2021年Q2 DeFi行业研究报告（英文版）.pdf

TokenI TokenI TokenInsight 2021 Q2 DeFi Industry Report TokenInsight Research Jul. 2021 FIND, CREA TE, AND SPREAD V ALUE IN BLOCKCHAIN. 2 Table of Contents Team Want to be part of us? Email Industry Landscape 3 Summary and Outlook 4 Market Overview 5 Milestones 8 DEX 9 Uniswap V3 10 Synthetic Assets and Indexes 11 Derivative Exchange 13 Insurance 15 Options 16 Structured Products 18 Float Interest Rate Projects 19 Fixed Interest Rate Projects 21 Stablecoins 22 Algorithm-based Stablecoins 23 Infrastructure, Yield projets Customized Solution: cooperate with other projects to provide ToB risk solutions; Combine with traditional insurance products. 2021/04: Protocol Cover Launched 2021/04: Launched on ETH Mainnet 2021/04: Full Mainnet Released 2021/05: V2 Mainnet Four pools launched on ETH Mainnet including Ruler CDS pools, BoringDAO pool, YearnV2 pool and stablecoin pool; One pool launched on BSC Mainnet for Pancake, Bunny, Autofarm, Ellipsis and Venus. Integrated the Nsure Risk Marketplace with Polygon. Chain Guardians will employ Tidals decentralized insurance model to help manage risk; Implement its risk coverage solutions to Chain Guardians, Polkalokr, DAFI, OpenDeFi, Coinversation, EasyFi, and Kava; UnoRe, as Reinsurer, will reinsure Tidals insurance protocols. Perpetual Protocol purchased $2.5M in protocol-level coverage to protect users funds. Opium and UMA provided decentralized insurance against a failed SpaceX launch. Cooperated with Dora Factory to provide IDO insurance product on PentaLaunch; Launched multi-chain insurance services, Including Ethereum, BSC, HECO,uni00A0Solana,uni00A0Polygon, anduni00A0Fantom; Autofarm purchased $300,000 of coverage and worked with InsurAce; Worked with dHEDGE, Alpha Homora, 88mph, Elrond, Bella, Autofarm, and mStable to provide insurance products and seek investment channels. In April, Protocol Cover went alive to provide more versatile protection against risk in DeFi in addition to smart contract hacks; Economic attacks, including oracle failures, and governance attacks are added into insurance coverage; Insurance expands to non-Ethereum chains, including BSC, Polygon, Terra and Thorchain. Protocols TVL Mkt. Cap Twitter Fans Armor $393m $21.6m 6.2k Nexus Mutual $349m $525m 20.1k Unslashed $66m $2.7m 6.5k InsurAce $13m $9.5m 13.8k Nsure $4.8m $4.9m 6.4k Cover Protocol $0.8m $12.7m 19.9k 2021/06: $3.25m Raised in Seed Funding 2021/04: Raised $10m in Private Round Overall trend Comparison of TVL, Market Cap and Fans FIND, CREA TE, AND SPREAD V ALUE IN BLOCKCHAIN. 15 Source: DeFiPulse, CoinGecko, Official websites of projects, Dune Analytics, TokenInsight. Date: 2021.07.01 Options TVL grew, while few active users. Opyn Hegic Siren 0M 17.5M 35M 52.5M 70M 15.87M 42.11M 8M 40.3M 63.6M TVL MktCap( Based on Token) The top 3 options protocols have obtained TVL of $111.9mm. However, As of Jul 1, the total users amount of Opyn (the largest options DEX until now) is just 1,483, and its liquidity can only just support front month contracts. 400 800 1,200 1,600 18 36 54 72 90 2020/12/29 2021/2/27 2021/4/30 2021/6/29 Opyn Daily Active User Opyn Total User Options DEX Performance (as of H1) As a rising star, Siren surpassed Opium in Q2 2021 to become the third largest launched project in the market. Compared with options AMM and exotic options, people still prefer to trade vanilla options with order book. Main Project Events in Q2 6000+ unique options contracts has acquired on Hegic V888. Upgrading to 0 x V4, announcing WBTC options, new brand and new partial collateralization options. Siren V2 has been in auditing, and MATIC options has been launched. FIND, CREA TE, AND SPREAD V ALUE IN BLOCKCHAIN. 