DeFi Trend Research: Messari's Summary and Outlook for the DeFi Market
Excerpt from "Crypto Theses For 2020 - Messari Research"
Table of contents
Link to original report:https://messari.io/pdf/crypto-theses-for-2020.pdf
Translation & Proofreading: Cortex Labs (CTXC) Operations Team
Table of contents
1. Maker: finally no longer the only seedling in DeFi
2. Outbreak of Synthetix
3. Not so DeFi
4. Superfluid mortgage and on-chain derivatives
5. Parts of DAOs
6. Open financial experiments of centralized exchanges
7. Centralized financial experiments in decentralized exchanges
8. Lending market
9. DeFi wallet
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1. Maker: finally no longer the only seedling in DeFi
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1>MakerDAO is one of the earliest decentralized autonomous organizations and smart contract systems built on Ethereum, providing a decentralized stable currency Dai.
2>Synthetix is a synthetic asset issuance protocol based on Ethereum.
3>Compound is a decentralized mortgage lending protocol.
4>DeFiPulse is a data statistical analysis platform focusing on the DeFi field.https://defipulse.com/。
5>Due to the different time, the current DeFiPulse data and the original data have changed greatly. At 18:42 on December 25, 2019 (Beijing time), the value of ETH locked by Maker was 321.7 million US dollars, accounting for 48.6%. Other DeFi protocols such as Synthetix and Compound have locked assets worth $340.3 million.
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6>MKR is a token in MakerDAO's system, a token with dual functions of management and utility.
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2. Outbreak of Synthetix
Synthetix, a protocol for issuing synthetic assets. Its trading volume has grown from less than $1 million in August to nearly $10 million in December (based on a 30-day moving average), and it has launched a new stablecoin, Synthetix USD (SUSD), to compete with Dai. Although SUSD currently only has a market value of about 10 million US dollars, which is still an order of magnitude lower than Dai's market value, as an emerging platform, Synthetix has grown rapidly this year. Its token has exploded 33 times this year, which is bound to get everyone's attention. Despite some concerns about the reflexive nature of the Synthetix token (when minting new synthetic assets, Synthetix's own SNX token is used as collateral assets, this is called "systemic risk"), we still believe that this It will not be just a "flash in the pan" project.
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7>secondary title
3. Not so DeFi
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8>secondary title
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9>The general thesis of superfluid staking is that the same asset can be used simultaneously in multiple protocols. It is both inherently attractive and offsets the capital inefficiencies of over-collateralization required by permissionless credit agreements.
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10>MBS, mortgage-backed security, is a financial tool that is equivalent to selling the loan-borrow relationship in a package.
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11>DAO (Distributed Autonomous Organization, Distributed Autonomous Organization), also known as DAC (Distributed Autonomous Company, Decentralized Autonomous Corporation), is an organization represented by rules encoded as computer programs that are transparent and governed by shareholders Or controlled by token holders and not influenced by central institutions. DAO utilizes blockchain to verify transactions.
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6. Open financial experiments of centralized exchanges
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7. Centralized financial experiments in decentralized exchanges
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12>P2C (peer-to-contract) is a lending relationship between an individual and a decentralized organization (essentially a smart contract), which is different from P2P.
13>Uniswap is an Ethereum-based protocol designed to automatically exchange between ETH and ERC20 token digital assets.
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14>RealT offers fractional real estate investing in the form of tokenized assets. Real estate tokenization provides asset ownership through blockchain-powered passive income.
15>security token, security token.
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8. Lending market
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16>LoanScan is a data analysis platform focusing on decentralized lending and lending, https://loanscan.io/.
17>As of 11:16 on December 27, 2019 (Beijing time), the data on the LoanScan platform has been updated as follows: In 2019, DeFi agreements generated a total of 714 million US dollars in loans, currently locked in 2.02 billion US dollars in collateral, outstanding The loan is about $73.95 million. The data in the original text may be wrong, and the value of the collateral should be higher than the value of the loan issued.
Compound (without tokens), currently ranked second only to Maker in the value of locked collateral among all lending protocols, has attracted the attention and investment of top cryptocurrency investors. (However, is there a long-term business model that can avoid the impact on Compound's business when this protocol is directly forked by some top exchanges?)
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18>secondary titlehttps://medium.com/alethio/
9. DeFi wallet
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19>Betterment is an American online investing company that provides an automated goals-based investing service, also known as a robo-advisor.
20>LendingClub is a financial company that provides peer-to-peer lending services. It is the first online lending company to register lending business products as securities with the US Securities and Exchange Commission, and the "bonds" that implement the lending content can be traded on the secondary market.
21>Robinhood offers a mobile app and website that enable people to invest in stocks, ETFs, and options through Robinhood Financial, and trade crypto through Robinhood Crypto.
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10. From last year to now, what has changed?
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23>The token-curated registries (TCR for short) managed by tokens are organizations that decentralize the management of certain organization registration qualifications and other related management issues.
24>Continuous Organizations (CO), a continuous organization issues fully digital securities, and part or all of its cash flow will flow into a decentralized autonomous trust (Decentralized Autonomous Trust, DAT), a DAT is a bond Curve automatically mines, burns and distributes contracts for digital securities. CO mainly realizes continuous fundraising for the organization through the hyperbolic bond curve mechanism. Investors do not own the organization, and the organization decides the use of the funds raised by itself.
25>Veil is a prediction market platform developed based on Augur and 0x. On July 12, 2019, Veil announced that it would cease operations. The project was supported by well-known venture capital institutions such as Paradigm, Sequoia and 1confirmation around January 2019.
