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Friday Metrics Watch #12

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Satoshi&Co Daily Crypto Newsletter

May 31 · Issue #187 · View online
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Check out past issues of the newsletter along with more interesting crypto content as well as short (but great) conversations with leading crypto industry participants at our newly-launched website www.satoshiand.co

(Listen to our latest podcast here. It is with Sandeep Nailwal of Matic Network, which is a layer 2 protocol working on ETH’s Plasma. Matic Network recently finished a successful launch on Binance Launchpad and is also the first Indian crypto startup to receive funding from Coinbase Ventures).
It has been an eventful week, with BTC skirting with 10k, and Kik and Cooley coming together to defend Crypto. There sure is skin-in-the-game here, so Taleb should be happy. However, doesn’t this just put a big Red X on the backs of Mssrs Kik and Cooley, from a regulatory perspective? Maybe attack is the best defence, as they say in football (soccer). Also, Egypt is considering lifting its ban on cryptocurrencies.
And now on to our weekly metrics watch…
Ethereum Locked in DeFi
MakerDAO still accounts for a lion’s share of ETH locked up in collateral, with about 1.76 million of ETH locked up. Uniswap, Compound and Augur showed w/w increases, but Maker showed a decline of 7% w/w.
Source: defipulse.com
Source: defipulse.com
Lightning Network Growth:
Capacity per channel showed a moderate growth of 1% w/w. The total number of nodes also increased w/w by 1%, while the total number of channels decreased by 2%.
Source: 1ml.com
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
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. $4.6 million for the week, a steep increase from $2.1 million in the previous week. WETH is the most borrowed cryptocurrency on Compound followed by DAI and BAT.
Source: loanscan.io
Source: loanscan.io
Dharma Loans:
Total loans issued on Dharma Lever for the last week stands at approx. $147k for the week, a significant decline from the previous week. DAI is the most borrowed cryptocurrency on Compound followed by WETH and USDC.
Source: loanscan.io
Source: loanscan.io
MakerDAO Loans:
DAI loans issued on MakerDAO for this week stand at ~$6.1 million, a multifold increase from $1.7 million last week. The total outstanding DAI debt currently stands at ~$83 million.
Source: loanscan.io
Source: loanscan.io
(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....
“G20 Countries Start Implementing Unified Crypto Standards”
As the G20 summit approaches, member countries have been discussing how to implement the standards set by intergovernmental organizations such as the Financial Action Task Force. While there may be some challenges in complying with the standards, the European Central Bank says the risks crypto assets pose to the euro area’s financial stability are manageable.
“EY’s Nightfall Project Outsourced”
One of the world’s largest consultancy firms has released a new set of protocols for enabling private transactions atop the ethereum blockchain. The project, dubbed “Nightfall,” by Ernst & Young (EY) was released on GitHub Friday. The goal, according to the code’s description on GitHub, is to provide a means for transacting on ethereum with “complete privacy.”
“Bitfinex Plans To Launch USDT on Lightning Network”
As the stablecoin wars continue to heat up, Bitfinex is looking to bring USDT to more blockchains, announcing earlier today that it will launch its stablecoin on EOS’s blockchain. Currently, Tether is issued on the Omni Layer, Ethereum, and TRON. In the next couple of weeks, the company is also planning to issue USDT on Blockstream’s federated sidechain Liquid. But chief technology officer Paolo Ardoino told The Block that the firm has ambitions to bring the stablecoin to other blockchains, saying that it will launch the coin on Lightning Network sometime this year. As part of those efforts, Bitfinex has joined a group of developers and companies called RGB, which is working to put more assets on the Lightning Network.
“Japan Agrees To Amend Laws Governing Crypto”
The Japanese House of Representatives has officially approved a new bill to amend national laws that govern crypto regulation, Cointelegraph Japan reported on May 31. The bill — which had been prepared by Japan’s Financial Services Agency (FSA) and accepted by the House in mid-March of this year — has been passed by a majority in the House of Councilors plenary session, according to an update today on the FSA’s website. The bill seeks to introduce amendments to two national laws that apply to crypto assets — the Act on Settlement of Funds and the Financial Instruments and Exchange Act.
Crypto Twitter Pick
Kevin Rooke
Bitcoin mining difficulty has just hit an all-time high.

The network is stronger than ever.

🚀🚀🚀 https://t.co/cWgMtQ5xZ3
What We Are Reading / Listening To
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