Our Network: Issue #28

Coverage on DEX.

This is issue #28 of Our Network, the free newsletter about on-chain analytics that reaches nearly 3000 crypto investors every week.


This week our contributors cover projects in the DEX ecosystem: Curve, Kyber, 0x, dYdX, and Uniswap.

1. Curve

Contributor: Michael Egorov, Founder of Curve Finance

  • Curve is an automated market-maker for stablecoins and similarly priced assets, launched in January 2020, currently holding $52.5M in liquidity (source). Due to a specific bonding curve optimized for such assets, it is 100-1000 times (depending on the configuration) more effective in terms of slippage than Uniswap for Balancer for the same task. Currently, Curve supports most popular stablecoins, and also 3 types of Bitcoin on Ethereum. Users can exchange between similar types of assets, or deposit them to earn yield from trading fees, reward programs and/or lending.

  • Following its inception and the initial growth, Curve was absorbing 1-2M in daily trading volume on average until recently. When Compound introduced COMP distribution, it created unprecedented demand for exchange of stablecoins. Trading volumes touched $60M daily, with total trading volume over all time of existence of the platform exceeding $500M (source).

  • Growth of trading volumes, in turn, elevated the returns. Annualized daily returns were exceeding 100% APY at the peak of the demand. Currently, the returns sit at 6% APY for the pool on the graph (Y pool, consisting of DAI+USDC+USDT+TUSD - a pool profiting from both market-making and lending). For an SUSD (DAI+USDC+USDT+SUSD) pool subsidized by SNX current annualized daily return rate is 23% APY. (Source)

  • Increased trading volumes caused profitability spike which tripled the deposits. That increased market depth tenfold (image) and, hence, usefulness of the pools - thanks to the demand driven by token incentives of other protocols. Currently selling $5M USDC for USDT can be done with 0.4% slippage. We give 3M dollar swap as an example [link] - this transaction was done through 1inch.exchange but went through Curve pools. (Source)

  • Almost half of the weekly trading volume consists of USDC<>USDT swaps - the most popular to facilitate COMP farming. It is notable that swaps between RenBTC and WBTC (usually facilitated as a way to convert real Bitcoin to WBTC trustlessly), and between SUSD and USDC amount for 6% of weekly trading volume each. (Source)


2. Kyber

Contributor: Deniz Omer, Head of Ecosystem Growth at Kyber

  • Ever since DeFi first came into our consciousness in late 2018 and early 2019 it’s seen its repertoire grow in terms of both product innovation and the ability to scale up liquidity. Of course the fast pace of innovation has led to increased risks as services are combined to build unique new products but at its core, the basic infrastructure pieces like liquidity protocols have kept seeing increasing volumes, increasing new users, and increasing number of trades at liquidity rates (calculated as slippage + spread, not TVL) unimaginable just a year ago.

  • Top consumers of Kyber Network’s liquidity continues to be KyberSwap, 1inch and other wallets and DeFi dapps. 1inch has seen especially strong growth with an increase in volume through Kyber from ~$8M in both April and May to $24M in June. Traders and dapps without registered wallet addresses make up another quarter of Kyber’s volume while more than 20 Kyber integrations have more than $1M monthly volumes.

  • Professional market makers dominate Kyber Network’s liquidity provision accounting for 2/3rds of all volume. They are followed by DEX bridge reserves connected to Uniswap and Oasis which make up almost 20%, followed by a long tail of 40+ automated market maker reserves deployed by token teams providing liquidity to their respective tokens.

  • Crypto’s growing adoption across the world is reflected in KyberSwap’s geographic data as we see users from over 100 countries swap tokens with more than 50 countries carrying out monthly traders in the six and seven digits. The US continues to be the largest market accounting for almost 30% of all volumes while European countries make up half of the top 10.


3. 0x

Contributor: Alex Kroeger, Data Scientist at 0x

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Our Network: Issue #28 (Part 2)

Coverage on DEX.

Continued from Part 1.

