Introduction
“Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust-based model.”-Satoshi Nakamoto
While Bitcoin stories have changed considerably for many years from peer-to-peer money to darknet money to digital gold, finance has actually arguably been a core part of Bitcoin and the crypto area considering that it’s very early days. In its 12 years, Bitcoin has actually progressed remarkably, yet its use-cases have been limited mostly to trading and investing. Complying with the values of Bitcoin, an ecosystem of decentralized financing (DeFi) applications has actually arisen on the Ethereum blockchain. A few of these applications have been around considering that 2017, yet it was not until 2020 that the DeFi room started to materialize its prospective in the direction of the objective of using economic solutions without the demand for relied on third parties at scale.
These DeFi applications are organized as procedures, or blockchain-based software programs where regulations are set in code and also decision-making is generally left up to network individuals and token owners. Procedures are taking on usage cases such as lending/borrowing, trading, asset administration, derivatives, and insurance coverage. They share the common characteristics of being permissionless, trustless, international, and composable. Lending procedures and also decentralized exchanges will certainly be evaluated in-depth in this record, while various other sectors within DeFi will certainly be briefly discussed.
DeFi’s permissionless nature implies anybody worldwide can access services from these methods despite their background or credit rating as long as they have access to the web. Protocols are trustless as they do not depend on main third parties or middlemen, instead of entrusting the trust to systems of clever agreements which anybody can assess and audit. These two qualities permit DeFi to be composable: any type of protocol has the ability to openly integrate with and also improve the top of existing remedies. This increases procedures’ time to market and enables cross-protocol interaction unlike anything in the existing economic market.
Throughout this report, readers will dive deep into the broadening universe of DeFi. It will certainly give an all-natural review of the DeFi room concentrating on its growth and also threats, an analysis of two of the markets within DeFi flourishing one of the most, and also finally check out the connection between these protocols and the underlying Ethereum network as it plans for the preliminary phase of the supposed ETH 2.0 upgrade.
Key Metrics on DeFi’s Growth
2020 has actually been DeFi’s breakout year. Key metrics have actually raised 10-20x, while token costs experienced comparable results. This has brought about remarkable figures in tech talking about it such as Facebook’s Head of Finance David Marcus and AngelList’s Naval Ravikant. Crypto insiders have actually likewise ended up being increasingly involved in DeFi as it expands in relevance.
When it boils down to the signs complying with the space, the most commonly made use of is Total Worth Secured (TVL). TVL refers to the overall dollar quantity deposited right into wise contracts held as liquidity powering these DeFi protocols. It gauges supply-side engagement and count on from individuals in DeFi. In 2020 alone TVL has actually enhanced by over 20x, from $691 million to over $14.1 billion.
While TVL has promptly ended up being the DeFi community’s barometer for the area, it does have its downsides. For one, it just represents the supply-side of the formula. As a matter of fact, it actually also deducts need numbers when it comes to loaning platforms, where their TVL is the quantity supplied minus the fundings borrowed from the method. Another criticism is that people often use it as a proxy for DeFi adoption when in reality value secured can grow no matter the variety of individuals providing liquidity. That being claimed, TVL has become one of the most followed indicators for DeFi as it is a unifying statistic that relates to all DeFi procedures regardless of their use case. More essential metrics will be discussed for each and every field in complying with sections of the report.
In the TVL graph above, viewers may have identified that growth began speeding up in the summer season. This factor of inflection can be narrowed down to the launch of the Substance’s administration token, COMP, on June 15. The COMPENSATION release differed many before it since the token was dispersed to individuals who were developing value to the procedure. Being a financing protocol, Compound is a cash market where individuals are able to get fundings and also make the rate of interest. Compound Labs– the company behind the method– decided to decentralize its item and also benefit individuals with possession of the system via its COMP token. Because of this, the token was (and still is) dispersed to individuals making car loans or depositing liquidity to the protocol. These tokens grant decision-making rights, which is why they are called administration tokens.
While customers certainly welcome receiving rewards in return for making use of a protocol, return farming has much more comprehensive implications. Approving possession to individuals provides “skin in the video game” and directly rewards them for the worth they produce, unlike existing innovation incumbents where the value is removed by the firms holding the systems. This trend– which some have actually begun to refer to as the ownership economy– takes DeFi one step better not just allowing customers to access monetary services without the requirement to rely on a third party, yet likewise making them proprietors of the platforms they utilize. Past supplying liquidity, this circulation plan is additionally being revamped and explore as method to incentivize designer activity in UMA and also to reward artists in
music streaming platform Audius.
