{"id":34465,"date":"2021-01-10T11:43:41","date_gmt":"2021-01-10T09:43:41","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=34465"},"modified":"2025-08-28T20:43:16","modified_gmt":"2025-08-28T17:43:16","slug":"2020-in-numbers-bitcoin-records-the-defi-boom-and-institutional-adoption","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/2020-in-numbers-bitcoin-records-the-defi-boom-and-institutional-adoption\/","title":{"rendered":"2020 in numbers: Bitcoin records, the DeFi boom and institutional adoption"},"content":{"rendered":"<div class=\"review_top_blk\">\n<h2>Key takeaways<\/h2>\n<ul>\n<li>Bitcoin\u0019s price hit new all-time highs several times in late 2020. The first cryptocurrency surged by more than 300%, eclipsing traditional assets.<\/li>\n<li>Ethereum rose 456%, but did not surpass January 2018\u001ds price peak.<\/li>\n<li>The &#8220;Greed and Fear Index&#8221; remained at extreme values throughout December.<\/li>\n<li>Trading volumes across spot, futures and options markets reached record highs.<\/li>\n<li>Total value locked in the DeFi sector rose twentyfold over the year, surpassing $15 billion.<\/li>\n<li>DEX turnover in 2020 surpassed $120 billion.<\/li>\n<li>Stablecoin market capitalization grew more than fivefold, approaching $30 billion.<\/li>\n<li>Bitcoin hash rate and miners\u001d revenues rose substantially, despite the halving.<\/li>\n<li>Institutional investors bought more than 1 million BTC worth over $35 billion.<\/li>\n<li>The year was memorable for regulatory shifts and central-bank CBDC initiatives.<\/li>\n<\/ul>\n<\/div>\n<h2>Performance of leading assets<\/h2>\n<div class=\"review_single_blk\">\n<div id=\"attachment_121498\" style=\"width: 1838px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121498\" class=\"size-full wp-image-121498\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/BTC-12.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"1828\" height=\"962\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/BTC-12.png 1828w, https:\/\/forklog.com\/wp-content\/uploads\/BTC-12-300x158.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/BTC-12-1024x539.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/BTC-12-768x404.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/BTC-12-1536x808.png 1536w\" sizes=\"auto, (max-width: 1828px) 100vw, 1828px\" \/><\/p>\n<p id=\"caption-attachment-121498\" class=\"wp-caption-text\">Weekly BTC\/USD chart on Bitstamp. Data: TradingView (as of 6 Jan 2021).<\/p>\n<\/div>\n<p>2020 proved to be one of the most eventful years in the industry. Despite a 50% drawdown in March, Bitcoin finished the year up 304%, having hit new all-time highs several times. By early January 2021, Bitcoin traded above $35,000, and the crypto market\u001d cap hit new highs well above $900 billion.<\/p>\n<\/div>\n<div class=\"review_single_blk\">\n<div id=\"attachment_121502\" style=\"width: 1838px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121502\" class=\"size-full wp-image-121502\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/ETH-23.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"1828\" height=\"960\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/ETH-23.png 1828w, https:\/\/forklog.com\/wp-content\/uploads\/ETH-23-300x158.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/ETH-23-1024x538.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/ETH-23-768x403.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/ETH-23-1536x807.png 1536w\" sizes=\"auto, (max-width: 1828px) 100vw, 1828px\" \/><\/p>\n<p id=\"caption-attachment-121502\" class=\"wp-caption-text\">Weekly ETH\/USD chart on Bitstamp. Data: TradingView (as of 6 Jan 2021).<\/p>\n<\/div>\n<p>Ethereum, the second-largest cryptocurrency, delivered an impressive 456% gain in 2020, though it did not beat the 2018 high. The rise was largely driven by the successful launch of Ethereum 2.0\u001ds phase zero, which envisages a shift from PoW mining to Proof-of-Stake.<\/p>\n<p>In early January 2021, Ethereum traded above $1,150, yet remained below its all-time high.<\/p>\n<\/div>\n<div class=\"review_single_blk\">\n<div id=\"attachment_121504\" style=\"width: 1598px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121504\" class=\"size-full wp-image-121504\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/BTC-vs-SPX-vs-Gold.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"1588\" height=\"746\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/BTC-vs-SPX-vs-Gold.png 1588w, https:\/\/forklog.com\/wp-content\/uploads\/BTC-vs-SPX-vs-Gold-300x141.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/BTC-vs-SPX-vs-Gold-1024x481.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/BTC-vs-SPX-vs-Gold-768x361.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/BTC-vs-SPX-vs-Gold-1536x722.png 1536w\" sizes=\"auto, (max-width: 1588px) 100vw, 1588px\" \/><\/p>\n<p id=\"caption-attachment-121504\" class=\"wp-caption-text\">Bitcoin price, S&#038;P 500 index and gold in 2020. Data: Messari.<\/p>\n<\/div>\n<p>Against Bitcoin, gold and the S&#038;P 500 performed modestly, rising 24% and 16% respectively over the year.<\/p>\n<\/div>\n<div class=\"review_single_blk\">\n<h2>Market mood and correlations<\/h2>\n<div class=\"reviews_has_halves stretch\">\n<div class=\"review_half\">\n<div id=\"attachment_121506\" style=\"width: 941px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121506\" class=\"size-full wp-image-121506\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Indeks-straha-Copy.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"931\" height=\"494\" srcset=\"https:\/\/ forklog.com\/wp-content\/uploads\/Indeks-straha-Copy.png 931w, https:\/\/forklog.com\/wp-content\/uploads\/Indeks-straha-Copy-300x159.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Indeks-straha-Copy-768x408.png 768w\" sizes=\"auto, (max-width: 931px) 100vw, 931px\" \/><\/p>\n<p id=\"caption-attachment-121506\" class=\"wp-caption-text\">Dynamic of the Fear &amp; Greed Index. Data: alternative.me.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_121507\" style=\"width: 1224px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121507\" class=\"size-full wp-image-121507\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Correlation-3.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"1214\" height=\"413\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Correlation-3.png 1214w, https:\/\/forklog.com\/wp-content\/uploads\/Correlation-3-300x102.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Correlation-3-1024x348.