Kyber Ecosystem Report #8 – Kyber Network
Nuo Network now reclaims its spot as the largest DeFi integration within Kyber with $5.1M worth of monthly trading.
Note: due to some dapp-specific integration methods, we do not have insight into all our DeFi integrations and hence why Set Protocol and a few other volume-bringing integrations are not represented in the data above. We are working to change this.
Welcoming Structured to DeFi
We recently highlighted a trend within the Ethereum ecosystem were dapps were integrating with DeFi dapps already integrated downstream with other DeFi dapps, thus creating unique value chains (ie. Deversifi →Fulcrum →Kyber Network) and this month we welcome another such chain.
Structured is an Ethereum-based hedged portfolio generator that allows you to convert your Ether into fixed income structured products. These products include positions such as ‘Risk Averse Return, Long Ether’ (made of 90% Fixed Income with 7% APR and 10% 3x Leveraged ETH) and ‘80/20 Interest Long’ (40% USDC Interest, 40% DAI Interest, 10% 2x Long ETH, 10% 2x long BTC) amongst others.
Structured uses Fulcrum with Kyber Network, Compound, and Synthetix to create these positions with users maintaining custody of their funds at all times and without being subject to any lock-up periods. It’s great to see such teams pushing forward with building up the DeFi toolkit in new and innovative ways.
Kraken’s Cryptowatch & Totle
This month also saw the integration of Totle into Kraken’s Cryptowatch platform so that Cryptowatch users can query Kyber Network and other decentralized liquidity providers’ trade data.
The data provided will be real-time on-chain trade data with Loi adding that
“this will improve users’ ability to blend decentralized and centralized trading strategies together”. You can read more in Totle’s blog and access the data directly on Cryptowatch.
Cryptowatch Real Time DEX data Quick DeFi Landscape Recap
With so much going on in the DeFi space, we thought we’d also give you a quick update on notable events and announcements from across DeFi over the last month:
Aave launches uncollateralized loans: — In a first for the DeFi space, Aave announced the availability of uncollateralized flash loans. Users are able to take out uncollateralized loans as long as they can return them, with interest, within the same transaction. Thread Multi-Collateral DAI Launch Date: — Rune Christensen, CEO of the Maker Foundation, announced that Multi-Collateral DAI will finally launch on the 18th of November. Blog Plasma Group & Uniswap Optimistic Rollups: — These teams demoed a Layer 2 solution capable of running at 250 transactions per second while allowing for full Solidity smart contract interoperability with Ethereum.
EthKids — We love and fully support ideas that leverage the power of the blockchain to improve the process of charitable giving. EthKids is one such example where a dynamic bonding curve model is used to create a non-commercial decentralized protocol for charity donations for children.
This conceptually new donation mechanism uses Kyber to allow for donations to be made in any ERC20 token and the first round of donations are going to Chance.by, a charity that helps children with severe diseases raise funds for urgently required medicine or surgeries.
DexWallet — DexWallet is an easy to use crypto wallet with a native Kyber integration that allows users to swap one token to another directly from their iOS devices. The team are also active with xDAI development and recently participated in the Kyber DeFi Hackathon.
Axie Infinity — We were pleased to see Axie Infinity integrated into Samsung’s Blockchain Wallet (available on Galaxy S10, Note10, Fold, and A90). Users of the phones will now be able to trade and battle Axies straight from their Samsung Blockchain Wallets.
Like Decentraland, Axie Infinity is another project that used Kyber during its NFT auction period and it’s always exciting to see such projects expand their reach into mainstream applications. Enjin, another Kyber-integrated wallet, was one of the first dapps to make it onto the Galaxy S10.
You can read more on the integration here.
In this age of multiple Ethereum dexes and multiple dex aggregators available to end users, it’s more important than ever for us to provide the most competitive rates to the Ethereum ecosystem. This is why we always push to improve the Kyber Reserve, and our most recent improvements, especially around DAI, are reflecting in our monthly data.
The Kyber Reserve saw USD volumes increase 63% , with SNX, REN, and the Melonport Reserves also seeing strong demand for their tokens and increasing volumes:
In terms of traded tokens, we see stablecoins like DAI and USDC continue to dominate the top of the list with their extensive usage within DeFi dapps:
New Reserve: Woorton
This month we welcome Woorton to Kyber’s liquidity protocol. Based in Paris, Woorton is one of the leading European digital asset market makers and maintains bank-grade proprietary trading infrastructure to market make between crypto and over 30 fiat currencies.
Woorton will manage a Fed Price Reserve for the Melon (MLN) token, and by redirecting liquidity bilaterally between CEXs and DEXs, it can provide a much better level of liquidity on Kyber.
In the last few months we’ve been seeing a trend of WBTC gaining new trading pairs against non-Ethereum tokens. Switcheo recently announced the NEO/WBTC atomic swap market through its Switcheo Network Decentralized Exchange, and NebliDex soon followed by releasing the BTC/WBTC pair on its own DEX.
Note: we have not vetted either of the above projects and their usage, as with all projects highlighted in these ecosystem blogs, is done so completely at your own risk.
And it’s done! 308 of you participated in our Kyber DeFi Virtual Hackathon. Over 40 projects were submitted and we saw a diverse range of projects ranging from APIs to telegram bots, digital pets to charity solutions, and social wallets to all sorts of different DeFi products.
The voting period continues until the 7th of November so please be sure to browse the submissions and vote for them here. Again, thank you everyone for participating, its been a pleasure to see the innovation you bring to the table and we’ve greatly enjoyed trying out what you’ve built.
As soon as the winners are announced, we’ll have a full blog post covering the hackathon.
Vote if you haven’t already done so! Singapore Blockchain Map
Singapore is a place dear to our hearts with many of us based here. It’s been very inspiring to us to see how much blockchain innovation has taken place in such a short time in such a concentrated geographic area, and this month, this was highlighted by Infocomm Media Development Authority, a Singapore Ministry of Communications and Information board.
Aimed with promoting awareness and adoption of blockchain technology, IMDA’s report sets out to map out the vast Blockchain ecosystem in Singapore. Kyber Network takes its place amongst other liquidity providers and exchanges like Binance and Huobi and you can read a summary of the various industries and key players in Fintech News’ article here or access the map directly here.
Asian Blockchain Review
Kyber was also extensively covered by Asian Blockchain Review with Loi giving an interview on how Kyber Network was conceived, how it stands out amongst other similiar protocols, and what our goals are for the future. You can read the full interview here.
Devcon V — After months of anticipation we finally got to experience Osaka and Devcon V! In a nutshell, we had an amazing time, listened to great talks, learnt a great deal about where Ethereum is heading, and of course had a lot of great food. We’ve written a dedicated blog post just for Devcon V which you can read here.
A happy team being treated out in Umeda district
Throughout October we also got the chance to answer hundreds of questions through the dapp.com and Atomic Wallet-hosted community AMAs. These Kyber-focused AMAs were a great opportunity for us to spread awareness about various aspects of Kyber’s liquidity protocol and you can catch some of the questions and answers here.
Published at Tue, 05 Nov 2019 12:50:02 +0000