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TokenInsight 2020 DeFi Industry

Annual ReportTokenInsight Research

Feb. 2021

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2

Table of Contents

Team

Want to be part of us?

Email wayne@tokeninsight.com

Industry Landscape 3

Summary and Outlook 4

Market Overview 5

Milestones 7

DEX 8

Derivatives 9

Insurance and Options 11

Lending 12

Fixed Interest Rate Projects 13

Stablecoins and WBTC 14

Algorithm-based Stablecoins 15

Infrastructure & Layer-2 16

DeFi on Non-Ethereum Chains 18

TokenInsight's New Features 19

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Asset Management

StablecoinsCredit & Lending

3

Industry LandscapeDEXes

SushiSwap

Infrastructure

Data Services

Derivatives

Aggregator

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4

Summary and Outlook2020 is a year of extraordinary significance, and it can even be described as disasters and disasters. The COVID-19 has brought serious negative effects on the economy and life of the world.

The 3·12 Market Crash seemed to make people lose confidence, but soon as DeFi developed and ‘the summer’ arrived.

Compoud's liquidity mining has ignited the enthusiasm of the market, and many high-yield mining projects emerged endlessly. But the high yield was obviously unsustainable, and at the end of August, “the summer” was almost over.

The market is always changing rapidly. SushiSwap copied Uniswap and issued its own token. Massive liquidity was attracted to Sushiswap. Uniswap regained its own market share through airdrop activities, and a large number of AMM DEX appeared to try to solve the problem of impermanent loss and slippage.

In addition to the spot trading DEX, lending projects broke out again. As the boss, AAVE’s TVL increased rapidly at the end of the year, and the price of $AAVE also broke new highs repeatedly.

The charm of DeFi lies in her permissionless, diversity, compatibility and composability.

As the infrastructure: DEX & lending is taking shape, the upper-level applications will also have the soil for development.

The only boundary for the development of DeFi is your imagination.

We have seen a large number of aggregator-type projects exploded, and derivatives have gradually expanded to form a scale. Now you can hedge against risks on-chain without leaving the DeFi ecosystem.

As lending protocols with most TVL only allows floating interest rate, innovations were coming up since the second half of 2020 to provide borrowing and lending options at a fixed interest rate, or to enable earning fixed interest by working similar to a yield aggregator. Explorations were also seen in uncollateralized lending. Investment products have begun to become more diversified, not just high-yield and high-risk projects, but these protocols are all in an early stage with the TVL not comparable to “old” lending protocols.

Although the experiment for algorithm-based stablecoins started long before the “DeFi summer” in 2020, they did not draw as much community attention as in 2020 Q4-2021 Q1. These assets are widely perceived as “dangerous” with high price volatility in terms of a stablecoin, especially the ones that are totally free from any collateral and only issue one token.

We should still see every valuable attempt in the DeFi field with an open and excited attitude.

Layer-2 solutions gain increasing importance and are being integrated to more DeFi projects as the Ethereum network congestion is calling for higher efficiency. Other infrastructures including data services and tools also gained popularity as the network diversifying.

While Ethereum DeFi expanding, the construction of DeFi on other chains accelerated. With the natural advantage of user flow and capital, centralized exchanges were able to launch chains and attract projects in a short period of time. However, although their gas fee is much lower than Ethereum, the whole maturity of their ecosystem is far behind.

BSC and Polkadot are two of them that stand out. With support from Binance, BSC naturally attracts projects that want to be the “early birds”. Polkadot has lots of true believers and the ecosystem is gradually developing.

EIP-1559 is the proposal that can potentially solve the high gas fee problem and make it predictable. But it is a harm to miners to some degree and the increase of the gas limit is also a threat to network security. Nevertheless, it is still an excellent way to protect Ethereum users and HODLers. As Ether burned in the base fee, the price of $ETH might also 🚀🚀🚀 .

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Market Overview DeFi TVL has increased by 44.6x compared to the beginning of last year.