  • The amount of ZRX staked dipped briefly by 3M ZRX on June 20, likely due to high accruals of COMP to ZRX holders on Compound. (Source)


4. dYdX

Contributor: Brock Elmore, Co-Founder of Topo Finance

  • Today's dYdX spotlight focuses on flash loans. With atomic refinancing, oracle manipulation, Balancer pool COMP gulping, turns out there are a lot of uses for millions of dollars that are trustlessly borrowed and repaid instantaneously. The following looks at the past 2 months of flash loan activity on dYdX. First, ETH, which has been a main-stay for arbitrageurs, refinancing, and more, has picked up steam recently. This likely comes from an explosion of opportunities in DeFi.

  • DAI flash loans have some uses, but the main reason for the massive influx is the introduction of COMP farming on Compound. You can borrow DAI to repay DAI debt, reduce the need to perform multiple sells when getting leverage on compound, or prior to the recent COMP update, affect the borrow rate of a particular asset to pump the rates earned by other assets.

  • With the introduction of COMP, USDC flash loans have exploded in usage as well. Their usage is a lot of times used in combination with an ETH and DAI flash loan. So one can withdraw the entirety of dYdX token balances of ETH, DAI, and USDC and use that roughly $33m for a transaction if you return it by the end.

  • Flash loans volume by contract. The way flash loans are executed is by using withdraw + call + deposit actions inside dYdX's Solo Margin contract, where the call function calls an arbitrary contract with the specified data. The data below shows aggregate dollar value of how much was withdrawn by each address. The top user of this functionality has used $142mil in flash loans in just the last 2 months. This user accessed this for $0 in fees.


5. Uniswap

Contributor: Caleb Sheridan, co-founder of Blocklytics

  • Uniswap flippens itself. Since our last update, Uniswap v2 has overtaken v1. Here are the most recent figures:

    • Uniswap v2: $40M liq ($20M vol)

    • Uniswap v1: $30M liq ($5M vol)

    Combined, Uniswap holds $70M of liquidity, representing slight growth since v2 launch (roughly attributable to ETH price rise). (Source)

  • Uniswap grows in the shadow of other yield farms:

    • No dominant pools have formed in v2

    • Key liquidity is split between versions

    • Incentive budgets are fleeing

    However, the protocol remains healthy:

    • Uniswap has more markets than all other DEXs combined

    • Pool liquidity is utilized relatively well

Image Source
  • When looking at the Uniswap v1 Liquidity Reserves in ETH, we can observe three distinct slopes that are thee result of notable events:

    1. The first wave of migrations took place

    2. LPs continued migrating, at a slower pace

    3. Yield farming season starts

  • Finally, please take a moment to look at a few of the most notable v1 pools:

    • sETH: proved external incentives work (both ways)

    • USDC: attracts more deposits as a popular base pair on v2

    • DAI: has mostly migrated to v2

    • UMA: after the IUO, half moved to v2 and the rest is experimenting with other platforms


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

Our Network: Issue #27

Coverage on L1 Networks.

Are you a loyal reader? Click here to support Our Network on Gitcoin Grants

This is issue #27 of Our Network, the free newsletter about on-chain analytics that reaches nearly 3000 crypto investors every week.


This week our contributors cover Tezos, Ethereum, Bitcoin, Decred, and Cosmos.

1. Tezos

Contributor: Alexander Eichhorn, Founder at Blockwatch Data

  • Staking: Tezos' network-wide staking ratio is at 80.27%, close to its ATH of 80.4% from end of May 2020. This also means staking rewards for everybody are at an all-time low of 5.93% with a yield above inflation of only 0.94%. The most interesting development is that the meteoric rise of custodial staking which started last October has stopped. In fact, the amount staked across all top 6 custodians fell by -0.7% to 151.6M tez since I last reported in mid-May. Now all custodians combined control 18% of Tezos' consensus. At the same time, network-wide stake grew slightly by +0.8% (+5.6M tez) which suggests new delegators chose community bakers despite the convenience of exchanges.

