DeFi by the Numbers

Transcript

you I think it's it's time for me to start your presentation so yeah thank you thank you thank you all for showing up this late in the evening I appreciate it and I will try to make it worthwhile so I'm Frederick CEO and co-founder of June analytics and I'm gonna show you some metrics about this topic that everybody is excited about the know which is defy and I'm going to show you some memes as well because I think it's funny so yeah let's just get to it and and see what the metric tells us about how

popular this these things are so the agenda for today is basically I'm going to show you some some data some statistics and it's going to be only the tip of the iceberg so I will give you some ideas for where to go next to find more data and hopefully you get intrigued and then start poking around so first off I'm gonna talk a little bit about Texas what does that actually look like it's the sound okay by the way yeah good so to start like overarching high-level last year Texas did two point three billion dollars in volume and then you

can ask yourself we said a lot is that not a lot like doesn't matter so to put a little bit in perspective 2.3 billion dollars is half a week of Apple revenue the guys that sell these things and obviously Apple is one of the biggest companies on the planet so I guess it's it's a question of this like it's a graph glass half-full or half-empty so half a week on Apple revenue is actually not insignificant but obviously it's like not huge either and if we break this down by the different X's we see

that in 2019 idec's was pretty significantly the biggest decks with the most volume so they did almost or over 800 million in volume then you have voices the the maker product which is seems like it's not marketed that hard in and of itself but actually doing a lot of volume and then almost a tie between Khyber and Eunice pop and then on the fifths you have Co X however what's interesting is that this is changing quite a bit so this is market share of volume over time the last half year or so and what we see here we have

ID X which is the blue short and you see that through the autumn they've definitely lost a lot of market share and these days they're not that significant as they were back in 2019 so Eunice WAP is definitely getting way stronger and then you also have Isis Khyber and 0x so these are all competing for for the volume which is pretty interesting that you see this dynamic where they're pretty pretty even like different weeks different projects are the is the top one in terms of market share so this is still very much like undecided who wins in this space which is pretty interesting and if we break it

down by month lately there was actually a new record this February so 372 million dollars traded in one month this February just helped over july 2019 by the extra date we got from 29th of February so we see that it's actually growing but it's not growing like a hockey stick consistently it's it's growing in a little bit of a bumpy fashion and to put this in perspective so January last year you had 50 million dollars in volume which is basically the

value of the most expensive car ever sold so it's it's like it's a decent amount but it's it's still a car and then last month you have the value of the third biggest third most expensive house ever sold so it's like it's a decent jump from like a crazy car to a Chrissy Chrissy house but still on the scale of something like some rich people buy for their like private consumption or enjoyment what it's also interesting is that we see it's all extremely correlated with each price so it's pretty clear here that the red so the

red line is it's the it price and the blue bars are the trading volume it's very much correlated and some people say oh that's it's just like because the eat price went up the volumes went up and haha that that's just like this thing is just a toy however we see that on centralized exchanges the same thing happens so when the price goes up to volume yourself like you can ask whether that's causality or correlation but it happens together and actually for traditional stocks as well you see the same thing so this is pretty common prices and volumes move together so now we're gonna look into make your down so

metrics for what's happening in that system so no sorry there's an error in my slides we're gonna look a little bit more a Texas so Dix volume last seven days how much do you think the volume was the last seven days can I get a guess we knew there was 370 million in February so shouldn't be that hard to guess 70 million yeah it's a fair bet so the number was two hundred one hundred and seven million dollars traded the last seven days and what is interesting what is emerging now are these six

aggregators and one that's growing like crazy is one inch they started out in at the eat New York hackathon last May I think and of that seven last seven days they did 14 million so they generated 13% of the total next volume and then obviously they traffic the actual trades to utilize the the exes so it's not like directly competing but it's definitely growing like crazy so here's their their volumes their monthly volumes and this is pretty book pretty much a playbook hockey stick graph right

they grow grew three hundred and fifty percent since their December volume and the volume they did the first half year they now did last week so they're definitely definitely growing insanely fast so this is a pretty interesting development and I think in general across this space is something that people have been looking for like products that really really just go seems to go to the moon you can ask where the ceiling is and obviously here it's about 300 or it's about 100 million a week that's the ceiling but but they

discuss-- are growing very well and there are also other Dex aggregators that's gaining traction so you have pair swap they're around here they had a talk yesterday it's not on the same scale but they are also growing pretty nicely and another interesting development is that new products are these days emerging and actually get real adoption pretty quickly so here's another example we have a curve which is describes itself as a yuna swap for stable coins trading so it's like very specifically targeted towards that use case and you see that they launched this year this is the

