Our Network: Issue #45

Coverage on Ethereum Scaling.

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This is issue #45 of the on-chain analytics newsletter that reaches nearly 6000 crypto investors every week 📈

This week our contributor analysts cover Ethereum Scaling: xDai, SKALE, and zkSync.

① xDai Chain

Contributor: Andrew Gross, Technical Communications at xDai Chain

  • Total value locked (TVL) in the xDai chain increased almost 100-fold over the past 3 months from $57,643 USD on August 1, 2020 to $5,642,000 USD on October 22, 2020 (Source). The increase has been driven by several factors including:

    • High gas fees on Ethereum

    • Additional tooling, infrastructure, and value offered by projects migrating to xDai

    • The OmniBridge UI which facilitates user-directed transfers for many ERC20 assets

  • The xDai OmniBridge provides a mechanism where any user can transfer any ERC20 token between Ethereum and the xDai chain in a permissionless fashion. A token does not need to previously exist on xDai to be bridged through the UI; if it does not exist a new token is deployed as a function of the bridging process. As of October 28, 2020, 118 unique ERC20s have been bridged, including large market currencies like USDC, WETH, and LINK as well as many personal tokens, governance tokens and small project tokens. (Source)

  • Daily transaction count is a common metric, but a more telling benchmark of chain usage is daily gas consumption. Different types of transactions (txs) incur different gas costs, as simple transfers consume much less gas than complex contract calls. For example, on October 18 there were 64,223 txs on xDai, with a combined gas usage of 12,636,889,295 gas ($12.64 USD equivalent on xDai). The following day, there were 75,252 txs and gas usage was 12,423,232,652. 10,000+ more txs but less gas used overall.

    This tells us that on Oct 18 there were more complex contract calls - and the data corresponds to Circles UBI contract activity. Circles UBI launched on October 16; the proxy factory contract has used more than 9.4B gas ($9.40 USD equivalent) since launch. (Note at an ETH price of $400.00, 9.4B gas usage is equal to $3,760.00)

  • xDai governance processes are maturing to accommodate increased usage. An 11 member governing board now oversees xDai bridge operations on both Ethereum and xDai using a multisig Gnosis Safe for secure signature management. Updates to bridge operations, bridge validators, contract upgrades, or any other changes must be approved by a majority governance decision (Source). The STAKE governance token, an ERC20 with a primary deployment on Ethereum, is used by nominated validators to secure the xDai chain in a Proof of Stake context. This usage will extend to public validators and delegators, further decentralizing the network in the coming months (Source).

    Projects continue to migrate and launch on xDai bringing new use-cases to the chain including DeFi applications, DAO Governance, NFT deployment and marketplaces, and many more (Source).


Contributor: Jenia Barkanova, VP of Marketing at SKALE Network

  • On October 1, the SKALE MainNet Phase 2 launched into a fully decentralized state with over $80M Total Value Locked (TVL), over 3700 delegators from 90 different countries, 46 validator orgs, and 140 nodes; many well-reputed validators such as BlockDaemon, Chorus One, Figment, and others launched and ran nodes in the network. This scope enables the SKALE network to support up to 1,000 decentralized shards or SKALE chains each with sub-second block times, high throughput, and zero gas fees.

    SKALE is rooted in the Ethereum Mainnet (EM) from which it is also managed. The entire $80M volume of SKL that is staked in SKALE nodes is held directly on the EM. The set of smart contracts that orchestrate the SKALE Network operates on Ethereum as well. This connection with Ethereum lets SKALE combine Layer 1 security with fully decentralized Layer 2 performance. (SKALE Network dashboard)

  • The SKALE Network is secured with tokens from a highly distributed group of token holders. At launch, SKALE delegator list includes over 3700 addresses, with network users coming from over 90 countries.

    As shown on the chart below, tokens from wallets of various sizes are distributed across the entire validator pool with each validator receiving delegations from small and large token holders effectively democratizing staking and opening the network to wider participation.

  • SKALE took initial steps towards becoming a highly decentralized network with low concentration of validator power. As of the time of this writing validator power is distributed between 46 validator orgs in total, SKALE is built to run on tens of thousands of nodes and uncapped number of validators. Minimum Stake Requirements will continually halve twice the first year and then annually creating greater decentralization with more unique validator orgs as the network grows.