  • Churn: In Tezos, delegators can freely move their coins or switch bakers at any point in time. Lockup time only exists for baker security deposits. This means people could re-delegate, sell or arbitrage all the time. A great metric to visualize the situation and detect long-term shifts in loyalty is to look at churn rate, in particular, how many delegators empty their accounts, maybe migrate to centralized custodians or sell their stake over time. Overall, delegator churn on Tezos is surprisingly low (between 3 and 11%) and we see a positive correlation with price shifts. When the price goes up, churn goes up as well because some people sell. When the price goes down, churn goes down too, suggesting there are only very few traders in the Tezos community. Clearly, most people are in it for the long term.

  • Growth: The total number of new Tezos delegators continued to grow and reached its highest growth ever (+7.5k) in May and is set to keep this pace in June. Over its short 2 years of existence, Tezos went through two growth epochs already and is in the middle of its third. I call them the Early Backers (Jun'18 - Mar'19), the 2019 Boomers (Apr'19 - Oct'19), and the Brrrr Generation (Nov'19 - now). Each epoch started with an up-tick in delegator growth, then continued with a dramatic price surge and an increase in delegator churn (see graph above), followed by price and churn decline. Eventually, an epochs ended with a new low in delegator churn rate. At the end of each epoch, Tezos had gained 2-3x more delegators. The most recent epoch seems to be not over yet, although churn is declining, delegator growth keeps increasing while at the same time the custodial uptrend is broken.

  • Adoption: Development activity in Tezos is steady and strong. Many teams are working on infrastructure projects like price oracles, value oracles, document management, asset tokens, asset standards development, and exchange platforms. Most of these projects haven't made it to mainnet yet, which is a good thing, since the Tezos contract developer community puts as much emphasis on security and correctness as the core teams. Meanwhile, core is ramping up efforts for the next amendment process towards protocol version 007 which will be an exciting and feature-rich release. We will probably first see an early testnet before upgrade voting starts on mainnet in late summer.

2. Ethereum

Contributor: Santiment

  • It appears that Ethereum miners are once again back to accumulating ETH, adding more than 21,000 ETH in the past 20 days alone. The latest uptrend comes after a string of short-term miner selloffs in late May and early June following ETH’s rise above $220, which coincided with the start of Ethereum’s consolidation phase. The prolonged periods of miner accumulation can indicate fairly high confidence levels among ETH mining pools in relation to the asset’s short-term performance. As such, it’s particularly notable that the Ethereum miners have decided to sit on their block rewards for almost the entire (unconventionally lethargic) month of June and some growing concerns about Ethereum’s market performance.

  • The amount of addresses interacting with (sending or receiving) ETH each day has been on a decided three-month uptrend, and is now quickly approaching the activity levels recorded around Ethereum’s 2019 top. In the past 24 hours alone, over 441,000 addresses have sent or received ETH - the network’s highest single-day engagement since June 12th, 2019. What’s particularly notable about Ethereum’s recent network activity is that previous surges in Ethereum’s daily active addresses often coincided with a strong price rally for the second biggest coin by market cap. The current uptrend, however, comes in the face of a weeks-long consolidation period for ETH, and marks a rare but strong decoupling trend between Ethereum’s price action and the network’s utilization.

  • Ethereum’s Token Age Consumed, which tracks the activity of previously dormant coins, recently spiked to its highest level since February 2019, indicating that a substantial amount of previously idle ETH is once again moving between addresses. The current TAC spike has even eclipsed the one recorded on Black Thursday, when a number of long-term Ethereum holders migrated their holdings to exchanges in reaction to the market-wide drop. Spikes in Token Age Consumed can sometimes signal changes in the behavior of certain long-term holders, and tend to precede increased volatility in the coin's price action. The latest spike is most likely due to the sudden movement of 789,534 ETH (~$184,000,000) from the known PlusToken address, a notorious ponzi scheme which now seems to be attempting to ‘launder’ their coins by splitting it up into thousands of smaller transactions on the Ethereum network.