The growth in worth locked as a result of the return farming frenzy also mirrored in token rates. In 2020 the marketplace capitalization of DeFi symbols reached over $10 billion during August. While DeFi tokens experienced a severe modification in September and October, they have given that recovered in November.
The reasoning behind return farming enhancing market capitalization is two-fold. First of all, the complete number of DeFi tokens enhanced substantially as even more procedures released their symbols via this procedure. Secondly, the increase in liquidity supplied in many cases created a positive comments loophole for DeFi methods. This starts with individuals supplying liquidity seeking return farming benefits, hence growing the protocol’s worth secured. By doing so, the possible worth built up by administration symbols enhances, in turn incentivizing more liquidity to be provided and more. Adhering to the launch of COMP, DeFi symbols took care of to value by over 5x in just two and also a half months before backtracking about 40%. Regardless of the high volatility, DeFi tokens have actually handled to exceed more comprehensive crypto and modern technology markets. DeFi symbols’ remarkable 2020 performance is summarized in the table listed below:
Summary
Decentralized money has seen substantial growth in terms of value secured and market capitalization. This fad has been increased by the popularization of yield farming following the COMP token release. Since then, DeFi has experienced a Cambrian explosion with the number of protocols broadening rapidly in addition to the Overall Worth Locked (TVL) and also market capitalization of DeFi administration tokens.
In the complying with section, risks associated with buying and also communicating with DeFi protocols will be reviewed. Then, essential need signs for lending as well as decentralized exchanges (DEXes) will be checked out.
Assessing Risks in DeFi
While DeFi’s capability to incentivize fast fostering as well as decentralization of its token has turbo-charged growth, it does not come without threats and also unplanned consequences. Some of the threats to consider with yield farming as well as DeFi as a whole consist of prospective hacks, lending liquidations, unpegging of stablecoins (which have a tendency to be made use of as security), and also devaluation of the symbols obtained as rewards.
Smart Contract Risks
Viewers may have come across current hacks in the DeFi room, like Harvest Financing’s make use of where an engineering mistake enabled aggressors to take out $34 million worth of individuals’ down payments. While these hacks are not unique to the DeFi area, they certainly are an important threat to think about given that over $14 billion is secured wise agreements held by the significant methods.
A positive side arising from this hazard has been the increase of decentralized insurance policy procedures such as Nexus Mutual covering individuals against the threat of clever agreement failure. DeFi individuals can protect themselves from the risk of hacks by insuring their settings with insurance policy procedures. In addition, demand for wise agreement auditors has actually boosted dramatically as a result of the expanding adoption in DeFi. It is suggested that customers confirm if protocols are audited or otherwise prior to utilizing them, though auditors can not ensure that protocols will not be hacked.
Additional enhancing the threat of hacks is DeFi’s composability. DeFi’s permissionless nature promotes the process to incorporate with other protocols, enabling methods to build on top of each other; a feature typically described as “cash legos”. While this composability assists in structure in the space, it might likewise lead to system-wide instability if among these items is vulnerable to a hack. MakerDAO’s decentralized USD-pegged stablecoin DAI serves as a vital framework for these money legos. For instance, offering protocols permit users to earn and borrow DAI. If a hacker finds a susceptibility in DAI clever agreements, users of these loaning methods take the chance of shedding their funds, perhaps resulting in systemic failure for methods using the stablecoin.
Financial Risks
Connected to this threat is the unpegging of stablecoins and also liquidation. As visitors might know, many stablecoins are pegged 1:1 to fiat money, usually the United States dollar. While DAI has expanded within DeFi applications, one of the most transacted stablecoin is still Tether, which is centrally managed by the team behind BitFinex. Tether has formerly been under analysis by many in the sector when it comes to its supposed reserves backing the stablecoin. This sometimes has actually led to a considerable disparity in its worth versus the buck. If circumstances such as this develop once more, there would certainly be adverse unexpected repercussions for those borrowing or providing Tether, or other stablecoins, with DeFi methods.
