DeFi weekly selection 丨 High ETH lock-up volume, zero mortgage DeFi for "Great Leap Forward"

DeFi content this week includes:

  1. One-week DeFi data: imBTC's weekly lockup increased by 15.44%, and the number of ETH mortgages across the network hit a record high;
  2. Coinbase CEO predicts the next 10 years of DeFi;
  3. "Great Leap Forward" Zero Mortgage DeFi;
  4. DAO (Decentralized Autonomous Organization) in 2019 and 2020;
  5. DeFi golden sentence of the week
  6. to sum up

According to data provided by dapptotal, the total locked value of the DeFi ecosystem in the past week (US $) was approximately US $ 8.8096 billion, an increase of 2.25% year-on-year, of which the head item Maker increased by 7.54% year-on-year, and the outstanding aggregate DeFi last week. The application InstaDApp continued to maintain high-speed growth. In addition, imBTC (BTC Anchor Coin), which is issued and supervised by Tokenlon, performed well. At present, the total value of assets locked by the project is approximately 2.49 million US dollars, an increase of 15.44% from last week.


Data from (

Since November 19, the number of stable coin DAI lock positions has been declining. Currently, the number of DAI locked by the entire network is about 4.83 million DAI, which is about 83.65% lower than the peak of 29.54 million DAI on November 7, 19, At the same time, the number of ETH lockups has continued to rise. According to dapptotal statistics, the current number of ETH locked in the entire network has reached 3.84 million ETH, a record high. (Note: The statistics of different websites are different, but the trends are roughly similar)


Coinbase CEO predicts DeFi's next 10 years

Coinbase founder and CEO Brian Armstrong in his newly published article "What will happen to the cryptocurrency world in the next 10 years?" Defi is mentioned in the article, which states:

"While fiat / cryptocurrency exchanges will largely follow the traditional financial services model, in the purely decentralized cryptocurrency / cryptocurrency space, a separate world will form. In other words, once you put yourself Exchange of fiat currency to cryptocurrency, you can enter a magical place of innovation, which is composed of pure cryptocurrency. In this world, unmanaged wallets, DEX, Defi and Dapp will continue to improve in terms of usability and security , We will see many new applications appear, from games to online communities, to virtual worlds with their own economic benefits. Many applications and unmanaged wallets in the world, because they never store customer funds, they will be more similar For software companies, not as severely regulated as financial services companies. This will greatly accelerate the pace of innovation. As privacy coins and unmanaged wallets are more adopted, the world will usher in greater privacy. We will also see the rise of decentralized identities and the reputation scoring systems associated with those identities. With the development of the crypto-economy, more and more people will rely on cryptocurrency for their livelihoods, in order to find opportunities and clear the obstacles to global economic freedom. "

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"Great Leap Forward" Zero Mortgage DeFi

When we entered 2020, a hot topic on DeFi was low mortgage lending. Over the past year, super mortgage lending has laid a solid foundation for DeFi, and in the recent past, many teams have been doing low mortgage DeFi. Product try. There are even teams that have slogans of "zero mortgage".

Zero Collateral Loans, a new product created by FarbX, is one such attempt, and the solution leverages a stablecoin called zDai.

Simply put, lenders provide Dai to a contract in exchange for zDai (similar to Compound issuing a cToken). When these lenders receive interest on their capital, they can redeem a portion of the funds in proportion.

The most novel aspect of this solution is a system that gradually gains trust or reputation over time (similar to the idea of ​​Alipay lending or credit card products).

"The borrower's collateral is equal to the value of the loan minus the total interest on all previous loans. As the loan is repaid frequently, the collateral required for the loan will eventually fall to zero." You can achieve zero mortgage)

We know that conventional DeFi products like Maker usually require 150% over-collateralization, and Zero Collateral Loans allows users who regularly use the product to gradually reduce their mortgage amount as their reputation (through tracking repayments) increases. Demand.

