2020 Q2 DEFI INDUSTRY RESEARCH REPORT PART 4: COINDESK
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2020 Q2
DeFi
Industry Research
Report Part 4:
Asset Management,
Infrastructure and Others
July 2020
ANALYSTS
Johnson Xu, Norah Song, Harper Li, Fanger Chou
johnson@tokeninsight.com
T I R es ea rch
TokenInsight.com
bd@tokeninsight.com Find, Create, and Spread Value in Blockchain.
RESEARCH
COVID-19 and DeFi Overview
Overview
The first half of 2020 has been shattered by the global COVID-19
pandemic which turns into a significant economic shock that creates a
ripple effect on a global level. Decentralized finance is an exciting aspect
of the cryptocurrency industry where it continues its innovation and growth
at a significant pace despite the global economic downturn.
The decentralized finance ecosystem saw an accelerated growth in the
second half of 2019 where we have covered the growth in our 2019 DeFi
annual industry report, with leading projects such as MakerDao, Uniswap
and Compound Finance taking out solid positions in the DeFi ecosystem.
The most depressing moment in the first half of 2020 was the date that
global financial market turmoil also spread to the cryptocurrency industry,
the Black Thursday on March 12, 2020, at that time the industry saw a
market-wide panic and dried up market liquidity which resulting market-
wide liquidation and opened the door for system-wide structural risks to
be surfaced in the cryptocurrency market, particularly in the DeFi
ecosystem.
When many people in the industry wishfully think the industry would shine
in a big-time during a global economic crisis just like the one we are
experiencing right now. The Black Thursday market crash, unfortunately,
proved to many people that the cryptocurrency financial market is
interconnected with the traditional realm, creating a cascading effect, and
impacting every single aspect of the cryptocurrency market.
We are still growing fast in this early ecosystem, and a robust, structured
decentralized financial system is needed to deliver the next-generation
financial system to the world. The Black Thursday event was an early stress
test to the DeFi financial system, and the industry held it together and
successfully passed the early stress test.
Global zero-bound interest rate is potentially re-directing the money flow
from the traditional market to the DeFi ecosystem where the interest rate is
significantly higher than the one in the traditional system, although attracts
higher risks compared to the traditional regime.
The purpose of the Q2 2020 DeFi industry report is to shed some lights on
this lightning fast moving DeFi ecosystem, and as an organisation to Find,
Create and Spread value in the blockchain space. The Q2 2020 DeFi
industry report has been broken into multiple parts including trading
(DEXs, Derivatives and Prediction Market), Issuance (Stablecoins, Lending,
Non-Fungible Token), Asset Management, DeFi Infrastructure and Others,
Investment and Ratings where we work with Fundamental Labs to deliver
this part.
tokeninsight.com 2RESEARCH
ASSET DeFi Asset Management Overview
MANAGEMENT
The strong growth of the DeFi sector has spurred the
development of DeFi asset management projects, with
a handful of projects targeting at making life easier for
users to interact with the DeFi world.
Due to the fragmentation of the DeFi space, there are limited one stop
asset management solutions to let users interact with multiple DeFi
platforms. Wallets and asset management tools have the ability to connect
and integrate different lending and trading platforms. With the
development of the DeFi industry, the necessity of such projects has
become clearer. At the same time, the influx of capital into the DeFi space
has spawned market demand for DeFi funds management and asset
management portal solutions.
‣ DeFi Asset Management Landscape
Source: TokenInsight
TokenInsight Research categorizes
Wallets & Asset the DeFi asset management
Management Tools sector into mainly 2 sub-sectors,
1: Asset Management Protocols 2:
Wallets and Asset Management
Tools. We define DeFi wallets as
the smart contract, non-custodial
wallets. Asset management tools
provide a way for users to interact
with the fragmented DeFi world in
Asset Management a more convenient way.
The early solid growth of
Protocol
Dapper, Monolith and
TokenInsight Research selectively
Argent led to an
analysed some major DeFi wallets
extremely high user
in the market, including Argent,
growth rate in Q2 2019.
Mykey, Dharma, etc.