  • The total gas used on the Ethereum blockchain has reached a new all time high in the past week, coinciding with the vote by Ethereum miners to increase the block gas limit by 25% (from 10,000,000 to 12,500,000). In theory, this would allow the Ethereum network now the capacity to handle around 44 transactions per second, instead of the previous limit of around 35. However, Ethereum’s on-chain transaction volume has remained fairly stable over the past week, indicating that the surge in the total gas usage likely originates from the increased use of more complex smart contracts which, in turn, require more gas. This is further in line with the documented growth in the utility of DeFi-related solutions like Uniswap and Kyber Network, both of which rank in the top 10 by gas usage in the past 30 days.

  • Ethereum’s token velocity hits 2-year high. The average amount of times that active Ethereum tokens change addresses recently spiked to 5.2/day - its highest value since the shutdown of the notorious ETH mixer that operated until early 2018. Higher velocity means that each token is used more often in daily transactions (rather than a one-off exchange) and is often associated with healthy network activity. The latest spike in Ethereum’s velocity is unlikely to be price-related, and might well be prompted by the increased opportunities for ‘yield hunting’ on various DeFi protocols.

3. Bitcoin

Contributor: Nate Maddrey, Research Analyst at Coin Metrics

  • Some interesting trends have emerged as Bitcoin continues to rebound three months after the March 12th crash. Bitcoin daily active addresses (defined as the unique number of addresses either sending or receiving a transaction) are approaching levels not seen since 2018. Active addresses tend to follow price, as seen in the below chart. But in May and June there were several days where Bitcoin had over 1M active addresses, despite price mostly remaining under $10K. The last time Bitcoin had over 1M daily active addresses was July 2019, when price peaked around $11,500. The following chart shows daily active addresses smoothed using a 7 day rolling average (green line, left hand axis) vs. price, USD (red line, right hand axis).

  • While active addresses have been rising, active supply has been falling. Active supply is a measurement of the amount of supply that has moved on-chain within the last X days or years. The following chart shows BTC active supply ranging from 1 day to 5 years. Although short-term active supply (90 day and below) surged in early 2020, longer-term active supply has dropped. Specifically, 1 year and 2 year active supply have both dropped to two year lows. This implies that supply is increasingly being held for periods longer than one year, which supports the narrative that BTC is used as a store of value. About 10.35M BTC have moved on-chain within the last two years, while about 7.4M have moved within the last year.

  • One year active supply percentage paints a similar picture. Looking at active supply as a percentage of total (as opposed to raw active supply numbers) helps account for increases in supply. As of June 23rd, BTC one year active supply percentage (i.e. the percent of supply active within the last year) was about 38.93%. The last time it was under 40% was May 2016.

  • Additionally, Bitcoin realized capitalization has recovered the losses following March 12th and reached a new all-time high of $106.97B. Realized cap is calculated by valuing each unit of supply at the price it last moved on-chain (i.e. the last time it was transacted). This is in contrast to traditional market capitalization which values each unit of supply uniformly at the current market price. Realized cap therefore better accounts for units of supply that have not moved in a long time, and gives a more accurate view of market capitalization.

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

Our Network: Issue #27 (Part 2)

Coverage on L1 Networks.

Continued from Part 1.

4. Decred

Contributor: Richard Red, Decred Researcher

  • Decred is a UTXO-based blockchain like Bitcoin, but consensus also has a PoS component whereby Decred holders time-lock their credits in exchange for tickets which confer voting rights. A majority of the transactions on the Decred network relate to PoS in various ways. Using data for block 458,101 (Jun 13 2020), 41.5% of transactions are regular, 29.5% are ticket buys, and 28.3% are votes - with 0.06% of transactions related to revoking tickets that failed to vote (missed or expired).

