The Week In Crypto In Five Graphs (2/9/20)
For those who love crypto & graphs that tell a compelling story
The march to mainstream adoption continues with progress being made all over the world. The progress, at the moment, is being led by DeFi , which just passed the $1B milestone for value locked. So 4/5 of this week’s graphs are DeFi related.
While it’s just a number, DeFi is now the second thing in crypto that’s scaling (after speculation in Asia). My favorite tweet commemorating the event:
I continue to believe Uniswap is the least understood, and thus most under-appreciated, of the major DeFi protocols, as there’s such a limited understanding of how liquidity works. But what is obvious to everyone, is how rapidly it’s growing, up 90%+ in total value locked in January alone!
Uniswap is now the second most active DEX, just behind Kyber, and growing faster:
Take note, the third fastest growing DEX is OpenSea, which is trading over $50k in NFTs daily.
Our Network is a super informative newsletter started by Spencer Noon, Head of Crypto Investments at @dtccapital. Spencer recruited some of the strongest on-chain analysts in crypto to contribute, each covering a different protocol.
Insurance has always seemed a natural for crypto, so it’s interesting to watch the progress of Nexus Mutual, which now has $1.6M worth of smart contract insurance coverage outstanding.
Nexus’ other key metric is the size of their capital pool, now at $2.6M:
or 13.1k ETH:
It’s still small, but PoolTogether is a super innovate use of DeFi, using the ability to earn interest on DAI via the Dai Savings Rate to run “no lose” lotteries by using having the pooled interest go to one randomly selected participant.
As a result of increases in unique players contributing to PoolTogether, increases in the average deposit size to PoolTogether, and increases in the Dai Saving Rate, the value of the weekly prize has grown rapidly:
I look forward to lots of growth and innovation coming out of PoolTogether in 2020.
1. Tesla’s surging stock is starting to remind Wall Street of bitcoin’s parabolic rally in 2017 — here’s why
It’s interesting how some of the smartest institutional minds in crypto (e.g. Cathie Wood of ArkInvest and Tom Lee of Fundstrat, are also some of the smartest minds on Tesla. In this article, Tom noted that some of Tesla’s gains may be attributed to investment managers in the Russell 1000 Growth adjusting their portfolios to line up better with Tesla’s weight in that index. “Tesla is 0.7% of the weight in the Russell 1000 but accounts for 15% of [year-to-date gains],” he wrote in a Tuesday research note. In any case, many market watchers are advising caution when it comes to buying Tesla now, with one of the top searches on Google being: “Should I buy Tesla’s stock?” That’s similar to the days of bitcoin when investors would input similar internet searches. It’ll be fun to watch how closely they continue to track.
HAPPY Bitcoin $10,000!!!!
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