Earn up to 100% APY at the Beginning of New Year? Does Ethereum High Gas Fee Really Stop Users from DeFi?

2021-01-12 08:50:00 · 47 views · 4 min read


This week’s Dapp Dot Tuesday is all about Ethereum gas, Bitcoin, DeFi and EOS market performance. Let's see how to earn up to 100% APY first!



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Bitcoin News Cap - What Can Be Your Trading Signal?


BTC Supply Squeeze Heats up

Institution buyers and big whales keep putting money to buy large amounts of Bitcoin, from Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad”, to Grayscale, to MicroStrategy CEO, etc.



Bitcoin supply squeeze heats up as Grayscale buys nearly 3x the BTC mined in December. Grayscale brings its total assets under management above $20 billion in time for the start of 2021 as BTC demand intensifies. 




Social Media Cares about BTC More Than Ever

Last week, Bitcoin bulled over $41,000 ATH and then suffered a price adjustment at the beginning of this week to the lowest $30,408. 



However, social media interest in Bitcoin continues to show people’s high interest in Bitcoin. WBTC social signal increased by 87.41%.

Go to the WBTC product detail page, you’ll find that its social signal score experienced a sharp increase since 28th Dec 2020.




Will Biden’s Economic Plan Push BTC Price Higher?

According to Axios, an Arlington-based news outlet, the future president Joe Biden has asked Congress to provide Americans with $2,000 in stimulus payments to help offset the economic devastation of Covid-19. He has also proposed a $3 trillion tax and infrastructure package as part of his “Build Back Better” program.



The US dollar will continue to depreciate without a doubt after the Biden $3T stimulus. Bitcoin as the new generation of safe-haven assets, will it continue to break its ATH?




Zap’s New Lightning Fast Payments App 

Zap, a Lightning Network payments startup backed by Visa, announced the launch of its new Strike Global, a payment and transaction app using the Bitcoin layer-two technology.



Based on Lightning Network, payments can be essentially instantaneous and at a fraction of the cost of traditional payment rails. For countries with a developed banking system, Strike allows users to send payments without going through Bitcoin themselves. 



Lightning Network adds another layer to Bitcoin’s blockchain and enables users to create payment channels between any two parties on that extra layer. These channels can exist for as long as required, and because they’re set up between two people, transactions will be almost instant and the fees will be extremely low or even non-existent. So projects built on Lightning Network allow an instant payment feature, which means you don't need to wait in line for your payment to proceed. 



Check more Lightning Network projects: 6 Products To Earn Free Bitcoin With A Whoosh - By Lightning Network, Lightning Puzzle: Compete To Solve Puzzles And Earn Satoshis!, Satoshi’s Place: Let’s Paint on A 1,000,000 Pixels Artboard Together!




About DeFi


Does Ethereum High Gas Fee Really Stop Users from DeFi and DEX?

Ethereum gas price has reached its third-highest average of $10.20 per transaction since 2020. Transaction costs have ballooned once more. 



Is the high gas fee affecting its transaction volume especially for Ethereum DeFi? 



The overall volume of Ethereum DeFi and DEX has been increasing since Jan 1st, 2021. The daily volume on Jan 11th has increased by 115.7% than that of Jan 1st.

However, does this mean that the high gas fee really has no influence on Ethereum DeFi and DEX users?

The market data demonstrates that both users and transactions are decreasing in January. The total users of Ethereum DeFi and DEX dropped from 50.86K on Jan 1st to 37.92K on Jan 11th, while the transactions dropped from 172.07K on Jan 1st to 142.55K on Jan 11th.

Actually, if we compare the transaction and ETH price trend, we'll find that the transaction is going down and the ETH price keeps rising.



So we can conclude that the Ethereum DeFi and DEX volume growth is mainly due to the price bull of ETH and ERC20 DeFi/DEX tokens. And the high gas fee has influenced the Ethereum DeFi and DEX to some extent, which is reflected by the decrease of  active users and transactions.



You can customize your own market analytics if you are looking for more insights: https://www.dapp.com/market/ethereum?category=All&chart=volume&price=false&time=7



One NFT project also gets affected. Due to the insane fee and high activities on the Ethereum blockchain, Aavegotchi ($GHST) pushed back the mainnet launch of its non-fungible token digital collectible game. The game features digital collectible ghosts backed by Aave Protocol ($AAVE) interest-bearing aTokens.




College Student’s Uniswap Competition

Stanford Blockchain Club has become one of the largest delegates for the decentralized exchange Uniswap. The club verified itself as the 9th largest Uniswap delegate that had amassed 2,524,711 votes, overtaking a student group at rival California university UC Berkeley.

In the past 30 days, Uniswap’s transaction volume has increased significantly by 92.16%, reaching $13B. $UNI price also climbed over $5.

Its volume accounts for 30.2%, the most market share in Ethereum DEXes.




More Tasty Sushi in 2021?

Decentralized exchange Sushiswap reveals its ambitious 2021 roadmap. The key points include a cross-chain DEX that will be enabled by Rune and Moonbeam, an implementation on the Polkadot chain, and a fully decentralized governance structure by the end of 2021.



This roadmap has raised a wide discussion over social networks. 

Sushiswap social signal has increased by 14.01%, ranked No.12 in all dapps.




MKR Volume Booming

MakerDAO’s $MKR token transfer volume over the last 24 hours hit an ATH of $11 million, surpassing the former ATH set on 13 August 2020 of $10.9 million, according to metrics site.

Both MakerDAO’s users and transactions have grown. Its 7d users increased by 6.72%, and the 7d transactions increased by 8.70%.




1inch Daily Volume ATH

1inch’s daily volume breaks ATH over $310M on Jan 11th.

Its volume has kept an increasing trend since the token airdrop and liquidity mining launch on Dec 25th, 2020.




EOS CTO Resigns

Daniel Larimer, the CTO of EOSIO developers block.one and founder of early crypto exchange Bitshares and blockchain-based social media platform Steem, announced in a short blog post on Voice, a decentralized social media on EOS, that he has resigned



EOS token price fell 16% on the same day in response to Larimer’s departure.

EOS’s overall volume started to drop on Jan 9th. Monitor its market performance here:





Do subscribe to keep yourself professional! More to expect next Tuesday.




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