A DAppTotal Report On DeFi Industry In 2019

  1. Introduction
  • Currently most stablecoins are pegged to US dollar and issued on the Ethereum blockchain. The usage of stablecoins has been growing fast in the first half of 2019, and accelerated in April as crypto prices rebounded, and slowed down a bit in the second half of the year. The daily on-chain transaction volume reached $798M on 12/31, meaning the entire circulation of stablecoins, about $5.8B, may all change hands once in every seven, eight days.
  • DeFi lending is still a very young sector with only two years history, but has been growing rapidly. The most borrowed assets are DAI and WETH, and the total origination (Borrows + Loans) increased from $82M in January to $685M in December, a growing of 8 times. At the same time, the total user base is still small, monthly active user is only a few thousands, and the lending feature set is quite limited.
  • DEXs are still much smaller in scale comparing with centralized exchanges. Their main value proposition is transparency and security, while speed and liquidity are their major shortcomings. For the time being they are mainly used to trade tokens not listed on centralized exchanges. The total trading volume of DEXs increased from $77M in January to $299M in June, then dropped to $119M in December, and the two of the fastest growing DEXs are Eth2dai and Uniswap.

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