16 Options Many new projects are working to develop non-vanilla options and other options derivative products. Binary Options Vanilla Options Everlasting Options Divergence protocol can generate binary options contracts around interest rates, staking income, stable coins, liquidity tokens, synthetic assets, and other products, and can automatically extend the contract to ensure liquidity. The generation of option tokens does not require over-collateralization. $2.9mm raised in series seed and private, led by Mechanism Capital and KR1. Inverse is a short-term binary options protocol, and the binary options is realized through the binary tree + token settlement income method, which is a simple solution to the binary option pricing problem. Invested by TLG Ventures, X21, etc. Zeta is an option agreement launched on solana, based on a model hybridizing orderbook and options AMM model, supporting under- collateralization and generating binary options and vanilla options. The Solana Hackathon Grand Prize winner. Pods is a decentralized fully collateralized options protocol that allows users to create calls and/or puts and trade them in the options AMM based on Black-Scholes model. Its implementation foresees an external price oracles use to update the spot price of the underlying asset and an internal oracle to anchor the Weighted Average Implied Volatility. $0.8mm raised in pre-seed round, led by Boost VC and Framework Ventures. Oddz is a cross-chain option trading platform deployed on Binance Smart Chain, Polkadot and Ethereum. It is based on option AMM and inputs the parameters like underlying asset price and implied volatility through oracles. Invested by Woodstock, AU21, x21,NGC Ventures, etc. Dopex on-chain option exchange uses oracle to feed the latest price and implied volatility data. This protocol adopts the dual-token model, and one of token rDPX is a reward for options writers, which can be used for transactions, lending, and casting synthetic assets. Invested by SCC Investments, DefiGod, a LedgerPrime, etc. Antimatter is a new option-based on-chain derivatives protocol launched on Polkadot, BSC and HECO. Unlike previous decentralized derivatives agreements, the Antimatter agreement proposes a perpetual option product design plan, which is the first derivative project to try to launch such products. Invested by Huobi DeFi labs. Token: $MATTER Market Cap: $3.63M Source: Official websites of projects, CoinMarketCap, TokenInsight. Date: 2021.07.01 FIND, CREA TE, AND SPREAD V ALUE IN BLOCKCHAIN. 17 Structured Products Its just the beginning! The emergence of structured products is one of the most important innovations in the DeFi derivatives market in Q2 2021. Due to the high risk and high threshold of derivatives investment, the emergence of structured products provides a feasible way for ordinary DeFi users to enter the market. Ribbon Finance is currently the only structured product project based on derivatives. They have made 3 structured products with covered call and put selling strategy, and this projects TVL have exceeded $60M from 0 in a quarter. Source: Dune Analytics, Ribbon, Tokeninsight. *Date: 2021.07.03 $8M $16M $24M $32M $40M 2021/3/31 2021/4/30 2021/5/30 2021/6/29 ETH Product BTC Product Structured products can provide higher and stable profits for users with limited increase of risk. Compared with yield farming, although users cannot get relatively higher profits, they do not need to assume the risk from altcoins and new projects. TVL Performance of Ribbon Products Products Strategy APY* Supply APY T-ETH-C Covered call 15.41% 0.15% (Compound) T-WBTC-C Covered call 26.95% 0.02% (Aave) T-USDC-P Put Selling 49.78% 8.49% (Aave) Why Structured Products? FIND, CREA TE, AND SPREAD V ALUE IN BLOCKCHAIN. $0B $7B $13B $20B 2020/6/302020/8/152020/9/30 2020/11/152020/12/31 2021/2/15 2021/4/2 2021/5/182021/6/29 Debt Outstanding (USD) Float Interest Rate Projects Despite the affection of “519”, the overall DeFi lending market keeps growing during the last quarter, since the debt-outstanding increased about 48.6% to 15.127 Billion. Liquidation Values of Main Lending Projects $0M $233M $467M $700M 2021/4/1 2021/4/13 2021/4/25 2021/5/7 2021/5/19 2021/5/31 2021/6/12 2021/6/24 Cream V2 Aave V2 Maker Compound Venus Aave V1 bZx DAI, USDC, USDT, ETH, WBTC are the top 5 assets with the largest lending demand. Meanwhile, the market distribution is significantly centralized, as Aave dominates 34.76% of debt supply on the overall market. Additionally, every lending project seems to have its primary asset, for example, Aave dominates the debt outstanding of USDC, USDT, and ETH, accounting for 58.59%, 70.86%, and 49.65% of the market respectively, while Maker and Compound offer the majority of DAI and WBTC debt. 18 May 19, 2021 Cream V2: 1.84M Aave V2: 156.82M Maker: 41.69M Compound: 130.23M Venus: 250.52M Aave V1: 22.18M bZx: 5.89M Source: TokenInsight, DeFi Pulse. Date: 2021.06.29 WBTC 1.3% Others 1.0% DAI 55.2% USDC 32% USDT 7.3% TUSD 1.2% ETH 2.3% Aave 58.59% 2021.05.19-05.24 The outstanding debt collapsed $5.19billion (28.56%) and then reversed. USDC Aave 70.86% USDT Aave 49.65% ETH Maker 62.31% DAI Compound 58.6% WBTC FIND, CREA TE, AND SPREAD V ALUE IN BLOCKCHAIN. Float Interest Rate Projects The borrow rates of DAI on Aave market were massively high in April due to the bolster of crypto market. 19 Source: TokenInsight, DeFi Pulse. Date: 2021.06.29 TVLs of Main Lending Projects $0B $20B $40B $60B 2021/4/1 2021/4/9 2021/4/17 2021/4/25 2021/5/3 2021/5/11 2021/5/19 2021/5/27 2021/6/4 2021/6/12 2021/6/20 2021/6/28 Aave V2 Maker Cream V2 Compound Venus Aave V1 Lquity bZx 7.79B 7.39B 2.38B 2.12B 5.84B Market Update: 2021-04: Aave launched on Polygon, while Polygon planned to offer users of Aave Polygon $40million rewards through liquidity mining. 2021-05-19: Venus(BSC) saw $200million of liquidation due to suspected price manipulation. 2021-06-29: Compound announced Compound Treasury, which allows financial institutions the chance to access the USDC interest rate of Compound protocol. The Borrow Rate of DAI Maker Compound Aave The graph shows the interest rate of DAI borrowing is relatively high and volatile in April, especially for Aave reached around 60%, which was a continuation of March. The main reason is the bull market, since the price of ETH was surging during this period. As for the impressive volatility of Aave, it might be driven by the Flash loan. FIND, CREA TE, AND SPREAD V ALUE IN BLOCKCHAIN. 20 Fixed Interest Rate Projects Compared with “old” lending protocols, fixed interest rate projects are complicated and the market needs to be educated to “feel the beauty of them”. Source: Token Terminal, CoinGecko, Websites of projects, TokenInsight. Date: 2021.07.02 Protocols Mechanism TVL Mkt. Cap Twitter Fans # of token holders BarnBridge Tranches, separating user with risk preferences in to different groups and providing fixed or floating interest rate. $291m $124.9m 20.1k 6,724 88mph Pooling the deposits together and funding the systems debt via the floating-rate bonds. $25m $11.4m 11.9k 4,944 Pendle Separating interest bearing token in to ownership token and yield token, which the former appreciating and traded in SushiSwap, the later depreciating and traded in Pendle designed AMM $20m $9.2m 7.1k 1,167 Notional An AMM with the pool of fCash and DAI, where the price of fCash implies the interest rate. Fixed interest rate is achieve by the number of fCash hold by addresses. $16m no token (yet) 4.5k - Element