Open Decentralised-Finance (DeFi) platform dYdX has generated over $1 billion in crypto loans in the past year according to the firm.
[caption id="attachment_15663" align="aligncenter" width="2058"]
[Source: LoanScan][/caption]
The dYdX Platform
The platform consists of a decentralised exchange that offers margin trading, lending and borrowing.; fully powered by the Ethereum blockchain. The lending platform is marked 5th largest amongst competitors according to DeFi Pulse.
A second stat shared by the firm is that over $500 million were traded in the past 7-months on their platform.
In addition, dYdX native markets have done $534 Million in trade volume in the past 7 months 📈🚀
— dYdX (@dydxprotocol) April 18, 2020
While the latter is a small amount when compared to centralised exchanges, it is certainly a milestone for DEXs. We’ll need to see a steady growth for users to be attracted to these platforms and switch to a fully decentralised space.
MakerDAO Controversy
MakerDAO is the largest DeFi platform within the crypto-industry that also fully runs on the Ethereum blockchain. On Black Thursday, the 50% crash in ETH’s price caused severe problem for the platform. The effect was over $4 million of created value in the form of the stablecoin DAI that was not backed up by any underlying asset.
As this resulted in losses for investors, a class action lawsuit was drawn up against MakerDAO with plaintiffs seeking over $28 million. The lawsuit stated: “While misrepresenting to CDP Holders the actual risks they faced, The Maker Foundation neglected its responsibilities to its investors by either fostering or, at the very least, allowing the conditions that led to Black Thursday, all after actively soliciting millions of dollars of investment into its ecosystem”.
DeFi
Decentralised Finance certainly seems to be on the rise, however there are still stress tests that needs to be performed before an influx of capital goes into it. The natural progression of financial markets only seems logical to end up fully integrated into DEXs.
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