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21 Oct, 6 tweets, 2 min read
🤯 Ethereum now transacts two times more value than Bitcoin daily.

This is what a cryptoeconomy looks like when it starts to find product-market fit.

1/
There are two key developments over the past year that made this all possible: stablecoins and DeFi.

The two provided a strong foundation for real financial activity to take place on Ethereum.

messari.io/article/ethere…
Ethereum’s progress has been so incredible that it will likely becomes the first public blockchain ever to settle $1 trillion in a year.
Much of this activity is attributable to Etherum’s stablecoin volumes.

Tether alone now transacts more daily than Bitcoin.

Most of this volume is ERC-20 Tether.
The second leading reason for this is Ethereum’s boom in on-chain liquidity.

Uniswap and Curve did more than $20 billion in combined volume for September.

DEXs now comprise 13.6% of total volumes from all exchanges both centralized and decentralized.
But the above is just scratching the surface of what happened this quarter.

Check out our latest Q3 report for detailed commentary and analysis on:

1. Stablecoin Growth
2. Yield Farming
3. The Rise of the Smart Dollar
3. Stablecoin protocol competition

messari.io/article/ethere…

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More from @RyanWatkins_

Ryan Watkins Profile picture
22 Sep
The last couple weeks in DeFi have been an absolute bloodbath.

But keep in mind bull markets never go up in a straight line.

In the 2017 ICO boom ETH pulled back 20%+ seven times before it peaked in January 2018.

So far in this bull market we’ve only experienced one.

1/
What's clear right now is that there are more sellers than buyers and DeFi’s summer casino could be coming to an end (it’s the start of Fall anyways?).

But let’s zoom out and look at DeFi’s summer in numbers.

messari.io/article/a-data…
The median DeFi asset is down more than 40% in the past 30 days.

Take some time to digest this table.

Below are a couple takeaways from the data.
Read 7 tweets
Ryan Watkins Profile picture
17 Sep
DeFi moves fast. Yearn moves faster.

As if launching a $1bn asset management platform in 8 weeks wasn’t enough, Yearn is now entering new markets rapidly.

The latest being AMMs, lending, and stablecoins through a potentially disruptive new protocol called StableCredit.

1/ Image
In a nutshell StableCredit is MakerDAO + Aave + Bancor combined, but with minimal governance and no token ($YFI is not involved).

The latter two points hint at StableCredit’s ambition to be truly decentralized infrastructure that requires minimal human interaction to run. Image
StableCredit allows users to deposit an asset and then receive a credit line that allows them to borrow up to 75% of the collateral they provided.
Read 11 tweets
Ryan Watkins Profile picture
16 Sep
There's now more than $1 billion in #Bitcoin on Ethereum (0.5% of total supply).

$500 million in the past 30 days 📈

This is the gravity of triple digit yields.

1/ Image
While I personally think the biggest cross-chain opportunity is exchange rather than pegged assets, pegged assets will definitely be huge as yield farming opportunities continue to pop up.

messari.io/article/bridgi…
Also interesting here is how the trend demonstrates how powerful yield farming incentives are.

There's a lot of assets that have been left out the DeFi mania because they're unproductive and sit idly in wallets.
Read 4 tweets
Ryan Watkins Profile picture
10 Sep
Since Compound launched liquidity mining in June, billions of dollars in tokens have been distributed to liquidity providers across various DeFi protocols.

Simply put, yield farming offers investors a novel method for acquiring tokens.

A how to + best practices below.

1/ Image
Unlike ICOs, where investors exchange capital in return for new tokens, yield farming allows investors to acquire tokens by supplying a protocol with capital.

That capital is then put towards a productive use such as lending or liquidity provisioning.

messari.io/article/how-to…
Yield farmers are free to withdraw their capital whenever they choose.

They only pay an opportunity cost for having their capital locked into the protocol.

In this regard, investors are able to acquire new tokens effectively for free. (more on the risks later).
Read 7 tweets
Ryan Watkins Profile picture
1 Sep
Bitcoiners have ported more than half a billion dollars worth of #BTC onto Ethereum in 2020.

As yield bearing opportunities within Ethereum’s DeFi universe expands, demand to port value from the outside will only increase.

and are building the trustless bridges.

1/ Image
Many interoperability protocols are not yet fully built out.

But what is clear is there’s real demand for interoperability and a big opportunity.

Bitcoin provides more than $200bn in capital that could potentially enter Ethereum’s DeFi ecosystem.

messari.io/article/bridgi…
There has been a massive uptick in #BTC on Ethereum since the DeFi boom kicked off.

The amount of BTC on Ethereum has nearly doubled since the launch of CRV on August 13. Image
Read 7 tweets
Ryan Watkins Profile picture
27 Aug
To no one’s surprise, we have another emoji coin set to launch.

This time a Uniswap fork named after a Japanese dish - SushiSwap.

SushiSwap is likely not anymore interesting than any other emoji coins, but it stands out for a couple reasons.

1/
messari.io/article/what-t…
The idea behind SushiSwap is simple.

It’s Uniswap but with a token and liquidity incentives.

Instead of Uniswaps 30bp fee going entirely to liquidity providers (LPs), only 25bps goes to LPs with the remaining 5bps distributed to SUSHI token holders.
What's interesting is the token distribution plan.

SushiSwap will award tokens to users who stake selected Uniswap LP tokens into SushiSwap contracts.

The following are eligible Uniswap LP tokens - all ETH / [Popular DeFi token] pairs. Image
Read 7 tweets

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