Compare to last year, TVL in DeFi industry has increased to $44.57 billion, an increase of 44.6x to January of the last year.

4,457%

$5.7B $4.0B

DEX (38.19%) Lending (33.76%) Asset (26.83%) Derivatives (0.68%)

Others (0.56%)

$4.0B $3.9B$4.0B

Source: TokenInsight. Date: 2021.02.08

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Market Overview It is “DeFi-nitely” CRAZY!

-1,500%

500%

2,500%

4,500%

6,500%

8,500%

10,500%

01/01/2020 02/14/2020 03/29/2020 05/12/2020 06/25/2020 08/08/2020 09/21/2020 11/04/2020 12/18/2020 02/01/2021

LINK UNI AAVE SNXMKR SUSHI COMP YFICRV UMA LRC

UMA 9,238%

YFI 3,792%

LRC 2,808%

AAVE 747%

UNI 440%

MKR 465%

COMP 482%

CRV -81%

LINK 1,303%

SNX 1,561%

SUSHI 205%

ATH: UMA 10,841%

ATH: YFI 5,379% ATH: LRC 3,285%

ATH: SNX 1,844%

Summer was the best season for DeFi, when the shower was full of bubble.

When the winter is coming, DeFi shall rise again.

Well, the value of top projects was finally filtered by the market and brings very good return to the ones who stand with it.

Source: CoinGecko, TokenInsight. Date: 2021.02.08

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Milestones A lot of projects emerged in 2020, and the dynamics of projects are more frequent at the end of the year.

Source: TokenInsight

JANMAY JUN

JULAUG

SEP

NOV

DEC

1.03

Curve Finance

Launch

1.09

Aave Protocol

Mainnet Launch

5.18

Uniswap V2

Launch

6.15

Compound

Liquidity Mining

7.17

The launch of Yearn Finance

8.28

Sushiswap Forked from Uniswap

9.18

Uniswap Airdrop

11.19

Launch of

Cover Protocol

12.01

Ethereum 2.0

12.03

Aave V2 Launch

12.18

The Gragh Launch

12.25

1inch Airdrop

30 Aug-DeFi TVL $10B

DeFi TVL $40B

SushiSwap

9.01

Empty Set Dollar Launch

6.23

Ampleforth Liquidity Mining

8 Aug-DeFi TVL $5B

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DEX Giants represented by Uniswap V2 dominates the DEX market, and trading volume in DEX booms from 2020Q4, while some projects vanished from Top 10 DEXes

2%

10%

13%18%

46%

Uniswap V2 SushiSwap Curve 1inchSynthetix Balancer Kyber CoFiXBancor DODO Others

Source: TokenInsight. Date: 2021.02.08

Uniswap V2

SushiSwap

Curve

1inch

Synthetix

Balancer

Kyber

CoFiX

Bancor

DODO

$900B $1,800B

$23.2B

$32.1B

$39.0B

$57.0B

$104.6B

$172.1B

$368.1B

$509.1B

$692.8B

$1,770.9B As of 8/2/2021, the DEX trading volume from Uniswap V2 has dominated the DEX niche market, which has reached $1770.9B. Meanwhile, Some projects performing well in 20Q3 vanish from top 10, including 0x, Tokenlon, Swerve and dYdX. There have been 6 DEXes breaking through the $100B trading volume mark.

DEX Trading Volume over a Year

The market concentration enhances gradually starting from 2020Q1. Until now, the top 3 DEX by trading volume has accounted for more than three fourths of annual DEX trading volume, which was only 41% in Q2. Uniswap V2 has obtained nearly half of the total trading volume, then Sushiswap, Curve and 1inch have contributed 18%, 13% and 10% respectively. In contrast, Only 2% of market share are hold by other DEXes. Just like the things have happened in spot and derivatives markets, some giants have controlled the DEX market, which should be concerned by investors and exchanges operators who is going to join in DEX competition. However, the ranking iteration in DEX market is so fast, thus, this market is still full of energy.

