficult to conclude that in the DeFi world, although the current user growth is rapid and the protocol is prosperous, most users may interact more with Uniswap. "Locked amount" Locked amount is one of the important indicators to measure the scale of the DeFi ecosystem. It is obtained by calculating the sum of the total value (USD) of all ETH and various ERC-20 tokens locked in the smart contract of the DeFi protocol. According to DeBank statistics, in the first quarter of 2021, the net lock-up volume of the Ethereum DeFi ecosystem increased from approximately US$16 billion to US$38.5 billion, an increase of approximately 141%. Swarm mining may not need to pledge BZZ, and the mainnet and testnet data are not shared: On June 19, the founder and engineer of the Swarm project conducted a live broadcast, which answered some concerns of the community. 1. The main network launched on the 21st is a brand new network. The test network is separate from the main network, and the data is not shared, so the main network needs to be rebuilt. 2. BZZ is not required to be pledged for mining when the mainnet is online. 3. The official recommended node configuration is the minimum: 2-core CPU, 3GB memory and 55GB hard disk. 4. The official suggestion is that nodes recharge Dai in the initial state for check processing and other purposes. The Gas Fee of a single node will be very low, and a few cents to tens of cents is enough to keep the node running normally. 5. There is no technical difference between cloud nodes and physical mining machines. From a subjective point of view, the project side feels that cloud nodes like Amazon (AWS) will be shut down (service expires) and become unstable. This is their concern. (Babbitt) [2021/6/19 23:50:02] Total DeFi lock-up volume of Ethereum | Source: DeBank However, since the lock-up volume is denominated in US dollars, the price fluctuations of ETH, DeFi tokens, etc. It will directly affect the total lock-up value, that is, if the number of locked-up tokens remains unchanged, the price of tokens will rise, and the amount of lock-up will also increase. Therefore, when we use this indicator to measure the ecological scale, we can also refer to the following two indicators: According to the statistics of DeFiPulse, in the first quarter of 2021, the amount of ETH locked in DeFi will increase from 7.44 million to 9.81 million. Locked ETH increased by 2.37 million, a growth rate of about 32%. ETH lock-up volume in DeFi | Source: DeFi Pulse According to Dune Analytics statistics, in the first quarter of 2021, the BTC lock-up volume in DeFi increased from approximately 133,105 to 183,149, and the locked-up BTC increased by 50,044, with a growth rate of about 38 %. State Grid Qinghai Xie Anrui: The data on the blockchain cannot be tampered with and other features make shared energy storage possible: Qinghai and Ningxia have recently connected to the blockchain public service platform "State Grid Chain", which has promoted the development of new local energy digital infrastructure develop. Xie Anrui, head of the new energy project of State Grid Qinghai Electric Power Co., Ltd., said, "With the characteristics of data on the blockchain that cannot be tampered with and traceable, shared energy storage becomes possible. Therefore, owners of new energy and energy storage power stations can buy and sell stocks. , to conduct bidding transactions easily and conveniently.” (Economic Reference Network) [2020/6/1] BTC lock-up in DeFi | Source: Dune Analytics Although this part of BTC entering the Ethereum DeFi ecosystem only accounts for nearly 100% of the total BTC 1%, but it also contributed about US$10 billion in lock-up value to the Ethereum DeFi ecosystem, second only to ETH. For Bitcoin hodlers, the popularity of the ERC-20 series of BTC in the Ethereum DeFi ecosystem also helps itself. When hodlers need cash flow but are temporarily unwilling to sell BTC, they can use BTC for mortgage loans. According to statistics from daistats, currently in the Maker agreement, about 11.62% of DAI is issued with WBTC collateral. In addition, the DeFi protocol also transforms BTC from a non-productive asset to a productive asset. Even if hodlers have no cash needs, they can deposit BTC in the DeFi protocol to provide liquidity and earn interest income. "Stablecoin issuance" According to DeBank statistics, the total issuance of stablecoins in the Ethereum DeFi ecosystem in the first quarter of 2021 will increase from approximately US$21 billion to US$42.6 billion, an increase of approximately 102%. Dynamics | Changpeng Zhao: The website encountered some data out-of-sync problems and will be restored soon: Binance founder and CEO Zhao Changpeng: The website encountered some data (balance and order) out-of-sync problems and will be restored soon. [2018/9/12] Ethereum DeFi’s stablecoin circulation | Source: DeBank Let’s focus on the data of USDT and USDC: 2021 Q1, USDT & USDC circulation data analysis | Data source: DeBank through the above From the chart, we can know that in the current stablecoin ecology of Ethereum, there is an obvious 28 distribution, and the sum of the circulation of USDT and USDC accounts for about 80% of the total circulation. At the same time, USDC is slowly eroding USDT's market share. In this quarter, the proportion of USDT issuance decreased by about 12%, and the proportion of USDC issuance increased by approximately 6%. Although USDT took the lead in seizing the leading position of the stable currency in the current market by virtue of its first-mover advantage, problems such as the opacity of account funds, mortgage rate, whether to issue additional issuances at will, and compliance (even if it reached a settlement with the New York Attorney General's Office a while ago) also made the market Doubtful about it. With the support of Coinbase and Circle, USDC has focused on compliance and corporate cooperation: in terms of compliance, it has already prepared the payment licenses of the United States, the United Kingdom, and the European Union; cooperated with traditional institutions to launch stable currency business APIs and enterprise account; USDC is distributed to the Venezuelan people as aid funds; on March 29, the global payment giant Visa announced that it allows the use of the cryptocurrency USDC to settle transactions on its payment network, and Visa's partners will be able to pay USDC through credit cards to complete transactions with legal tender transactions between. In view of the series of measures USDC has made for mass adoption, it is foreseeable that USDC’s market share may continue to expand in the future. "NFT" takes stock of the Ethereum DeFi data review in the first quarter of 2021, and it is hard not to involve NFT. In the first quarter, NFT became popular inside and outside the circle, and the popularity of Google searches around the world surged. As can be seen from the figure below, the popularity was mainly concentrated in February and March, and reached its peak in mid-March. Google Search Trends for NFT & DeFi in Q1 2021 | Source: Google Trends Let's review the major NFT events in the first quarter: On January 23, an early CryptoPunk NFT was sold at a price of ETH worth $762,000 at the time; On the 3rd, the NFT trading market Rarible raised $1.75 million; on February 9, the virtual assets on Axie Infinity were sold at a price of ETH worth $1.5 million at the time, setting a new record in NFT history; on February 11, Microsoft and Enjin cooperated to allow Players use NFT tokens in Minecraft; on February 13, Dapper Labs completed a financing of 250 million U.S. dollars, with a valuation of 2 billion U.S. dollars; Launched NFT collection series on .


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