THEBLOCKCRYPTO.

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Open Finance Trends

2020

JUNE 4, 2020
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Index
Aggregation Sophisticated financial products

Liquidity Infrastructure
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Aggregation

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Aggregation Theory
“...no longer do distributors compete based upon exclusive supplier relationships, with consumers/users
an afterthought. Instead, suppliers can be commoditized leaving consumers/users as a first order
priority.” — Ben Thompson, Aggregation Theory
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Aggregation in legacy finance

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Aggregation in OF
Innately interoperable software transforms liquidity into a pure commodity

Primarily seeing applications emerge across lending and exchange verticals

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Best price > brand loyalty

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Better price is table stakes

Widest feature set wins
- Meta transactions
- RFQ integrations
- Gas optimizations
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Lending aggregator traction slow

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Sophisticated Financial
Products

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OF increasingly legitimate alternative

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Non-custodial perp swaps emerge

Source: Skew
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However, vanilla futures missing

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Options all the rage

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Option protocols promising

Source: Opyn
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Synthetics slow off the mark

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Honorary mentions
Structured Products

Fixed rate lending/interest rate swaps

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Stablecoins

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2020: Year of the crypto-dollar

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Over $5bn transfer volume/day

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Stablecoin behavior use-case specific

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Maker in good shape post-BT

Source: Fredrik Haga

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Yet DAI losing market share to USDC

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Upstarts come for MakerDAO’s crown

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DEX Liquidity

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DEX volumes up 485% YTD

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x*y=k not conducive to stablecoin swaps

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Dedicated stablecoin swap protocols

Source: Curve Finance

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‘Institutional’ MMs continue to explore

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0x market share up after rebate intro

Source: Fredrik Haga

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But too early to declare a success

Source: Anton Bukov

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A market for market makers

Source: Hummingbot
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Oracles offer infinite liquidity at a price

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‘SAFG’ strategy subsidizes LPs

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Unclear how sustainable

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Leverage

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Outsta. debt returning to pre-BT levels

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Emergence of tailored c-ratios

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‘Keeper’ revenue trending down

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New collateral types come to market

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Infrastructure

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Layer 2 scaling imminent

Source: Loopring
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Scaling design space remains wide

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Q&A

JUNE 4, 2020