Similar to Pendle, and the difference is that Elements AMM is for principle token (ownership token) and it is time-appreciating. Yield token is traded in normal AMM. $18m no token (yet) 9.4k - Swivel Similar to Pendle and Element in the way of separating interest bearing token into two tokens. While orderbook is utilized in Swivel instead of AMM. Tokens in other protocol also supported in Swivel to be traded. - no token (yet) 3.3k - APWine Alpha and Beta featured an order booked model. V1 has not officially launched and AMM will be used in V1 for trading (yield) tokens. - $3.1m 5.6k 830 Floating interest rate Compound TVL $6.50b # of token holders: 173,848 * Compound started to provide fixed interest lending service with 4% apy to traditional market. Floating interest rate AAVE TVL $10b # of token holders: 83,857 Fixed interest rate (BarnBridge + 88mph + Pendle + Notional + Element) TVL $0.37b FIND, CREA TE, AND SPREAD V ALUE IN BLOCKCHAIN. 21 Stablecoins USD-backed stablecoins and synthetic stablecoins constitute the core liquidity of the cryptocurrency world, but were polarized when bitcoin fell sharply. Source: CoinGecko, TokenInsight. Date: 2021.06.30 $3.75B $5.50B $7.25B $9.00B 2021/4/1 2021/5/16 2021/6/30 DAI UST FEI AMPL BAC FRAX $45B $65B $85B $105B 2021/4/1 2021/5/16 2021/6/30 USDT USDC BUSD Synthetic stablecoins and USD-backed stablecoins are in diametrically opposite situations on May 19. While the price of Bitcoin fell sharply, the market cap of USD-backed stablecoins saw a accelerated rise and the market cap of synthetic stablecoins meet a sharp drop. Go back to its roots, the anti-risk ability of synthetic stablecoins is relatively poor compared with USD-backed stablecoins. The market cap of 9 stablecoins reached $105.60 billion at the end of Q2, which increased 76.36% comparing with Q1($60.22 billion). Among them, USD-Backed stablecoins accounted for 92.82%. The Market Cap of 9 Stablecoins Synthetic Stablecoins in Q2 USD-Backed Stablecoins in Q2 $35.00B $55.00B $75.00B $95.00B $115.00B 2021/1/1 2021/2/4 2021/3/10 2021/4/13 2021/5/17 2021/6/20 USDT USDC BUSD DAI UST AMPL BAC FRAX FEI FIND, CREA TE, AND SPREAD V ALUE IN BLOCKCHAIN. 22 Algorithm-based Stablecoins Algorithm-based stablecoins is still in the its “infancy” and cryptocurrency that anchor dynamic ratios may appear in the future. -80% -60% -40% -20% 0% 20% 40% 60% 2021/4/1 2021/5/1 2021/5/31 2021/6/30 UST USDN AMPL ESD BAC FRAX FEI RAI 2019/06: $AMPL IEO 2020/09: TerraUSD Launched 2020/09: $ESD Launched 2020/09: $BAC 2. APY of Sushiswap DAI/ETH yield farming; 3. APY of Sushiswap ETH/USDT yield farming; 4. I% uyback and buildJ Yield aggregation; Insurance Staking As pioneers like Celer Network, xDAI explored the possibility of Ethereums Layer 2 solution, the community has emerges new scaling solutions based on existing, which now can be divided into 6 categories: State Channels, Sidechains, Plasma, Optimistic-Rollup, ZK-Rollup and Validium; Validium is a technical solution launched by Starkware Labs. It combines the validity of ZK-Rollup and off-chain data transmission of Plasma. Now Validium can make a maximum throughput of 9,000 TPS. FIND, CREA TE, AND SPREAD V ALUE IN BLOCKCHAIN. Defi Project Category Q2 TVL Token Q2 Price Market Cap Binance Smart Chain ecosystem PancakeSwap DEX High May 3rd $13.9billion Low Apr 1st $2.8billion CAKE High Apr 29th $42.46 Low Jun 22nd $12.05 Jun 30th $2.6billion Venus Lending High May 8th $10.9billion Low Jun 22nd $1.8billion XVS High May 9th $137.71 Low Jun 26th $17.42 Jun 30th $1.9billion Pancake Bunny Yield- Aggregator Jun 30th $680million BUNNY High Apr 27th $477.26 Low May 19th $17.42 Jun 30th $8.2million Polygon ecosystem QuickSwap Dex High Jun 15th $1.3billion Low Apr 1s