compile ： Xiao Hui
2021 Second quarter , More financial analysts 、 The media 、 Politicians and entrepreneurs began to ask such questions ：DeFi What is it? , What's the advantage of it ？ After a year of vigorous development , All sectors of society began to pay more attention to DeFi. because DeFi It's really solving an obvious contradiction , That is, decentralized money should also be accompanied by decentralized services . The following is a Consensys Yes 2021 Second quarter On DeFi Sorting of each section , I hope we can make everyone understand the second quarter DeFi Understand the development of ecosystem .
By 2021 year 7 month 1 Japan , There are 1.61 100 million unique Ethereum addresses , a 2021 Growth at the end of the first quarter of 10%, Compared with the beginning of the year 12% The growth of decreased slightly . By the end of the second quarter , There are at least 291 10000 unique Ethereum addresses and at least one DeFi The protocol has interacted , Up... From the first quarter 65%.
With community driven Education 、 Simple user interface 、 Attractive benefits and benefits to DeFi The general awareness of best practices has increased throughout the quarter , The number of new addresses is also increasing , But it must be noted that , Use MetaMask Such a wallet , It's easy to create multiple accounts , This means that the address and user are not necessarily one-to-one . Although this is a significant growth , But active DeFi The address accounts for only half of all Ethereum addresses 1.81%.
To measure DeFi Another indicator of usage is MetaMask Number of active users per month on , To 2021 year 6 month 1 Japan ,MetaMask Monthly active users more than 730 ten thousand . Part of the reason is DeFi Applications in other Ethereum virtual machines (EVM) Growth on compatible networks , The user can go through MetaMask Access these networks , for example BSC and Polygon.
Stable money supply in 2021 In the second quarter of, it continued to grow rapidly , At present, the total circulation is close to 650 Billion dollars , since 2021 It has increased by... Since the end of the first quarter of 60% above . from Tether Issued USDT It accounts for the largest proportion of stable coins in Ethereum , about 48%, lower than 2021 The total supply at the end of the first quarter of the year was about 58%. because USDT The regulatory problem of has not been well solved , Maybe that's why DeFi More and more users like USDC and DAI be used for DeFi One of the reasons for the agreement .MakerDAO、and Aave etc. DeFi The loan agreement now holds about 23% Of USDC Supply .
Such as MakerDAO Of DAI or Circle Of USDC This kind of stable currency is not only DeFi One of the important early foundations of , It is also a way to hedge against fluctuations in the encryption market .ETH And others ERC-20 The exchange between token and stable currency is through MetaMask Swaps One of the most frequently visited transaction pairs .
Except that you don't need to be in a centralized exchange ETH And other tokens converted into legal tender to hedge against volatility , Stable currency is other DeFi（ Such as borrowing ） The basic building blocks of .5 Mid month , Outstanding DeFi Debt from 100 Billion dollars to 180 US $billion record , And then ETH And others ERC-20 Asset prices have plummeted , Lead to 5 month 18 The day of liquidation reaches 3.62 A new record of $billion .
Decentralized exchange 、 Automatic market maker and token trading aggregator is a technical description of the type of cryptocurrency exchange that operates without central authorization , Allow users to conduct point-to-point transactions and maintain control over their funds .
Coinbase Officially launched in the second quarter , It will DEX Identify as its S-1 One of the main threats to the business . stay 2021 Second quarter ,DEX OfReached the highest level ever , only 5 The month witnessed as high as 1730 Billion dollars of trading volume , The total trading volume in the second quarter reached 3430 Billion dollars . That's more than Coinbase stay 2021 In the first quarter of 3350 Total trading volume of US $100 million , because DEX Support only EVM Transactions compatible with assets , and Coinbase Traded 58% It's bitcoin .
that , Why not put the second quarter DEX The trading volume of is related to Coinbase Compare the trading volume of ？ The answer reveals DEX Another advantage of ： Because they are deployed on Ethereum as smart contracts , So you can use Dune Analytics Wait for open source services to view all real-time data , but Coinbase The data of , You need to wait for the company to release . Now? , image Nexus Mutual Such decentralized insurance agreement companies , Use Dune Analytics To maintain a real-time public platform for its finances , For example, total supply 、 Insurance costs 、 Claim demage 、 Income, etc . It is expected that public real-time transparency will not only become DeFi Key differentiators , And will be the main advantage .
The second quarter DEX One of the important moments isDeploy its V3 edition .Uniswap Throughout the second quarter DEX Trading volume and market share from 60% Add to 74%.Uniswap V3 The main change is to improve its capital efficiency , Or concentrate funds within the price range of the assets most likely to be traded .