‣ The Growth of DeFi Wallets DeFi Wallets Growth Rate
23.45%
Source: Statista, TokenInsight 24%
19%
408.64% 14% 11.77%
120% 8.87%
105.39% 10% 7.25%
96% 5%
0%
70.21% Feb March April May
72%
48% 37.87%
29.83%
24% 15.64%
5.56% 5.48% 5.62% 7.57%
0%
2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2
tokeninsight.com 3RESEARCH
1. The selection of the top tier Based on the figure above, DeFi wallets have outgrown other types of
projects is based on the wallets in percentage term in 2019 and H1 2020 due to the strong positive
number of users, contract
growth of the broader DeFi sector.
account balance, and the
influence of the project in the
DeFi ecosystem Compared with the overall cryptocurrency wallet sector, the development
of DeFi wallets is still in its early stage. While it has a higher growth rate
DeFi TVL ($ Million, Left Axis)
than other wallets in the industry, it is also more susceptible to market
Argent Growth Rate (Right Axis)
Mykey Growth Rate (Right) fluctuations. The user growth of wallets across the industry in the below
figure has been relatively stable since the third quarter of 2019, the sharp
$1,300 4.0%
drop during the Black Thursday negatively impacted the growth of DeFi
$1,133 2.7%
wallet users in March and April, resulting in a significant decrease in the
growth rate of DeFi wallet users in the second quarter of 2020.
$967 1.3%
At the same time, because the DeFi wallets are specifically focused in the
$800 0.0%
1/26 1/29 2/1 2/4 2/7 2/10 2/13
interaction of DeFi ecosystem, allowing users to conveniently interact with
DeFi applications such as lending platforms through the integrated service,
its growth is closely related to the overall development of the DeFi
DeFi TVL ($ Million, Left Axis)
Argent Growth Rate (Right Axis)
industry.
Mykey Growth Rate (Right)
$1,600 1.6% It can be seen from the figure below, the number of users of the top tier
1.2% DeFi wallets Argent and Mykey is relatively consistent with the total
$1,367
0.8% number of DeFi addresses. At the same time, during the two strong
$1,133
0.4% increases in DeFi TVL during February and June 2020, both Argent and
$900 0% Mykey user growth rates increased positively.
5
7
9
11
13
15
17
19
21
6/
6/
6/
6/
6/
6/
6/
6/
6/
Among them, the user growth rate for Argent smart wallet surged to 3%
on February 4, 2020, and then returned to a stable level. Due to the
incentivised liquidity mining activities, Argent’s user growth rate jumped to
1.6% on June 19, 2020.
‣ No. Of Wallet Users for Argent, Mykey
Source: TokenInsight
Argent Mykey DeFi Total Addresses (Right Axis)
30,000 240,000
22,500 180,000
15,000 120,000
7,500 60,000
0 0
2020/1/1 2020/1/31 2020/3/1 2020/3/31 2020/4/30 2020/5/30 2020/6/29
tokeninsight.com 4RESEARCH
1. As a third-party asset Mykey has officially supported the Ethereum network on January 15 2020,
management tool, InstaDApp leading to an immediate surge in the number of users, then the growth
does not require users to
directly store assets. The TVL
rate returned to a more sustainable level of 1.5% until February. With the
here is the value of assets strong growth of the broader DeFi ecosystem, the growth of DeFi TVL also
locked on other platforms by led to the growth of Mykey users, the growth rate gradually increased to
using InstaDApp
2.9% on February 12. Similarly, the growth rate for Mykey users on June 15
surged from 0.23% the day before to 0.59%. In addition, DeFi wallets are
still relatively niche in the current market, with the number of users capped
at 30k for the top tier DeFi wallet such as Argent.
As of June 29, the balance locked up in the Argent contract account was
more than $5 million, compared to the lock-up value of the major lending
platforms which has reached more than $600 million. As an asset
management tool, InstaDApp has benefited from the hype of the
incentivised liquidity mining, with TVL of $123 million, which is 25.7x than
Argent and 112.2x than Mykey’s.