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Correlation-3-768x261.png 768w\" sizes=\"auto, (max-width: 1214px) 100vw, 1214px\" \/><\/p>\n<p id=\"caption-attachment-121507\" class=\"wp-caption-text\">Asset correlations over the last year. Data: BlockchainCenter.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"review_single_blk\">\n<h2>Trading volumes<\/h2>\n<div id=\"attachment_121509\" style=\"width: 1908px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121509\" class=\"size-full wp-image-121509\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/obem-torgov-na-birzhah-spot-1.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"1898\" height=\"943\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/obem-torgov-na-birzhah-spot-1.png 1898w, https:\/\/forklog.com\/wp-content\/uploads\/obem-torgov-na-birzhah-spot-1-300x149.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/obem-torgov-na-birzhah-spot-1-1024x509.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/obem-torgov-na-birzhah-spot-1-768x382.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/obem-torgov-na-birzhah-spot-1-1536x763.png 1536w\" sizes=\"auto, (max-width: 1898px) 100vw, 1898px\" \/><\/p>\n<p id=\"caption-attachment-121509\" class=\"wp-caption-text\">Spot trading volumes, $ bln. Data: CryptoCompare.<\/p>\n<\/div>\n<ul>\n<li>December 2020 saw spot-market turnover at a record high, reaching $350 billion on key exchanges (the prior records were $307 billion in December 2017 and January 2018).<\/li>\n<li>By exchange, the absolute leader remained Binance, which accounted for $219 billion. The daily spot-volume peak on Binance reached $15 billion, and the average annual turnover stood at $3.88 billion (+36% vs. 2019). The total trading volume on the Binance ecosystem in 2020 exceeded $3 trillion.<\/li>\n<li>According to CryptoCompare, Coinbase ($45 billion) and Kraken ($21 billion) also ranked in the top-3 by monthly turnover in December.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk\">\n<h2>Futures and options<\/h2>\n<div class=\"reviews_has_thirds\">\n<div class=\"review_third\">\n<div id=\"attachment_121511\" style=\"width: 1378px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121511\" class=\"size-full wp-image-121511\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/otkrytyj-interes-po-bitkoin-fyuchersam.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"1368\" height=\"600\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/otkrytyj-interes-po-bitkoin-fyuchersam.png 1368w, https:\/\/forklog.com\/wp-content\/uploads\/otkrytyj-interes-po-bitkoin-fyuchersam-300x132.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/otkrytyj-interes-po-bitkoin-fyuchersam-1024x449.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/otkrytyj-interes-po-bitkoin-fyuchersam-768x337.png 768w\" sizes=\"auto, (max-width: 1368px) 100vw, 1368px\" \/><\/p>\n<p id=\"caption-attachment-121511\" class=\"wp-caption-text\">Open interest dynamics in Bitcoin futures. Data: bybt.com.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_third\">\n<div id=\"attachment_121512\" style=\"width: 1039px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121512\" class=\"size-full wp-image-121512\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/CME.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"1029\" height=\"546\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/CME.png 1029w, https:\/\/forklog.com\/wp-content\/uploads\/CME-300x159.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/CME-1024x543.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/CME-768x408.png 768w\" sizes=\"auto, (max-width: 1029px) 100vw, 1029px\" \/><\/p>\n<p id=\"caption-attachment-121512\" class=\"wp-caption-text\">CME\u001ds share of open interest in Bitcoin futures. Data: bybt (as of 06.01.2021).<\/p>\n<\/div>\n<\/div>\n<div class=\"review_third\">\n<div id=\"attachment_121513\" style=\"width: 1210px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121513\" class=\"size-full wp-image-121513\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Options-skew.jpg\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"1200\" height=\"586\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Options-skew.jpg 1200w, https:\/\/forklog.com\/wp-content\/uploads\/Options-skew-300x147.jpg 300w, https:\/\/forklog.com\/wp-content\/uploads\/Options-skew-1024x500.jpg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Options-skew-768x375.jpg 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p id=\"caption-attachment-121513\" class=\"wp-caption-text\">Data: skew (as of 29.12.2020).<\/p>\n<\/div>\n<\/div>\n<\/div>\n<ul>\n<li>Open interest in Bitcoin futures after several corrections reached a record $10 billion by year-end. This signals strong demand for derivatives based on the first cryptocurrency.<\/li>\n<li>Rising share of the regulated Chicago Mercantile Exchange (CME) in futures open interest points to stronger demand for derivatives among institutions and other large players; in under a year the platform overtook BitMEX, Binance and OKEx.<\/li>\n<li>In 2020, aggregate open interest in Bitcoin options grew to $7 billion. Deribit remained the largest player in this segment.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk\">\n<h2>DeFi<\/h2>\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_121516\" style=\"width: 858px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121516\" class=\"size-full wp-image-121516\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Kapitalizatsiya-populyarnyh-bitkoinov-na-Ethereum-mln-.-Dannye-DeFi-Pulse..png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"848\" height=\"455\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Kapitalizatsiya-populyarnyh-bitkoinov-na-Ethereum-mln-.-Dannye-DeFi-Pulse..png 848w, https:\/\/forklog.com\/wp-content\/uploads\/Kapitalizatsiya-populyarnyh-bitkoinov-na-Ethereum-mln-.-Dannye-DeFi-Pulse.-300x161.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Kapitalizatsiya-populyarnyh-bitkoinov-na-Ethereum-mln-.-Dannye-DeFi-Pulse.-768x412.png 768w\" sizes=\"auto, (max-width: 848px) 100vw, 848px\" \/><\/p>\n<p id=\"caption-attachment-121516\" class=\"wp-caption-text\">Market capitalization of BTCs tokenized on Ethereum. Data: DeFi Pulse (as of 1.01.2020).<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_121517\" style=\"width: 758px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121517\" class=\"size-full wp-image-121517\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Top-3-DeFi-proekta-po-stoimosti-zablokirovannyh-sredstv-mlrd.