Earlier this week I released a report on @compoundfinance

The #DeFi lending protocol has seen substantial growth, reaching $1.5B in total supply + $300M in borrowing activity since inception

Full report live on @DefiRate

1/ https://defirate.com/compound-research/

2/ Despite offering <0.1% interest rates, ETH leads in cumulative deposits with $604M supplied to the lending protocol

Next up is @MakerDAO's Dai/Sai which totaled $532M

USDC - $287M

The remaining assets combined for <5% of total deposits

The large majority of total borrowing activity comes from stablecoins

Of the $306M in cumulative borrows, $188M of it derives from $DAI or $SAI

The other significant borrowing activity naturally comes from the other stablecoin - $USDC - with nearly $85M in lending activity

Since Black Thursday earlier this month, where lending rates experienced significant volatility (peaking at 20% APY), yields have taken a hard hit

As it stands today:

DAI: 0.36%
USDC: 0.41%

For reference - Dai rates started off the month hovering around ~8%

This trend is further emphasized when looking at daily interest accrued by asset

Despite the downturn in yields, DAI still accounts for 68% of the interest accrued this month

Comparatively, USDC accounts for 28%

The rest of the assets combine for <4% of interest accrued

This #DeFi report expands on my contribution to "Our Network" a few weeks ago

Make sure to subscribe to that newsletter for weekly insights on major networks and protocols from leading analysts in the space

https://ournetwork.substack.com/ 

cc @spencernoon

fin