In the third quarter, the DeFi field on Ethereum continued to maintain stable development, and NFT and the chain games represented by the “Play-to-Earn” model developed from NFT showed amazing explosive power.
Written by: Eric
Consensys’s third quarter report was released recently. Unlike the previous focus on the DeFi field, this report also includes a summary of the development of NFT and recent fire chain games and meta universe. In Consensys’ view, Web3 integrates the spirit of the open source agreement at the Web1 stage, and at the same time is different from the closure of privately owned companies in Web2. It is a collective ownership economy that values ​​user data ownership and does not require permission to access, creating a sense of spontaneous collaboration and recognition. feel.
The content of the report only counts the development status of the Web3 field on Ethereum.
The number of users of Web3 applications on Ethereum
According to Dune Analytics data , as of September 30, 2021, the total number of Ethereum addresses reached 170,958,394, an increase of about 9% from the previous month. Among them, the number of addresses that interacted with DeFi exceeded 3.448 million, an increase of more than 30% from the previous month. . In the third quarter, the number of addresses that conducted NFT transactions in a single day increased from less than 5,000 in early July to more than 20,000 at one time, and the number of monthly active users of MetaMask, the browser plug-in wallet of Consensys, reached 12 million in September. New historical highs around.
DeFi economy on Ethereum
Stablecoin
The total value of USD stablecoins on Ethereum continues to grow. According to Dune Analytics data , as of September 30, 2021, the top four USDT, USDC, BUSD, and DAI in the total value of USD stablecoins on Ethereum The changes in the total value and proportion of the four stablecoins compared to June 30 are shown in the following table:
From the above table, we know that USDT is still the largest USD stable currency on Ethereum, but USDC’s market share is approaching USDT. The total value of BUSD (USD stable currency issued by Binance) in the third quarter recorded close to 30% Although the total value of DAI has also risen by nearly 20%, its market share is still relatively stable.
In terms of the “stability” of stablecoins, according to Crypto Compare data, the volatility of DAI issued by cryptocurrencies such as ETH, WBTC and USDC is relatively large, and the price of USDT has appeared due to the influence of domestic policies in mid-September. The significant decline has not yet returned to normal levels. (Refer to ” USDT’s negative premium for more than a month, why the “moving bricks to rescue the market” is not working? “
DeFi loan agreement outstanding loan
The report shows that the number of outstanding loans in the DeFi loan agreement on Ethereum increased sharply in the third quarter, reaching a new high of US$24.7 billion on September 6, which was an increase of 72.73% from the US$14.3 billion at the end of the second quarter. According to data from Dune Analytics, as of September 30, the outstanding loans of the three agreements of Aave, Compound, and MakerDAO reached 7,907,698,204.39 USD, 4,969,243,409.54 USD, and 6,253,766,525.11 USD respectively. Interestingly, compared to the 42% and 4% user growth rates in the second quarter, the user growth rates of Aave and Compund in the third quarter were only 16% and 1.9%. Consensys said that the increase in the number of users and the growth of outstanding loans are not equal, indicating that the main factor driving the growth of outstanding loans may be a rebound in the market rather than an increase in users.
DeFi agreement revenue
The report shows that the annual revenue of Uniswap, SushiSwap and other agreements has exceeded 100 million U.S. dollars, and dYdX achieved over 45 million U.S. dollars in revenue in September.
Total lock-up value
In terms of total lock-up value (TVL), according to DeFi Llama data, as of September 30, 2021, Ethereum accounted for 77% of the top five smart contract blockchain TVL, and BSC (Binance Smart Chain) accounted for 10% , Solana accounted for 5%, Terra accounted for 5%, Polygon accounted for 3%.
DeFi on Ethereum L2
Ethereum L2 includes Arbitrum, Optimism, Loopring and other protocols as well as ZK Rollup-based two-layer protocols. Among the two-layer protocols currently online, the most anticipated one is the use of Ethereum founder Vitalik Buterin called “the only security Arbitrum and Optimism of the Rollup program.
According to data from L2Beat, in the third quarter, Arbitrum’s total lock-up value reached a stage high of over US$2.666 billion on September 16, while Optimism’s TVL also reached a stage high of over US$245 million on the same day, but Both TVL declined at the end of September.
In addition, according to the block explorer data of Arbitrum and Optimism, on September 30, the independent addresses on Arbitrum and Optimism set new highs of over 188,000 and nearly 150,000 respectively. The number of daily transactions on Arbitrum was on September 12. It set a record high of over 267,000 daily, and the daily transactions of the two at the end of September were both around 40,000.
In terms of transaction costs, according to l2fees data show , Arbitrum and Optimism of transfer and transaction costs are relatively high, while the use dYdX ZK Rollup program, as well as ZKSwap V2 Loopring lower costs, which Loopring transfers lowest cost.
