[On-chain Weekly] Ethereum Node Distribution by ISP, Market Share of Lending Platforms
Jan 11, 2023
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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