liquidity in their pools and it peaked at like almost seven million already there seven million dollars in their pools and even did almost 5 million or around 5 million in trading volume in one day so I think that's a significant difference from I a few years ago or like the last year whatever you have teams that or project that build and they go sort of viral and Twitter for a little bit and people think it's cool and check it out but there's no actual usage what we see now is that you have these new projects that emerge and actually create traction and get sort of significant volumes and

activity in a very short period of time which i think is super exciting so that's what I wanted to say about the exes now I'm gonna go over to two lending and look a little bit a little at the lending platforms so all over there's about 120 million die right now that's outstanding what's interesting to see is that initially it was almost all ERC 20 which people can send around since early December basically all of the growth in died supply goes directly into the DSR so that that is actually not a er c20 that's a technicality but the interesting thing is that instead of

minting it and sending it around or sending it into compound or something the users are actually just putting directly into get die savings rate which the DSR stands for so this is backed by almost 500 million dollars in value so you have about five five hundred percent collateral ratios so the system as a whole is pretty healthy in that sense what's also interesting is obviously now we have multi Clara will die however virtually all of the value is that's backing this system is eat so obviously as you can see from this short that the value of that backing dies is virtually

nothing so that's kind of interesting obviously the like multi collateral dies long thing and there might be other assets they won't put in there and so forth but so so far all of it is essentially it as for creating a vaults formerly known as CDP's we see that there are 6,000 volts and about 3,000 Volt creators so on average there's two volts per volt crater and how many people are 3,000 well it's half the football stadium of my local football club in the suburbs of

Oslo Norway so it's not so it's like this section the half of their stadium is about 3000 people so it's it's not a lot of people but might not be a goal in itself to have everybody killed create your own CDP I don't know but so the scale that side of the system is still like fairly small another interesting metric I don't think too many people look at this like the actual transaction Val about volumes of die so this is a monthly transacted volume of die in general like how many transfers the value of transfers happening what's interesting to see is that in the four

months since the migration to CD to multi collateral die basically it almost have managed to just like take over the size system what's also cool is last month was a new record which was almost double the volume of the previous record in November so this is potentially like a very good indication that dye usage is actually growing significantly and people are adopting multi collateral die an other interesting question is like smk are a good investment and if you take a step back and think about how people value traditional stocks you would typically go about this for

instance by looking at a quarterly report and some analysts will look at the price earnings ratio of of some stock and like sitting there for hours whenever this comes in they they create that stat and people look at it and then it's another three months until the next time you look at it and of course we in the crypto space think of things in traditional finance basically like this like that's pretty lame let's let's see if we can do it in another way more interesting way so one of our users guy named Theo from the block he created a live chart with MTR price earnings ratio and the price of mpr so

here you can see that even though like this is last three months or so the the mkr price is very volatile the price earnings ratio is actually fairly stable and this is all live you can go and look at it on our website and this is pretty fascinating when think about it when you go from the like quarterly report and then analysts do their estimates and whatnot you can actually have this running on a live basis all the time you can see the income to the system and the price of the asset you want to buy so this I think this is really fascinating potential future for for financial

analysis and what does like P of a hundred or eighty mean for for making so again if we wench mark with the traditional world Netflix P is about 100 so actually this what you would expect to be like insanely high risk very early like venturi style investment that MPR at the end of day must be it's actually not that far off from from one of like a big publicly traded company obviously like Netflix is known for its high p/e but but it's interesting to see that MKR P is actually the same as Netflix P I'm gonna wrap up soon but also show you

compounds another darling they have their this is their weekly borrow volume so what we can see is that it's very well volatile so a couple of weeks ago they did like 15 million in volume just before that they did like two and a half and what we also see is that it's mostly dye that's being borrowed and a little bit of USD see but it's mostly mostly USD based assets so it's also interesting that you see less consistency in these systems than in

Texas for instance another interesting development in in lending is that liquidations are getting way more competitive so this this analysis is done by Tom Schmidt which works at dragonfly capital and he had a great blog post about it what we see here is just like the number of monthly active Liquidators in the different systems so it started out with maker obviously but what we see in the last few months is that more and more liquid areas are trying to do profit from closing people's bad loans so it's cool to see that obviously this is a major part of

making these systems work and there are emerging more and more competition in taking part of that part of the system so those are some metrics we have all these metrics on our website you can check them out there's thousands of more charts there even more data that you can work on all of these are based on sequel queries on human readable data you can view all the of all the queries you can fork them you can make your own queries and dashboards and you can share them publicly so if you want to look at these stats over time it's all real time you can go into our website and and have a

look keep track of these metrics and there's also tons more so that's all I had and thank you for coming up to questions yeah no questions okay thank you for right enjoy your free drinks thank you