Read the full report. It’s extremely well done with nice infographics, and will take 10 minutes max.
Here’s my bullet points if you can only spare 2 minutes.
$53 billion of value in Ethereum’s DeFi ecosystem (we’re at $65b today). $1b was hit on 2/6/20, so this is insane growth.
146 million unique Ethereum Addresses - 12% increase from Jan 1, 2021
Only 1% of all Ethereum Addresses using DeFi protocols. 10X growth from Jan, 2020
50% increase in median Ethereum transaction fee due to increased demand (median $23)
Ethereum now generates over half the fees across all major blockchains, including Bitcoin
Stablecoin supply on the Ethereum blockchain has doubled since the beginning of the year ($20b to $38b). 7X year over year!
2.5X increase in USD volume across Decentralized Exchanges
DeFi loans did a 3X in Q1
DeFi tokens outperformed BTC by 57% in Q1
Layer 2 total value locked increased by 7X to help scale Ethereum’s slow transactions and high fees
Digital art is exploding - market value is close to $0.5b. Traditional art has declined
What to watch for in Q2:
DAOs investing in digital art - I’m personally not sold on this yet because of the immaturity and illiquidity of the space. There are a lot of DeFi projects looking to leverage digital art for collateral, which is very promising. Older, and established projects like CryptoPunks are paving the way. There are some amazing stories about how DAOs have formed for philanthropic causes. PleaserDAO
Flashbots and MEV - Bots have been sniping and front running traders for a long time, costing investors large sums of money because they aren’t getting the best prices for assets. Several projects are battling this issue, namely KeeperDAO, Balancer/Gnosis, and Integral. I’m excited about how this plays out as it could significantly benefit users and reduce base layer fees.