NFT on Ethereum
Consensys calls 2021 the “first year” of NFT. In the third quarter of 2021, NFT transactions amounted to 10.7 billion U.S. dollars, an increase of 8 times from the previous quarter. According to the data of Nonfungible.com, in the third quarter, the single-day sales volume of NFT reached up to 700,000 pieces, and the total single-day transaction volume was once close to 3 billion U.S. dollars. NFT sales in the primary market also exceeded 16 billion. Dollar.
In addition, according to Dune Analytics data , the number of independent buyers and sellers each week in the third quarter reached a peak of more than 100,000 and 75,000 in September, compared with the data of 16,000 and 12,000 at the end of June. Both achieved a growth of more than 6 times.
Consensys said in the report that the platform that promotes this NFT “revolution” is OpenSea. The platform’s sales in August accounted for $3.16 billion of the total network’s $3.25 billion in sales, accounting for about 97.23%. But in fact, until April this year, Nifty Gateway has been the main market of the NFT market, and OpenSea consolidated its position as the platform of choice in the second and third quarters of 2021.
In addition to OpenSea, the NFT trading market also includes SuperRare, Foundation and Hic et Nunc, but OpenSea accounted for more than 97% of the total market transactions in the third quarter. Consensys said that OpenSea’s current competitor is Christie’s auction house from the traditional field, which achieved more than 100 million U.S. dollars in NFT sales in September, and it achieved 15.6 million at the NFT auction held in Asia on September 28. Dollar sales.
Consensys specifically mentioned “avatar NFTs” including CryptoPunks, Bored Ape, Meebit. Consensys believes that this type of NFT has become a kind of culture. Users trading such NFTs are more driven by the need for culture and symbolic value, not just Only stay at the level of use value. The total transaction volume of the above three series of NFTs reached 548,731 ETH (2.513 billion U.S. dollars), 184,415 ETH (845 million U.S. dollars), and 71,077 ETH (326 million U.S. dollars).
NFT financialization
As the price of NFT continues to rise, the market has also begun to explore the financialization of NFT. Consensys listed three directions of financialization, namely cooperative auction, fragmentation, and NFT mortgage lending.
Cooperative auctions (such as PartyBid) allow multiple users to pool the funds used to bid for NFTs to purchase high-value NFTs, thereby sharing the ownership of the NFTs; fragmented platforms (such as Fractional) allow users to divide NFTs into several pieces. You can choose to purchase a portion or all the fragments to have a complete NFT; NFT mortgage lending platforms (such as NFTfi) allow users to use NFT as collateral to make loans. According to Dune Analytics data , as of September 30, 2021 , The total amount of loans on NFTfi has reached 3.36 billion U.S. dollars, nearly double the 1.88 billion U.S. dollars at the end of the second quarter.
Consensys also pointed out that the current NFT lending still faces three major risks, including smart contract risks, large NFT price fluctuations resulting in a value lower than the loan amount, and low NFT liquidity leading to a drop in the clearing price.
Meta universe
In the author’s opinion, the real explosion of the meta-universe concept occurred in the fourth quarter. In the third quarter, the popularity of meta-universe products has not reached the current peak, but projects such as Axie Infinity, Decentraland, and Loot have already shown their feet.
Axie Infinity is the most representative “Play-to-Earn” chain game. It generated 720 million US dollars in revenue through NFT sales in the third quarter. The current daily activity exceeds 300,000, and Discord members exceed 250,000. It has become the world’s largest Discord community. According to AxieWorld data , Axie Infinity’s total revenue in the third quarter reached 781.6 million US dollars, a quarter-on-quarter increase of nearly 50 times.
Decentraland is a virtual world. Users set up their own avatars in Decentraland and can interact with other users. They can also purchase their own virtual land (LAND) and build houses on the land. In mid-June, a piece of land in Decentraland was sold for about US$900,000. The median price of Decentraland NFT is currently close to US$5,000. The average weekly sales in the third quarter are about US$772,000, and the average weekly NFT sales are The quantity is 300 pieces.
Loot realizes random composability based on established metadata. What kind of affixes users get is completely random, but these random affixes will also distinguish the rarity. After the outbreak of Loot, many derivative projects appeared. Consensys believes that Loot is revolutionary. It laid the foundation for the latecomers of the meta-universe, and this foundation is that “the most diversified project based on imagination can be constructed based on the smallest starting point. And the most complex world”.
In addition to the above content, the report released by Consensys also includes the governance of the DeFi protocol, institutional investment, security, and policy. I will not introduce too much here. Those who are interested can refer to the original text of the report.
Source link: consensys.net
