Ethereum-based decentralised finance (DeFi) trading and lending platform dYdX have announced they originated over $1.1 billion worth of loans in the last 12 months.
In the past year, dYdX has originated well over $1 Billion in loans 💸🤑 pic.twitter.com/ZJynUQ7JXy
— dYdX (@dydxprotocol) April 18, 2020
After being identified by Circle Research as one of the prime entities meeting the growing demands for lending in July 2019, latest research from DappRadar shows that dYdX have gone on to become one of the most popular dApps in the decentralised finance arena.
Most popular #DeFi dapps [11 Apr – 17 Apr 2020] have reached over 5,200 daily active unique wallets in the last 7 days.
— DappRadar (@DappRadar) April 18, 2020
Wallet to Blockchain
Founded by ex-Coinbase software engineer Antonio Juliano and backed by a number of venture capitalists including Andreessen Horowitz, the platform removes counterparty risk by allowing traders to access dYdX markets directly from their own wallets to the blockchain.
With plans to expand their range of derivative offerings, dYdX currently uses the Ethereum blockchain and 0x protocol to allow peer-to-peer short and long selling as well as facilitating fully collateralised loans.
The latest figures from LoanScan shows that the loans over the past year were centred around four assets – Ethereum (ETH), DAI, USDC, and SAI – with ETH at $518,918,299 accounting for around half of the total and DAI weighing in with a respectable $380,817,520.
The rising growth of applications such as dYdX has recently seen a number of commentators turning bullish on the underlying Ethereum network.
Adam Cochran, partner at Metacartel Ventures, singled out the increased usage as one of his many reasons why the upcoming Ethereum 2.0 “…could prove to be the largest economic shift in society…”
Simply put, the more actual demand there is to use the system then the more the price goes up, because there is a real underlying value being created for the user.
The best part in such an open system is this value is different for everyone and every transaction. pic.twitter.com/By7xzrcKvX
— Adam Cochran (@AdamScochran) April 17, 2020