‣ DeFi TVL Comparison (Argent & Mykey ETH only)
Source: DeFiPulse, TokenInsight
Compound 668.0M
Maker 619.2M
InstaDApp 123.4M
Set Protocol 15.9M
Argent
Argent 4.8M MyKey
0M 1M 2M 3M 4M 5M
MyKey 1.1M
0M 140M 280M 420M 560M 700M
Liquidity mining brings temporary user traffic to DeFi
wallets which helped InstaDApp establishes its market
position.
The liquidity mining launched by Compound in June gained strong market
traction in the DeFi space, resulting in a positive increase in the number of
users in the DeFi wallet and No. of transactions. It can be seen from the
figure below that the number of transactions from Argent and Mykey
surged on June 15, increased from 479 and 109 to 596 and 388
respectively. The number of transactions for Argent wallet broke through
1,000 in the following days. However, subject to factors such as market
conditions, the hype on incentivised liquidity mining did not bring a
meaningful change to the overall development of DeFi wallets.
tokeninsight.com 5RESEARCH
‣ DeFi TVL Comparison (ETH only)
Source: DeFiPulse, TokenInsight
Argent Mykey
1,200
800
400
0
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20 /6/
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20 29
/6
/6
/6
/6
/6
/6
/6
/6
/6
/6
/6
/6
/6
/6
/6
/1
/3
/5
/7
/9
/1
/1
/1
/1
/1
/2
/2
/2
/2
/3
1
3
5
7
9
1
3
5
7
0
The market positioning for asset management tools such as InstaDApp
tends to focus on professional users, represented by the launch of a
leveraged liquidity mining function which can be maxed out at 4x for
leveraged liquidity mining, attracted significant interest from the
experienced market participants to leverage this tool to amplify the gains.
The number of InstaDApp contract addresses has continued to increase
after June 15. However, Zapper and Zerion are not smart contract based
asset management tools, thus these data can not be a direct comparison
with InstaDApp.
‣ No. Of Contract Deployed for InstaDapp
Source: TokenInsight
InstaDApp Contract Deployed
5,000
3,333
1,667
0
5
/4
4
4
/4
4
4
/3
3
3
/3
/2
/1
/2
/1
/2
/1
/2
/4
/5
/6
/7
/3
/4
/4
/5
/5
/6
/6
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
Asset management protocols projects gained initial
traction in 2019 and began to shine in H1 2020.
Currently, there are a few such projects on the market such as Set Protocol,
Melon, and Betoken. Among them, Set Protocol and Melon are accounted
for the majority of the asset management protocols market.
tokeninsight.com 6RESEARCH
As can be seen from the figure below, although Set Protocol started later
than Melon, its AUM has outgrown Melon’s. At the same time, benefiting
from the broader development of the DeFi industry, both platforms grew
significantly in H1 2020, with AUM growth of 726.3% and 455.6%
respectively.
The asset management protocols open the doors to many possibilities in
the DeFi industry, its growth can be considered correlated with the overall
DeFi industry. However, with the strong growth of the broader DeFi market
and the fragmentation of the DeFi platforms, we see a significant demand
for asset management protocols in the future to consolidate and create
user-friendly decentralised funds platform in order to drive the industry
forward.
The current industry structure also demonstrates a strong network effect
with the top tier projects conquering the most users in the space. The
current No. of users on Set Protocol is roughly 10x then Melon Protocol at
the beginning of the year. With Melon Protocol launches its V2 platform,
TokenInsight Research believes the competition between the top projects
alongside with the network effect will create barriers of entry for new
players to enter the market. New players must find innovative solutions
and strong market fit in order to track and outgrow the broader DeFi
market.
