a dejavu of 2017 ICO market boom?

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When the first wave of COVID-19 pandemic fears hammered the financial markets, Bitcoin prices also saw a massive 40% drop within a single day.

 

However, the rapid recovery of these financial markets (buoyed by the radical interventions by governments) saw Bitcoin prices pick up as well, returning to pre-COVID levels in no time.

 

Having said that, to everyone’s surprise, neither #COVID-19 nor #Bitcoin features as the hottest keywords of the crypto industry this quarter (2Q); that was the first quarter of 2020, as #Defi picked up steam this quarter.

 

De-fi, short for Decentralized Finance, is a crypto-based financial service that does not require centralized intervention or middlemen. The broad concept of De-fi includes depositing, staking, and/or lending of tokens based on smart contracts. The introduction of $COMP tokens by Compound in June sparked an arms race for dominance in this up-and-coming part of the cryptosphere.

 

As always, crypto being crypto, lots of FUD and FOMO are being thrown around. To help the analytical minds of the industry better understand and judge the De-fi phenomenon, Xangle’s research team has conducted a quantitative analysis based on on-chain statistics.

 

1. Major on-chain statistics of 2Q20: Bitcoin vs Ethereum

 

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∙ BTC and ETH prices up by 38% and 67% respectively.

∙ On-chain data of the Ethereum network shows increased activity.

∙ Some of the on-chain stats resemble the ICO boom of 2017.

∙ ETH price peaked at $1,396 during the ICO boom (vs $230 of 2Q20).

 

2.  Top ERC-20 tokens by on-chain activity: De-fi

 

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∙ More active addresses for De-fi related tokens vs ETH & BTC.

∙ Prices of De-fi related tokens also outperformed those of ETH & BTC.

∙ Total Value Locked (TVL) in De-fi increased by 2,524% since January 2018.

∙ Stalbecoins top the rankings, while De-fi tokens are seeing remarkable growth: exchange tokens are falling behind.

 

3. In-depth analysis of De-fi tokens: $COMP, $MKR, $DAI, $SNX, $LEND, and DEX tokens

 

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∙ Compound: Robust on-chain (new & active addresses and transfer counts) growth with a generous price spike.

∙ MakerDAO & DAI: The famous set of De-fi tokens. DAI, used as collateral in various De-fi projects, recorded high on-chain activity.

 

∙ More information & data about SNX, LEND and DEx Tokens in the report.

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