-Dannye-DeFi-Pulse-po-sostoyaniyu-na-1.01.2021..png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"748\" height=\"513\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Top-3-DeFi-proekta-po-stoimosti-zablokirovannyh-sredstv-mlrd.-Dannye-DeFi-Pulse-po-sostoyaniyu-na-1.01.2021..png 748w, https:\/\/forklog.com\/wp-content\/uploads\/Top-3-DeFi-proekta-po-stoimosti-zablokirovannyh-sredstv-mlrd.-Dannye-DeFi-Pulse-po-sostoyaniyu-na-1.01.2021.-300x206.png 300w\" sizes=\"auto, (max-width: 748px) 100vw, 748px\" \/><\/p>\n<p id=\"caption-attachment-121517\" class=\"wp-caption-text\">Top-3 DeFi projects by blocked value, $bln. Data: DeFi Pulse (as of 1.01.2020).<\/p>\n<\/div>\n<\/div>\n<\/div>\n<ul>\n<li>In 2020 the DeFi sector experienced a genuine boom. On 1 January, total value locked (TVL) on smart contracts stood around $600 million, and by year-end it surpassed $15 billion, according to DeBank data. The figure rose twentyfold in less than a year.<\/li>\n<li>The so-called &#8220;Bitcoin on Ethereum&#8221; tokens surged in popularity. Protocols like WBTC, renBTC and HBTC provide Holders of digital gold access to a thriving DeFi ecosystem. Demand for Bitcoin-backed Ether tokens constrained the supply of the first cryptocurrency and supported its rise.<\/li>\n<li>The total value of tokenized Bitcoin topped $4 billion by year-end. WBTC\u001ds share in its segment stood at over 80%.<\/li>\n<li>As of 1.01.2020, the DeFi Pulse top-3 by TVL were Maker, Aave and Compound, with TVLs of $2.84B, $1.99B and $1.93B respectively.<\/li>\n<\/ul>\n<\/div>\n<h2>Key milestones for DeFi in 2020<\/h2>\n<div class=\"review_timelines nobg\">\n<div class=\"review_single_timeline_blk first\">\n<div class=\"timeline_axis\"><\/div>\n<p class=\"timeline_tooltip\" data-num=\"1\"><strong>1<\/strong> January 1 \u001d TVL around $600 million; early February it topped $1 billion. The most popular DeFi project is MakerDAO.<\/p>\n<p class=\"timeline_tooltip right\" data-num=\"2\"><strong>2<\/strong> May 13 \u001d MakerDAO stopped supporting the single-collateral SAI stablecoin, accelerating the transition to the multi-collateral DAI.<\/p>\n<p class=\"timeline_tooltip\" data-num=\"3\"><strong>3<\/strong> May 18 \u001d Decentralized exchange Uniswap launched its second version of the protocol.<\/p>\n<p class=\"timeline_tooltip right\" data-num=\"4\"><strong>4<\/strong> June 16 \u001d the lending project Compound issued the COMP governance token. The project attracted a flood of funds and briefly topped the DeFi Pulse ranking. The event marked the start of the &#8220;yield farming&#8221; craze and a race for high yields on vaulted assets.<\/p>\n<p class=\"timeline_tooltip\" data-num=\"5\"><strong>5<\/strong> July 2 \u001d USDC stablecoin market capitalization exceeded $1 billion.<\/p>\n<p class=\"timeline_tooltip right\" data-num=\"6\"><strong>6<\/strong> August 30 \u001d Uniswap daily trading volume first exceeded Coinbase\u001ds. <\/p>\n<p class=\"timeline_tooltip\" data-num=\"7\"><strong>7<\/strong> August 26 \u001d the veiled SushiSwap &#8220;vampire&#8221; launch propelled Uniswap to the top among DeFi projects for a while, but it later lost about 70% of its liquidity.<\/p>\n<p class=\"timeline_tooltip right\" data-num=\"8\"><strong>8<\/strong> September 17 \u001d Uniswap issued the UNI governance token. In the most substantial DeFi airdrop in history, 113 million UNI were distributed among 184,000 users of the DEX, including liquidity providers and holders of SOCKS tokens.<\/p>\n<p class=\"timeline_tooltip\" data-num=\"9\"><strong>9<\/strong> November 29 \u001d total DeFi users surpassed 1 million.<\/p>\n<p class=\"timeline_tooltip right\" data-num=\"10\"><strong>10<\/strong> December 25 \u001d leading DEX aggregator 1inch released the native token, distributing a portion of the coins to users.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_single_blk\">\n<h2>DEX<\/h2>\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_121521\" style=\"width: 1711px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121521\" class=\"size-full wp-image-121521\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/DEX-2.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"1701\" height=\"897\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/DEX-2.png 1701w, https:\/\/forklog.com\/wp-content\/uploads\/DEX-2-300x158.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/DEX-2-1024x540.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/DEX-2-768x405.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/DEX-2-1536x810.png 1536w\" sizes=\"auto, (max-width: 1701px) 100vw, 1701px\" \/><\/p>\n<p id=\"caption-attachment-121521\" class=\"wp-caption-text\">Trading volumes on decentralized exchanges, $bln. Data: Dune Analytics.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_121522\" style=\"width: 616px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121522\" class=\"size-full wp-image-121522\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Rynochnaya-dolya-krupnejshih-DEX.-Dannye-DeBank-po-sostoyaniyu-na-1.01.2020.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"606\" height=\"368\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Rynochnaya-dolya-krupnejshih-DEX.-Dannye-DeBank-po-sostoyaniyu-na-1.01.2020.png 606w, https:\/\/forklog.com\/wp-content\/uploads\/Rynochnaya-dolya-krupnejshih-DEX.-Dannye-DeBank-po-sostoyaniyu-na-1.01.2020-300x182.png 300w\" sizes=\"auto, (max-width: 606px) 100vw, 606px\" \/><\/p>\n<p id=\"caption-attachment-121522\" class=\"wp-caption-text\">Market share of the largest DEXs. Data: DeBank (as of 1.01.2021).<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>The year also saw rapid growth in the decentralized exchanges (DEX), a key component of the DeFi ecosystem. According to Dune Analytics, DEX turnover in 2020 exceeded $120 billion, and more than a million distinct users participated in non-custodial trading.<\/p>\n<p>Uniswap led the segment, though its share gradually declined. Curve and the so-called &#8220;vampire&#8221; SushiSwap are also popular. Among liquidity-aggregators, 1inch leads, with Matcha by the 0x team gaining pace.<\/p>\n<\/div>\n<div class=\"review_single_blk\">\n<h2>Stablecoins<\/h2>\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_121524\" style=\"width: 1597px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121524\" class=\"size-full wp-image-121524\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Stablecoins-Messari.