Annual Market Distribution

The total trading volume in the DEX market is $3861.06B. Compared with 2020, the trading volume in 2021 has reached $2591.47B in just more than 1 month, which is more than twice of the annual trading volume in 2020. Moreover, affected by crypto market’s bulling from 2020Q4, more than 95% of the annual trading volume is concentrated in the last 3 months of 2020.

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Derivatives, leverage trading/farming Different ways to “discovery the price”, but liquidation engine is currently quite “poor”

ProjectsTotal

Supply ($)Total

Borrow ($)

Borrow-Supply

Ratio

24H Volume ($) 2021.02.07

Pairs/PoolsMaximum Leverage

Matching Engine

Token Price 30D%

Market Cap

dYdX 282,326,352 85,918,552 30.43% 42,774,932 6 10x Off-chain Orderbbok - -

Alpha Homora (Alpha Finance) 127,723,686 78,584,415 61.53% - - 7x - $2.22

+438.3% $384,705,044

Futureswap 46,606,835*Total Liquidity - 22,564,409 1 10x AMM - -

Perpetual Protocol - - - 30,291,154 5 10x vAMM $7.40 +355.4% $161,261,401

MCDEX - - - 31,850 4 10x AMM & Orderbbok

$8.54 +98.5% $17,352,188

dYdX

dYdX is an open trading platform which provides lending, borrowing, spot, margin, and perpetual trading for users.

dYdX utilizes 0x Protocol for exchange functionality. Off-chain orderbook & on-chain settlement model were chosen.

Alpha Homora

Alpha Homora is a platform that allows users to yield farm with leveraged. It tries to solve the problem of farmers wants high farming APY and lenders want a higher interest rate.

For most DeFi protocols, Homora provides up to 2x leverage, while for stable coins, the leverage can go up to 7x. Alpha Homora was developed by Alpha Finance lab, which is trying to build a DeFi ecosystem for users to maximize their returns.

Futureswap

Futureswap is a derivatives exchange that applies AMM mechanism to avoid high slippage problem.

Based on the official doc, Futureswap’s token FST has no value and is non-transferable. FST is only used to create and vote on proposals.

Source: DeFiPulse, CoinGecko, Official websites of projects, TokenInsight. Date: 2021.02.08

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Derivatives, leverage trading/farming Different ways to “discovery the price”, but liquidation engine is currently quite “poor”

Perpetual Protocol

Perpetual Protocol is a platform that provides perpetual tradings. Unlike others, it invented an innovative mechanism called Virtual Automated Market Maker, vAMM to provide liquidity for traders.

The vAMM method uses the same x*y=k constant product formula as Uniswap. The virtual part means that there are not real assets stored in pools. Assets that used to trade perpetual contracts are stored in a Vault, and the vAMM is only utilized for price discovery.

Without real assets been stored in AMM, Perpetual Protocol protects the liquidity providers from the Impermanent Loss (IL).

MCDEX

MCDEX is a decentralized derivatives trading platform that uses both AMM and orderbook.

Currently, it has a low trading volume and its mechanism (trading experience) is more complicated than others. MCDEX was launched in 2020Q2, and in 2021 it plans to introduce a layer-2 solution (Optimistic rollup) to increase the trading efficiency.

DerivaDEX

DerivaDEX is a decentralized exchange which built on Ethereum mainnet. DerivaDEX chooses a centralized orderbook model to avoid the high gas fee issue.

Its exchange has not launched yet, and its insurance mining program is undergoing. Insurance mining is providing farmers’ fund to exchanges for preventing ADL (Auto-De-Leveraging).

DerivaDEX is one of the exchanges (quite a few) that takes the liquidation issue seriously currently. The exchange is about to launch in 2021 Q1-Q2.

Injective Protocol

Injective Protocol is a layer-2 derivatives trading platform. 0x-based off-chain orderbook was chosen for matching. Instead of building on Ethereum, Injective Protocol develops its chain on top of Cosmos by utilizing the EVM modular to bridge Ethereum and Injective Chain.

