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Friday Metrics Watch #4

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Satoshi&Co Daily Crypto Newsletter

April 5 · Issue #155 · 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

First of, a big thank you for making the Satoshi&Co newsletter one of the more popular crypto blogs out there. We just got featured in BitStock’s Top 6 Crypto blogs to follow. All the more reason to share it with someone you know who might enjoy reading this.
Currently, DeFi along with the Lightning Network are probably the two most interesting user applications out there in the crypto space currently. To present our readers with updates on how fast the DeFi and Lightning Network ecosystems are going, we wanted to make our Friday edition of newsletter primarily dedicated to tracking the progress of key metrics in both these ecosystems. In Satoshi&Co future Friday editions, we will therefore try to present to our readers more data-driven research on different components of the DeFi stack, LN as well as other adjacent ecosystems such as DEXs (decentralized exchanges) and stablecoins.
Ethereum Locked in DeFi
MakerDAO still accounts for a lion’s share of ETH locked up in collateral, with more than 2.1 million of ETH locked up. Compound and Augur showed strong w/w growth of 27% and 38% in ETH locked up, respectively, while dYdX and Maker have seen moderate declines.
Source: https://mikemcdonald.github.io/eth-defi/
Source: https://mikemcdonald.github.io/eth-defi/
Lightning Network Growth:
The w/w growth in Lightning nodes was 2% this week. Network capacity increased by 1.6% and BTC capacity per channel increased by 2% this week.
Source: 1ml.com/
Source: 1ml.com/
(For reference, some previous articles on LN, here)
DEX Tracker:
Trading volumes on DEXs have declined on a w/w basis, with the average daily trading volume averaging 30k 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
Btw, we are quietly excited by the progress that our own Fordex has made within a few weeks of its launch; it is now among the top 5 0x relayers globally, with daily volumes between $15-20k. This is hugely promising, as this volume is completely organic, with no wash trades, zero marketing, minimal PR and no market-maker engagements. We have covered DEXs a fair bit earlier, including here, and believe they are foundational to the emerging DeFi stack.
Source: 0xtracker.com
Source: 0xtracker.com
(For reference, some previous articles on DEXs, here and here).
Crypto Loans Tracker:
Compound Loans:
Total loans issued on Compound stands at approx. $667k for the week. WETH is the most borrowed cryptocurrency on Compound followed by DAI and ZRX.
Source: loanscan.io
Source: loanscan.io
Dharma Loans:
Total loans issued on Dharma Lever (still in alpha) for the last week stands at approx. $181k for the week, a meaningful decrease from the previous week. DAI is the most borrowed cryptocurrency on Compound followed by WETH and BAT
Source: loanscan.io
Source: loanscan.io
MakerDAO Loans:
DAI loans issued on MakerDAO for this week stood at $8.7million, a significant increase vs last week. The total outstanding DAI debt currently stands at ~$89 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....
“Bitcoin’s Google Searches Rising Again”
It’s been a while since Bitcoin searches were so high. In fact, not since the peak of Bitcoin’s popularity from 17-23 Dec has interest in the number one cryptocurrency been so widespread. Breaking the numbers down a little further, you’ll see that Nigeria and South Africa are leading the charge. Bitcoin searches are also high in the Netherlands and Austria, although that could also coincide with the fact that both countries are hosting major Blockchain events this week.
“Russia’s Facebook Working on its own Crypto”
Like Facebook, Russia’s largest social media network, VKontakte, is reportedly working on its own cryptocurrency. According to a report by Russian news outlet RNS, VKontake (VK) is currently in the development phase of a native cryptocurrency. The news agency cites that this information is from a source familiar with the company’s plans, which provided the publication with an internal presentation about the company’s cryptocurrency initiative. In the presentation, RNS reports, the company states it is considering rewarding users for their time spent on the platform as well as other specific activities. Users could be rewarded in the new coin by posting quality content, for example, or by curating other users’ content.
“CAD-pegged Stablecoin”
Cryptocurrency exchange Coinsquare is launching a stablecoin pegged 1:1 to the Canadian dollar (CAD). The exchange plans potential roles for its new “eCAD” token in cross-border payments and remittance, peer-to-peer lending, merchant payment solutions, as well as trade settlements and forex conversions. The firm pledged that each eCAD token will have one Canadian dollar backing it in reserve. While it claimed transparency in the announcement, it did not detail if and how proof of its reserves might be made public.
“Minnesota’s New Law for Crypto Mining”
The United States county of Missoula, in the state of Montana, has adopted a regulation for cryptocurrency mining, local media outlet the Missoulian reports on April 5. The focus of the new law is seemingly on the possible effects of cryptocurrency mining on global warming and electronic waste. Also, from now on, crypto miners in the county will be able to establish their operations only in light industrial and heavy industrial districts and only after they have been reviewed and approved as a conditional use.
Crypto Twitter Pick
Cumberland
Desk Update: The post-trade analysis of Monday evening’s price action revealed a series of large bids (>1,000 BTC per order) within a 1 hour span, which appear to be actual buyers vs. forced liquidations. https://t.co/UiuHLoCbPr
What We Are Reading / Listening To
Overnight Performance of Top 10 Currencies
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This newsletter does not constitute an offering of securities in any jurisdiction. The contents of this note should not be construed as investment advice or as a recommendation to purchase securities. This note is intended for the consumption of the recipient alone and not for public distribution. Please consult a certified financial advisor or other appropriate practitioner as may be appropriate as per your jurisdiction.
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