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"1587\" height=\"744\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Stablecoins-Messari.png 1587w, https:\/\/forklog.com\/wp-content\/uploads\/Stablecoins-Messari-300x141.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Stablecoins-Messari-1024x480.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Stablecoins-Messari-768x360.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Stablecoins-Messari-1536x720.png 1536w\" sizes=\"auto, (max-width: 1587px) 100vw, 1587px\" \/><\/p>\n<p id=\"caption-attachment-121524\" class=\"wp-caption-text\">Dynamics of the total stablecoin market cap in 2020. Data: Messari.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_121525\" style=\"width: 818px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121525\" class=\"size-full wp-image-121525\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Top-5-vedushhih-stejblkoinov-po-kapitalizatsii-mln-.-Dannye-CoinGecko.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"808\" height=\"486\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Top-5-vedushhih-stejblkoinov-po-kapitalizatsii-mln-.-Dannye-CoinGecko.png 808w, https:\/\/forklog.com\/wp-content\/uploads\/Top-5-vedushhih-stejblkoinov-po-kapitalizatsii-mln-.-Dannye-CoinGecko-300x180.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Top-5-vedushhih-stejblkoinov-po-kapitalizatsii-mln-.-Dannye-CoinGecko-768x462.png 768w\" sizes=\"auto, (max-width: 808px) 100vw, 808px\" \/><\/p>\n<p id=\"caption-attachment-121525\" class=\"wp-caption-text\">Top-5 leading stablecoins by market cap. Data: Messari (as of 1.01.2020).<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>Over 2020 the total market cap of stablecoins rose more than fivefold\u2014from around $5 billion at the start of January to nearly $30 billion by year end. Tether (USDT) accounted for about 75% of the segment with a market cap of $21.1 billion (as of 1.01.2020). USD Coin (USDC) and the algorithmic stablecoin DAI gained traction. DAI\u001ds market cap grew more than twentyfold in 2020, reaching $1.2 billion.<\/p>\n<\/div>\n<div class=\"review_single_blk\">\n<h2>P2P trading<\/h2>\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_121527\" style=\"width: 1751px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121527\" class=\"size-full wp-image-121527\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/p2p-LocalBitcoins.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438institucional\" width=\"1741\" height=\"801\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/p2p-LocalBitcoins.png 1741w, https:\/\/forklog.com\/wp-content\/uploads\/p2p-LocalBitcoins-300x138.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/p2p-LocalBitcoins-1024x471.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/p2p-LocalBitcoins-768x353.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/p2p-LocalBitcoins-1536x707.png 1536w\" sizes=\"auto, (max-width: 1741px) 100vw, 1741px\" \/><\/p>\n<p id=\"caption-attachment-121527\" class=\"wp-caption-text\">LocalBitcoins p2p trading volumes in 2020, $mln. Data: coin.dance.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_121528\" style=\"width: 1796px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121528\" class=\"size-full wp-image-121528\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/p2p-Paxful.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"1786\" height=\"807\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/p2p-Paxful.png 1786w, https:\/\/forklog.com\/wp-content\/uploads\/p2p-Paxful-300x136.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/p2p-Paxful-1024x463.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/p2p-Paxful-768x347.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/p2p-Paxful-1536x694.png 1536w\" sizes=\"auto, (max-width: 1786px) 100vw, 1786px\" \/><\/p>\n<p id=\"caption-attachment-121528\" class=\"wp-caption-text\">Paxful and LocalBitcoins p2p trading volumes, $mln. Data: coin.dance.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<ul>\n<li>From the start of 2020, LocalBitcoins and Paxful p2p platforms saw trading volumes surge, peaking mid-year as Bitcoin approached the key $10,000 level.<\/li>\n<li>Despite the subsequent rally in Bitcoin, LocalBitcoins volumes stagnated, and Paxful volumes declined by about 20% on average by year-end.<\/li>\n<\/ul>\n<\/div>\n<h2>Mining, hash rate, fees<\/h2>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_121530\" style=\"width: 1277px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121530\" class=\"size-full wp-image-121530\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-heshrejta-bitkoina-s-nachala-goda-EH-s.-Dannye-Glassnode..png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"1267\" height=\"594\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-heshrejta-bitkoina-s-nachala-goda-EH-s.-Dannye-Glassnode..png 1267w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-heshrejta-bitkoina-s-nachala-goda-EH-s.-Dannye-Glassnode.-300x141.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-heshrejta-bitkoina-s-nachala-goda-EH-s.-Dannye-Glassnode.-1024x480.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-heshrejta-bitkoina-s-nachala-goda-EH-s.-Dannye-Glassnode.-768x360.png 768w\" sizes=\"auto, (max-width: 1267px) 100vw, 1267px\" \/><\/p>\n<p id=\"caption-attachment-121530\" class=\"wp-caption-text\">Bitcoin hash rate dynamics in 2020. Data: blockchain.com.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_121531\" style=\"width: 1007px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121531\" class=\"size-full wp-image-121531\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Slozhnost-majninga-bitkoina.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"997\" height=\"547\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Slozhnost-majninga-bitkoina.png 997w, https:\/\/forklog.com\/wp-content\/uploads\/Slozhnost-majninga-bitkoina-300x165.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Slozhnost-majninga-bitkoina-768x421.png 768w\" sizes=\"auto, (max-width: 997px) 100vw, 997px\" \/><\/p>\n<p id=\"caption-attachment-121531\" class=\"wp-caption-text\">Mining difficulty chart. Data: blockchain.com.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<ul>\n<li>Hash rate of Bitcoin rose by about a quarter over the year, with mining difficulty up 35%. The May halving temporarily reduced miner incomes, yet the price surge later offset the losses from the slower emission. The strongest miners\u001d income growth occurred in November and December (+50% and +31% respectively).