‣ AUM & DeFi TVL % For Set Protocol and Melon
Source: TokenInsight
Set Protocol (Left Axis) Melon (Right Axis)
$18M $1.2M
$12M $0.8M
$6M $0.4M
$0M $0.0M
/1
20 /26
20 /20
20 15
20 /9
/4
20 /29
20 /23
7
20 /12
20 1/6
1
20 /26
20 /20
20 /14
20 10
/4
20 /29
20 /24
8
/1
2/
/1
/3
/6
/7
/4
/
/
/3
/4
/5
/7
/8
/9
0
/1
/1
2
/1
/2
/3
/4
/5
/6
19
19
19
20
/1
/1
19
19
19
19
19
19
19
19
20
20
20
20
20
20
20
19
19
20
20
20
20
20
AUM as a % of TVL for Set Protocol & Melon
2.20%
1.47%
0.73%
0.00%
1
8
15
22
29
5
12
19
26
4
11
18
25
1
8
15
22
29
6
13
20
27
3
10
17
24
1/
1/
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3/
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5/
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2/
2/
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tokeninsight.com 7RESEARCH
INFRA- ASSET MANAGEMENT SECTION SUMMARY
The development of the asset management sector is still in its early stage
STRUCTURE and is correlated with the growth of the broader DeFi industry. Despite the
strong growth such as InstaDApp, Argent, Set Protocol and Melon Protocol
in H1 2020, asset management projects overall have not yet reached
widespread usage.
However, the characteristics of asset management projects determine their
necessity in the DeFi industry. In the future, with the development of the
DeFi lending and trading market, users' demand for integrated solutions
and asset management tools will inevitably become stronger. Based on the
analysis, TokenInsight Research predicts differentiated asset management
protocols and tools will begin to surface in the market to capture DeFi
market alpha in the near future.
Overview of the DeFi Infrastructure Sector
Due to the scale of the DeFi infrastructure sector, TokenInsight research
decided to limit its focus to price oracles and privacy projects.
TokenInsight Research believes that Infrastructure is the cornerstone of the
DeFi industry. Events such as the Synthetix oracle attack in H2 2019 and
the flash loans attack in H1 2020 all have demonstrated that the stable
development of the DeFi industry is inseparable from the development of
safe, reliable price oracles that can be used on a large scale.
Decentralized oracle projects started relatively early. At present, top tier
projects such as Chainlink and Band Protocol have been used by a number
of DeFi projects in the ecosystem. DeFi Privacy projects were born in
response to the development of the industry, generally starting in 2019,
and existing major projects in the market Projects include Tornado, AZTEC
Protocol, Incognito, etc.
‣ DeFi Infrastructure Landscape
Source: TokenInsight
Price oracle sector is dominated by
Chainlink and Band Protocol, some
DeFi Infrastructure other projects such as Tellor are
actively developing and gaining
market traction. Judging from the
current industry development,
Chainlink is still the most
recognized project in the space,
and its price oracle has been
integrated by many projects in the
DeFi ecosystem including Aave,
Synthetix, Loopring and Set
Protocol.
tokeninsight.com 8RESEARCH
On the other hand, Band Protocol is committed to providing fast and low-
cost price data, in addition to targeting the DeFi market on Ethereum, it
also began to deploy to other public chain this year.
‣ Summary of Price Oracle Projects
Source: TokenInsight, Data as of July 14, 2020
Chainlink Band Protocol Tellor Nest Protocol
Market Leader, early Security and High Value
Characteristics Cross-Chain, Decentralized Data Reliability
mover Projects
Released Date 2017/11 2019/09 2019/10 2020/05
No. Of Supported
36 Any Data 25 —
Assets
Institutional Partners 24 11 — —
No. Of Node 30 54 Any 3rd parties Any 3rd parties
The role of the price oracle is indispensable in the DeFi ecosystem, but the
number of players in the decentralized oracle market is currently small, and
various existing projects are still in the stage of continuous improvement in
terms of technology and governance.
Nest Protocol is one of the oracle projects that emerged in 2020, which is
in its early stage of development. With price oracles form the backbone for
the DeFi ecosystem, centralized entities such as Coinbase and OKEx also
have launched their respective price oracle in H1 2020, demonstrating a
strong market demands to have reliable, decentralized price oracles in
order to grow the industry.