Injective Exchange is currently under a test environment. Its mainnet is scheduled to launch in 2021 Q2.

A Brief History of AMM • Uniswap, 2018. The first and currently

the best (in terms of trading volume) that built the avenue for the boom of AMM DEX, and it is also the simplest one.

• Curve, 2019. The first AMM that was optimized just for stable coins swap.

• Balancer, 2020. The first AMM that allows liquidity pools to have more than 2 assets in one pool.

• Bancor, DODO, 2020. DEXs that introduces oracle in tradings to mitigate impermanent loss.

• Futureswap, 2020. Futureswap introduces the AMM mechanism into perpetuals trading on Ethereum.

• Perpetual Protocol, 2020. vAMM was invented that liquidity providers’ real assets do not need to be stored in AMM. By making AMM “virtual”, the impermanent loss is avoided.

Source: Official websites of projects, TokenInsight. Date: 2021.02.08

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11Source: DeFiPulse, CoinGecko, Official websites of projects, TokenInsight. Date: 2021.02.08

Insurance and Options Projects Token Price Change, 30D Market Cap TVL Key words

Nexus Mutual NXM $62.41 31.80% $416,730,289 $262.16mInsurance, Ethereum-based, Membership only & KYC, Smart contracts failure insurance, Centralized exchange insurance, ‘Traditional insurance’, Premiums are decided by supply.

Hegic HEGIC $0.28427 5.60% $95,851,859 $56.7m On-chain options, WBTC & ETH only, Ethereum-based.

Opium.finance OPIUM $18.44 - $91,788,573 $9.0m Insurance, Smart contract failure insurance, credit default events, stable coin custodian insolvency, Ethereum-based.

Cover protocol COVER $641.34 44.70% $36,107,629 $18.0mInsurance, Premiums (Market Dynamic Price) are calculated based on CLAIM and NOCLAIM exchange, Market maker, price(CLAIM) + price(NOCLAIM) = price(DAI), Ethereum-based.

ARMOR ARMOR $1.16 - $23,736,405 - Insurance aggregator, Developed based on Nexus Mutual with features: Permission-less, pay-as-you-go insurance products.

Union UNN $0.0245 51.00% $15,135,917 - Insurance, $3,9m raised, products ongoing (Not launched yet): transaction gas protection, collateralization ratio, smart contract coverage and others.

Hedget HGET $5.04 155.20% $8,884,327 - Options, Settlement on Ethereum, Trading on Chromia.

Nsure NSURE $0.723399 21.90% $8,059,959 -Insurance, Ethereum-based, Currently available on Kovan Testnet, Premiums are determined by a Dynamic Pricing Model, which takes the overall demand and supply into consideration.

Opyn OPYN - - - $11.3m Options, ETH, WBTC, UNI, YFI, Compound deposits are supported. Pure financial derivatives, Fully collateralized.

Primitive Protocol - - - - - A free options market that allows anyone to issue options. Primitive currently has 4 pools: SUSHI. WETH and DAI (2).

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Lending The borrowing needs kept increasing since Compound liquidity mining ignited the market while lending’s TVL dominance weakened as DeFi space diversifying

Others33%

Lending67%

Others67%

Lending33%

2020 06/15 TVL 2021 01/31 TVL

$2.61B

$1.68B

$0.45B

Compound Liquidity Mining Triggered the DeFi Craze

As the DeFi space grew and became increasingly diversified, the lending dominance weakened. Meanwhile, liquidation amount soared during two phases in addition to the 3.12 market crash, due to the DeFi summer craze and the high volatility of ETH price since December.

3.12 Market Crash

“DeFi Summer”

High ETH VolatilityLiquidation

Lending

Source: TokenInsight. Date: 2021.02.04

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Fixed Interest Rate Projects Fixed interest rate projects were being launched as supplements to the floating rate lending market, which already sees a certain level of maturity

• Similar to a Yield Aggregator, funds were pooled to deposit into other lending or yield protocols for interests revenue, and thus projects are highly dependent on existing protocols.

