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ETH Surpasses BTC In Network Fees; Friday DeFi Metrics Watch

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Satoshi&Co Daily Crypto Newsletter

September 20 · Issue #235 · View online
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The Ethereum blockchain is experiencing a surge in traffic as the network fees reached a new high in 2017, increasing from over 11c to 39c since Sep 1st. In response, the ETH dev community has responded by increasing the gas limit by 25% to 10M gas per block to accommodate more number of transactions in a block. The move follows considerable upticks in Ethereum network usage, largely due to stablecoin Tether (USDT), which has shifted its reliance from Bitcoin via the Omni Layer to the Ethereum blockchain.
According to research data from monitoring resource Coin Metrics, as of Sept. 15, Ethereum users paid almost as much in daily transaction fees as Bitcoin users: $182,899 versus $185,993, respectively.
Source: Etherscan.io
Ethereum Locked in DeFi
MakerDAO still accounts for a lion’s share of ETH locked up in collateral, with more than 1.41 million of ETH locked up. Compound showed a strong w/w decline of 14% in ETH locked up, while Augur improved by 4%.
Source: defipulse.com
Lightning Network Growth:
Capacity per channel fell by 0.7% w/w. The total number of nodes increased w/w by 1%, and the total number of channels decreased by 1% w/w.
Source: 1ml.com
(For reference, some previous articles on LN, here).
DEX Tracker:
Trading volumes on DEXs have increased on a w/w basis, with the average daily trading volume averaging 35k ETH for this week. IDEX remains the biggest DEX in terms of trading volume and DAI is the highest traded cryptocurrency on DEXs.
Source: dex.watch
(For reference, some previous articles on DEXs, here and here).
Crypto Loans Tracker:
Compound Loans:
Total loans issued on Compound for the last week stands at approx. $5.7 million for the week, a strong increase from $2.6 million in the previous week. WETH is the most borrowed cryptocurrency on Compound followed by DAI and BAT.
Source: loanscan.io
dYdX Loans:
Total loans issued on dYdX for the last week stands at approx. $5.6M for the week, a 50% increase from $2.7M last week. DAI is the most borrowed cryptocurrency on Compound followed by WETH and USDC.
Source: loanscan.io
MakerDAO Loans:
DAI loans issued on MakerDAO for this week stand at ~$8.8M, a 4x increase from $2.1M last week. The total outstanding DAI debt currently stands at ~$86 million.
(For reference, some previous articles on MakerDao, here and here).
You can also check out last week’s Metrics Watch here.
Meanwhile in Crypto Wonderland....
“Seed CX Slashes Fees To Fight Competition”
Cryptocurrency exchange Seed CX has cut its fees to gain market share as competition piles into the crypto trading space. Margin compression across the industry is the result of the most popular exchange services become commoditized as crypto usage proliferates. Fees for takers is down to five basis points from eight bps on the Seed Digital Commodities Market, while makers, who previously traded on the exchange for free, receive one bp rebate. In an interview, Seed CX co-founder Edward Woodford told CoinDesk that the fee cuts came on the heels of a record $20 million daily trading volume recorded last week, beating out top players Bittrex and Gemini in the league table.
“Binance To Launch Crypto To Yuan OTC In October”
Cryptocurrency giant Binance plans to roll out its over-the-counter (OTC) trading platform for Chinese yuan in October. Yi He, Binance co-founder and chief marketing officer (CMO) announced the news at a media session on Sept. 17, as Binance confirmed to Cointelegraph on Sept. 19. According to the CMO, Binance’s new OTC onramp is scheduled to launch next month and only targets the Chinese market, as the current plan envisions supporting the Chinese renminbi only, a Binance spokesperson said. To date, Binance has already set up an OTC trading desk that provides users with large transactions service, as noted by the representative. In April 2019, Binance saw an immense surge in OTC trading, reportedly recording nearly $80 million in profits.
“Particl To Be Listed on Bisq Decentralized Exchange”
Today, on this 16th of September 2019, Particl has been listed on the decentralized exchange BISQ. This listing goes a long way to make PART more resilient and independent from centralized exchanges and makes it much more accessible to US users which haven’t been able to easily acquire PART ever since Bittrex geo-fenced US customers from their PART/BTC market.
“CME To Launch BTC Options In 2020”
CME Group Inc. CME -0.34% on Friday said it planned to launch options on its bitcoin futures contracts in the first quarter of 2020, the latest move by an established market player to expand into the crypto business. Chicago-based CME has offered bitcoin futures since December 2017, when the price of bitcoin in the spot market briefly traded as high as $19,800 during a wild bull market. These days the market has cooled significantly, but there is still a small but growing demand among institutional and retail traders for futures and options.
Crypto Twitter Pick
Misir Mahmudov
There are 36 million millionaires in the world

And only 21 million bitcoins, ever.

That is all.
8:02 PM - 18 Sep 2019
What We Are Reading / Listening To
Overnight Performance of Top 10 Currencies
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