  • The network has very strong staking participation from the majority of holder addresses. Over 60% of address delegations have been completed in the first two days from when staking was enabled. 95% of token holder addresses have been staked by MainNet launch on October 1st.

  • SKALE is now getting ready for the MainNet Phase 3 launch on Dec 1st, which will mean a liquid release of the token. Dapps will commence onboarding over the next few months. At the time of publication, the SKALE Innovator Program includes 60 Dapps from over 10 Dapp categories, including DeFi, Games, Social, and more.

③ zkSync

Contributor: Alex Gluchowski, CEO at Matter Labs

  • zkSync is a trustless, cryptographically secured protocol to scale smart contracts and payments on Ethereum. Live with payment support since June 2020, zkSync has processed over 300,000 transactions in total. The Gitcoin grants round 7 was one big driver in transaction volume, starting on 15th September and ending on 2nd October. It is worth noting that there are no block rewards or delegations on the current zkSync network yet and therefore all 300,000 transactions represent real interactions between users. Please note that the following chart is log scaled.

  • A critical factor to the success of every layer 2 solution is how seamless users can interact with it directly from their wallets. zkSync is usable directly from MetaMask and over 21,000 wallets have so far directly interacted with zkSync.

  • The total amount of value migrated to zkSync is currently at $ 129,109 USD. This has grown on average by $15,937 per week since the launch in June.

  • While full smart contract support is not available for mainnet yet, it is already available on the zkSync testnet. Curve has already completed their integration and they have launched a USDT:USDC pool. 1inch’s Mooniswap and Balancer are currently in the process of completing their integrations as well. The transactions on the smart contract testnet just reached over 10,000 cumulative transactions.

About the editor: Spencer Noon is Head of Investments at DTC Capital.

Our Network: Issue #44

Coverage on tBTC, stablecoins, 0x, and Curve.

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This is issue #44 of Our Network, the on-chain analytics newsletter that reaches nearly 6000 crypto investors, analysts, researchers, and builders every week 📈

This week our contributor analysts cover DeFi: 0x, Curve, Keep Network & tBTC, and Stablecoins.

① 0x

Contributor: Danning Sui, Data Scientist at 0x Labs

  • It’s been a year with lots of developments in DeFi, as well as for 0x. The chart below shows the combined 0x trading volume per month, from both protocol and API levels. It breaks down the trading volume by a few types:

    • settled on v2 protocol (v2.1) or v3 protocol, with 0x native liquidity;

    • settled on v3 protocol, with liquidity sourced via bridges from other protocols;

    • or sent by 0x Exchange Proxy and settled directly on Uniswap v2/Sushiswap.

    The daily volume climbed from ~4m at the beginning of this year to ~40m now, a 10X growth. This steady volume growth is attributed to the user growth both in the taker side as well as the maker side. Since the end of June, Matcha has started to aggregate liquidity by tapping into 0x API and has grown its user base since. It has now cumulatively onboarded ~3.4k individual traders. While on the protocol side, 0x has been building liquidity bridges to source across 17 protocols for better price and more liquidity. A few professional Market Makers also entered the game and started providing 0x exclusive liquidity directly into the protocol, which can be seen by the recent growth in the Tokenlon app. 

  • 10 days in, with only ~10% of Metamask users being exposed to the swap features, Metamask has filled ~$2M volume through 0x API making it the 2nd largest integrator besides Matcha. At its peak, Metamask made up to 5% of 0x API volume share, with a daily total over $700k.

  • In the week of September 7th, Matcha’s weekly volume rocketed from 27.9m to 118.6m showing a 4.25X growth and stayed steady around ~80m per week after the spike. It is consistent with the user growth trend — with a 2-week lag — that in the last week in August, weekly user count grew by ~257%, from 157 to 404. 

    As the volume spiked around the Ethereum gas peak time (Sep 1st ~ Sep 17th), one of the reasons behind this growth can be Matcha’s lower gas consumption advantage. The team has been focusing on optimizing the routing mechanisms behind 0x API (Matcha) to achieve a lower total gas cost for users. We believe the “adjusted price” (with gas fee considered on top of quoted price) is the gold metric for aggregators, especially when gas price fluctuates heavily. Simulation report shows that trades on Uniswap via Matcha are cheaper than direct trades on Uniswap. (full report link)

  • As one of the improvements in our liquidity matching logic, Bunny Hop is a way to bridge an illiquid pair (or when there is an intermediary token of greater liquidity that can connect the requested pair) to help the trader get liquidity sourced for a better price. When a new token (e.g. renBTC) is created, it is usually only available on certain protocol pools and for certain trading pairs (e.g. WBTC-renBTC). In this case, for example, if someone wants to trade DAI-renBTC, Bunny Hop will find the bridge and route of the best price (e.g. DAI-WBTC/WBTC-renBTC). Note that this differs from splitting orders, as Bunny Hop considers the whole size of order for each hop.

