DeFi lending track reshuffle? This article sorts out the potential trend of DeFi lending

区块律动BlockBeats

特邀专栏作者

2022-09-28 14:00

This article is about 1787 words, reading the full article takes about 3 minutes

Grasp the track appearance of the next cycle.

Original compilation:

Original compilation:0x214，BlockBeats

In the past few months, the DeFi lending track has undergone major changes. 1kx researcher Mikey 0x has reorganized this field, and BlockBeats organizes and translates it as follows:

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dAMMandRibbonIt is an under-collateralized lending agreement that offers variable interest rates, similar in nature toAaveThe lending pool (pool-based) model provides users with an efficient and frictionless deposit and lending experience.

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Lulo

Luloand

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Arcadia

Arcadiasecondary title

ARCx

ARCxThe lending agreement will evaluate the borrower's on-chain transaction history. The better the borrower's historical transaction credit (for example, no history of being liquidated), the higher the loan-to-value ratio (Loan To Value; LTV). As of now, the LTV of the borrower in the largest loan is as high as 100%.

Lenders provide liquidity based on the credit risk of borrowers.

dAMM and Ribbon compete directly with Maple and Atlendis in the (under-collateralized) institutional lending space.

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Core Data Analysis

Many protocols are still pursuing "product verticalization" in order to maintain their competitive advantage and value capture capabilities.

Frax: Stablecoin, AMO, AMM, Liquid Staking AAVE:

Stablecoin, under-collateralized loans, risk-weighted assets RWA

ARCx: Credit Scoring

Ribbon: treasury + lending

Some lending protocols are more focused on catering to long-tail assets. At the institutional level, dAMM is currently the only protocol that already supports multiple long-tail assets.

Euler financeAny asset is allowed to be borrowed, some of which can be used as collateral.

So far, AAVE is still winning significantly, partly due to its active promotion of multi-chain deployment, and 37% of its total TVL comes from Layer 2 and EVM compatible chains.

Compound V3’s poor rate of access to funds from V2 kept Compound in second place.

Maple is the most popular under-collateralized lending protocol.

Euler and ClearPool are the only two semi-mature platforms that have seen significant growth over the past month. AAVE and Compound saw moderate increases, while Kashi saw the largest decline.

Most of the lending TVL comes from the mainnet, but EVM and Layer 2 are slowly encroaching on market share.

In the next cycle, the growth of Layer 2 usage and the number of projects will lead to a higher demand for leverage, which will generate more liquidity.

When sorting TVL by different categories of lending agreements, the overcollateralization model has always been dominant.

However, with the advancement of KYC and ZK certificate technology, and the entry of more institutional capital, this gap is expected to further narrow.

Comparing blue-chip assets with long-tail asset lending, blue-chip assets currently account for almost all of the liquidity. Euler is a relatively well-known protocol that focuses on long-tail assets, but less than 5% of its TVL belongs to long-tail assets, which is mainly due to the opportunity cost brought by staking Token.

How can users choose to deposit GRT Token into Euler when (illiquid) staking can get up to 10 to 30 times the APR? This situation will be reversed as more liquid collateralized DeFi agreements appear in the market. In these derivatives, Token can be used for lending while earning income.

Verticalization is an interesting trend that cannot be ignored in all DeFi, because lending is not the only track with an increasingly concentrated market share... Lido, Uniswap and MakerDAO have huge markets in their respective categories share.