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Friday Metrics Watch #17

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Satoshi&Co Daily Crypto Newsletter

August 23 · Issue #225 · View online
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Crypto lending is a DeFi businesses that is witnessing strong growth. Over $600 million has been issued so far on DeFi with MakerDAO leading the pack. After a 12-month period of relative MakerDao monopoly in the market, rival protocols (Compound and Dharma) emerged earlier this year with more features such as interest on deposits and multi-asset collateral. The stories of Dharma and Compound have since gone in opposite directions. Compound is now rivalling MakerDAO after originating $82 million in loans over the past three months, while Dharma has gone into hibernation to reinvent itself after volumes did not take off as expected. We have covered Compound’s cTokens earlier this week. Nuo is another lending platform that is finding some traction.
Ethereum Locked in DeFi
MakerDAO still accounts for a lion’s share of ETH locked up in collateral, with more than 1.39 million of ETH locked up. Compound showed a strong w/w growth of 7% in ETH locked up, while Augur declined by 6%.
Lightning Network Growth:
Capacity per channel fell by 5% w/w. The total number of nodes increased w/w by 6%, and the total number of channels increased by 12%.
(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.
(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. $4.1 million for the week, a strong increase from $3.2 million in the previous week. WETH is the most borrowed cryptocurrency on Compound followed by DAI and BAT.
dYdX Loans:
Total loans issued on Dharma Lever for the last week stands at approx. $3.2M for the week, a steep increase from $730k last week. DAI is the most borrowed cryptocurrency on Compound followed by WETH and USDC.
MakerDAO Loans:
DAI loans issued on MakerDAO for this week stand at ~$800k, a meaningfu decrease from $4 million 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....
“Abra To Restrict US Users”
California-based crypto wallet service Abra will restrict some services for American users starting from August. Abra will have to enforce some system modifications due to continued regulatory uncertainty in the United States, according to a blog post on July 25. Notably, American users will no longer be able to hold a number of cryptocurrencies, including EOS (EOS). Specifically, the platform will start migrating its smart contract-based synthetic assets to a native hosted wallet solution, adding that those assets are defined on Abra as anything other than Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
“SEC Clears A Gaming Company To Issue Tokens On ETH Blockchain”
The U.S. Securities and Exchange Commission has issued a no-action letter to Pocketful of Quarters (PoQ), a gaming startup looking to issue tokens on the ethereum blockchain. PoQ may legally sell its Quarters tokens to consumers without registering them as securities, the SEC Division of Corporation Finance wrote in its second no-action letter to a company seeking to launch a token sale. (The first was granted in April to TurnKey Jet, a business-travel startup.) Quarters are built according to the ERC-20 standard – the first such token to receive U.S. regulatory approval.
“Japanese Financial Services Giant To Follow Libra”
Monex Group, the Japan-based online brokerage firm that also owns cryptocurrency exchange Coincheck, has submitted an application to join Facebook’s Libra project. The news was announced by Monex president Oki Matsumoto at a meeting, Reuters Japan reported Friday. The Libra Association will reportedly be reviewing the group’s application around the end of September. Libra cryptocurrency offers “various possibilities,“ said Matsumoto, including financial inclusion and cross-border product sales.
“New Jersey Resident Indicted For Running An Illegal Exchange”
The state of New Jersey has indicated a resident of Monmouth County for operating a Bitcoin exchange without obtaining any license. According to the official press release, the man is charged with one count of operating an unlicensed money transmitting business. If found guilty, he can face a maximum penalty of 25 years along with a fine of $250,000. The announcement detailed that William Green, a 46-year old man, was running a website called “Destination Bitcoin” and was accepting money for Bitcoin trading. As the platform had no authorization, Green received fiat from his clients and deposited them in the bank, which were maintained by him. He then converted the money into Bitcoin in accordance to his customer’s requests.
Crypto Twitter Pick
David Puell
$BTC: Friend of mine asked what are the core concepts to grasp in order to understand the field of on-chain analytics. Apart from the obvious market cap, price, and supply, the following are musts:

1. Transaction volume.
2. Coindays destroyed.
3. Realized cap.
4. HODL waves.
What We Are Reading / Listening To
Overnight Performance of Top 10 Currencies
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