Eight sets of data to interpret the 2020 development and 2021 trend of the blockchain industry

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Bitcoin is expected to maintain a high level of operation or even further rise, DeFi may benefit from a wider range of financial technology to further expand the scale of users.

Original title: “We have invited 8 analysts from around the world to take the pulse of 2021, these 8 data you need to know”
Written by: Carol

“Continuity” is a description of the developmental nature of things in philosophical discourse. The development of everything is continuous, and blockchain is no exception.

In 2020, many new development trends have emerged in the blockchain field. First of all, the most striking thing is that Bitcoin continues to set new historical highs at the end of the year. On the last day, it “finished” with an all-time high of over $29,800. Secondly, the DeFi ecosystem on Ethereum ushered in a major explosion. Not only did the total amount of locked positions increase by 2100%, and the concept coin rose by 191%, it also increased the number of transactions on the Ethereum chain by 41.98% year-on-year. Nearly 3 times. In addition, during the year, 12 blockchains, including Bitcoin, ushered in production cuts; celebrity public links such as Polkadot were connected to the main network; financial derivatives such as futures and options developed; Representatives of institutional funds continue to enter the market; global regulatory agencies tighten the supervision of legal currency stablecoins and initial tokens…

These trends will certainly continue into 2021.

Standing at the intersection of time, PAData, together with analysts from 7 independent research institutions, CoinGecko, Messari, Nansen, Arcane Research, PeckShield, OKEx Research Institute, and Gate.io Research Institute, interpret the importance of the blockchain field in 2020 Data, and look forward to the trend in 2021.

We believe that BTC is expected to maintain a high level of operation and even further rise in 2021. Compared with the two phases of the previous bull market, the return rate of the first phase of this bull market is higher, which laid the foundation for the second phase of the trend . On the other hand, institutional funds continue to increase, and factors such as the transformation of the income structure of the mining industry caused by the third production cut will provide the impetus for the second phase.

We also believe that in 2021 DeFi may have the opportunity to benefit from a wider range of financial technology to further expand the scale of users. DeFi derivatives field may usher in a breakthrough. The continuous improvement of ecological development and the fundamentals of the blockchain will form a positive feedback mechanism, which provides the basis for the new value consensus of ETH in the future. But pay attention to preventing systemic risks under the DeFi “Lego” combination.

Statistics: 303% vs 130%

Keywords: BTC, rate of return

Market Researcher: CoinGecko / Erina Azmi

The 2016-2018 cycle witnessed the increase in the price of Bitcoin, with a peak return of 4527%, and the return rate of the first phase (2016/01/01-2017/01/01) was about 130%. In the 2020-2022 cycle, the return rate of Bitcoin in the first phase (2020/01/01-2021/01/01) reached 330%, more than double the previous cycle. In this cycle, the cryptocurrency market can maintain high valuations, largely due to the influx of institutions, the macro environment that encourages loose monetary policy, and the further expansion of market accessibility.

Eight sets of data to interpret the 2020 development and 2021 trend of the blockchain industry

For more annual data on BTC, please refer to the ” Panoramic Review of BTC 2020: 450,000 BTCs dug up throughout the year and a net loss of 350,000 from the exchange “.

Data: 2 times

Keywords: Ethereum, transaction volume

Senior Analyst: Messari / Ryan Watkins

In the third quarter of 2020, the daily transaction volume of Ethereum gradually surpassed that of Bitcoin, and as of the end of September it had been roughly twice that of Bitcoin. This is an incredible sign of economic progress on the Ethereum chain. DeFi and stablecoins are two key developments in achieving this goal in the past year.

Eight sets of data to interpret the 2020 development and 2021 trend of the blockchain industry

For more annual data on the Ethereum chain, please refer to the “ETH Annual Report: 345 million on-chain settlements over Bitcoin transaction fees have increased 41 times.”

Data: 70%

Keywords: Ethereum, Gas, Gas Token

CEO: Nansen / Alex Svanevik

2020 belongs to ChiToken because it performs better than GasToken in terms of Ethereum mainnet contract deployment. October is the most active month for ChiToken contract deployment. 1.8 million ChiToken contracts were deployed on Ethereum, accounting for more than 70% of the total number of contracts in the month.

I think that in 2021, DeFi will be combined with FinTeck, which will push DeFi to “break the circle” further. In addition, I also think that the most popular DeFi will launch Layer 2 solutions so that they can expand as more users enter the field.

Eight sets of data to interpret the 2020 development and 2021 trend of the blockchain industry

For more annual data on Ethereum Gas fees, please refer to the “ETH Annual Report: 345 million on-chain settlements over Bitcoin transaction fees have increased 41 times.”