• Risks are distributed among users with different risk preference to enable fixed rate products. All four protocols provide (or plan to provide) products at different interest rate (fixed rate products and products with uncertain return).

Only for Earning Interests

TVL-02/04/2021

BarnBridge

88mph

Notional

Yield

$0M $250M $500M

$2M

$18M

$30M

$488M

*Above data includes staking for liquidity mining. Data as of Feb 4th, 2021

2020 Oct: Beta Version Launched

2020 Oct: Beta Version Launched

2020 Nov: Compound Pool Launched

2020 Nov: 88mph Launched

2021 Feb: Smart Yield Function will Launch

2020 Oct: $BOND Yield Farming Launched

BarnBridge Yield Protocol Notional Saffron 88mph BarnBridge Horizon

Functions Live

Developing Developing

Anchor

Compared to floating rate projects, FIRPs are currently in an earlier stage and has much lower TVL in average

Different strategies were adopted by projects to realize fixed interest rate function. A majority of the projects are only aiming to provide fixed interest returns while some projects also enabled borrowing at fixed interest rate.

Products are divided into different “Risk Tranches”. Higher risk tranches have possibilities to earn higher interests but also serve to back the interest payment for lower risk tranches.

Functioned in a fixed interest rate “biding” process. Lower rate “bids" will be fulfilled first while higher rate “bids” own any excess amount.

Products are offered in the form of “bonds”. Floating rate bonds help fill up payables to fixed rate “bonds”.

Both Borrow & Lend at Fixed Rate Allowed

Rely on other protocols (currently only MakerDAO), Yield Protocol uses fyToken (eg. fyDAI) as zero-coupon bonds. fyDAI is exchangeable for DAI at a certain rate (eg. 100 fyDAI for 98 DAI), locking in a fixed borrowing rate.

Using fCash to represent tokens to receive or to pay, Notional Protocol has its own liquidity pool and exchange market, functioning similar to the Uniswap, except that the maturity and interest rate are preset and fixed.

Source: Official websites of projects, TokenInsight. Date: 2021.02.04

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Stablecoins and WBTC The stablecoins issuance rose 9.21 times in 2020, reaching $31.07 billion. By the start of 2021, WBTC’s TVL accounts for 13.7% of DeFi’s TVL

10%

90%

Unpaid StablecoinOther Unpaid Debt

10%6%

24%

60%

Unpaid DAIUnpaid USDCUnpaid USDTOther Unpaid Stablecoins

Unpaid Debt Distribution

$1.25B

$2.5B

$3.75B

$5B

$13B

$27B

$40B

1/1 3/11 5/20 7/29 10/7 12/16 2/7

WBTC TVL (Right) DeFi TVL (Left)

The bull market pulled huge demands for both centralized and decentralized stablecoins. The issuance of USDC reaches $6.468 billion by the February 2021, increasing 155% compared to Q3 2020. With DeFi’s boost, the demand for DAI surges and surpasses BUSD and PAX, hits $1.78 billion in February 2021, increasing 99.77% compared to late September 2020.

In general, the stablecoins issuance increased 9.21 times in 2020. The proportion of decentralized stablecoins over all stablecoins accounts for 6.43% in February 2021. The right figure shows the monthly changes.

DAI, USDC, and USDT remained as the most needed assets in DeFi.

7 Feb

31 Jan

31 Dec

30 Nov

31 Oct

30 Sep

6.00% 6.50% 7.00%

6.68%

6.17%

6.16%

6.41%

6.91%

6.43%

$1,750M

$3,500M

$5,250M

$7,000M

$5B

$10B

$15B

$20B

1/1 2/20 4/10 5/30 7/19 9/7 10/27 12/16 2/4

USDT (Left) USDCBUSD DAIPAX

Issuance of the top 5 stable coins

The unpaid stablecoins accounted for 90% of total DeFi’s debts. Meanwhile, WBTC, a Synthetic BTC on Ethereum, kept its TVL rising to nearly $5 billion, accounting for 13.7% of total DeFi TVL by the end of Jan 2021.

