Editor's Note: This article comes fromDAppTotal（ID：DappTotal）, published with permission.
Editor's Note: This article comes from
, published with permission.
Since 2019, after gambling games, the more financial DeFi has become the next outlet of the DApp ecology. Stablecoins, lending, and decentralized exchanges, as the "troika" driving the development of the DeFi industry, have brought DeFi from the niche market to the mainstream public's vision. Among them, the lending market is particularly eye-catching due to its richer financial gameplay and development speed.
DAppTotal conducted an in-depth analysis of the on-chain data of 5 mainstream lending products, including Maker, Compound_V1, Compound_V2, dYdX, and Nuo, and found that:
1) In the past month (i.e. August), the total amount of loaned assets was US$65.9 million, a decrease of 40.25% from July and an increase of 176.89% from January. 1);
3) As of August 31, the top 3 outstanding loan assets this year are: first place, DAI 112 million US dollars, accounting for 84.5%; second place, USDC 19 million US dollars, accounting for 14.2%; third place , ETH USD 1.7 million, accounting for 1.3%. (See Figure 3)
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(Figure 2: Monthly Borrowing Amount of DeFi Lending Projects in 2019)
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(Figure 3: Distribution of Outstanding Loan Assets in 2019)
For a long time, the ever-increasing lock-up value of the DeFi market has formed a very sharp contrast with the relatively deserted number of active users, and it has been regarded as "two heavens of ice and fire". However, according to DAppTotal data, as of August 31, the total number of users in the DeFi lending market was 111,633, an increase of more than 15 times from the beginning of this year. Among them, Maker, which occupies the leading position in the lending market, has accumulated 92,063 users, accounting for 82.4%. Compound V1 +V2 has a total of 15,434 users, followed by dYdX and Nuo.
It is not difficult to see that the overall user scale of the DeFi lending market is still growing steadily. Especially since the end of July this year, Maker and the Coinbase exchange have carried out operational cooperation, which has led to a linear increase in the scale of Maker users. (See Figure 4)
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(Figure 4: Cumulative situation of DeFi lending users in 2019)
It is worth noting that, unlike the user activity dimension of game DApps, the active user indicators of DeFi lending products must be evaluated from a financial perspective. The key to determining the user value of DeFi lending products is the high-net-worth crowd with high currency holdings, borrowing and lending amount, and frequency. The generalized user volume dimension determined by contract interaction times is only a signal to judge whether DeFi lending products have extended from niche products to the mainstream public, and cannot reflect the real active situation of the market.
The fluctuation of loan interest rate can reflect the circulation efficiency and usage of market funds to some extent, and each adjustment of interest rate is to stabilize the market. Since the beginning of this year, Maker's lending rate has undergone several adjustments, with the highest adjustment to 20.5%, and then three times to 14.5%. For Maker, adjusting the interest rate can stabilize the price of DAI so that 1DAI=1 USD, and at the same time encourage more users to mortgage assets and produce more DAI to meet the current market situation where DAI is in short supply.
In fact, every adjustment of Maker’s interest rate has a direct or indirect impact on other DeFi lending products. We found that Maker plays the role of a "central bank" in DeFi lending products, while lending products such as Compound and dYdX are more like "commercial banks". The fluctuation of the central bank's interest rate will indirectly drive the adjustment of commercial bank interest rates and capital flow. As shown in Figure 5, we compared the interest rate curves of Maker and Compound and found that the fluctuation of Maker interest rate will drive the Compound interest rate to fluctuate accordingly, and the lag time during the period will stimulate the circulation of digital assets between the two platforms .
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For a lending platform, the utilization rate of funds is also very important besides the liquidity of funds. The higher the utilization rate, the greater the potential income of the project party and the better the operation of the project.
Taking DAI’s capital utilization rate on major platforms as an example (see Figure 6), in Compound V1 and Compound V2, DAI’s capital utilization rate increased from 57% to 71%, indicating that with the upgrade of the Compound platform protocol, Compound The popularity of the platform has increased, and users prefer to lend DAI on Compound, which means that the project works better. In contrast, the capital utilization rate of the smaller platform Nuo is relatively low, only about 47%.
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