‣ Chainlink, Band Protocol, Tellor Market Cap and DeFi TVL
Comparison
Source: DeFiPulse, TokenInsight
DeFi TVL (Left Axis) Chainlink (Left Axis) Band Protocol (Right Axis) Tellor (Right Axis)
$1,800M $40M
$1,350M $30M
$900M $20M
$450M $10M
$0M $0M
/1
6
0
6
0
/5
0
4
/2
/2
/1
/1
/3
/2
/1
/5
/1
/2
/3
/4
/5
/6
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
tokeninsight.com 9RESEARCH
Based on the figure above, the market value of the oracle project has
increased positively in H1 2020. Band Protocol grew strongly before June
2020 and once surpassed Chainlink in terms of the market cap. The growth
of Chainlink's market value is more consistent with the growth trend of the
entire DeFi industry, showing that Chainlink is in a more mature stage of
development. Comparing to Chainlink and Band Protocol, the growth of
Tellor remain steady.
TokenInsight Research analyzed the number of transactions on Chainlink,
Band Protocol and Tellor since 2020, and we have discovered that there is
a certain correlation between the fluctuations of on-chain transactions and
their respective market value fluctuations. During the period of high
market volatility, the on-chain transactions are also more active. At the
same time, as can be seen from the figure below, the magnitude of the
positive changes in the number of transactions on Chainlink and Band
Protocol 2020 is much greater than the magnitude of the negative
changes. Tellor’s number of transactions is less volatile, and the activity on
the chain remains steady in H1 2020.
‣ Chainlink, Band Protocol On-Chain Transactions
Source: DeFiPulse, TokenInsight
Chainlink On-Chain Transactions Daily % Changes Band Protocol On-Chain Transactions Daily % Changes
Tellor On-Chain Transactions Daily % Changes
600%
367%
133%
0%
-100%
20 3
20 10
20 19
20 24
20 1
20 5
20 10
20 3
20 1
20 6
20 13
20 18
20 23
20 8
20 2
20 7
20 14
20 19
20 24
20 9
20 9
20 14
20 19
20 24
20 9
20 3
20 8
20 13
20 18
20 25
0
20 /1/
20 1/3
20 /2/
20 2/2
20 /3/
20 /3/
20 3/2
20 /4/
20 /4/
20 4/2
20 /5/
20 5/2
20 /6/
20 /6/
/3
20 /1/
20 /1/
20 /1/
20 /2/
20 /3/
20 /3/
20 /3/
20 /4/
20 /4/
20 /4/
20 /5/
20 /5/
20 /5/
20 /6/
20 /6/
20 /6/
/6
20
/
/
/
/
/
20
tokeninsight.com 10RESEARCH
Privacy projects mainly are building based on the zero-
‣ Privacy Projects knowledge proofs technology, significant milestones
Technology Stack
Source: TokenInsight
have been achieved in H1 2020.
Project Tech
Ethereum transactions are considered to be pseudonymous in a way that
Tornado zkSnarks the user address and transaction amount are completely disclosed but can
Zero not directly link to an individual or organisation.
AZTEC
Knowledge
Protocol In response to the demand for completely private transactions, privacy
Proofs
projects have emerged in the market. Privacy projects have a significant
Zero- room for growth in the DeFi sector, and the recent USDC account freezing
Incognito Knowledge by the authority has triggered some deeper thoughts on how can the
Range Proofs industry to work on privacy technology in the market.
Plutus zkSnarks
At present, privacy projects on the market generally use zero-knowledge
proofs and specific classifications under zero-knowledge proofs to solve
‣ Degree of Privacy privacy problems. Since there are few privacy projects on the market and
Transactions the lack of data information, comprehensive market analysis is nearly
Source: TokenInsight impossible. However, the development trend of such projects can still be
Project Address Transfer seen from the performance of representative projects. In addition, it
should be noted that the mechanisms adopted by each project are
Tornado
different: Tornado adopts a fund pooling model, requiring users to deposit
AZTEC assets like a fund pool; while Incognito directly processes transactions
Protocol through a shielded mode.
Incognito
‣ Tornado Pool Size and Incognito Transaction Volume
Source: Incognito, TokenInsight
Tornado Pool Size Incognito Total Transaction Volume
$8M
$6M
$4M
$2M
$0M
2020/2/29 2020/3/31 2020/4/30 2020/5/31 2020/6/30
Tornado Pool Size
As can be seen from the figure below, in H1 2020, Tornado and Incognito
$3M have achieved positive development. The balance of Tornado's fund pool
$2M
$2M
increased from $350,000 at the beginning of the year to more than $4
$1M million, with a growth rate of 1077%. Since the launch of Incognito’s
$0M
mainnet launched in November 2019, as of the end of June, Incognito's
20
20
20
20
20
20
20
20
/1
/1
/2
/2
transaction amount has reached $7.53 million, and its growth was the
/1
/2
/1
/2
1
0
9
strongest from March to June, with a growth rate of 528%.
tokeninsight.com 11RESEARCH
But at the same time, the use of privacy tools also has certain security risks.
