Research Summary
The report delves into the DeFi sector, focusing on Curve Finance, MakerDAO, Aave, and PancakeSwap. It covers topics like market volatility, revenue streams, and stablecoin supplies. The report also touches upon Real-World Assets and their growing role in MakerDAO’s portfolio.
Key Takeaways
Curve Finance
- Stable Supply Amidst Volatility: Despite market fluctuations, crvUSD’s total supply reached a new all-time high of 122 million.
- Revenue Generation: crvUSD has been a reliable source of income for the Curve DAO, with weekly revenues ranging from $15k-$93k.
- User Protection: Long-term stats indicate that crvUSD borrowers were largely insulated from market liquidations.
MakerDAO
- Shift to Real-World Assets: MakerDAO is increasingly investing in Real-World Assets, which now make up 39.8% of all investments.
- Revenue from RWAs: Real-World Assets contribute to 56.7% of MakerDAO’s revenue.
- Deflationary MKR: The Smart Burn Engine has made MKR deflationary, reducing its outstanding supply.
PancakeSwap
- Volume Growth: PancakeSwap V3 has generated a total of $15.4B in trading volume since its launch.
- DAU Distribution: Swap accounts for 70% of the total Daily Active Users, while Pancake Protectors contribute 15%.
- Revenue Sharing: PancakeSwap introduced a Revenue Sharing Pool for fixed-term CAKE stakers.
Aave
- GHO Stablecoin Supply: The supply of GHO stablecoin has grown considerably, reaching over 23 million.
- Diverse Holder Distribution: The GHO community shows a diverse distribution pattern among its holders.
- Concentrated Trading: Daily swap activity for GHO tokens has seen a notable rise, indicating concentrated trading.
Actionable Insights
- Consider Diversification: MakerDAO’s shift towards Real-World Assets suggests a diversification strategy that other DeFi platforms might consider.
- Monitor User Behavior: The user protection features in Curve Finance could serve as a model for other platforms to enhance user security.
- Revenue Sharing Models: PancakeSwap’s Revenue Sharing Pool offers an innovative way to incentivize long-term staking.