    Since its deployment in late August, there have been 40,083 hops until today and below we visualized all of them in a network. Each node represents a token and its size shows how many times it’s been sourced in the hops. Each edge represents a trade and the size of the edge measures the total volume between that pair historically. We can see that WETH and stablecoins (DAI, USDT, TUSD) have been the main bridges of liquidity, followed by a cluster of DeFi tokens on the left. Leaf nodes in the graph below show the newly traded tokens that needed the hops (on the right side).


② Curve

Contributor: Michael Egorov, Founder of Curve

  • Admin Fees. The community-lead proposal to align incentives between veCRV holders (governance participants) and liquidity providers got off to a very strong start with total fees accrued reaching $1m in its first month. Governance subsequently chose to distribute those fees as 3Pool LP tokens which will start in the coming weeks.

  • Lock Rate. After the admin fee proposal was approved by governance, lock rates started to rise. They were around 10% of the total supply and currently stand at 17% and growing rapidly.

  • Volume. September brought new records to the Curve protocol with volumes reaching above $5B as well as a new daily record of over $550M.

  • veCRV Decentralization. With the number of vote locked users fast approaching 3,000, the DAO has become increasingly decentralized with voters holding under 0.5% of voting power accounting for 46% of the total voting power, in stark contrast of early days of decentralized governance.

    August 22nd (200 locks) vs September 22nd (1991 locks) vs today (2817 locks) 

Source 1 / Source 2 / Source 3
  • Holder Growth. Meanwhile, total volume reached $10B on October 14th continuing a trend of astounding growth for pegged assets swaps and on-chain trading. To put the rise of Curve and DeFi in perspective, Curve took nearly seven months to reach $1B in volume and managed to reach $1B volume in under four days in late September.

③ Keep Network & tBTC

Contributor: Jon Itzler, Research at Accomplice

  • Since relaunching on September 17, Keep’s first cross-chain bridge has facilitated 4,761 BTC (~$53M USD) in cumulative deposit volume by 205 unique addresses, with daily deposit volumes reaching up to ~$4M USD. 10-BTC lot sizes for deposits were enabled shortly after launch, quickly becoming the most popular deposit sizing with 399 10-BTC deposits and counting. 4,068 tBTC, or ~85% of all deposits, have been redeemed back for the underlying Bitcoin. 

  • On the signer side, over 53,700 ETH is currently staked, with ~36,200 ETH bonded as collateral backing tBTC by 67 unique operator addresses. The systemwide collateralization ratio over the first month has averaged 177%, with a total of 2,563 ETH (~$1M USD) in cumulative signer liquidations. 

  • Of the 745 tBTC outstanding, ~57% of the supply has been supplied as liquidity to various automated market makers. Sushiswap represents the majority with 395 tBTC in the incentivized tBTC/WBTC pool (also being incentivized by harvest.finance). 

  • More than 75M KEEP have been staked across ECDSA & Random Beacon nodes, giving the project a TVL of ~$67M after its first month ($36M in KEEP, $21M in ETH, $9.5M in BTC). 

Click here to read keep reading.

Our Network: Issue #44 (Part 2)

Coverage on DeFi.

Click here to read Part 1.

④ Stablecoins

Contributor: Alex Svanevik, CEO at Nansen

  • While unique USDT senders on Ethereum steadily increased during the first half of the year, from late June to October the trend has been falling. Over these last few weeks, however, we've returned to a rapid expansion of USDT senders. October 18th marked the biggest day for USDT senders since June 23rd. (Source). 