Yield Farming’s Unintended Consequences
At the time of creating, cDAI’s market cap is about 1.7 times more than its underlying DAI, as well as at one point more than eight times better. This is an unplanned consequence arising from yield farming in Substance. Given that yield farmers are compensated in highly-valued COMPENSATION tokens depending on the quantity of liquidity given, users are incentivized to offer as much as possible. As a whole, liquidity reinforces financial systems and also is viewed as a requirement for fostering. However, return farming produces a corrupt incentive to supply liquidity in all prices, which has actually led individuals to benefit from this system by “reusing” their DAI.
Basically, customers are transferring DAI into Compound to earn passion plus COMP tokens, after that, they are using this DAI for an overcollateralized car loan to borrow even more DAI which subsequently is redeposited as collateral and so forth. While this procedure can not be implemented straight within Substance, a number of individuals have actually been manipulating this technicality by moving DAI to various other DeFi methods such as InstaDapp or simply to a separate address. A simplified representation of this process is shown below:
This procedure is exceptionally risky as it unnaturally inflates the quantity of DAI in the Compound. Though the loans come from are at first overcollateralized, by redepositing the loaned quantity as collateral to borrow more, the actual collateralization ratio goes down terribly; causing problems in the neighborhood of a comparable to fractional get financial happening under the hood. In this scenario, Compound users seem over-leveraged, putting the method in danger in the event that numerous individuals try to withdraw their DAI at the same time. Initially look, this threat may appear to just impact Substance as well as InstaDapp. Nevertheless, offered the aforementioned drawback to DeFi’s composability, this abnormal increase sought after for DAI has ended up being a significant worry within MakerDAO’s risk group and the broader DeFi neighborhood.
Summary
Making use of and also buying DeFi protocols can be risky. The most appropriate danger is that of smart agreement exploits, which can lead to users shedding every one of their funds. Because of this, individuals are encouraged to connect with audited DeFi procedures and also ideally those that have actually stood the test of time, preventing being hacked given that they introduced. Additionally, individuals might opt to shield their resources in DeFi procedures through insurance policy protocols, which cover their settings if hacks do happen.
Additionally, while return farming has driven the growth in DeFi procedures, it likewise presents a new collection of difficulties. Risks from recycled security and also high variations in method liquidity deserve evaluating DeFi protocols to make use of. If users are planning to make money from tokens gotten through return farming, they need to also take into consideration the price of supply exhaust and also whether the protocol creates motivations to hold farmed tokens.
Lending Overview
The decentralized lending/borrowing sector was the first to gain traction within the current wave of DeFi protocols. Specifically, MakerDAO led the way with its collateralized debt positions in 2017. These allowed users to use Ether as collateral for loans, which they would receive in terms of the DAI stablecoin. Maker loans, as with most other DeFi loans, are secured by being overcollateralized, creating incentives for users to pay back their debt to unlock their deposited ETH and providing a buffer against Ether’s price volatility. By January 2019 over $250 million in Ether collateral was already supplied by users borrowing DAI in return.
With Maker, individuals were able to get car loans without the need for a trusted third party, equalizing accessibility to credit score. Compound took decentralized lendings a step even more by offering passion to individuals providing their symbols as liquidity that would certainly after that be borrowed. A compound as well as various other lending protocols such as Aave and Cream take care of to do this by redistributing the rate of interest gained from lendings to customers supplying the funding lent. This loaning pendulum adjusts in the direction of a balance factor with the list below formula:
TB · IB = TS · IS, where the total amount borrowed (TB)earning interest (IB) equals the total amount supplied (TS) times the interest distributed to liquidity suppliers (IS).
These rates are automated and adapt dynamically to market conditions. By design, interest rates paid out to depositors are lower than the interest rate charged to borrowers within the same protocol. However, users can often take advantage of arbitrage opportunities across lending protocols though these may not sustain for a long period of time. For instance, based on interest rates at the time of writing, a user could borrow DAI from Maker at 3% and earn 6% interest on dYdX as shown in the image below.
Considered that these rates change based upon the supply as well as demand for finances, the overall quantity transferred and obtained from offering protocols shows the wellness as well as the development of these systems. Because of this, the total supply offered to and also obtained from the protocol are 2 basic indicators to examine the DeFi financing sector. In the picture listed below, viewers can observe exactly how Substance’s complete supply took care of to expand even throughout October while DeFi symbols were crashing.
