Editor | Lu Xiaoming
Editor | Lu Xiaoming
On July 10th, StakingCon, the Staking Ecological Conference co-hosted by Odaily and BlockBeats, was held in Beijing. Professor Jiang Xuxian, the founder of PeckShield, gave a keynote speech on the theme of "DeFi Ecological Development and Security Challenges". During the speech, Professor Jiang Xuxian analyzed the current situation of the DeFi market with multiple sets of data.
Professor Jiang Xuxian said that by analyzing the data of Maker, Compound and dYdX, it was found that the total loans of these lending platforms have increased significantly, from about 34 million in January this year to 220 million at the end of June. In just a few months rose more than five times.
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The following is the original text edited and organized by Odaily, enjoy:
The topic I am talking about today is the current development of DeFi. Before I start, I would like to share with you the recent trend of DeFi lock-ups. Recent statistics show that as of the end of last month, the total lock-up value of DeFi projects has reached 1.5 billion. As you can see, the data on the picture shows that Maker has nearly 500 million US dollars.
Against such a background, we use data to interpret the development behind it.
This time we focus on three areas in DeFi - stable currency, lending market, and decentralized exchanges.
There are more than a dozen types of stablecoins. Let's take a look at their daily transaction volume and order. Lending market, including current mortgage rate and number of users. There are also exchanges, let’s share the current transaction volume, number of transactions and number of users. Finally, we have seen some current problems of some DeFI projects from the perspective of security companies, and share with you the solutions we have seen.
As of the end of June, the overall circulation of stablecoins has exceeded 4.5 billion U.S. dollars. USDT ranks first, followed by USDC, which currently exceeds 360 million U.S. dollars, accounting for 7.8%.
Among the 4.5 billion US dollars of stable coins issued in total, the daily transaction volume on the chain is just 4.5 billion US dollars, which is exactly equal to the current overall circulation of stable coins, which means that all these circulations can be circulated in one day. What kind of efficiency is this? This is unattainable in reality.
Considering the number of transactions on the chain, the current average number of stablecoin transactions per day has reached more than 300,000, and each transaction should be about 450,000.
Next, let me talk about the mainstream DeFI systems we have observed so far.
We mainly refer to the data of Maker, Compound and dydx. In January of this year, the total amount of loans on these lending platforms was only about 34 million (US dollars), and by the end of June, it was 220 million (US dollars). It more than quintupled in just a few months.
What everyone is more concerned about is outstanding loans, which are also called debts. As you can guess, the biggest one is Maker, and Maker is definitely the boss inside.
The debt of the lending platform is ultimately guaranteed by the relative digital currency mortgage to ensure the security of the entire system. Let’s analyze the mortgage rates of these systems on the day. So far, what can be seen is that everyone’s mortgage rate is around 400%, and these systems are relatively healthy.
But in terms of mobility, there is still a lot of room for improvement. I think there is a bit of waste in this. From the perspective of staking, it has certain interest. But from another perspective, we have analyzed the business volume of lending platforms at all levels. This is in December 2017. It went online at the beginning of the month, and the current number of Maker users is 8,499, and Compound is more than 4,000. The number of these users is relatively small, and I think this is a problem facing the entire lending industry.
Next, let's talk about the data of the central exchange. Here I sorted out the data of the top ten representative decentralized exchanges. The monthly transaction volume is about 64 million, and the transaction volume in June 2019 exceeded 260 million.
From the perspective of the market, it has grown more than 300 times, and the two exchanges with the largest growth are Uniswap and Eth2dai. This also reflects the current rising market.
From the perspective of the number of transactions, the number of transactions in January was only 190,000, and the number of transactions in June was nearly 400,000, which doubled. But for users, you can see that there were less than 20,000 users in January, and 32,000 users in June. You can indeed see a substantial increase in transaction volume, but I think the number of users still needs to (increase).
Next, let me tell you about some of the problems we have seen.
In the Compound system, there was a pressure problem in the kinetic energy of contract liquidation in December last year, and there was also a security problem in May. You may also know that the Synthetis contract had an Oracle exception last month.
DeFi security issues are not only at the code level in conventional understanding, security issues also include the authorization management of those contracts, the upgrade governance of the contract itself, and the time economic model of the contract, etc.
In addition, the project party also needs to pay attention to that once it goes online, the most important thing is to pay attention to the operation and maintenance of the data level, and at the same time pay attention to the corresponding mechanism on the security assets, and use the contract to upgrade it.
