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DeFi Outlook: An Overview of Mainstream DeFi Protocols in Q2
2022-08-04 22:20:53【golden finance】
原文标题：《DeFi Outlook for the agreement：What are the potential project then there will be a good performance？》
We expect that in the rest of the year,Value will generate income to those DeFi 协议
随着 Fraxlend 和 fraxETH 的推出,Frax Likely to get more market share.迄今为止,The agreement has been obtained 3630 万美元的收入
Synthetix 和 GMX 继续在 Optimism 和 Arbitrum The leading sustainable trade size and TVL,Every deal with daily income is about 10 万美元至 30 万美元
dYdX (DYDX) 和 Uniswap (UNI) In the generation of currency appreciation have made remarkable achievements
crvUSD 和 GHO Marks around the announcement of a specific protocol stable currency new narrative potential.除其他功能外,Native stable currency allowed deal extra income and promote the effectiveness of its governance tokens.Curve Optimized to provide a stable currency liquidity depth,So it is likely to become the narrative of the battlefield
During our second quarter final report focuses on the bear DeFi The evolution of assets,And discusses the future development of main agreement.
从 Maker 统治时期,到由 Synthetix 和 Compound 领导的 DeFi 夏季,到「DeFi 2.0」和「不稳定」The stability of the currency of the false hope,再到现在 OGs The revival of primitives,DeFi Has been a long struggle.在那段时间里,TVL Be used as the best measure of success.
Because the user is unsustainable inflation proterozoic currency reward attracted,TVL Lost as a product market fit (PMF) usefulness of the indicator.Users join project in farming and dumping their income.Once the rewards slow down or stop,用户就会离开.Tokens prices mean that promise APY 变得无法实现.
A project in the first five months after the start to pay the initial distribution of 14.7 倍,推动 TVL 到 2021 年创下历史新高.As tokens, release rate fell to a double-digit annual rate of inflation,TVL 逃离.到第二季度末,Monthly rewards from month to month 2000 High fell by $ 99% 至 200,000 美元.
资料来源：DeFi Llama,Coingecko.2022 年 7 月 31 日
PMF Users are willing to pay for the service fee to better measure.Temporary reward can help reduce customer acquisition cost,But the agreement requires the user to stay at the end of the reward.
Although at present there are few protocol for Treasury holders or tokens, bring the real value of,But users to borrow and trading tokens、Bribery liquidity pools and in DeFi Outside investment and pay.用户还通过 ETH Make the actual cost of seigniorage and pledge of.Uniswap、dYdX、Convex、Frax、Aave、GMX、Synthetix、Curve 和 MakerDAO 均在 DeFI Top cost 20 位.
Growth stocks are rare（如果有的话）派息.Early cryptographic protocol accumulation may consider similarly also and reinvestment fees to develop their business.As tokens, the holder the right to eventually benefit from their support for the success of the enterprise in terms of,The total cost will continue to be a key indicator,Regardless of their income is paid or investment again.
我们认为,The next bull market will have a current or future values of the tokens, drive.在本报告中,We introduced we think of DeFi The agreement is vital to the future of the latest news and bull case.Covers all agreements have proven product market fit (PMF) And from real users earn real costs.
Aave 于 2022 年第一季度末在 6 A different chain introduced its V3 产品,Brought some of the key new features for the market：
Portals Is to promote cross chain trading「Licensed」桥梁,Allows the assets across different chain deployment Aave V3 市场之间无缝流动.They help to solve the liquidity problem
高效模式（e-mode）Let users in the same asset classes for higher borrowing capacity,That borrowers can obtain maximum benefits from the collateral
Isolation mode enables Aave Governance can isolate some tokens for the new stores and determine the maximum loan-to-value ratio,Agreement to limit exposure to risky assets.