<\/li>\n<li>Another consequence of the halving was the increased share of transaction fees in miners\u001d revenue.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_121533\" style=\"width: 688px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121533\" class=\"size-full wp-image-121533\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dohody-bitkoin-majnerov-po-mesyatsam-mln-.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"678\" height=\"419\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dohody-bitkoin-majnerov-po-mesyatsam-mln-.png 678w, https:\/\/forklog.com\/wp-content\/uploads\/Dohody-bitkoin-majnerov-po-mesyatsam-mln--300x185.png 300w\" sizes=\"auto, (max-width: 678px) 100vw, 678px\" \/><\/p>\n<p id=\"caption-attachment-121533\" class=\"wp-caption-text\">Bitcoin miner revenues by month, $mln. Data: Coin Metrics.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_121534\" style=\"width: 1003px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121534\" class=\"size-full wp-image-121534\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-doli-komissij-v-dohodah-bitkoin-i-Ethereum-majnerov.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"993\" height=\"575\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-doli-komissij-v-dohodah-bitkoin-i-Ethereum-majnerov.png 993w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-doli-komissij-v-dohodah-bitkoin-i-Ethereum-majnerov-300x174.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-doli-komissij-v-dohodah-bitkoin-i-Ethereum-majnerov-768x445.png 768w\" sizes=\"auto, (max-width: 993px) 100vw, 993px\" \/><\/p>\n<p id=\"caption-attachment-121534\" class=\"wp-caption-text\">Share of mining fees in Bitcoin and Ethereum miner revenue. Data: Coin Metrics.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<ul>\n<li>Ethereum hash rate doubled in 2020, likely aided by rising Ether price and improved mining profitability, encouraging more mining capacity.<\/li>\n<li>The DeFi hype drove heavy network usage on Ethereum and a surge in gas prices. This led to higher miner revenues, with transaction fees forming a sizable portion of Ethereum miners\u001d income; in December, total Ethereum miner revenue reached $368 million, up 61% from November.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_121536\" style=\"width: 884px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121536\" class=\"size-full wp-image-121536\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Heshrejt-Ethereum.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"874\" height=\"447\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Heshrejt-Ethereum.png 874w, https:\/\/forklog.com\/wp-content\/uploads\/Heshrejt-Ethereum-300x153.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Heshrejt-Ethereum-768x393.png 768w\" sizes=\"auto, (max-width: 874px) 100vw, 874px\" \/><\/p>\n<p id=\"caption-attachment-121536\" class=\"wp-caption-text\">Ethereum hash rate dynamics in 2020. Data: Etherscan.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_121537\" style=\"width: 904px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121537\" class=\"size-full wp-image-121537\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dohody-Ethereum-majnerov-po-mesyatsam-mln-.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"894\" height=\"418\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dohody-Ethereum-majnerov-po-mesyatsam-mln-.png 894w, https:\/\/forklog.com\/wp-content\/uploads\/Dohody-Ethereum-majnerov-po-mesyatsam-mln--300x140.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dohody-Ethereum-majnerov-po-mesyatsam-mln--768x359.png 768w\" sizes=\"auto, (max-width: 894px) 100vw, 894px\" \/><\/p>\n<p id=\"caption-attachment-121537\" class=\"wp-caption-text\">Ethereum miner revenues by month, $mln. Data: Coin Metrics.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>Average Ethereum transaction fee rose from a few cents to several dollars, and in early September the metric reached $15. A similar trend, though not as pronounced, was seen for Bitcoin.<\/p>\n<\/div>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_121539\" style=\"width: 977px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121539\" class=\"size-full wp-image-121539\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu..png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"967\" height=\"579\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu..png 967w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-300x180.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-768x460.png 768w\" sizes=\"auto, (max-width: 967px) 100vw, 967px\" \/><\/p>\n<p id=\"caption-attachment-121539\" class=\"wp-caption-text\">Average BTC- and ETH-transaction fees dynamics. Data: Blockchair.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_121540\" style=\"width: 707px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121540\" class=\"size-full wp-image-121540\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Krupnejshie-puly-po-dobyche-bitkoina.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"697\" height=\"427\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Krupnejshie-puly-po-dobyche-bitkoina.png 697w, https:\/\/forklog.com\/wp-content\/uploads\/Krupnejshie-puly-po-dobyche-bitkoina-300x184.png 300w\" sizes=\"auto, (max-width: 697px) 100vw, 697px\" \/><\/p>\n<p id=\"caption-attachment-121540\" class=\"wp-caption-text\">Largest mining pools by Bitcoin mining hashpower. Data: BTC.com (as of 01.01.2021).<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>In 2020 the mining landscape shifted significantly as Binance Pool rose to second place in Bitcoin hash rate share. The crown remained with F2Pool, controlling roughly a fifth of the hash rate.<\/p>\n<\/div>\n<div class=\"review_single_blk\">\n<h2>On-chain data<\/h2>\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_121545\" style=\"width: 1010px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121545\" class=\"size-full wp-image-121545\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-Dinamika-obema-peredannoj-stoimosti-v-blokchejne-bitkoina-Adjusted-7MA.-Dannye-Coin-Metrics..png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"1000\" height=\"463\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/1-Dinamika-obema-peredannoj-stoimosti-v-blokchejne-bitkoina-Adjusted-7MA.-Dannye-Coin-Metrics..png 1000w, https:\/\/forklog.com\/wp-content\/uploads\/1-Dinamika-obema-peredannoj-stoimosti-v-blokchejne-bitkoina-Adjusted-7MA.-Dannye-Coin-Metrics.-300x139.