  • Each transaction type has a different on-chain footprint, and within the set of regular transactions there are a number of sub-types that can be easily identified. 1.4 million transactions (43% of all the regular transactions) are engaged in setting up ticket buying transactions. Within the ticket-buying transactions we can differentiate between these which have a single voting address and those with more than 1 (as required for ticket buying with Voting Service Providers that maintain online voting wallets for a small fee). Ticket transactions are relatively small in size, but have accounted for most of the fees paid to PoW miners. This is due largely to a period early in Decred's history when ticket price volatility drove competition to have ticket-buying transactions included in blocks with cheap tickets.

  • Looking at when the 11.6 million DCR in circulation last moved, again voting plays a big part in accounting for what we see. The ~50% of DCR that participates in PoS is on the move, buying tickets. 8.4 million DCR has moved in 2020, that's 72% of the circulating supply. The other point of interest here is the premine of 1.68 million DCR, of which 762k remains unspent. 465K of the Founders pre-mine remains untouched, along with ~290k of airdrop DCR, or 1,024 airdrops. Between the genesis and recent past, every month some number of decentralized credits stop moving, presumably finding their way into the wallet of a passive holder.

  • Locking DCR for tickets is an action that tells us something about the holder who performs it. This action represents some degree of long-term commitment and, for those who use their tickets to participate in voting on consensus and Politeia proposals, an interest in the how the network is run. The final two graphs are constructed by following the DCR paid to 1) contractors paid by the Treasury, 2) miners paid by block rewards - recording the proportion that ends up in different kinds of "outcome". See here for more detailed methodology, here for code. After following the DCR paid to contractors for 5 hops, 31% had been sent to exchange-associated addresses, 29.4% had been used to buy tickets, 29% was unspent, 7% has unknown outcome (moved more than 5 hops without triggering one of the outcomes), and 3.5% was mixed into the Coinshuffle++ mixing service which has been online and available to Command Line Interface wallet users since mid-2019.

  • PoW miners have sold a greater proportion of the DCR they received, particularly in the early stages of the project when the great majority of mined DCR was moving to exchange addresses. Once ASICs were developed and deployed on the network (starting early 2018) the rate at which mined DCR was going to exchanges decreased, and a growing proportion was staked or held. PoW miners are not mixing their mined DCR, so far at least. 60% of the PoW rewards went to exchanges, 23% had unknown outcomes (moved 5 hops without triggering an outcome), 10% was used to buy tickets, 6% is unspent within the first 5 hops without triggering an outcome.

5. Cosmos

Contributor: Chjango Unchained, Ecosystem Developer at Cosmos

  • Be on the lookout for the biggest launch to come to the Cosmos Hub since mainnet launch itself: Stargate. Stargate, to the uninitiated, is the name of a major software upgrade that contains several significant milestones, namely:

    1. Inter-Blockchain Communication—*The* IBC that was first specified in the Cosmos whitepaper that the industry has been anticipating with bated breath (need I say more?)

    2. Protobuf migration—Up until Stargate, the Cosmos stack relied on an artisanal serialization format called Amino, compared to Ethereum's use of RLP. While Amino optimized for correctness, the migration to Protobuf would optimize for performance, giving all Cosmos SDK-based blockchains a ~100x boost when they make the upgrade.

    3. State sync—This feature allows new nodes to sync to the blockchain tip 200x faster than they currently can.

    4. Tendermint lite clients—Tendermint lite clients are to trusted Cosmos (PoS) lightweight nodes as BIP 37 Simplified Payment Verification (SPV) nodes are to trust-minimized Bitcoin (PoW) light nodes. The operative distinction is in the trusted versus the trust-minimized dichotomy. Put simply, while a SPV node would not need to trust the full node that getting its data from, a Tendermint lite client _would_ need to trust the validator set that it's getting its data from. With the inclusion of this feature and the feature outlined in #1 (IBC), this implies that Cosmos would have completed the delivery of all of its promised outcomes that were specified in the original whitepaper. Tendermint's lite client design is arguably the most viable way of implementing all BFT-based Proof-of-Stake lite nodes. I fully anticipate the rest of the PoS ecosystem to ultimately converge on this design. More about Tendermint lite clients here.

