Hunt for Yield Drives a Record Q2 for Genesis Lending

Genesis released its Q2 2020 report where it revealed a “very strong growth” in direct lending and liquidity mining or “yield farming” and believes this growth will continue into Q3.

The crypto lending service provider added more than $2.2 billion in new originations last quarter marking it the “largest quarter ever,” with a 324% increase from the same quarter last year. Active loans outstanding also surged past $1 billion, representing a 118% increase QoQ.

After decreasing in the previous three quarters, its BTC loan composition increased in this quarter, which came mostly from due to a decrease in USD loan composition over the same period. Combined, BTC and cash dominates the loan portfolio at 83.2%.

“The infrastructure, maturity, and general interest in BTC/USD markets relative to altcoin/USD markets is much greater, and we don’t see that trend redirecting any time soon.”

Since its launch, Genesis has originated over $8.4 billion in cryptocurrency loans.

In Q2 2020, Genesis traded $5.25 billion in spot trading, up from $4 billion in Q1, the majority of which traded on an OTC basis. In its first full month of derivatives trading, it recorded $400 million in notional value, with 80% concentrated in BTC/USD.

Insatiable Appetite

The Genesis report notes the major theme in Q2 was the demand for yield on digital assets, which continues to drive markets with the last quarter being ‘yield-centric.’ The most prevalent forms of yield generation are spot lending, call overwriting, and, most recently, liquidity mining with “an insatiable appetite for all of them.”

This hunt for yield in Q2 led to tremendous growth, especially in June, in the total interest paid to that pool of lenders and the number of unique institutional lenders on its platform, up 24% from previous months and 187% from last year and. The report reads,

“It’s not surprising DeFi yield farming has impacted our lending business, particularly on the demand side. The demand to borrow assets which have the most advantageous fee structures increases when the market is hot and rapidly decreases once the market is onto the next asset.”

Moreover, a jump was seen in call option overwriting,

“as an alternative to spot lending, many of our counterparties are selling out-of-the-money call options to generate yield via premiums.”

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Author: AnTy

DApp Q2 Market Report Shows Massive DeFi Impact in The Decentralized App Ecosystem

The DeFi realm has registered tremendous growth in the past quarter (Q2) with some products posting some impressive figures. $4.9 Billion was channeled through DeFi dApps, a stellar 67% increase from Q1’s figures.

Q2 Dapp USD Vol

Q2 Dapp Market
Source: Dapp.com

The Basic Attention Token (BAT) emerged as the most popular token in Decentralized Finance Q2 figures recording a transactional value of $930 Million. The token that is utilized by parties in the digital advertising sector, dwarfed Ethereum’s numbers by a cool $300 and more than Ether and Dai combined.

The Ether, on the other hand, saw their active user numbers soar to an All-Time High of 1,258,527 more than doubling Q1’s figures. Their daily average active users have also increased from the 7,682 in the first quarter to over 40% in the second quarter, mostly attributing the COMP governance token launch.

The COMP token, incentivizing debt and lending facilities, has perhaps posted the most notable growth following massive response from the market on launch. Their market capitalization is skyrocketing from $131 Million to more north of $3 Billion in just the second month. Daily user numbers also more than doubling 2,629 to 11,879 as their value of the token achieved an all-time high of $372.27 on 21st June.

However, the supply of the BAT has dipped steadily from $324 million to $155 million last week and now just at $24 Million. This happened as soon as Compound restructured their reward system to scrape off the incentives after the Compound community voted to change their COMP token issuance criteria on 30th June. Just a meager $67 Million BAT has been lent in Compound since the dawn of July.

Notably, after the Hive hard fork from Steem after Sun’s hostile takeover, some budding dApps have opted to move to Hive from Steem. With Steem failing to launch new projects recently, the active users in Hive have now surpassed Steem’s.

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Author: Lujan Odera

Another Bubble in the Making? The Case of Flashy DeFi with Fancy Interest Rates

DeFi space has been seeing explosive growth for the past few weeks. The total market cap of DeFi has reached $6.2 billion, as per DeFiMarketCap. Also, the total amount locked in DeFi has hit a new all-time high at $1.50 billion, according to DeFi Pulse.

This surge was the result of people jumping into DeFi tokens after COMP prices shot up over the announcement of its listing on Coinbase Pro, just a couple of days after the initial distribution of Compound Finance’s governance token COMP.