  • For a while, PAX was the 2nd biggest stablecoin in number of senders but activity was driven mainly by the ponzi scheme MMM BSC. Since peaking in May, activity has now dropped significantly. The future of Paxos may not be PAX, but in white-labeling stablecoins for other parties such as Binance (and perhaps PayPal). (Source)

  • So what are the most active stablecoin wallets? The list of top-volume addresses for the last 7 days shows it's a real mix of CeFi and DeFi. On the CeFi side, we see Binance, FTX, Paxos, Circle, Huobi, and Alameda. DeFi projects with high stablecoin volume include Aave, Compound, Curve, Harvest, Tokenlon, and Uniswap. (Source)

  • Finally, how has yield farming impacted stablecoin usage? In June, before the yield farming craze started, 70% of stablecoin transactions were smaller than $1k in size. As gas prices exploded from yield farming, the share of <$1k transactions went down to less than 50% in September. Since then, it has recovered to around 65%. (Source)   

About the editor: Spencer Noon is Head of Investments at DTC Capital.

Our Network: Issue #43

Coverage on NFTs.

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This is issue #43 of Our Network, the on-chain analytics newsletter that reaches nearly 6000 crypto investors, analysts, researchers, and builders every week 📈

This week our contributor analysts cover NFT projects: SuperRare, Axie Infinity, and Rarible.

① SuperRare

Contributor: Richard Chen, Partner at 1confirmation

  • SuperRare is the largest digital art gallery and auction house (think Instagram + Christie’s). In the last few months, volume growth has been exponential as the DeFi crowd bled over into the NFT space. Cumulative volume is currently over $3.75M. (Source)

  • Digital art volume is growing 48% MoM, and SuperRare commands 83% of the market share. October is currently on pace to double September’s record volume. Most of the volume is coming from primary market auctions, as collectors get into bidding wars for their favorite artists. (Source)

  • The two most successful SuperRare artists are Pak and Hackatao, who have earned $276k and $101k respectively in just this year alone. Digital art is a great revenue stream for artists because SuperRare only takes a 15% commission, much lower than 40-50% in the traditional art world, and artists earn a commission for every secondary sale which is only possible with NFTs. In total, artists have earned over $2.8M on SuperRare and collectors have earned $865k from secondary sales. (Source)

    Digital art can be appealing to DeFi speculators. Below is a chart of historical art sales for Pak. Early collectors were able to acquire Pak pieces for just 3 ETH, which are now selling for 33-44 ETH. (Source)

  • As a curated art gallery, SuperRare gets hundreds of artist applicants per week and has an acceptance rate of less than 10%. Some of the notable new artists include Esteban Diacono (who has 331k followers on Instagram) and musicians RAC and 3LAU. The RAC piece “Elephant Dreams” just set a new record for the most expensive artwork sold on SuperRare at $26,202 (70 ETH).

② Axie Infinity

Contributor: Jiho, Co-founder at Axie Infinity

  • With over 6,000 on-chain monthly active users, Axie Infinity is now the most-used game on Ethereum. MAUs have doubled in the past 6 weeks, with growth driven by players from developing economies such as Indonesia, the Philippines, and Venezuela. Axie demonstrates how the nature of work is evolving; work and play are merging in this digital-first playground/economic laboratory. MAUs spiked by 62% during the week of September 24th which coincided with Delphi Digital’s acquisition of rare Mystic Axies.

Source: StateoftheDapps

  • Strong user growth is also apparent from the marked increase in Axie holders and traders. Since July, unique all-time Axie holders and users of the in-house NFT marketplace have doubled. It was interesting to see this growth spike happen during a period of elevated gas fees. This anomaly suggests that benefits-focused products can overcome high fees and onboarding barriers. That said, we are hard at work on Ronin, an application-specific Ethereum sidechain for the Axie ecosystem which will be a crucial element in the pursuit of true hyper-growth.

Source: Nansen

  • From September 13th to October 13th, the Axie NFT marketplace processed 3931.64 ETH volume (~$1.5m USD) as compared to 462.36 ETH volume during the prior one month period. This represented an 850% monthly increase in volume, spurred by increased interest in Mystic and Origin Axies. The marketplace contract was interacted with by 3,540 unique addresses, an increase of 185.4% over the prior month. The Axie marketplace has a 4.25% fee, translating into a revenue of 167.09 ETH. In the future, marketplace fees will go to a community pool governed by the yet to be released Axie governance token. 

Source: Nansen

  • Uniswap liquidity for Small Love Potions (SLP) increased by 299% between September 12th to October 12th. SLP, an in-game potion that can be burned to breed new Axies, has provided a source of income for players in developing economies. We believe in the near future game economies may be assessed by the level of AMM liquidity around tokens that can be earned by playing, turning liquidity provisioning into a form of growth marketing.