Rephrase, the total quantity borrowed from a procedure is what is described in standard finance as the car loans impressive. These essential statistics actions the demand for decentralized credit. Based on the financings superior, the forecasted yearly interest can be approximated by increasing the complete quantity obtained times the heavy typical rates of interest credited consumers.
The projected yearly interest is effectively the forecasted revenue lending protocols accrue. Contrary to traditional banks, though, lending protocols nor their founders extract value from this revenue, which is fully distributed as a surplus to users supplying liquidity. Because of this model and lending protocols’ high degree of automation, users are able to enjoy interest rates on dollar-pegged stablecoins 10-20x times superior to those offered in savings accounts.
Providing protocols have become several of the leading service providers of decentralized economic services. Their staggering development has actually mirrored in their high token evaluations, with 3 of the leading ten DeFi methods being lending ones (more than any other industry) at the time of creating. Furthermore, this growth has been mainly advantageous to customers, who have actually been awarded high passion returns and in most cases governance rights over these systems.
Summary
Decentralized loaning platforms give universal access to credit history and high saving interest rates. Financings in methods such as Aave and Substance are overcollateralized, needing individuals to deposit more into the procedure than the quantity they withdraw. This develops rewards for users to settle their debt without needing any credit score checks or documents. Though it is not gone over in this report, there is also proceed being made towards providing undercollateralized loans in DeFi.
Lending and borrowing rates operate in a dynamic, autonomous manner, adapting based on demand and supply. The major difference with traditional lending is that all the rates charged to borrowers are redistributed to those providing liquidity without any intermediaries, resulting in significantly higher saving rates of 3% to 10%. To track progress and adoption in lending protocols readers are encouraged to monitor key metrics such as the total amount of liquidity supplied, the loans outstanding, and projected yearly interest.
DEXes Overview
Provided crypto’s speculative nature, exchanges emerged as among the first decentralized monetary use-cases. Before Ethereum, tasks such as Waves as well as Bitshares tried to construct decentralized exchanges (DEXes) on their own blockchains. These did not handle to get to a considerable quantity of fostering and neither did the first DEXes on Ethereum. The initial generation of Ethereum-based DEXes attempted to adapt centralized exchanges as well as order books without considerable changes other than operating in a peer-to-peer way. This led to a sluggish and also costly trading experience for individuals, often waiting days for market orders to carry out.
Inspired by a post from Vitalik on Reddit, Hayden Adams founded Uniswap, an automated market maker (AMM). AMMs are a type of decentralized exchange in which order books are removed and instead rely on the programmatic placement of bid and ask orders using liquidity provided by users. In other words, AMMs have users participate as liquidity providers, and the liquidity supplied is allocated to offering orders for market participants looking to trade. Liquidity is supplied to trading pairs, which are rebalanced with the following simple equation:
x · y = k, where x represents the liquidity supplied for the first asset in the pair, y is the liquidity for the second asset, and k is known as the k constant. Both assets x and y are rebalanced based on their price and liquidity variations such that the value for k remains the same for the total amount of liquidity and split 50/50 between both assets in the pool.
In turn for offering liquidity, liquidity service providers (LPs) receive a share of the quantity sold these pairs, which in Uniswap’s case stands for a 0.3% cost of the volume traded. This revamped DEX design was handled to incentivize better liquidity as well as expand volumes along with it. One downside to this version, though, is impermanent loss. Ephemeral loss arises from the rebalancing of liquidity in a swimming pool, where liquidity from the leading token will be exchanged for that of the delayed token. This commonly leads to lower valuation for the overall quantity given though
trading costs may offset this, and at times also generate a perishable gain. Individuals aiming to supply liquidity should consider this prior to providing liquidity and also can try IntoTheBlock’s passing loss/ROI calculator to establish if it deserves it.
DEXes permissionless approach allowed anyone to list their tokens, expanding liquidity to the long tail of assets built on Ethereum. These factors spearheaded Uniswap’s stellar growth in 2020, even surpassing large centralized exchanges in monthly volumes for the first time. Both weekly volumes traded and liquidity provided on Uniswap have increased by over 50x in 2020. This growth was accelerated by the release of the UNI token, which had 15% of its supply rewarded to previous liquidity providers and traders. Following the yield farming playbook, liquidity providers of four select pools were able to earn UNI tokens, granting them governance rights over the protocol. UNI liquidity mining has since come to an end though there are discussions in Uniswap’s governance portal to bring them back. Shortly after the yield farming program came to an end on November 17, Uniswap’s liquidity dropped by nearly 50%.