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/1-Dinamika-obema-peredannoj-stoimosti-v-blokchejne-bitkoina-Adjusted-7MA.-Dannye-Coin-Metrics.-768x356.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<p id=\"caption-attachment-121545\" class=\"wp-caption-text\">Dynamics of the value transferred on the Bitcoin blockchain. Data: Coin Metrics.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_121546\" style=\"width: 1045px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121546\" class=\"size-full wp-image-121546\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Protsent-ot-rynochnogo-predlozheniya-bitkoina-ne-peremeshhavshegosya-bolee-dvuh-let..png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"1035\" height=\"622\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Protsent-ot-rynochnogo-predlozheniya-bitkoina-ne-peremeshhavshegosya-bolee-dvuh-let..png 1035w, https:\/\/forklog.com\/wp-content\/uploads\/Protsent-ot-rynochnogo-predlozheniya-bitkoina-ne-peremeshhavshegosya-bolee-dvuh-let.-300x180.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Protsent-ot-rynochnogo-predlozheniya-bitkoina-ne-peremeshhavshegosya-bolee-dvuh-let.-1024x615.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Protsent-ot-rynochnogo-predlozheniya-bitkoina-ne-peremeshhavshegosya-bolee-dvuh-let.-768x462.png 768w\" sizes=\"auto, (max-width: 1035px) 100vw, 1035px\" \/><\/p>\n<p id=\"caption-attachment-121546\" class=\"wp-caption-text\">Share of Bitcoin available supply never moved for more than two years. Data: Glassnode, Yahoo Finance.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>2020 was marked not only by rising crypto prices, but also by high on-chain activity. The value transmitted on the Bitcoin blockchain rose 45% year-on-year, from $671.8 billion to $976.2 billion. The share of Bitcoin that had not moved for over two years also increased, signalling a rise in longer-term holding relative to short-term consumption among market participants.<\/p>\n<\/div>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_121548\" style=\"width: 1105px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121548\" class=\"size-full wp-image-121548\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/TSena-bitkoina-i-dinamika-balansov-tsentralizovannyh-birzh-tysyach-BTC.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"1095\" height=\"660\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/TSena-bitkoina-i-dinamika-balansov-tsentralizovannyh-birzh-tysyach-BTC.png 1095w, https:\/\/forklog.com\/wp-content\/uploads\/TSena-bitkoina-i-dinamika-balansov-tsentralizovannyh-birzh-tysyach-BTC-300x181.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/TSena-bitkoina-i-dinamika-balansov-tsentralizovannyh-birzh-tysyach-BTC-1024x617.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/TSena-bitkoina-i-dinamika-balansov-tsentralizovannyh-birzh-tysyach-BTC-768x463.png 768w\" sizes=\"auto, (max-width: 1095px) 100vw, 1095px\" \/><\/p>\n<p id=\"caption-attachment-121548\" class=\"wp-caption-text\">Bitcoin price and centralized exchange balances, thousand BTC. Data: Glassnode, Yahoo Finance.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_121549\" style=\"width: 970px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121549\" class=\"size-full wp-image-121549\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/TSena-bitkoina-i-chislo-adresov-s-0.01-BTC-tysyach.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"960\" height=\"575\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/TSena-bitkoina-i-chislo-adresov-s-0.01-BTC-tysyach.png 960w, https:\/\/forklog.com\/wp-content\/uploads\/TSena-bitkoina-i-chislo-adresov-s-0.01-BTC-tysyach-300x180.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/TSena-bitkoina-i-chislo-adresov-s-0.01-BTC-tysyach-768x460.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/p>\n<p id=\"caption-attachment-121549\" class=\"wp-caption-text\">Bitcoin price and number of addresses with \u2265 1,000 BTC. Data: Glassnode, Yahoo Finance.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>Against the rise in Bitcoin price, the balances on centralized exchanges gradually declined. This may reflect growing popularity of DeFi projects, including Wrapped Bitcoin, and investors\u001desire to hold funds themselves.<\/p>\n<p>In 2020 the number of addresses across investor categories grew as well:<\/p>\n<ul>\n<li>with \u00100.01 BTC \u2014 +8.43%;<\/li>\n<li>0.1 BTC and above \u2014 +10.67%;<\/li>\n<li>1 BTC and above \u2014 +5.86%;<\/li>\n<li>10 BTC and above \u2014 +0.53%;<\/li>\n<li>100 BTC and above \u2014 -0.04%;<\/li>\n<li>1,000 BTC and above \u2014 +7.37%;<\/li>\n<li>10,000 BTC and above \u2014 -11%.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_121551\" style=\"width: 963px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121551\" class=\"size-full wp-image-121551\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-chisla-Ethereum-tranzaktsij.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"953\" height=\"574\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-chisla-Ethereum-tranzaktsij.png 953w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-chisla-Ethereum-tranzaktsij-300x181.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-chisla-Ethereum-tranzaktsij-768x463.png 768w\" sizes=\"auto, (max-width: 953px) 100vw, 953px\" \/><\/p>\n<p id=\"caption-attachment-121551\" class=\"wp-caption-text\">Dynamics of the number of Ethereum transactions. Data: Etherscan.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_121552\" style=\"width: 1106px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121552\" class=\"size-full wp-image-121552\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Ethereum-birzhevye-balansy-i-dolya-predlozheniya-ETH-zadejstvovannogo-v-smart-kontraktah.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"1096\" height=\"661\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Ethereum-birzhevye-balansy-i-dolya-predlozheniya-ETH-zadejstvovannogo-v-smart-kontraktah.png 1096w, https:\/\/forklog.com\/wp-content\/uploads\/Ethereum-birzhevye-balansy-i-dolya-predlozheniya-ETH-zadejstvovannogo-v-smart-kontraktah-300x181.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Ethereum-birzhevye-balansy-i-dolya-predlozheniya-ETH-zadejstvovannogo-v-smart-kontraktah-1024x618.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Ethereum-birzhevye-balansy-i-dolya-predlozheniya-ETH-zadejstvovannogo-v-smart-kontraktah-768x463.png 768w\" sizes=\"auto, (max-width: 1096px) 100vw, 1096px\" \/><\/p>\n<p id=\"caption-attachment-121552\" class=\"wp-caption-text\">Market balances and ETH supply in DeFi active across smart contracts. Data: Glassnode.