Source: Uniswap Info

③ Rarible

Contributor: Alex Salnikov, Co-founder & Product Lead at Rarible

  • Along with the rise in popularity of DeFi in the last few months, there has also been increased interest in NFTs, or Non-Fungible Tokens. Throughout the recent rise in popularity of NFT platforms, Rarible has maintained a significant portion of market share (USD) after its v2 contract upgrade.

  • Rarible sales (USD) in September and October have dwarfed other NFT platforms.

  • As trading volumes on Rarible rapidly increase, there is an associated increase in the rate of new NFT tokens being minted.

  • Turning to Google Analytics data for the Rarible website, there has been a significant increase in the number of interactions with the platform over the last two months. From September 1st to October 13th, daily new users increased by a factor of 6.5 while daily overall users increased by a factor of 5.3.

Source: Google Analytics

  • Although growth has been driven by new users, there has been an associated increase in the number of users retained for two weeks, increasing by a factor of 5.8 from September 1st to October 14th:

Source: Google Analytics

About the editor: Spencer Noon is Head of Investments at DTC Capital.

Our Network: Issue #42

Coverage on Uniswap, 1inch, DODO, dYdX and Kyber.

This is issue #42 of the on-chain analytics newsletter that reaches 5500 crypto investors every week 📈

Data-Driven Crypto Jobs

Analysts, researchers, and other members of the Our Network community are increasingly reaching out to me in search of opportunities to work in the space. To that end, I am going to start posting a list of high-quality, data-driven crypto jobs in this newsletter once per quarter moving forward.

Here are some of the best open roles available now:

This week our contributor analysts cover DeFi: Uniswap, 1inch, DODO, Kyber, and dYdX.

① Uniswap

Contributor: Teo Leibowitz, Strategy Lead at Uniswap

  • With 74% trading protocol market share, automated liquidity protocol Uniswap is now regularly surpassing Coinbase on daily volume. Between September 28 — October 4, Uniswap saw $811m of volume across ETH-USDT, ETH-USDC, and ETH-DAI versus Coinbase’s $322m across ETH-USD, ETH-GBP, and ETH-EUR. Coinbase continues to outperform on a volume basis across longer-tail assets like OMG, OXT, and BAND by an average margin of 98%.

Source: Dune Analytics

  • Uniswap continues to see user growth: the week of September 14 saw an all-time high of over 145,000 unique users, while the subsequent two weeks each saw over 120,000 unique users, a growth rate of 21% versus the first week of September. Over 1 million swaps have taken place in four out of the last five weeks, with an average trade size of $923. Uniswap users spent over $12.7m on gas over the past 30 days, the highest volume of any Ethereum-based smart contract. 

Source: Dune Analytics

  • Uniswap currently offers the largest capital base of any DeFi protocol, with $2.4bn liquidity now locked across 13,400 pools. 25% of WBTC outstanding supply (~$259m) is being provisioned as liquidity on Uniswap v2. The ETH/UNI pool currently supports the highest number of unique LPs (4,970) followed by ETH/AMPL (3,577) and ETH/DAI (3,239). Despite recent tempestuous price action, market creation growth shows no sign of abating, with all-time highs set in each of the past two weeks.

Source: Dune Analytics

  • Uniswap appears to be significantly more capital efficient than its AMM peers — Balancer and Curve. A 30-day-volume-to-liquidity ratio places Uniswap at 6.43 versus Curve’s 3.39 and Balancer’s 3.17. 

Source: The Block, DeFi Pulse, Dune Analytics

② 1inch Exchange

Contributor: Nick Ovchinnik, CBDO at 1inch.Exchange

  • 1inch.exchange trading volume is growing along with the DEX market, reaching almost $1.5 billion in September 2020. Since the launch, 1inch’s total transaction volume has surpassed $4 billion. Currently, 1inch accounts for 10% of the overall DEX trading volume; therefore, there is an opportunity for 1inch and other aggregators to capture a higher share of DEX trades. In addition, in September, 1split, our open-source smart contract that can be integrated by any dApp, wallet or individual user, grew significantly reaching its highest ever monthly volume of $222 million.