These tokens give the taken holders governance rights to the changes on the Compound platform. They can be delegated but, as of now, gives the holders no financial claim to any of the revenues generated by the project.

Every day 2,880 COMP tokens are distributed in each market 50/50 to both borrowers and lenders. 91% of these tokens are currently going to USDT suppliers and borrowers, said Nick Martitsch, Business Development at Compound. Tether (USDT) has “surpassed ETH to become the largest market on Compound.”

Currently, there is $120 million of outstanding USDT borrowed; this growth has resulted in a downward trend of “COMP earned per $1 borrowed.” The supply and borrow rates for USDT are 12% and 17%, respectively.

Liquidity miners, meanwhile, are compensated for both lending and borrowing. Which means, “the optimal strategy is to lend the highest interest rate asset, borrow as much as you can against your cAsset tokens (a claim on-lent assets) and then add the remaining assets back into the lending pool,” explained Nelson Ryan, Senior Associate at eblockventures.

Annualized returns are impressive at over 100%, but the interest rate is even higher on non-stablecoin assets, which caused the price of these assets to rise as people buy them to supply and then borrow against them, he said.

These yields are predicated on the market cap of COMP, whose only 25% supply is circulating in the market currently with “no borrow market to short the spot COMP market and 2880 new COMP hitting the market every day for the next four years.”

While COMP prices may have risen exponentially to $240 at the time of writing, COMP September futures on FTX is much lower at around $185.

It’s Just temporary arbitrage, or there are unstated risks

Besides the increase in DeFi tokens prices, last week, a new project, ‘BTC Yield Farming Pool’, was introduced by Ren, Synthetic, and Curve Finance together.

“The defi hunt for yield is nearing an interesting inflection point,” said Ari Paul of BlockTower adding that the incentives offered by DeFi projects are “too good to be true in that the high yields are ultimately coming from a future intrinsic value of tokens which can at most be worth the value that can be extracted as rent from future borrowers and lenders.”

Qiao Wang also chimed in with “if you are making a fuck load of money right now farming DeFi yields, be thankful for the poor souls who just got liquidated by Arthur.”

According to Ari Paul, DeFi may be a “classic bubble fueled by liquidity mining,” which would unwind when maybe the system maxes out on leverage, chasers reverse course fast after stake mounts and yield average start falling, or maybe a bug or a game theory attack at a moment of vulnerability. He said,

“As the tokens start falling in value, that virtuous cycle of increasing locked up capital becomes a vicious cycle of falling token price -> falling yield -> less staked assets -> lower intrinsic token value -> lower token price.”

Amidst this growing frenzy, even Ethereum co-founder sounded caution,

“I think we emphasize flashy DeFi things that give you fancy high-interest rates way too much. Interest rates significantly higher than what you can get in traditional finance are inherently either temporary arbitrage opportunities or come with unstated risks attached.”

Instead of optimizing yield, it should be improving the core building blocks like oracles, DEXes, privacy, stablecoins, and synthetic tokens for fiat, he said.

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Author: AnTy

Ripple Submits A Policy Framework To Guide Indian Lawmakers In Regulating Digital Assets

  • The lack of robust laws or policies to guide the growth of crypto in India leaves enthusiasts with frightening thought of the Parliament probably taking steps towards banning crypto altogether.
  • In a bid to prevent this, American startup, Ripple, and largest custodian of XRP released a policy paper to guide digital assets legislation in the country.

India’s blockchain and digital assets industry is currently in limbo as the uncertainty rises from the country’s regulators’ view on crypto assets. Despite the Supreme Court of India ruling in favor of lifting the “unconstitutional” draconian ban on crypto by the Reserve Bank of India (RBI), the authorities are yet to draft a legal document regulating digital asset ecosystems.

“The Path Forward for Digital Assets Adoption in India”

The paper (titled as above) proposes short and medium-term policy frameworks to lawmakers in India in a bid to boost the overall development of blockchain and digital asset solutions in the country. The paper is filled with Ripple settlement networks and XRP advertisements but still offers a clear path on India coming into the global play in regulating the digital asset taxonomy.

