DeFi

Data Digest

  • YFI leads the latest DeFi rally
  • Uniswap records highest ever daily volume
  • Top 3 lending platforms hit $20 billion in outstanding loans
  • ETH supply in smart contracts consistently increases

Key Takeaways

  • YFI hit an all-time high of $90,000 during today’s Asia session after several months of choppy price action.
  • The rally began a couple of days ago, but was further incited by Yearn embracing the dog coin craze.

Key Takeaways

  • A week after Uniswap v3’s launch, Uniswap v2 recorded $3.6 billion in daily volume — its highest ever figure in a single day. The DEX also hit a record of 230,000 swaps on May 10.
  • As mentioned yesterday, dog coins are the primary catalyst for higher Uniswap volumes.

Key Takeaways

  • Aave, Compound, and Maker together hit $20 billion in outstanding loans this week.
  • Maker has significantly increased its market share on the back of recent protocol changes and the ETH rally creating more demand for leverage. Aave loans saw a jump in light of their deployment on Polygon.

Key Takeaways

  • A rough proxy for ETH flowing into DeFi, the percentage of ETH supply held in smart contracts is growing consistently. It’s currently at levels last seen before the DAO hack (when ETH supply was also much lower).
  • ETH exiting centralized exchanges and moving into smart contracts at a steady pace is one of the main catalysts for the ongoing ETH rally.

 

Notable Tweets

The S&P 500 opened gap down today as consumer inflation comes in higher than analysts’ expectation.


Axie Infinity and Yield Guild announce a documentary on play-to-earn and its effect in developing countries (releases tomorrow).


The Fed is working on an open source CBDC.

Ashwath Balakrishnan Calendar
Upgrade your account to book time with the lead analyst for this report!

Upgrade Now