    5. Chain upgrade module—This automates the process of software upgrades after Cosmos governance votes them in. The current state of upgrades on the Cosmos Hub are painfully manual and difficult to scale without this new feature. A loose timeline for the Stargate upgrade sets us up for an end of July start. Read an in-depth outline about the Stargate upgrade here.

  • Game of Zones, a nearly 2-month long competition aimed at stress-testing IBC within an incentivized test network, has concluded (synopsis here). Indeed, the Game of Zones experiment was an exercise in global coordination with multiple different ecosystem players, and it concluded with these key contributions, in no particular order:

    • IRISnet—The shining heroes of GoZ were uncontrovertibly the IRISnet team, who found and reported bugs that were causing consensus failures in a critical component of IBC, the Relayer, before the game even started. Despite GoZ setting off on a rocky start, this does highlight the strength of the rest of the Cosmos ecosystem, where incentive-aligned projects with strong technical teams have stepped up to buttress development support wherever it was needed.

    • Sentinel—Sentinel is highlighted here for modifying and improving upon the Relayer to achieve the requisite throughput that was needed to handle more packets per transaction across IBC. More on that here.

    • stake.fish—Stake.fish is *the* largest Cosmos validator with 6.86% of the voting power in the entire network. Its founder co-founded F2pool, one of the largest Bitcoin mining pools in the world—no surprises there why stake.fish is one of the most successful non-exchange/hedge fund validators in Cosmos. Their winning GoZ project was a 90's nostalgia-inducing one. They built tamagotchis into one Cosmos zone with food siloed into another. In order to feed those tamagotchis, you had to transfer the digital food over IBC from the food zone to the tamagotchi zone so that the cute little pets would not starve. (Source)

  • Cosmic whales are afloat in the Cosmos. With a newly launched block explorer, we're now capturing data that shows that 67% of all ATOMs in circulation are held in just 63 addresses. This is a very small number of whales, considering there were more than 1000 participants in the public fundraiser that concluded in 2017. The address with the largest holding has 8.6% of all ATOMs! (Source)

  • Voting power distribution: Voting power distribution has always been at the forefront of governance discussions. The data shows that voting power has become more decentralized. But not by much. In January, when we gave our very first Cosmos update, 72% of voting power had been concentrated amongst the top 25 validators. In just under the 6 month mark, the top 25 validators have 71.36% of the voting power. This is a small change but an incremental improvement nonetheless. Of course, because delegations are non-sticky due to having an instant redelegation feature, voting power can easily shift from validator to validator. (Source)


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

Our Network: Issue #26

Coverage on Compound, Aave, Stablecoins, Terra, and Celo.

Click here to support Our Network on Gitcoin Grants

This is issue #26 of Our Network, the free newsletter about on-chain analytics that reaches almost 2500 crypto investors every week.

New Brand Identity

Before we jump into this week’s coverage, today I am excited to officially unveil Our Network’s new brand identity. Designed by Lili Feyerabend, the new look captures our community-oriented and open approach to using data to clarify, educate and empower everyone in the crypto ecosystem. I highly recommend checking out Lili’s blog post on the concept if you’re interested in design:


This week our contributors cover Compound, Stablecoins, Aave, Terra and Celo.

1. Compound

Contributor: Nick Martitsch, Business Development at Compound

  • Total supply on Compound is currently at $480 million from 23,000 unique addresses. In the past seven days, approximately $573 million (gross) was added to the protocol, in almost 14,000 transactions. This graph shows the increase in the net supply per day, broken down by token. About 42% of this volume was USDT, 27% was USDC, 20% was ETH, and 6% was DAI. Demand for cUSDT on Compound has increased dramatically in the last week, with gross supply rising from $1mm on June 11th to $170mm at the time of publication (source: Compound, Loan Scan).