Because the smart contract on Ethereum is permanent , Users can still use Uniswap V1 or V2. at present , stay Uniswap V2 There is still more value in providing liquidity , but Uniswap V3 The volume of transactions is greater , This proves that this new method of improving capital efficiency is looking for the best price of various asset pairs for users .
After all, it's the 28 law
Based on the data and analysis provided , It is no exaggeration to say , The entire financial system is being rebuilt from the first principles , With higher security 、 Transparency and composability . Financial innovation and growth bring investment returns and opportunities , As a result, more and more institutional capital flows into this field . stay Aave The provision of USDC The current annual return on liquidity is 6.27%, The average rate of return since its establishment is 7.22%. With the agreement chasing liquidity , stay Aave The provision of sUSD Liquidity gains up to 32.5% Yields are increasingly becoming the norm .
Of various loan agreements DAI Yield . source ：Codefi Compare
Most of these loan agreements only exist for a few years , Although jurisdictions around the world are still determining how to advance existing regulatory structures with their new logic , But new services have begun to play an important role in promoting institutional capital inflows . Generally speaking , Larger financial entities have more onerous compliance and monitoring 、 Reporting and hosting . That's why DeFi In small and medium-sized cryptocurrency funds （ The scale of asset management is less than 10 Billion dollars ） The reason why it is widely used in .
Motivated by the return on investment , At the same time, it can also do this from the perspective of supervision and compliance , More regulated institutional investors are entering this field . PwC reports that ,47% Traditional hedge fund managers （ The scale of asset management is 1800 Billion dollars ） Considering investing in cryptocurrency .Intertrust The company survey found that , Hedge funds are expected to be in 5 Of its assets during the year 7%, amount to 3120 $billion invested in cryptocurrency . without doubt , Investment companies will lead DeFi Adoption of , However , To bridge the gap between these and other larger and more regulated institutions , You must establish the required DeFi infrastructure . What's exciting is that , This is where the market is .
The requirements of institutional financing can be mapped through the capital allocation cycle —— From research 、 Pre transaction compliance and best execution monitoring 、 Reporting and hosting . In the past 6 Months , All these categories of products and services are growing explosively , With the influx of capital, establish the necessary DeFi infrastructure . for example , Cryptocurrency custodians have raised a lot of money , Made a strategic investment , Even acquired .
only Coinbase More than 900 $billion in assets , Other custodians , such as Bitgo trusteeship , At least managed 160 $billion in assets ,Gemini Assets currently in custody exceed 300 Billion dollars . Besides , image Fireblocks Such hosting companies have transferred more than 1000 Billion dollars . Compliance 、 Transaction and data analysis are attracting capital to establish and expand institutional encrypted access .
What is being built is not just around DeFi Tools and infrastructure .DeFi Itself is also innovating , To provide channels for institutional financing . The private loan pool is to ensure that only through KYC Participants can access asset management on the chain , for example Aave License pool .Compound Finance Recently launched Compound Treasury New products , It allows the organization to earn 4% Fixed interest on ,Current And other leading financial technology companies have begun to focus on Compound Treasury Integrate into their products . More and more institution centered projects are entering the market , To solve the problem that miners can extract value （MEV）、 Create the best execution protocol and find out the centralized identity .
With DeFi Continuous success of agreements and services , Decentralized autonomous organization （DAO） As a means of agreement governance, it has flourished . Thousands of DAO Control the large amount of money that can be allocated to various plans and new projects .
in fact , Only the top 20 Of DAO Hold more than 60 Billion dollars in digital assets . Though like Compound and Uniswap Such a famous DeFi The project controls the largest DAO, But there are thousands of other projects , From the image Bankless Such media organizations 、Alex Masmej Such a social token community 、Gitcoin Such public financing entities , All use DAO To coordinate and manage their finances . Now there are more than... In the whole encryption system 19 m DAO member .
There are more than 1100 individual DAO Use Snapshot Governance . source ：Snapshot
DAO The reason why it can flourish , Mainly because emerging tools and Development Ecosystems increasingly provide the necessary functions to support these new organizational structures .
Now there are some projects that focus only on DAO Token Services 、 government 、 fund management 、 Risk management 、 growth 、 Community 、 Operations and development . With the continuous growth of encryption projects and distributed governance ,DAO The importance of will continue to increase . today , Many projects have DAO structure , But it is still often controlled by a few investors and the original team that built the initial product . as time goes on ,DAO Will get more relevance , Because there are real differences among key stakeholders in the community , And this disagreement can only be resolved by voting .