In a statement on the release of the policy framework Sagar Sarbhai, Ripple’s Head of Government & Regulatory Affairs in the APAC region said:

“India is currently presented with an opportunity to develop a regulatory framework for a native digital assets ecosystem. We are optimistic about that after careful deliberation and consultation with industry participants.”

The draft submitted to the Indian legislation employs a “technology-agnostic, principles-based, and risk-adjusted” framework to provide a crisp and clear guidance structure in India.

Short and Medium-Term Plans

Ripple’s paper also offered short and medium-term plans for the Indian legislators, including attracting talent to the Gujarat International Finance Tec-City (GIFT) by drafting a short term digital asset framework for service providers.

The proposal focuses on the development of enterprise use cases for digital assets such as XRP. The paper further touted XRP’s potential in solving the cross border settlement problems across the region.

Furthermore, the paper also calls for the removal of digital assets, cryptocurrencies, and services arising from the “negative listing” in the RBI fintech regulatory sandbox framework. This allows developers the needed freedom to innovate and test their networks within a safe, regulated space. Navin Gupta, Ripple’s managing director in Asia, said:

“Under a clear regulatory framework, individuals and businesses can confidently take full advantage of and operate within a safe environment that encourages the use of innovative technology.”

The digital asset field in India is begging for a regulated platform with exchanges in the country recently approaching the central bank regarding taxation clarity.

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Author: Lujan Odera

Not Just Millennials, Boomers are Buying Bitcoin at a Record Pace

Millennials are the ones that have been fueling bitcoin growth all these years, who are burned by the banks. As we reported, 51% of millennials trust bitcoin over big banks.

This generation is the one that has lived through multiple recessions and they are the ones who are anticipated to inherit more than $68 trillion from their Baby Boomer parents by the end of this decade.

But Baby Boomers aren’t limited to just knowing about bitcoin anymore, they are actually investing in the digital currency.

“We’ve seen a lot of growth this year from both Boomers and Millennials,” said Alex Leishman, co-founder and CEO of River Financial Inc., a startup Bitcoin financial services firm.

Fed’s the Inspiration

According to the San Francisco-based firm, its number of clients has doubled every month this year, which was fueled by “Bitcoin Boomers,” new crypto investors over the age of 55. Since March, they accounted for 77% of River Financial’s volume growth.

Its average monthly volume increased 80% this year, which in part is led by Federal Reserve’s asset purchase policy, the firm said.

“The surging activity we’ve seen since the beginning of 2020 has been in part inspired by the Federal Reserve’s unprecedented monetary intervention,” said Leishman, a former aerospace engineer who was also a teaching assistant for Stanford University’s first cryptocurrency class.

Bitcoin is becoming more accepted after macro investor Paul Tudor Jones shared last month that he has 1 to 2% of his assets in bitcoin.

The company exclusively deals in Bitcoin and has now a private client service for investors who want to purchase up to $250 million worth of BTC.

Traditional Finance Meet Bitcoin

The company announced that it had raised $5.7 million from investors including Slow Ventures, Polychain Capital, Castle Island Ventures, DG Lab Fund, and individual investors.

“The evolution of finance is only happening faster in the wake of the current global economic crisis,” said Olaf Carlson-Wee, Polychain Capital founder. “We see River Financial as bridging the gap between traditional finance and Bitcoin.”

The company which now has licenses to operate in 10 states, plans to further offer standard checking and savings accounts in the coming year in partnership with a chartered bank.

According to Leishman, while Coinbase and Grayscale cater to those with the trading mentality, they do not provide the kind of customer service not the older and wealthy investors seek. River Financials provides services that one would get at a bank and assigns a private adviser to its investors as well.

Leishman says it doesn’t charge a fee to store customers’ bitcoin and customers treat the service as a savings bank with deposits, bitcoin purchase, accounting for 97% of company’s transactions.

River’s advisers include Elizabeth Stark of Lightning Labs and Steve Lee of Square Crypto.

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Author: AnTy

CME Records Over 20x Growth in Total Bitcoin Options Open Interest Since May

Institutional grade Bitcoin derivatives platform, CME, is experiencing a superficial growth in options interest from its clients. The total open interest is on a skyrocketing path, witnessing a 2500% increase, from the May 1 at $13 million to over $360 million as of Monday, June 15, 2020.

However, the total daily volume of BTC options traded has dropped significantly during the past week as price levels faltered below the $9,000 mark.