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<ul>\n<li>From the start of the year, transaction count on the Ethereum network doubled, surpassing January 2018 levels when ICO hype peaked.<\/li>\n<li>As with Bitcoin, Ethereum balances on centralized exchanges declined, while the share of Ether tokens deployed in smart contracts rose.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk\">\n<div id=\"attachment_121554\" style=\"width: 982px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121554\" class=\"size-full wp-image-121554\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-chisla-ETH-v-stejkinge-Ethereum-2.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"972\" height=\"579\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-chisla-ETH-v-stejkinge-Ethereum-2.png 972w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-chisla-ETH-v-stejkinge-Ethereum-2-300x179.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-chisla-ETH-v-stejkinge-Ethereum-2-768x457.png 768w\" sizes=\"auto, (max-width: 972px) 100vw, 972px\" \/><\/p>\n<p id=\"caption-attachment-121554\" class=\"wp-caption-text\">Dynamics of ETH staked in Ethereum 2.0. Data: Glassnode.<\/p>\n<\/div>\n<p>The launch of Ethereum 2.0 was a watershed event. By year-end more than 2 million ETH were staked on the deposit contract of the new system. The reduction in active supply by almost 2% could support longer-term upside for the second-largest cryptocurrency.<\/p>\n<\/div>\n<h2>Institutional activity<\/h2>\n<div class=\"review_single_blk\">\n<div id=\"attachment_121556\" style=\"width: 926px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121556\" class=\"size-full wp-image-121556\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Obem-investitsij-publichnyh-kompanij-v-bitkoin-po-sostoyaniyu-na-4-yanvarya-2021-goda.-Dannye-bitcointreasuries..png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"916\" height=\"848\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Obem-investitsij-publichnyh-kompanij-v-bitkoin-po-sostoyaniyu-na-4-yanvarya-2021-goda.-Dannye-bitcointreasuries..png 916w, https:\/\/forklog.com\/wp-content\/uploads\/Obem-investitsij-publichnyh-kompanij-v-bitkoin-po-sostoyaniyu-na-4-yanvarya-2021-goda.-Dannye-bitcointreasuries.-300x278.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Obem-investitsij-publichnyh-kompanij-v-bitkoin-po-sostoyaniyu-na-4-yanvarya-2021-goda.-Dannye-bitcointreasuries.-768x711.png 768w\" sizes=\"auto, (max-width: 916px) 100vw, 916px\" \/><\/p>\n<p id=\"caption-attachment-121556\" class=\"wp-caption-text\">Volume of public-company Bitcoin investments as of Jan 4, 2021. Data: Bitcoin Treasuries.<\/p>\n<\/div>\n<p>According to Bitcoin Treasuries, public companies have acquired over 1 million BTC (about 5.5% of the current supply) worth over $35 billion.<\/p>\n<ul>\n<li>The shift to using Bitcoin as a hedge against fiat devaluation was pioneered by MicroStrategy, which in August acquired 21,454 BTC for more than $250 million. A month later the Nasdaq-listed company invested an additional $175 million, and in December another $650 million. In total, MicroStrategy had\u6295\u5165 into Bitcoin $1.12 billion, owning 70,470 BTC, valued at more than $2 billion at the time of writing.<\/li>\n<li>In October, Jack Dorsey\u001ds Square announced it had acquired 4,709 BTC for $50 million.<\/li>\n<li>In mid-December, public company Ruffer Investments disclosed purchases of 45,000 BTC for $744 million.<\/li>\n<li>Towards the end of the year, SkyBridge Capital, led by Anthony Scaramucci, launched a Bitcoin-based fund with $310 million in assets.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk\">\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<div id=\"attachment_121563\" style=\"width: 988px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121563\" class=\"size-full wp-image-121563\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Aktivy-Grayscale-Bitcoin-Trust-tysyach-BTC.-Dannye-grayscale.co_..png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"978\" height=\"623\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Aktivy-Grayscale-Bitcoin-Trust-tysyach-BTC.-Dannye-grayscale.co_..png 978w, https:\/\/forklog.com\/wp-content\/uploads\/Aktivy-Grayscale-Bitcoin-Trust-tysyach-BTC.-Dannye-grayscale.co_.-300x191.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Aktivy-Grayscale-Bitcoin-Trust-tysyach-BTC.-Dannye-grayscale.co_.-768x489.png 768w\" sizes=\"auto, (max-width: 978px) 100vw, 978px\" \/><\/p>\n<p id=\"caption-attachment-121563\" class=\"wp-caption-text\">Grayscale Bitcoin Trust assets (thousand BTC). Data: grayscale.co.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div id=\"attachment_121564\" style=\"width: 944px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-121564\" class=\"size-full wp-image-121564\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-institutsionalov-Commercial-na-CME.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"934\" height=\"532\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-institutsionalov-Commercial-na-CME.png 934w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-institutsionalov-Commercial-na-CME-300x171.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-institutsionalov-Commercial-na-CME-768x437.png 768w\" sizes=\"auto, (max-width: 934px) 100vw, 934px\" \/><\/p>\n<p id=\"caption-attachment-121564\" class=\"wp-caption-text\">Dynamic of Commercial positions on CME. Data: CFTC.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<ul>\n<li>One of the most active institutional players was Grayscale Investments, which by early 2021 managed about 607,000 BTC with crypto assets under management valued at around $22.8 billion (as of 4.01.2021).<\/li>\n<li>The demand for Bitcoin from whales is also reflected in the CME Bitcoin futures positions for Commercials; the share of these participants in open interest has grown since October, with long positions predominating.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk\">\n<h2>CBDC in 2020<\/h2>\n<p>2020 was marked by central-bank statements on CBDCs. The pandemic accelerated this process:<\/p>\n<ul>\n<li>The most attention focused on China\u0011s digital yuan, with pilot trials in Shenzhen, Suzhou and later Shanghai begun in 2020;<\/li>\n<li>The EU contemplated a digital euro; the European Central Bank signaled it could be launched and presented in 2021;<\/li>\n<li>Russia discussed a digital ruble; in October the Bank of Russia published a report on a digital ruble, though a final decision on its development had not been made.