For example, if the privacy function is used by a hacker to initiate an
attack, it will be difficult to track the hackers.
SECTION SUMMARY
There is ample market space in the DeFi infrastructure sector, infrastructure
players need to have a deep understanding of the technology supported
by the strong growth of the DeFi ecosystem in order to gain large-scale
adoption. The safety and reliability of the price oracles will play vital roles
to support further growth of the DeFi industry. At the same time, privacy
projects aim to address some of the DeFi pain points, and the emergence
of privacy issues in the industry boosts the development of such projects,
and there is plenty of room for subsequent growth in the industry.
tokeninsight.com 12RESEARCH
CONCLUSION The DeFi space is gradually realising its unique value
proposition.
It is without a doubt that DeFi is still in the early stage where users still
experience sufficient frictions in interacting with the DeFi applications.
However, the DeFi world is working together to grow and produce
innovative solutions to reduce these user frictions and connecting the dots
to form an integrated decentralized financial ecosystem with ample
liquidity.
As we are building, learning and experimenting with the “money legos”,
being an open, permissionless and interconnect financial ecosystem gives
back significant power to the users, in the meantime, there are also
significant risks associated with the DeFi space. The oracle attacks, front-
running, re-entry attacks, liquidity risk, and many more whether due to
smart contract logical errors or poorly designed system mechanisms. Users
who wish to experience the DeFi world should at least aware and
understand these potential risk factors before jumping straight to the DeFi
bandwagon.
DeFi presents a significant innovation in the space, and the industry is still
growing and learning from our traditional counterparts. TokenInsight
Research believes the future of the DeFi space, its unique value
proposition, strong growth potential and innovative concepts can drive the
broader cryptocurrency market to another level. At some point, proof of
stake, centralized finance and decentralized finance will come together to
form an enormous cryptocurrency financial ecosystem to achieve the
potential of “money legos”. Sophisticated derivatives products and
instruments will be developed in the near future to add another layer of
complexity in the already complex yet young financial ecosystem, driving
innovation and experimenting various financial applications to achieve
unimaginable future.
With the composability of decentralized finance, the untapped potential of
building with the “money legos” is enormous. We expect DeFi will grow in
an exponential trend in the future with unprecedented liquidity to be
presented in the space, combined with a concrete decentralized financial
ecosystem to achieve mass adoption and bring decentralized finance to
the world stage.
Don’t trust, verify.
tokeninsight.com 13The report is based on public sources considered to be reliable, but TokenInsight Inc. does not guarantee
the accuracy or completeness of any information contained herein. The report had been prepared for
informative purposes only and does not constitute an offer or a recommendation to purchase, hold, or sell
any cryptocurrencies (tokens) or to engage in any investment activities. Any opinions or expressions herein
reflect a judgment made as of the date of publication, and TokenInsight Inc. reserves the right to withdraw
or amend its acknowledgment at any time in its sole discretion. TokenInsight Inc. will periodically or
irregularly track the subjects of the reports to determine whether to adjust the acknowledgement and will
publish them in a timely manner.
TokenInsight Inc. takes its due diligence to ensure the report provides a true and fair view without potential
influences of any third parties. There is no association between TokenInsight Inc. and the subject referred in
the report which would harm the objectivity, independence, and impartiality of the report.
Trading and investing in cryptocurrencies (tokens) may involve significant risks including price volatility and
illiquidity. Investors should fully aware the potential risks and are not to construe the content of the report as
the only information for investment activities. None of the products or TokenInsight Inc, nor any of its
authors or employees shall be liable to any party for its direct or indirect losses alleged to have been
suffered on account thereof.
All rights reserved to TokenInsight Inc.
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