Volume and liquidity have diverged significantly since the finalization of the UNI liquidity mining rewards. Volume has remained relatively stable and even increased slightly as tokens rally in late November. This divergence showcases that while liquidity providers may be driven by short-term incentives, traders are less likely to switch even though they would likely incur lower slippages in more liquid pairs in other DEXes. This in turn, incentivizes liquidity providers to return as the fees they earn are proportionate to the volume traded.
It has not always been a straight path for the top decentralized exchange. Aside from the recent drop in liquidity, Uniswap experienced the downside of blockchain’s transparency as its code was forked, or copied, by SushiSwap. Anonymous developer(s) behind SushiSwap decided to run their own yield farming scheme and entice Uniswap liquidity providers prior to the announcement of the UNI token.
The image above displays the unfolding of what is commonly referred to as the SushiSwap Saga within the crypto community. Essentially, as SushiSwap launched liquidity from Uniswap pools that would be earning SUSHI (their governance token) migrated to the forked protocol, draining 70% of Uniswap’s liquidity. SushiSwap later had a series of peculiar incidents that caused the protocol’s liquidity to drop. This trend accelerated after the announcement of UNI liquidity mining, after which Uniswap began another uptrend to all-time highs in terms of liquidity supplied.
Summary
On the whole, this highlights exactly how vibrant and also busy points in the DeFi area have actually been in 2020. At the time of creation, UNI is the governance token with the highest possible market capitalization, and Uniswap has the highest trading volumes and also liquidity supplied out of all decentralized exchanges. While SushiSwap and also various other DEXes saw a temporary boost in liquidity and also quantity, they still make up a small portion of the overall market. While many questioned decentralized exchanges might ever before match their centralized equivalents, Uniswap has actually proven to be a strong challenger for trading quantities
Other Notable DeFi Sectors & Protocols
Other than lending/borrowing and trading, many more financial services are being decentralized on top of Ethereum. Decentralized takes on traditional industries like insurance and derivatives are currently available in DeFi with protocols like Nexus Mutual and Synthetix respectively. Nexus and Synthetix are both leaders of their sectors with $105 million and $820 million in value locked, respectively as per DeFi Pulse. Other protocols within insurance include Cover protocol, and it is worth highlighting that Nexus Mutual underwrote an insurance portal for Yearn Finance. In regards to other derivatives protocols, UMA is another large contender, though it does not have a derivatives platform of its own but rather serves as a layer for other protocols to build derivatives contracts on top of it. Other notable derivatives protocols include Hegic, MCDex, and Opyn.
Furthermore, new sectors have actually emerged such as yield farming aggregators, which automate the process of declaring rewards with cost-effective yield-generating strategies for its depositors. Yearn Financing is the leading protocol as well as the first one in this sector. Yearn is also infamous for its reasonable launch, where all tokens were dispersed among liquidity companies without a pre-mine or benefits for its owner, Andre Cronje. This triggered a wave of reasonable launch protocols both within the return farming collector field and also outside of it.
Another sector that has grown in relevance in 2020 is prediction markets. Prediction markets are an application of the concept of the wisdom of the crowd, through which the collective opinion of a group of individuals is expected to be a better predictor than any single expert. In prediction markets such as Augur, users supply liquidity and select an outcome for a future event such as a sports match. Based on the positioning of liquidity providers, pay-outs and odds adjust, providing an indication of the projected outcome. Prediction market protocols saw a high influx of volumes as users bet on the outcome of the US elections.
Summary
This report only covers lending and decentralized exchanges protocols in-depth, but there is a myriad of other verticals being worked on within DeFi. Traditional sectors like insurance and derivatives are being rebuilt from scratch, while completely crypto-native use-cases emerge. The rapid growth of DeFi suggests that more sectors are likely to emerge as existing ones continue to expand.