Gas Optimization function will all transaction costs reduced 20-25%
L2 Specific functions to enhance the etheric fang extension solution user experience
Aave V3 现在看到的 DAU 比 Aave V2 多：
展望未来,所有的目光都集中在 Aave Recently put forward the stability of the currency：GHO.发行 GHO Stablecoins are voted on 7 月 31 Overwhelmingly support through.This stablecoin will allow Aave Users to use their collateral casting of continue to earn interest GHO.对于 Aave DAO 来说,This could be a huge revenue opportunities,100% The loan income are classified as Aave 金库.Aave BBS on the most common concerns include necessary appropriate review potential promoter（即具有 GHO 铸造 / The one who destroys the privilege）、类似于 MakerDAO The anchor stabilization module（PSM）的重要性、围绕 DAO Controversy over control of interest rates、The importance of supply limit to avoid Aave Agreements are risky,以及使用 Chainlink Oracle tracking GHO The price of the risks involved in.GHO Intelligence is currently under contract audit,Then come up with a separate proposal,概述 GHO A strong initial state.
Maker Strategic assets in the real world has made great progress,决定从 PSM 分配 5 Million dollars to short-term Treasury bonds and corporate bonds,With the two main agencies：
Societe generale is value 3000 万美元 DAI Tokens of secured debt refinancing
Huntingdon Valley Bank 获得高达 10 亿美元 DAI Equal loan partnership,It is expected to be produced annually 3000 万美元的协议收入
It continue to form the two camps to solve the problem of their governance：At all costs to realize decentralized camp,And support board style of governance structure in order to improve the efficiency and growth of camp.Loan supervision core unit（Lending Oversight Core Unit）Governance voting is the highest of any participation in decision making in its history,参与投票的 MKR 代币数量超过 293,911 枚,价值约 3 亿美元.投票以 60%/38% The votes of rejected the plan,Suggest that support more decentralized governance structure.
Maker 仍然是整个 DeFi one of the leading protocols,在所有 DeFi In the agreement to keep the most TVL,约为 85 亿美元.作为借贷平台,Maker When encryption to leverage a lot of money market demand in the best state.这通常与 DAI Expansion and contraction of supply corresponding.Although the first half DAI supply has declined 27%,But since then has been expanding supply.虽然 7 Most of the early rise is due to PSM 的增长,但自 7 月 27 日以来,As the market demand for the lever is slow recovery,1.5 亿美元的 DAI Have forged from unstable currency collateral.
Maker will continue to be RWA 作为进入 H2 The long-term vision of priorities and the agreement.They believe that to create a「Maker 标准」,So that the real world of collateral to join DeFi,这将使 Maker 在 RWA The market share is in the lead,并为其他 DeFi Agreement to create their own began to join the script.Real World Finance Core Unit 的成员 Teej 认为,In small and medium-sized enterprise loan platform Monetalis Clydesdale And hope will be short-term bond ETF Tokens of Swiss bank Backed Finance after the funds,RWA May the total collateral 10% 和 10 times the surplus buffer,而目前为 2% of total collateral and 2 times the surplus buffer.正在增加的 RWA 与 Maker The flagship of the encryption products to provide a very reliable income stream.
dYdX Is used for trading decentralized sustainable futures exchange.在第二季度,dYdX To improve the user experience and feature set.The new listed assets include TRX、XTZ、ICP、CELO、RUNE、LUNA、NEAR 和 ETC,And through the governance proposals,将再增加 15 个.Tokens will be listed quickly dYdX To the can compete with any sustainable futures exchange supported assets.Implementation of the new order type and higher maximum position size,For large funds and traders migrated to dYdX 所需的工具.Transaction costs lower,并于 8 月 1 Day for a month, and below 10 You completely cancel $.此外,They also launched its own iOS 应用程序,To provide seamless mobile trading experience.
dYdX There is a full roadmap.到 2022 年底,dYdX plan from th 2 层 ZK-Rollup 迁移到使用 Cosmos SDK To build their own sovereign PoS 链.Order book storage、Matching and verifier sets decentralized,Thus increasing agreement review resistance.DYDX Tokens will have a new value-added mechanism,作为 PoS 代币,Transaction costs assigned to pledge the.There are some obvious challenges in front of the,但 dYdX Derivatives of narrative completely as chain leader,似乎正在获得动力.