WBTC TVL

Source: DeBank, TokenInsight. Date: 2021.02.07

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Algorithm-based Stablecoins Algorithm-based stablecoins bursted in 2020 Q4-2021 Q1, with main projects saw nearly 1,000% price increase in governance token

• No collaterals or only partial collaterals are required for Algorithm-based stablecoins, which aim to achieve stability through elastic supply. However, their actual stability is low compared to asset-backed stablecoins;

• Algorithm-based stablecoins without collaterals have long been experimented and developed before the DeFi rise in 2020 summer. Terra achieved the elastic supply through seigniorage while Ampleforth through rebasing;

• After DeFi rise, The launch of Ethereum-based project Empty Set Dollar (ESD) and Basis Cash brought the seigniorage stablecoin market to more attention. Several forks showed up, as well as projects that allow partial collaterals.

$0.00$0.20$0.40$0.60$0.80$1.00$1.20$1.40$1.60$1.80

2021/1/7 2021/1/17 2021/1/27 2021/2/6

Empty Set Dollar Basis CashAmpleforth TerraUSDFrax

-100%-50%

0%50%

100%150%200%250%300%350%400%

-100%0%

100%200%300%400%500%600%700%800%900%

2020/10/1 2020/11/18 2021/1/5 2021/2/6

LUNA (Terra) (Left)Basis Share (Basis Cash) (Right)Frax Share (Frax) (Right)

2019/06: $AMPL IEO

2019/04: Terra Mainnet Launched

2020/09: TerraUSD Launched

2020/09: $ESD Launched

2020/09: $BAC & $BAS Launched

2020/12: $FRAX & FXS Launched

2020/11: Dynamic Set Dollar forked from ESD

2021/01: Daiquilibrium forked from ESD & DSD

Price of Stablecoins and Their Governance Token

• Aims to peg to $1 by changing the quantity of tokens in every wallet that contains the token according to the price.

• >$1: quantity increase, total value stays the same, price/token decrease

• <$1, decrease quantity, total value stays the same, price/token increase

Rebase Seigniorage

• Only one token $ESD is issued, serving both as stablecoin and governance token;

• >$1: minting more token and distribute to “coupon” and “bonded” token holders (stakers);

• <$1: buying back token through “coupon”, which promise a future payment of minted tokens.

• Triple tokens: $BAC as stablecoin, $BAS as governance token, Bond token (similar to the “coupon” in ESD) adopted to contract stablecoin’s supply

• >$1: minting more stablecoins and distribute to Bond token and $BAS holders

• <$1: issuing Bond token for $BAC

• Dual token: $FRAX as stablecoin and $FXS as governance token;

• Full collateral needed at the beginning;

• Collateral ratio (percentage of the collateralized asset needed to mint $1 token) is being gradually reduced;

• FRAX can always been redeemed a t $1, creating arbitrage opportunity when price deviate from $1;

• <$1, collateral ratio will be increased.

Source: CoinGecko, Official websites of projects, TokenInsight. Date: 2021.02.06

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Infrastructure & Layer-2 Congestions and high gas fee of Ethereum brought the Layer-2 to wider attention, and Layer-2 projects are integrating more and more DeFi projects

• The scaling problem for Ethereum became imminent as the congestion and high gas-fee has already stop the network’s from been wildly adopted, hence scaling solutions like layer-2 gives an feasible opportunity;

• The community emerges scalings solutions like Rollups, state channels, sidechains, etc.

• Rollups is now the most adopted solutions for layer-2 scaling;

• The Ethereum team has confirmed that Layer-2 solution lists a higher priority than shards;

• Aggregating separate on-chain transactions into a roll and repost it on chain, rollup conquers the problems like how to make the transactions validated and how to maintain consistency with layer-1 meanwhile ensure the security .

The Graph +627% since launch on secondary market

Web 3.0 indexing protocol that provides a way to query any data on-chain.