Most of the major DeFi The agreement is not only for lending , It is also managed by the token holder . Token holders vote on the proposal , The scope ranges from proposals on how the agreement should allocate its treasury funds to more specific details , By focusing on governance updates , Users can clearly see DeFi Major changes to the agreement .
In all agreements ,Synthetix Has by far the most active governance . There are multiple updates every week , Change various parameters and synthesize assets . Besides ,Synthetix The fees associated with the issuance of synthetic assets in the agreement are frequently changed . Due to market volatility ,Synthetix Choose to reduce its target mortgage rate . Last ,Synthetix You can manually approve new assets created by users through the governance process , Such as the US stock index .
although Synthetix Provided all DeFi One of the most active governance systems in , but Aave Governance can usually handle larger proposals , Such as updating its original insurance system in the event of a shortage , This is known as Aave Security module . Besides ,Aave Also voted to encrypt the mortgage to stabilize the currency Rai Add to Aave V2 in .
AirSwap Token holders can be compensated by creating improvement suggestions and voting . After the vote , Participants can vote according to the weight , Withdraw the fee from the agreement fee charged . In the second quarter , The community proposed and approved a vote , To create a new token exchange website , Around a streamlined 、 Simple and secure exchange experience , by AirSwap Website properties create a new visual style , And passed a reward system , Allow additional activities other than proposal creation and voting to be rewarded , Such as creating analysis dashboards and technical improvements . The community also voted for a governance “ circle ”, Each member can assign points to the contributors they work with based on their contribution at the end of each era .
And Aave similar ,Uniswap There is no very active governance process . The lack of strong governance may be due to , Voting requires 4000 ten thousand UNI Only with your support can you pass , Users must have 250 ten thousand UNI To submit a proposal . That being the case ,Uniswap Still passed two votes , Reduce the proposal submission threshold to 250 ten thousand UNI, And fund a new DeFi Lobbying organizations , Designed to inform regulators DeFi The benefits of .
And Aave and Uniswap equally ,Yearn There is no very active governance , Although in the past month , The governance process of the agreement has changed significantly . Besides ,Yearn Set which teams should decide how to allocate Yearn Generated airdrop strategy parameters . Last ,Yearn Propose to change their Multisig Signed by , And adopted a new protocol governance structure .Multisig The signer is similar to the board of directors of the agreement . They don't manage day-to-day operations , But major decisions need to be approved .
image Synthetix equally ,Compound There is also a very active governance process . Major updates include a shift to a new governance smart contract , Support LINK Wait for new assets , And increase the number of days users must review proposals before voting , And when they actually voted on the proposal . Besides ,Compound Choose to put their oracle The system mainly uses Coinbase Change to use Chainlink Oracle network . Last ,Compound Updated their cToken standard , Now the liquidation 2.8% To their cToken reserve , It reduces the cascade liquidation risk that may lead to the bankruptcy of the agreement .
4 Month to 6 During the month ,Gas The median price of fees fluctuates greatly , from 100gwei To the highest 300gwei.
Every DeFi Users are afraid Gas The cost is too high ,5 month 18 Because ETH Prices are falling , Users are eager to communicate with DeFi Loan agreements interact to avoid liquidation , among Gas The total cost of the fee exceeds 100 dollar . since 6 Since the month ,Gas The cost has always been low , Linger on 30gwei about , Simple transfer 1.33 The dollar and Unswap transaction 12.65 dollar . Why is the gap so large ？
The best answer is ,EVM The compatible blockchain really took off in the second quarter , Attract users with lower cost and higher throughput . in fact ,BSC and Polygon Recently, it has exceeded the number of transactions in Ethereum .
Layer2 It aims to significantly reduce the cost and time of Ethereum transactions . at present , There are more than 15 An important and EVM Compatible extension items , And around whether the network is Layer2、 Side chain 、 The submission chain is full of controversy . The process of using layer 2 network on Ethereum involves several steps . First you need to use “ The bridge ”, take ETH or USDC Wait for assets to be transferred to the layer 2 network , And then MetaMask The network on is switched from the Ethereum main network to the specific layer 2 network you will use .
Each of these steps carries risks , May lock funds in an unsafe chain , Or when the network is crowded, these assets cannot be extracted . As shown in the figure below , The value of assets locked in these two-tier chains has always been variable , Because users try different networks and mostly similar users move assets between different networks .
in general , With more and more layer 2 networks online , especially rollup, We may see further redistribution of assets . The community is also looking forward to Infura and Truffle Upper Department Uniswap V3, See which can achieve greater capacity .
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