GMX Is a kind of spot and sustainable exchange,支持 Arbitrum 和 Avalanche 的低 swap Cost and zero prices affect business,Despite the downturn market as a whole,But continue to be used in the second quarter of the whole.Transactions are made by multi-asset pools (GLP) 支持,The pool passes swap、Market making and leveraged deals to earn LP 费用.它已成为 Arbitrum 上最大的 dApp,拥有大约 3 亿美元的 TVL,并继续在 Avalanche 上以不到 1 亿美元的 TVL 获得牵引力.Some of the highlights of the previous quarter include：
6 月 28 日,创纪录的 7,273 An influx of new users,可能是由于 Arbitrum Odyssey promotion of activities（已被推迟）
突破 63 k 名独立用户
现在已经为 LP 产生了超过 5000 万美元的交易费用
Historical traders profit and loss or part LP Income is now 3600 万美元
平均约 1,000 个 DAU,而去年为 150 个
Investor expectations GMX 将在 2022 In the second half to add some important new features,除了 UI Polish and platform reliability.Synthetics Is expected to launch in the next couple of months,This will provide more options traders for the use of this product.此次发布后,GMX Team will start in other chains and X4 上进行部署：这是一种 AMM,Founders and project in the mine to mine pool pool functions provide greater flexibility in.在标准 AMM 中,Ore pool creator few custom options.GMX 团队相信,They can in this respect is better than the existing AMM And get a considerable market share.Some interesting features include dynamic cost pool、Allow traders access various tokens, custom price curve、With earnings tokens, pool,或通过其他 AMM（如 Uniswap V3）聚合交易.GMX The plans are ambitious,They hope to build a AMM,Become available to other projects or even build platform.
第二季度,Synthetix 上原子 swap 的兴起,Allows immediate execution and involved synths transactions with no slippage.Atom than direct paired trading more preferential price swap 每日交易量高达 3.5 亿美元.As the third quarter of,原子 swap 仍然是 Synthetix 的主要收入来源.
虽然 1 inch Always atomic swap main source of demand,But they still missed a transaction routing path：用户可以从 USDC -> sUSD -> sETH 进行交换 swap,反之亦然,但 sETH -> ETH The last step must be done manually.1 inch Will soon for its router add the last step,This means that we can expect through synths The number of route will be more,因此 SNX The pledge will get more income.此外,Other aggregator has already begun the atomic swap,包括已经使用 synths 从 ETH -> USDT 路由的 OpenOcean.随着 Curve 宣布他们的 OP 拨款提案,We can look forward to see the atomic swap 也用于 Optimism.We expect atoms swap Will continue in the third quarter is widely used for routing order execution.
Synthetix Ecosystems can see Optimism 的巨大增长,这主要得益于 Kwenta The sustainable futures trading more than 8000 万美元.Kwenta On the sustainable trade will upgrade to V2,In the second half of this year cost significantly lower,There are also more markets.V2 还包括移动 UI 支持、Cross margin trading、限价订单、stop loss and KWENTA 代币的推出（And traders may drop）.SIP-254 Allocation is also recommended 20% 的 SNX Inflation to reward platform on sustainable traders,Further incentive traders use Kwenta As their platform of choice.
Since our recent study,Synthetix In the implementation of vision and upgrade completed several key progress.Synthetix plan to launch「流动性即服务」,Allows anyone to create a new derivatives by direct connection to synth,Use of the existing routing and liquidity depth increase liquidity as soon as possible.It also includes a new proposal,Make the agreement to take ETH delta 中性头寸,to allow expansion sUSD Synthesis and other supplies to fully meet the requirements.投票托管的 SNX will be locked for those SNX Longer more tokens, inflation and cost income.There are some of the more important and V3 相关的 SIP More technical in nature,这可能表明 V3 Very close to the code auditing and release.
Frax Through several mechanisms further into the Curve 生态系统,And introduced some of the products in the near future：
Frax base pool：A new stable currency pool,可与 Curve 配对,to drive more FRAX Demand and encourage partners capital efficiency.