The Road Ahead for DeFi on Ethereum
As is the case with Bitcoin, money has actually been a large part of Ethereum given that its early days. In 2016 and also 2017, the main financial use-case for Ethereum was fundraising. A slew of projects, occasionally with just a whitepaper and also a site, hurried to raise funds with Ethereum preliminary coin offerings (ICOs) where basically anyone around the globe could take part. While the majority of ICOs did not total up to anything substantial, they served as the testbed for decentralized monetary services.
Since then, the DeFi ecosystem has grown exponentially, as protocols started shipping products that actually generate value to their users, as well as to the underlying Ethereum network. As such, DeFi protocols and Ethereum have been able to benefit from each other in a symbiotic way. Protocols have been able to build novel systems leveraging Ethereum smart contracts, which enable them to quickly deploy and integrate financial services. By doing so, Ethereum has seen an increase in demand for ETH transactions throughout 2020.
With the growing demand for Ethereum-based protocols, Ether transactions have reached their highest levels since January 2018. Additionally, gas prices charged for users transacting on the Ethereum blockchain sustained unprecedented levels, especially during the summer months. This coincided with the increasing usage of DeFi protocols, through which users were able to obtain projected returns of over 20% (sometimes even above 100%) simply by providing liquidity to yield farming programs. Given the high returns, users were willing to spend high amounts on gas, bringing the fees generated by the Ethereum blockchain to all-time highs.
With over $17 million in fees on September 2nd, Ethereum eclipsed its previous all-time high of $4.7 million recorded in January 2018. Throughout 2020 Ethereum also surpassed Bitcoin as the blockchain generating the most fees. This points to the high demand to transact on top of the Ethereum blockchain, with Uniswap consistently being the protocol accruing the most fees.
Approximately 6% of Ether’s supply (or $4 billion) is locked in DeFi protocols. Theoretically, this is also positive for Ether’s price, as less supply is readily available to be sold, and creates demand for Ether to use DeFi protocols. It is worth noting that the recent decrease in Ether locked in DeFi is largely due to the staking contract being online and ready to start distributing rewards by December 1st, 2020.
While the DeFi area has actually seen remarkable growth, its success has actually mainly been limited to the existing Ethereum community. In order to more expand right into more comprehensive adoption, it is needed for Ethereum to scale as well as get rid of factors of rubbing. With ETH 2.0 phase 0 approaching, scaling is revealing pledges of minimizing costs, which traditionally is a vital criterion for a technology to get to mass adoption. In a similar way, there are remedies being evaluated such as ‘gasless’ transactions that could allow individuals to engage with DeFi and also various other decentralized applications without the requirement for them to hold Ether or have an Ethereum wallet. While the DeFi area has seen exceptional development, its success has actually mostly been limited to the existing Ethereum community. In order to further broaden right into more comprehensive adoption, it is necessary for Ethereum to range and eliminate factors of friction. With ETH 2.0 stage 0 coming close to, scaling is revealing pledges of minimizing expenses, which traditionally is a key precedent for an innovation to reach mass adoption. Similarly, there are options being examined such as ‘gasless’ transactions that might allow individuals to interact with DeFi and other decentralized applications without the demand for them to hold Ether or have an Ethereum budget.
Another factor to consider is DeFi outside of Ethereum. While the report focused solely on DeFi protocols built on top of Ethereum, there are also growing ecosystems of decentralized financial applications on smart contract platforms such as Cosmos, Polkadot, Binance Smart Chain and Solana. Many of these layer one platforms have systems for interoperability with Ethereum, which potentially allows protocols to migrate or replicate in a different, more scalable blockchain. Even though these chains do not have the same network effects and community as Ethereum, it is yet to be seen whether they can foster a thriving DeFi space like the one on Ethereum.
Summary
DeFi has pushed Ethereum to its limits in 2020. With the yield farming frenzy and what is now referred to as The Summer of DeFi, transaction costs on Ethereum priced out average users. Ether, the native token of the Ethereum blockchain, has also benefited from being locked as collateral in DeFi protocols. This has led to less Ether being readily available to sell, as the amount locked in DeFi increased under 3 million ETH to as much as 9 million at its peak. With phase 0 of ETH 2.0 launching on December 1st, Ethereum is beginning its road towards a scalable decentralized blockchain. Finally, it will be interesting to keep an eye out for DeFi in other chains in 2021 to observe if they are able to consolidate and attract quality protocols and users.
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