Furucombo +84% since launch on secondary market

Proxy contract that allows the execution of transactions across different protocols in one platform through simple actions.

In addition to the Oracle and Anonymous projects, other innovative infrastructures that provide decentralized data service or serve as tools to optimize user experience have emerged, achieving good community attention.

Layer-2 BackgroundInfrastructure

Genesis Block Venture acquire OMG Network.

2020 Dec:Kava launches on Injective testnet Solstice.

2020 Dec:Loopring collaborates with DeversiFi establish a layer-2 research team.

2020 Dec:

Connext launches stage 0 minimum viable network.

2021 Jan:

Volmex.finance integrated optimistic rollup layer-2 solutions.

2021 Jan:Matic Network launched no mapping requests required FxPortal.

2021 Jan:

Sashimiswap will discover layer-2 solutions in 2021.

2021 Jan:StarkWare announces DeFi Pooling to reduce operation cost.

2021 Jan:Metis plans launches layer-2 DAO protocols in 2021 Q1

2021 Feb:

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Infrastructure & Layer-2

Projects DescriptionScaling

Solutions Launch time Defi projects integrated Token Price 　Market Cap

Loopering

Using zk-rollup and zero-knowledge proof (ZKPs) to improve TPS, Looping is the decentralized exchange protocol batch-processing thousands of requests off-chain and settling on-chain.

zk-rollup June 2017 Rails, Gitcoin, pNetwork LRC $0.6631 $804,746,024

Matic NetworkUsing Plasma scaling side chain solution and PoS consensus, Matic is a transaction layer-2 network.

Plasma May 2020 Injective, CROroPocket, Chianlink MATIC $0.0754 $375,385,946

Optimism OVMFormed by former Plasma group, Optimism is the development team of optimistic rollup.

Optimistic-rollup

June 2019Synthetix, Coinbase wallet,

Uniswap, Chainlink, volmex.finance - - -

zkSync (Matter Labs)

Developed by Matter Labs, zkSync is a network protocol based on zk-rollup aiming to increase the TPS and security of the asset of Ethereum to the level of VISA.

zk-rollup June 2020Curve, Stablepay, Balancer,Gitcoin,

numio, MyKey - - -

OMG Network (OmiseGo)

Started in 2017, OmiseGo is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain.

Plasma May 2017 - OMG $5.00 $700,592,955

Celer NetworkAs a pioneer in state-channel scaling team, Celer plans in 2021 to realize the ability of “Cross-layer-2”.

State Channel July 2019 - CELR $0.01578 $84,171,733

Arbitrum (Offchain Labs)

Arbitrum is an optimistic-rollup protocol currently on Offchain Labs’ testnet.

Optimistic-rollup

February 2020 Augur, Chainlink, MCDEX, Uniswap - -

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DeFi on Non-Ethereum Chains Binance Smart Chain is the fast-growing non-Ethereum “new” chain

No. of tokens

12 HECO

54 BSC

Value of top-5 tokens

$5.8B HECO

$212B BSC

No. of BTC

14,000 HECO

11,001 BSC

No. of ETH

240k HECO

205k BSC

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

8/29/2020 10/6/2020 11/13/2020 12/21/2020 1/28/2021

No. of Tx No. of Addresses

• Data was collected on 29 Jan, 2020 from explorers of BSC and HECO. • HECO has not provided statics of the chain yet. • OKChain has EVM under testing and doesn’t support smart contracts yet. • Most of DApps on Solana are DEXes.

DATA

Source: Explorer of Chains, TokenInsight. Date: 2021.01.29

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TokenInsight's New Features Realtime trades of spot market, BTC and ETH options, and other more data dashboard launched! Free for everyone!

Go to tokeninsight.com check the realtime data anytime you want freely!

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20

TokenInsight's New Features Realtime trades of spot market, BTC and ETH options, and other more data dashboard launched! Free for everyone!

Go to tokeninsight.com check the realtime data anytime you want freely!

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Don’t Trust. Verify!

Thank Youresearch@tokeninsight.comwww.tokeninsight.com