Circle Research released the first quarter of 2019 encryption report, including: 1. Ethereum's open financial ecosystem continues to grow. ETHs locked in Maker, Uniswap, dYdX, Uniswap, Compound, and Augur increased by 18%, from 1.9 million in Q4 in 18 years to 2.2 million in Q1 in 19 years; 2. DAI is difficult in 2019 due to oversupply A target price of $1 has been reached and has now fallen to a low of $0.95. As a result, MakerDAO token holders voted to increase the stabilization fee by a factor of six. The latest proposal proposes to increase the stability fee to 16.5%. 3. AutonoFinTech's preliminary data shows that the number of securities-type tokens issued in 2019 will increase by nearly 250%. Although the number of issuances is increasing sharply, it is expected that STO will only raise 10% of funds by 2018. 4. In 2019, the value and attention of the pledge network increased, and the current market value of pledges of each network reached 5.8 billion. Pledge gains of up to 35% on such networks. At present, the Ark token pledge rate accounts for the highest proportion, reaching 74% of the total supply; 5. The total amount of encryption funds increased in 2019. As of April 2019, the holdings of encrypted hedge funds, venture capital firms and private equity firms increased 40% from the fourth quarter of 2018 to $14.4 billion, less than 1% of the total assets of hedge funds.