Data: 2100%

Keywords: DeFi, locked position, derivatives

Research Director: Arcane Research / Bendik Norheim Schei

In the first half of 2020, the DeFi field has been moderately applied, with loan agreements taking the lead. At that time, the total lock-up volume of DeFi was approximately stable at between 700 million and 1 billion US dollars. Subsequently, Compound launched a governance token in June, and liquidity mining detonated the benefits of DeFi, and more and more “farmers” joined DeFi. Throughout the year, DeFi’s total lock-up volume increased from US$670 million to US$14.5 billion, an increase of 2100%. In addition, as of December, DeFi had a total of 1 million unique addresses, a 10-fold increase from January.

In 2021, we believe that tightening the supervision of the centralized derivatives trading market will guide traders to shift to alternative markets, and DeFi derivatives platforms will see even greater growth.

Eight sets of data to interpret the 2020 development and 2021 trend of the blockchain industry

For more DeFi annual data, please refer to ” Unexpected DeFi 2020 transcript: The total amount of locked positions has increased by 2100%, and the average active address is only 427 “.

Data: $237 million

Keywords: DeFi, attack, system risk

Researcher / Technical Leader: PeckShield / Shi Huaguo

Since February this year, the bZx protocol has been attacked by lightning, and attacks on DeFi projects have begun to break out. Due to the increasing number of combined gameplay of DeFi projects in 2020, the risks caused by the project portfolio are also increasing. By November, it reached a high point of attack incidents and loss amounts. According to statistics from PeckShield, there are three types of DeFi attacks that cause the most losses: oracles, flash loans, and reentry attacks. On November 26, 2020 alone, the Compound protocol was attacked by oracles and there were 90 million US dollars in assets. Was liquidated.

Eight sets of data to interpret the 2020 development and 2021 trend of the blockchain industry

For more DeFi annual data, please refer to ” Unexpected DeFi 2020 transcript: The total amount of locked positions has increased by 2100%, and the average active address is only 427 “.

Statistics: 248%

Keywords: BTC futures, total open interest

Lead Researcher: OKEx Research Institute / William

In 2020, the open interest of Bitcoin futures contracts rose from approximately US$2.7 billion to approximately US$9.4 billion, an increase of 248.15%. As the price of Bitcoin continued to hit new highs in December, the open interest and trading volume of futures also hit new highs. The futures market throughout the year showed two major characteristics: First, the Bitcoin futures contract holdings on CME have always ranked first and second in the market, institutional investors have low transaction frequency and long holding time; second, the bull market at the end of the year Under the circumstances, investors entering the crypto derivatives market are mostly small and medium investors rather than institutional investors.

Eight sets of data to interpret the 2020 development and 2021 trend of the blockchain industry

For more market transaction data on BTC, please refer to the ” Panoramic Review of BTC 2020: 450,000 BTCs dug out in the whole year, and 350,000 BTCs lost from exchanges “.

Data: $17.4 billion

Keywords: grayscale, GBTC, OTC high premium

Researcher: Gate.io Research Institute / Zian Zeng

In 2020, the scale of Grayscale BTC Trust will continue to expand, reaching USD 17.475 billion by the end of the year. At the same time, among similar products, the market share of GBTC and the market value of Bitcoin have increased over the same period, which proves that the inflow of trust funds is a factor affecting Bitcoin’s surge this year. In addition, the price ratio of BTC/GBTC is generally stable, but the supply ratio decays significantly, which means that the growth of Bitcoin supply is greater than the creation of GBTC trust shares while maintaining price growth over the same period, which explains to a certain extent The high premium status of GBTC. According to statistics, the highest premium of GBTC in the second half of the year exceeded 40%.

Eight sets of data to interpret the 2020 development and 2021 trend of the blockchain industry

For more data on Grayscale Trust Funds, please refer to “Depth Data | Grayscale Asset Management Scale Increases by 20 times a year. What is the impact of continuous buying and buying on the market? “And “A panoramic review of BTC 2020: 450,000 BTC were dug up throughout the year, and the exchange lost 350,000 BTC.”

Data: -3.78%

Keywords: Bitcoin production reduction, mining, proportion of fees

Senior Data Analyst: Carol

In 2020, the scale of Bitcoin mining will shrink, and the cumulative output of the mining industry for the year will be approximately US$5.012 billion, which is 3.78% less than in 2019. On the one hand, this was affected by the third production cut, and blockchain rewards fell by 50%. On the other hand, despite the substantial increase in transaction fees, the annual fee income exceeded US$326 million, an increase of 108.97% from 2019. The proportion of transaction fees in total mining revenue has also increased from last year’s average of 2.8% to this year’s average of 6.69 %, but this still cannot bridge the revenue gap caused by the reduction in block rewards.

The substantial increase in handling fees has become the main way to improve the mining margin. If the currency price cannot stabilize at a high position next year, transaction fees may continue to rise sharply. In turn, the scale of mining as the industry’s basic ecology will provide a support for the value of BTC.

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