  • 2,880 COMP tokens are distributed every day (0.5 per Ethereum block) to users of the protocol, proportional to the interest generated in each market. In this graph, you can see the roughly 11,520 total COMP that has been earned across all Compound markets, with 91% of COMP going to USDT suppliers/borrowers. USDT has surpassed ETH to become the largest market on Compound, prompting members of the community to discuss interest rate model updates to other markets such as USDC (source).

  • There is currently $120mm of outstanding USDT borrow, representing nearly 5x the borrowing amount of all other markets combined. Supply and Borrow rates for USDT are currently 12% and 17%, respectively. You can see from the downward trend of “COMP earned per $1 borrowed” that the total amount of borrowing is growing rapidly, lowering the total amount of COMP received for each $1 borrowed. Real-time COMP allocations by market can be viewed on the User Distribution Page of the Compound website (source).

  • COMP token holders do not need to directly participate in the voting process for protocol modifications - a core feature of COMP is the delegation of voting rights. So far there have been 437 total delegations, 383 of which are brand new delegations from a new COMP-holding address, and 54 of which are re-delegations, that is they are re-assignments of delegations from one address to a different one. This table shows the top 10 delegates by the number of unique delegators. You can visit the COMP leaderboard to view the top addresses ranked by voting weight, and if you have COMP, you can visit the Vote interface to delegate your voting power to any address of your choosing - including yourself!

Image 2020-06-19 at 9.27.01 AM

2. Stablecoins

Contributor: Alex Svanevik, co-founder of Nansen and D5

  • Let's look at two things for stablecoins: top accumulators and top outflows. On the accumulation side, it's hard to ignore the effect of the $COMP launch. The top two wallets receiving stablecoins over the last 7 days are both Compound wallets - namely the USDC and USDT markets:

  • Note that the above effectively represents Compound's net supply (not to be confused with gross supply). As a result of this influx, both of these Compound wallets are at the time of writing among the top 15 largest stablecoin-holding addresses. The rest are all exchanges and stablecoin treasuries.

  • On the outflow side, a significant amount of USDT has left Binance wallets over the last 60 days. In fact, holdings have gone from more than $1B down to less than $150M:

  • If we zoom out, the Binance outflow has been the main driver of exchange outflow since the massive influx in March/April:


3. Aave

Contributor: Isa Kivlighan, Head of Marketing at Aave

  • Aave Protocol surpassed $100M market size for the first time ever on June 10th and now stands at nearly $120M. The Aave Futuristic Dashboard shows the protocol’s current market size (amount deposited + amount borrowed), total value locked (funds currently stored and "locked" in the platform), and total amount borrowed:

Image 2020-06-19 at 9.40.50 AM
  • Daily unique users per day has been steadily growing since April, with the platform’s all-time high occurring a few days ago on June 16th (627 users).

Image 2020-06-19 at 10.00.04 AM
  • The volume of Flash Loans since the launch of Aave Protocol in January continues to increase. It is also interesting to note the accumulated earnings depositors get from Flash Loans. When a user executes a Flash Loan, a 0.09% fee is collected from the Flash Loan amount, 70% of which is redirected as extra income for depositors.

Image 2020-06-19 at 10.08.46 AM
  • Aave has been aggressive in expanding its coverage to new assets and markets. Our newest market is Uniswap, which has been live since May 28th and already contains $533K in total liquidity. So far in this market, interestingly, all of the borrowers have chosen to borrow at a variable rate and no Flash Loans have been executed yet (source).

Image 2020-06-19 at 9.52.25 AM

4. Terra

Contributor: Christopher Heymann, Partner at 1kx

  • Since the last time Terra was featured on this newsletter, 6 weeks ago, Terra has paid out $820,000 to the validators in the network in real, non-dilutive rewards, bringing the total paid out network rewards to over $3.3 million to date. The rewards on Terra grew over the 58 weeks since mainnet launch at an impressive average week-over-week growth rate of 17%.

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