Institutional Interest in BTC Options Explodes

CME Bitcoin options launched in early January this year, starting on a slow note before the market exploded about five months later in May. Across the past six weeks, CME Bitcoin options open interest increased from $13 million on May 1 to an all-time high of $373 million recorded on June 10, 2020.

Source: Skew Markets

Despite the slight retrace to $368 million on Monday, the 2000%+ growth signals a growing interest in institutional investment interest into trading regulated crypto derivatives. CME now holds over 23 percent of the total global OI on Bitcoin options, surpassing the OKEx and LedgerX markets.

A spokesperson of the company, however, said the company “has no plans to introduce additional cryptocurrency products” despite the demand.

A one-Sided Battle in Institutional Investment

According to Matt Kaye, a managing partner at Blockhead Capital, a crypto hedge fund, the increasing open interest gives a “strong signal that regulated institutions are exposing their books to bitcoin.” Investing in regulated BTC products comes at a higher cost, but it seems the institution is ready to pay it, Kaye said.

“CME has a higher cost of capital and is closed on weekends, so anyone trading there is likely making those sacrifices because they have to.”

However, CME’s largest competitor, Intercontinental Exchange’s Bakkt, is not experiencing similar fortunes despite institutional demand growth. Since launching in December 2019, the total OI on Bakkt BTC options has only crossed the $1 million mark thrice (from January 9 to 11th), currently languishing at $66,000 as of June 15.

Skew Markets BTC Open Interest
Source: Skew Markets

Bitcoin options interest has also ballooned in retail markets, given the extremely volatile prices of the top crypto so far. Deribit, the largest exchange dealing in BTC options, has recorded a 300% increase in total open interest since the start of the year. Deribit crossed the billion-dollar mark in the final week of May, setting an all-time high on June 12 at $1.2 billion.

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Author: Lujan Odera

Stablecoin Printer Goes Brrr… Signaling an Early Bull Run in the Crypto Market?

During the past few months, stablecoins have seen immense growth which has led the total issued stablecoins surpassing $10 billion last week and their free float supply exceeded this figure this week.

According to analyst Permabull Niño, this surge in stablecoin supply might be giving off some signals.

He points out how during the 2017 bull run, there was “extremely active printing” of stablecoins. During the bear market of 2018, this printing “flatlined” only to have semi-regular new supply during the chopping of 2019.

Now, in 2020, USD-pegged stablecoins’ printing is “picking up steam” which could signal that we are in an “early bull” market.

Total Stablecoin Supply 7-day % Change, BTC market cap

Tether accounts for 90% of total stablecoin supply

Most of this stablecoin growth comes from Tether (USDT), the popular USD-pegged coin accounts for about 90% of the total stablecoin supply.

As per Tether’s transparency page, more than $9 billion worth of USDT is currently in supply, out of which $5.7 billion are on Ethereum blockchain, $2.1 on Tron blockchain, $1.3 billion on Omni blockchain, and the rest on others like EOS, Liquid, and Algorand.

Tether’s largest markets by traded volume are Asia-based Binance and Huobi. According to a recent Coin Metrics report, USDT-ETH transfers are concentrated during Asian and European market hours.

“Stablecoins are a crucial part of the crypto ecosystem, and will only keep growing in prominence,” states the report.

Since the Black Thursday crash, while most non-stablecoin assets saw a drop in their market capitalization, stablecoins have experienced a surge in demand.

This demand could be from the increase in the number of investors holding stablecoins as “dry powder” in anticipation of a new bull run or Asian OTC traders pouring money into stablecoins, as an onramp to crypto markets or a general rush to safety.

It is also speculated this surge in demand could be a reaction to the shortage of US dollars.

US Dollar shortage

In a 2019 Asian Development trade finance curve, banks from about 50 different countries when asked about the largest barriers to expanding trade financing operations, 30% identified US dollar liquidity as the obstacle.

The global reserve currency US dollar is the lifeblood of international trade as “a lot of borrowing and commerce and investing is done in dollars.” And they have been running in shortage amidst the coronavirus pandemic that has wrecked the businesses and economies.

The US Federal Reserve expanded its balance sheet by more than $2 trillion since the February end. But this is tackling America’s shortage of the US dollar, not the world’s.

Out of this $2 trillion, only about $600 billion was for new emergency loans to address the global shortage of dollars.

