Jan 11, 2023

[On-chain Weekly] Ethereum Node Distribution by ISP, Market Share of Lending Platforms

Xangle Intern

Chart of the Week - Nearly Half of the Ethereum Nodes Are Hosted on Centralized ISP

  • 38% of the 5747 Ethereum nodes in operation are run by centralized cloud provider Amazon
  • Including other major hosting providers like Hetzner, OVH, and Google Cloud, nearly half (48%) of all Ethereum nodes are running on centralized servers.
  • South Korea appears to have a particularly high reliance on Amazon.
  • The concentration of nodes on centralized services can be problematic, as it creates dependency on a small number of providers.
  • In November, an estimated 1000 Solana nodes went offline due to unannounced blocking by Hetzner, a German cloud service.
  • This highlights the need to reduce reliance on centralized services, which may result in disruption, outage, or regulatory action that could cripple the network.

Weekly On-chain Analysis

Market Share of Top 3 Lending Platforms on Ethereum

  • MakerDAO has maintained its leading position in terms of loan size in the Ethereum lending market over the past year.
  • However, Aave has the highest market share in terms of active users, with over 60% of the market.
  • This disparity may be due to whales taking out large loans primarily through MakerDAO, while users with smaller loans have turned to Aave, as it accepts a broader range of assets as collateral compared to MakerDAO.

Yuga Labs Announces a New Chapter

  • On January 22nd, Yuga Labs released a teaser video called "The Trial of Jimmy the Monkey," whipping up anticipation for a new chapter of the company.
  • Yuga Labs also announced a new NFT minting experience, which will be available from January. The news caused a bump in the price of the Bored Ape Kennel Club (BAKC), as BAKC was found to impact the tier of NFT that can be received during the minting process.
  • Being one of the most popular NFT projects, Yuga Labs continues to capture significant attention from the market.

cvxCRV to CRV Price Ratio Declines

  • Curve Finance allows users to lock their governance token, CRV for up to 4 years and receive admin fees and allows them to vote for CRV emissions for the pools.
  • But locking CRV for 4 years causes capital inefficiency leading to liquid wrappers like Convex Finance, the biggest liquid wrapper service for CRV token.
  • cvxCRV, the wrapping token from Convex Finance, is trading at a significant discount.
  • In contrast, the values of both Stake DAO's sdCRV and Yearn Finance's yCRV are holding up well, with 99.83% and 99.18% parity with CRV, respectively.

Blur introduced a new feature: Bid

  • A newly emerging NFT marketplace Blur has released a new bid feature for the collection on the 5th.
  • It works the same way as a collection offer on OpenSea: you can place a bid on a collection and the seller can accept it whenever they want.
  • Along with the bid feature, Blur has presented the third and final opportunity to maximize the $BLUR token by introducing an incentive program that encourages using the new bid feature.
  • Because of the incentive program, half of the transactions were made using the bid order at one point, pushing up the ask price.
  • NFT sales have climbed as the gap between the floor price and ask price narrowed, causing the floor price to decline.


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