  • Recently, our protocol saw a significant increase in the number of active users. Over the months of August and September, the number of unique wallets swapping on 1inch increased by nearly 100% to a total of  29,110 as of October 7, 2020. Our website reports an even higher increase in visits and we expect to retain this growth rate in the coming months. We have just launched a new algorithm called Pathfinder, which helps to drastically increase transaction speed on 1inch. The new algorithm guarantees a response time of 0.5 seconds for the majority of crypto pairs, which allows users to maximize their trading profits by picking the best rates on different exchanges. (Source)

  • 1inch’s main focus is technological innovation. In a constant drive to improve user experience, we have recently achieved several major milestones. In September, the proportion of failed transactions on 1inch significantly declined from 13% -14% (in the previous month) to just 9%. We realize that failed transactions, in which users still have to pay for gas fees, are a major issue especially at times of network congestion. We will continue to work on driving down the proportion of failed transactions. Our Chi gas token, which takes advantage of Ethereum’s storage refund, helps reduce transaction costs. Since the May 2020 launch, Chi has saved 1inch users over $2.5 million in gas fees.  (Source)

  • In mid-August, 1inch launched Mooniswap, an AMM that enables liquidity providers to capture profits otherwise captured by arbitrageurs. Mooniswap uses virtual balances to keep most of the revenue from price slippages in the liquidity pools. When a swap occurs, the market maker does not automatically apply the invariant algorithm or display the new prices for upcoming trades. Rather, the AMM updates exchange rates for arbitrage traders slowly--over approximately a 5-minute time period. As a result, arbitrage traders only collect a portion of the price slippage, while the rest remains in the pool to be shared amongst liquidity providers. The Slippy Swap figure below specifies how Mooniswap is able to convert more price slippage profits into Liquidity Provider earnings than traditional AMMs can.  Since the August 10 launch, Mooniswap has grown to nearly $120,000,000 in total liquidity.

  • We launched Mooniswap in August with a 0.3% swap fee (i.e. swap fee on Uniswap). After two weeks of growth, we successfully lowered the swap fee--while maintaining a low slippage-to-fee ratio. Slippage-to-fee ratio refers to price slippage on a swap versus the swap fees collected; the Mooniswap swap fee could be reduced all the way to 0% in the future. Mooniswap achieves a lower slippage-to-fee ratio than Uniswap, whose ratio is sometimes 20x or more - the higher the slippage-to-swap-fee ratio the less value LP’s capture, given all of the slippage profits go to arbitrageurs. The Mooniswap protocol continues to test flexible swap fees in a bid to find an equilibrium rate for liquidity providers who collect both swap fees plus price slippage earnings. Currently, Mooniswap utilizes a 0.15% swap fee, while the overall APR for Liquidity Providers is significantly increased by earnings from price slippages. The figure (see second image) below demonstrates Mooniswap’s lower slippage-to-fee ratio on the ETH-CRV pair. Moreover, Mooniswap’s virtual balance mechanism enables the AMM to provide an efficient solution for price discovery and to position the platform for IEO offerings. The first image below demonstrates an example of a high slippage fee earning on a volatile asset during the xbtc IEO on Mooniswap. 

③ Kyber Network

Contributor: Deniz Omer, Head of Ecosystem Growth at Kyber Network

  • 6 epochs and 3 months into the KyberDAO’s launch, participation in governance remains high with over 8,000 votes cast and more than $1M distributed. The latest network parameters as decided by the DAO are to distribute 67% of the Kyber Network fees as rewards to KNC voters, 26% as rebates to Fed Price Reserves, and burn 6% in the form of KNC. There is also currently an active governance vote on KIP-3 to reduce the network fees from 0.2% to 0.1%

  • Fed Price Reserves (FPR) continue to dominate Kyber Network volumes as their flexible, hands-on and dynamic approach to on-chain market-making makes them more competitive than static market makers who use predetermined pricing curves. On the other hand, the new Sushiswap and Curve bridges are also showing strong performance even though they were deployed in the last quarter of the month.

  • Stablecoins make up two thirds of all Kyber trading which is not surprising given their very high usage within DeFi. For many investors, lending relatively stable fiat currencies at 15% and above APRs in dapps - like Aave and Fulcrum - is far more attractive than the current 0.1% they receive from conventional bank savings accounts. 

  • For the second month 1inch.exchange was the largest consumer of Kyber Network’s liquidity with $47M in monthly volume while the top 10 integrations continue to be a wide range of Ethereum ecosystem dapps including wallets, DeFi dapps and liquidity aggregators.

Continue reading this analysis in Part 2.

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