Foreign central banks also borrowed over $200 billion from the Fed via swap lines by the end of March. At that time, the Fed allowed them to swap any Treasury securities they held in exchange for cash.

The Importance of the US dollar can be understood from the fact that “when you have a dollar crunch, it can turn a recession or contraction in activity into a financial crisis very quickly because the dollar shortage can trigger defaults and deleveraging,” Julia Coronado, a former Fed economist told Bloomberg.

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Author: AnTy

Bitcoin’s an Attractive Asset as a ‘Hedge Against Traditional Financial Markets’

  • Bitcoin holding $7,500 level would be a really bullish sign
  • Bitcoin seeing growth in active addresses indicating new investors in the market
  • With global markets seeing massive uncertainty and traditional safe-haven assets like oil plunging, “BTC is becoming a more attractive asset”

Yesterday, we saw the stock market rising despite another 4.4 million unemployment claims, though lowest in a month, the numbers were still higher than the highest level ever recorded before the coronavirus hit. Analyst Mati Greenspan in his daily newsletter Quantum Economics wrote,

“But that’s being discounted because it wasn’t as bad as analysts were predicting. I know we’d all like to see the glass as half full but at this point, it’s completely empty.”

The real reason behind stock rallying, however, is “an overwhelming helping hand from the Fed who continues to support the market with free money.”

Unlike the stock market that wiped its gains instantly after the news that Gilead’s failed antiviral drug, Bitcoin kept its gains and is currently trading around $7,500.

After trading in a tight range over the past few weeks, the digital asset has finally broken to the upside. With this pop, the $7,450 level that has been pretty significant over the last month and had been acting as a resistance level on the way up is now being tested as a level of support, now that we’re above it.

Even if BTC drops back down after the breakout, “it is still quite significant from a psychological standpoint, because it imprints a higher high. If support does hold though, it would be a really bullish sign,” said Greenspan.

Bitcoin Fundamentals Growing

Just like the price, on-chain fundamentals are showing a significant increase in the activity on the Bitcoin network.

Bitcoin-on-chain-fundamentals
Source: Glassnode – Bitcoin on-chain fundamentals (7D MA), 15- 22 April

This recovery has us at pre-crash levels which are to be expected due to upcoming halving and revival in widespread retail interest in the leading cryptocurrency.

Another uptrend is seen in the number of active entities that has reached its highest point since the bull run of July 2019. These Bitcoin active addresses excluding in-house transactions may indicate “new investors entering the market.”

glassnode-active-addresses
Source: Glassnode

Overall addresses holding BTC actually grew 24% in the past year, with those holding equal to or more than 0.01 BTC surging 18.5% and those holding 0.1 BTC or more rising 14.6%. Those addresses with a balance of 1 BTC and more also jumped 11.4% in the last year.

As we saw this week, global markets continue to see massive uncertainty and instability with traditional safe-haven assets like oil plummeting below zero for the first time.

This could be one of the reasons, “BTC is becoming a more attractive asset, acting as a hedge against traditional financial markets,” noted Glassnode.

CME bitcoin futures volume and open interest is also back to a month high after seeing a significant decline after the crash, unlike unregulated exchanges that recorded huge growth.

“~1500 contracts were rolled from April to May, ~1200 contracts remain open for expiry later today,” noted crypto data tracker Skew.

CME bitcoin futures volume & open interest
Source: Skew

We are currently heading into some good months of Bitcoin as April to June has always been a “strong period” since 2014. Also, Apr/May/Jun the top 3 median months are coinciding with the halving, ensuring increased scarcity in a world where the money supply of fiat currencies is drastically increasing holds a promise for positive action ahead.

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Author: AnTy

Gold Hits 7-Year High As Investors Jump into Safe Haven Assets But Bitcoin Not Following

  • Coronavirus outbreak has the investors fearing a slowdown in global growth and piling into safe-haven assets like gold
  • US dollar also rising while bitcoin just like the stock market is falling

The yellow metal is flying just like altcoins.

Gold hit a 7-year high as investors rush into the safe haven trade. On Thursday, gold rose to $1,621.60 per ounce, its highest level since Feb. 2013. The precious metal is on track for its seventh straight positive day and the eighth positive week in nine of 2020.