Frax is included in the lock CRV 的白名单：Curve 通过了一项提案,允许 Frax Vote to lock it for veCRV 的 CRV 代币,这赋予 Frax 对 Curve 更大的治理权.
Fraxswap：Frax 推出了一个新的 DEX,Enables users to over a period of time by time weighted purchase various assets,to reduce price impact.The primitives to seek to manage its coffers protocol can be useful.
2000 万美元的 FXS 回购：Frax Accrued income currently in use in the open market to buy back FXS 代币.该 FXS Will be destroyed or distributed to veFXS 持有者.已经购买了 200 万美元的 FXS.
Fraxlend：Frax Plans to launch a new lending dApp,The application will support without permission of borrowing pairing and custom debt structure,This is lending to the assets of the real world、Bonds and mortgage lending paved the way for.
FraxETH：Frax Revealed that it is running on the beacon chain two verifier.Frax Plan to create one ETH 抵押衍生品 (fraxETH) To support its capital and create new ETH 产品.我们可以假设 fraxETH All proceeds will somehow make veFXS 持有者受益.
今年下半年,Frax 的 FXS Scrip could rise sharply for new product launch.Earlier this year after almost halved,FRAX Supply is slowly rebound,最终为 FXS 带来更多价值.自 Frax Base Pools 推出以来,FRAX The supply of increased about 1 亿美元.目前,Frax contained in the vault 3630 The accrued profit of $.Fraxlend 和 Fraxswap Open the possibility of the deal to bring more income,这将使 FXS Holders benefit in the long run.
Fraxlend Will mark a milestone in the agreement,It will serve as a complete set of decentralized software,包括 AMM、Lending platform and a stable currency.The deal plan on the first day started fraxETH 抵押品,This will enable users to use FRAX to pledge its pledge ETH 抵押品.Fraxswap Added two new liquidity for,FRAX/SYN 和 FRAX/OHM,这可以为 AMM 带来更多的交易量.Frax 与 Curve 和 Convex The synergy to want to contact the product suite participants provide attractive returns.
Curve 和 Convex
Curve 和 Convex In the second quarter, all felt the pain of the bear market.In the last quarter we see：
超过 13 亿美元的 UST 存入 Curve,导致 Curve 和 Convex 的 TVL 收缩 76%.
Frax Base Pools 的推出和 FIP-95 approval deepened Frax、Curve 和 Convex 之间的联系.根据当前的 cvxCRV 价格,Frax 将通过 Curve The pool will go up 95% 的 CRV 奖励换成 cvxCRV,或将 CRV 直接存入 Convex,从而稳定 cvxCRV 挂钩.
Convex 在 6 月 30 Unlock the record 2750 万个 vlCVX.Although traders in the activities of a large number of short CVX,但大部分 CVX Immediately to lock and cause temporary short squeeze.最值得注意的是,Terra The wallet relocks it CVX,为新的 Terra Ecosystem stable currency opened the door.
Curve Being launched a native stable currency (crvUSD),创始人 Michael Egorov Said that the money will be excessive mortgage and revolutionary clearing mechanism.The white paper has not yet been released,Therefore we can only speculate about its design and meaning.
Closely associated with the agreement of developers said,LP 代币和 CRV 可以作为 crvUSD initial collateral.In support of a stable currency specific assets is crucial to its success,因此 Curve May be through a process similar to the introduction of the new index will accept collateral white list.Convex 目前持有 Curve 53.9% 的投票权,therefore approved LP Tokens are likely to be Convex LP 代币,而不是 Curve LP 代币,The agreement mutually beneficial.Convex 还能够将 cvxCRV 列入白名单,And additional utility will help strengthen cvxCRV/CRV Hook and increase the permanent lock in Convex 中的 CRV 数量.如果 CRV Must first be voted to veCRV To qualify as a collateral,,那么 Convex The coffers of still has more than 3.6 亿美元 veCRV strong position.Convex 可以使用其 veCRV 来铸造 crvUSD And began to grow their own CRV.New revenue streams are generated CRV Can be permanently locked as cvxCRV and paid to Convex LP 和 vlCVX 储物柜,从而增加 Convex 的价值主张,At the same time by reducing the supply make Curve 生态系统受益.