After the user completes the repayment, the required collateral will gradually decrease. In theory, the borrower does not need collateral after completing 8 borrowing and repayment cycles (maximum borrowing).

If the borrower does not repay his loan, the wallet will be liquidated and the relevant collateral will be kept in the redemption pool.

In addition, the project also plans to manage the agreement in the form of DAO, just like Kyber DAO and Synthetix DAO.

At present, the project's contract is deployed on the Ethereum Ropsten test network, and its contract has not yet been formally tested by third-party security agencies. Therefore, it is still in the early exploration stage. In addition, the initial 20% borrowing rate seems to be very different. It is reasonable, and if the interest rate is reduced, zero mortgages will need to go through more rounds of borrowing and repayment cycles, and the introduction of a decentralized identity system is also very necessary for DeFi lending. In short, the current low mortgage DeFi The application is still in the very early stages of exploration. At this stage, it is not recommended that everyone try it with real money.

DAO (Decentralized Autonomous Organization) for 2019 and 2020

In the past year, the Decentralized Autonomous Organization (DAO) represented by Moloch DAO has begun to rise. This week, Moloch member Cooper Turley reviewed the progress made in the project in 19 years and carried out a review in 2020. Fan outlook.

Since the launch of Moloch DAO, the organization has donated more than $ 1 million from Ethereum companies and community members. It has so far funded a total of $ 285,000 for Ethereum ecological projects such as ETH2.0.

The support of the two Ethereum co-founders, Vitalik and Joe Lubin, is undoubtedly a big deal for the Moloch DAO project.

At the end of the year, Moloch also conducted a member survey:


(Picture from Moloch)

The results showed that most Moloch members believed that other members would make decisions consistent with the DAO, so they would not propose and pass too controversial appropriations.

Looking ahead to 2020, Moloch DAO's goals include:

  1. Continue to fund the development of the Ethereum ecosystem;
  2. Increase the number of Moloch shareholders and the value of association banks;
  3. Strengthen communication with all well-known Ethereum communities;
  4. Optimize participation tools;
  5. Support for other DAO ecosystems;

In addition, the collaboration between MetaCartel, ConsenSys' The LAO, and Moloch will give birth to a Moloch v2 contract standard , which will provide support for profitable DAOs and fix some details of the grants used in Moloch v1.

Two weeks ago, MetaCartel announced with great fanfare their Venture DAO project, which is expected to be the first profitable DAO organization based on Moloch v2.

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DeFi golden sentence of the week

  1. "Without implementing a privacy solution, DeFi is not a viable alternative."- Ethereum developer eric.eth
  2. "DeFi's biggest innovation is composability, not unmanaged. The convenience of accessing each financial application through one application / wallet is very powerful. You can refer to the success of WeChat."- Andrew Kang
  3. "Proof of key is awesome. Can you audit your bank deposit reserve in one click? Maker does have its claimed 1586388 ETH. I just checked that every day is DeFi Key Proof Day. " -Ryan Sean Adams-rsa.eth
  4. "The" DeFi "in front of us is turning into a central banking system. In this, pigs and humans are already stupid."-Bitcoin developer Jimmy Song responds to the topic "Ethereum rules DeFi"
  5. "In a world eager to yield, DeFi is an oasis."-Placeholder Partner Chris Burniske

to sum up

Observing the data of the past 2 months, we can see that the demand for mortgage stablecoin has obviously decreased, while the demand for mortgage ETH and BTC has increased significantly, which may have a greater relationship with the industry cycle. In addition, industry leaders, including Coinbase founder and CEO Brian Armstrong, believe that DeFi has a great advantage over traditional financial services in terms of regulation, so it can achieve rapid innovation, like decentralized identity and reputation systems. Development is also very important for DeFi, which is also the key to reducing the mortgage rate. At present, some projects that are trying low-mortgage lending still have significant defects. This needs to be continuously explored and resolved. For 2020, profitable DAO will also be another major DeFi focus.