The deadly coronavirus outbreak has the investors fearing a slowdown in global growth and piling into safe haven assets like gold.

The concerns are proving to be true as Apple (APPL) announced that it would not be able to meet its revenue expectation for the current quarter, that was laid out on Jan. 28 and was already wider amidst the coronavirus outbreak.

Spreading beyond China Border

US investors’ optimism that the coronavirus will be short-lived is being challenged as the virus spread beyond China’s border. While the World Health Organization (WHO) said the number of new cases of infections in China continues to decrease, South Korea saw a spike in new cases and a larger spread of the COVID-19 across the US has also been registered.

11 of the 13 patients from the cruise ship in Japan have been tested for the novel coronavirus. This came at a time when seasonal flu is already at its peak in the US.

“This is the time to open up your pandemic plans and see that things are in order,” said Dr. Anne Schuchat, a top official of the Centers for Disease Control and Prevention.

“At some point, we are likely to see community spread in the U.S. or in other countries,” she warned.

US Dollar Higher while Risk Assets on Thinner Ice

These rising concerns are not only working in favor of gold but also the US dollar, pushing the greenback at its highest level in about three years.

“What is becoming clear is that the consensus that is being priced into risk assets is on much thinner ice,” said Ed Al-Hussainy currency analyst at Columbia Threadneedle Investments.

“The consensus (forecast) has a very solid recovery in earnings this year. That is coming under pressure from loss of demand in Asia and also the stronger dollar.”

While gold and dollar are surging, a sudden drop had both the S&P 500 and Nasdaq fall from their record highs, while Dow dropped 388 points after a sharp rise in coronavirus infections were noted at a single Beijing hospital.

Bitcoin follows the stock market

During this time, instead of going the gold route like a purported safe haven, bitcoin is following the lead of the stock market.

Late Wednesday, Bitcoin prices took a fall from about $10,300 to nearly $9,400, which has been the day after the digital asset surged $650.

Economist and trader Alex Kruger says correlation of prices is not the key rather returns is as the correlation between the bullion and the digital asset get severed because of a sharp rise in gold while Bitcoin is down.

Currently, BTC/USD is trading at $9,730, in the green by just 1.52%, however, the digital asset is still up 32% year-to-date.

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Author: AnTy

Pushing ETH’s Trillion-Dollar Case? DeFi Hits Historic Day With $1 Billion in Total Locked Value

  • DeFi breaks $1 billion record, seeing a growth of over 200% in the past year
  • Moving towards the trillion dollar case for ETH

In a new milestone, Decentralized Finance has surpassed $1 billion in total locked value, according to Defi Pulse.

DeFi leverages decentralized networks to transform the traditional financial products into transparent and trustless protocols.

Earlier this year, this amount was under $700 million and now in just a month, we crossed the $1 billion threshold. Over the past year, the total value locked in DeFi has recorded a growth of more than 200%.

“DeFi AUM: from one million to *ONE BILLION* in only 878 days. A historic day,” commented Spencer Moon, Head of Crypto Investments at DTCCapital, a crypto-focused investment fund.

Out of these $1 billion locked amount, $678 million belongs to Ethereum as 3.1 million ETH are locked in DeFi projects in comparison to 1.6k of Bitcoin (worth $15.6 million) and 66.5 million of DAI (worth about $67 million).

Currently, the Ethereum-based lending platform Maker has a dominance of 59.75% in DeFi space.

Ethereum Enjoying DeFi’s Success

Ethereum is clearly establishing itself as the protocol to become the foundation for the new decentralized financial economy. According to ConsenSys’ 2020 prediction,

“There will be an explosion of synthetic assets and new derivatives which will create tens of millions in value in 2020 and eventually billions in value.”

Blockchain Capital also made a bold prediction of DeFi hitting $5 billion in 2020. This would also mean more locked ETH which would push its prices up.

Already, the second-largest cryptocurrency by market cap is surging in value. Up 68.09% YTD, ETH is trading at $219, a price level last seen in September.

As we reported, Lucas Campbell of DeFi rate also talked about a trillion-dollar case for Ethereum with DeFi creating “a new paradigm for global finance” with one common theme Eth.

“A trustless economy requires trillions in economic bandwidth. And that’s the trillion-dollar case for ETH,” summarized Mythos Capital founder Ryan Sean Adams.

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Author: AnTy