虽然 LP Tokens created demand for assets deposit collateral and increases the Curve TVL,但 CRV 和 veCRV Collateral will be CRV 从流通中移除,这是 Curve Necessary to the sustainable development of.Locked all year round CRV The total has grown steadily to 41%,The current average lock time for 3.6 年.此外,CRV The amount released decreases every year 15.9%,The next time the loss occurred in 8 月 14 日.对锁定 CRV 的需求增加以及 CRV The reduction in supply is 2022 Bullish for the rest of the year CRV created the environment.
crvUSD 和 Aave 的 GHO Stable currency marks around specific agreement announced the stability of the currency of the new narrative potential.除其他功能外,Native stable currency allowed deal extra income and promote the effectiveness of its governance tokens.例如,Frax by mining FRAX Generate seigniorage income,Aave 允许 stAAVE The holder is borrowed GHO 支付较低的利率.如果这种趋势持续下去,There will be many stable currency for liquidity,Curve Likely to be a battlefield,Because of the depth of it is optimized to provide a stable currency liquidity.围绕 Curve 和 Convex Establish bribery market enables other protocol by using CRV Release effectively for its liquidity pools of capital lease.The new pool will push TVL 和 swap 的增加,使 Curve 生态系统受益.此外,Other protocols can be native stable currency and Curve 上的 Frax base pool（USDC 和 FRAX）metapool 配对,为 LP 生成 FXS 和 CRV 奖励.FraxBP Have the ability to become a stable currency liquidity in fact the basis of the pool,Further consolidate the flywheel.
Uniswap 进军 NFT 的步伐才刚刚开始,The second half of the year there will be more news.6 月,Uniswap Labs 收购了 NFT 聚合平台 Genie.This integration will enable Uniswap Can promote all digital asset trading,而不仅仅是 ERC20.Uniswap 计划与 sudoswap 集成,Let traders can immediately for it NFT 提供流动性.
As the second quarter increased by two new deployment,这个 AMM Are deployed on the seven chain,包括 Gnosis、Moonbeam、Optimism、Polygon 和 Arbitrum.Uniswap keep it up DEX Market leader,In the second quarter of the average monthly volume more than 470 亿美元.Uniswap V3 Since its launch has completed more than 1 万亿美元的交易量.在短时间内,Uniswap The total cost is the highest of all platforms,more than Ethereum and 比特币.
UNI Governance is preparing to test cost switch function.7 月 21 日,a measure UNI Holder about the switch the mood of the cost of implementing management proposal passed.Though the details are not yet sure,But may soon be conducting a test,从 V3 LP 的 swap Fees extracted proportion and transfers it to UNI DAO 控制的金库中.这对于 UNI Appreciation is a great news.We will be released this week for a more detailed understanding of the trial.
Sushi has been busy delivering new products.They deployed a use Stargate Cross-chain for bridging AMM,使用 SushiGuard 发布了 MEV 保护交易,并推出了 MISO 2.0.Miso is an initial dex 发行 (IDO) 平台,Anyone can easily raise money for new tokens.The exchange is now in the hands of the nine chain running,Users can be a key to trade.Sushi Introduced a limit monofunctional,And through a restructuring DAO Organization's proposal,In order to help against the micro management.
Sushi Looking for a new leader（「主厨」）And recruit a lot of positions.There is a new chef and better pay contributors mechanism,Sushi Is expected to be around their past see leadership dispute.与 Uniswap 一样,Sushi 在 NFT 市场 Shoyu There is also a lot of development,Includes rare tools、更好的 UI、优惠、Scanning function、gas Efficiency and social function.
尽管市场条件不利,活跃 DeFi Developers of the agreement continues to release code updates.We have listed some rising market favorite protocol and its corresponding catalyst,These catalysts may produce positive results in the future.目前,以太坊上的 DeFi Continue to dominate the field.对于投资者而言,Look for revenue with the added value products and tokens, may be a good strategy for the rest of the year.
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