Jan 12, 2020
For those who love Crypto & graphs that tell a compelling story
The march to mainstream adoption continues with progress being made all over the place.
1. The Borderless State of DeFi
January 8th, Binance Research
Binance published a great research piece on DeFi with over 30 graphs. In 2019, the total value of the collateral in MakerDAO increased from $249 million to $342 million, an increase of +37%, even as the price of . ETH dropped by -2%. Yet, despite that growth, total collateral locked in MakerDAO as a percentage of the total collateral locked in DeFI (aka “DeFi dominance”) decreased in 2019, from 90% in January 2019 to below 50% in December.
Most notably, Synthetix’s total collateral value moved from $1.6 million on March 1st to more than $160 million at the end of the year,
Compound was the only other rapidly growing DeFi platform that wasmclose to $100 million in total collateral locked.
2. Open Finance Fundamentals: 2019 sector returns
January 9th, via Jack Purdy at Messari,
Jack did some interesting research looking at how $100 invested at the beginning of the year in an equal-weighted basket across the four major DeFi sectors (exchanges, lending, prediction markets/oracles, and asset management) performed. Asset management crushed it driven by Synthetix 3,000% annual return. The second-largest returns were in the prediction/oracle segement driven by Chainlink
3. Bitcoin’s Growth In Numbers
January 7th, Decentralised.co
This report by Decentralised.co is chock full of super interesting Bitcoin stats. The chart above looks at annual miner rewards by year in USD (top chart) and BTC (bottom chart). In total, at year end 2019, there’d been $16 billion paid to miners.
4. 2019 Bitcoin Retrospective
January 9, Fidelity Digital Assets By Ria Bhutoria, Director of Research
With over $2.7 trillion in Assets under management, Fidelity is the 5th largest asset manager. So when Fidelity writes a research report on Bitcoin, everyone should read it. At 22 minutes, it’s a long read, but well worth it.
The report focused on infrastructure developments, including all the emerging ways to invest in Bitcoin. Like me, Fidelity keeps an eye on the flows in to the Grayscale Bitcoin Trust (“GBTC”) as a leading indicator of investor interest in Bitcoin. Driven in part by Grayscale’s recent “Drop Gold” ad campaign, total inflows into GBTC rose to $171 million in Q3, up 167% versus the prior quarter and 189% versus the same period in 2018. The report also notes that the majority of investors in the Q3 bought shares using crypto rather cash Grayscale expects to make a new advertising push in coming months following the success of the “Drop Gold” campaign.
5. A Crypto Banking Reality Check
January 9, Nic Carter/Messari
It is broadly believed that crypto users don’t want to bear the risks and responsibilities of self-custody. It’s estimate that at least 20% of bitcoin is held by a custodian, and that number is increasing faster than the supply. but exchanges continue to struggle with hacks. Now “crypto banks” are entering into riskier activities like staking and lending, depositors will bear more risks than simply the potential of a hack
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