Oracle concentration in DeFi lending on Ethereum at May 31:
Chainlink: 82.6%
Redstone: 7.4%
Others / long tail: 10.0%
USD-weighted across the six covered protocols.
Our Monthly State of DeFi Lending Report went live a couple days ago.
The lending ecosystem is growing really fast. With nuances of course and this report dives into them.
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You wouldn't want to miss this.
May 31st snapshot shows that 88% of all LRT collateral across the major DeFi lending venues on Ethereum sits on Aave V3.
The LRT category contracted $1.62B across May, with weETH alone accounting for $1.18B of the contraction.
But what's left didn't redistribute as the other five protocols carry materially smaller LRT exposure.
Full sector LRT breakdown below. 👇
The structural depth to the Lido wstETH growth is quite intriguing.
Across April and May, SparkLend absorbed ~$2.72B of net depositor flow against a starting supply of $2.89B at March 31.
The protocol nearly doubled in two months on flows alone. What's distinctive is what it grew on.
The wstETH market alone closed May at $2.07B; fifth-largest single market across the six-protocol sector and bigger than all of Compound V3 on Ethereum.
By design, wstETH isn't borrowable at scale and the deposits exist as collateral against stable borrows on the other side.
A yield-on-staked-ETH play more than a leveraged-stablecoin play.
Full read in my May sector brief below.👇