<\/li>\n<li>On October 20, 2020, the Bahamas launched the Sand Dollar, the world\u0011s first CBDC issued by a government.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk has_map review_2_map\">\n<h2>Regulation in 2020<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Group-2644-4.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"2350\" height=\"1182\"><\/p>\n<div class=\"country_blk\" data-blk=\"1\">Regulatory developments in 2020 across Asia saw crypto legalization and more predictable regulatory environments. China gave blockchain an official status, and its regulator legalised Bitcoin transactions. Positive changes occurred in South Korea, Singapore and India.<\/div>\n<div class=\"country_blk\" data-blk=\"2\">Despite the continent\u0011s investment appeal, some regional authorities began just the first steps to shape a permissive regulatory framework. In some cases, such as Zimbabwe, digital assets faced bans. The South African regulator proposed treating crypto as a financial product. Nigeria banned crypto wealth being treated as securities.<\/div>\n<div class=\"country_blk\" data-blk=\"3\">In Kazakhstan, digital assets were recognised as property. The country actively developed its crypto-mining sector in 2020, and the share of the region in Bitcoin mining hash rate rose more than fourfold.<\/div>\n<div class=\"country_blk\" data-blk=\"4\">In Ukraine, authorities approved a strategy to develop the financial sector by 2025, highlighting blockchain technology as a key area. On 2 December, Parliament approved in first reading a law on virtual assets, though mining remains unregulated in the country.<\/div>\n<div class=\"country_blk\" data-blk=\"5\">The United States advanced initiatives to curb crypto use in illicit activity; high-level discussions considered blockchain applications and the concept of a digital dollar.<\/div>\n<div class=\"country_blk\" data-blk=\"6\">In Kyrgyzstan, authorities imposed a 15% tax on miners and defined virtual assets as digital representations of value. The legal status of cryptocurrencies remains unsettled.<\/div>\n<div class=\"country_blk\" data-blk=\"7\">The European Union, amid the pandemic, sharpened its work on crypto and stablecoins regulation, urging speedier legal norms for digital assets. The region operated under the Fifth Anti-Money Laundering Directive (5AMLD EU) throughout the year.<\/div>\n<div class=\"country_blk\" data-blk=\"8\">In Russia, from January 1, 2021 a law On Digital Financial Assets took effect, defining crypto and banning its use as a means of payment or for advertising such a possibility. The Finance Ministry proposed further regulation, including a ban on mining profits in crypto and the obligation to declare crypto holdings, under heavy penalties.<\/div>\n<\/div>\n<div class=\"review_single_blk has_map review_2_map m\">\n<h2>Regulation in 2020<\/h2>\n<div class=\"country_blk\" data-blk=\"8\">In Russia, from 1 January 2021 the law On Digital Financial Assets took effect, defining cryptocurrencies and barring their use as a means of payment or for advertising such a possibility. Over the year the Ministry of Finance proposed various regulatory measures, for example to ban miners from earning crypto and to require declaration of holdings with penalties and potential imprisonment.<\/div>\n<div class=\"country_blk\" data-blk=\"4\">In Ukraine, authorities approved a financial-sector development strategy through 2025, highlighting blockchain development as a priority. On 2 December in the first reading, Parliament passed the Law on Virtual Assets, but mining remains unregulated.<\/div>\n<div class=\"country_blk\" data-blk=\"3\">In Kazakhstan, digital assets were recognised as property. In 2020 the country actively developed its mining sector, and the region\u0011s share of Bitcoin hash rate rose more than fourfold.<\/div>\n<div class=\"country_blk\" data-blk=\"6\">In Kyrgyzstan, miners faced a 15% tax and virtual assets were defined as digital representations of value. The legal status of crypto remains undefined.<\/div>\n<div class=\"country_blk\" data-blk=\"5\">The United States pursued initiatives to curb crypto use in illicit activity, with high-level discussions on blockchain use and the concept of a digital dollar.<\/div>\n<div class=\"country_blk\" data-blk=\"7\">The European Commission intensified efforts to regulate crypto and stablecoins, urging faster legal norms for digital assets. The region operated under the Fifth Anti-Money Laundering Directive (5AMLD EU) throughout the year.<\/div>\n<div class=\"country_blk\" data-blk=\"1\">In Asia, 2020 saw crypto legalization and positive regulatory changes. China granted official status to blockchain, and its local regulator legalized Bitcoin operations. Positive changes occurred in South Korea, Singapore and India.<\/div>\n<div class=\"country_blk\" data-blk=\"2\">Despite the continent\u0011s investment appeal, some regional authorities began only the initial steps to build a regulatory framework for crypto. In some cases, like Zimbabwe, digital assets remain banned. The South Africa regulator suggested treating crypto as financial products. Nigeria&#8217;s authorities defined digital assets as securities unless proven otherwise.<\/div>\n<\/div>\n<h2>Top themes of 2020<\/h2>\n<div class=\"reviews_has_thirds has_articles\">\n<div class=\"review_third\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url('https:\/\/forklog.com\/wp-content\/uploads\/1.8-min.png');\"><strong>March market crash<\/strong><\/div>\n<p>In the night of Friday, 13 March, Bitcoin briefly tumbled to $3,800, losing more than 50% in a day. Ethereum fell below $100. A comparable depth of sell-off occurred in traditional markets.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_third\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url('https:\/\/forklog.com\/wp-content\/uploads\/1.5-min.png');\"><strong>The third Bitcoin halving<\/strong><\/div>\n<p>On 11 May, block #630000 in the Bitcoin network marked the third halving in history. The block reward dropped from 12.5 BTC to 6.25 BTC. The next halving is expected in 2024, with the last one around 2140.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_third\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url('https:\/\/forklog.com\/wp-content\/uploads\/secvston.png');\"><strong>Closures of Telegram Open Network<\/strong><\/div>\n<p>One of the year&#8217;s major events was the court case between the U.S. Securities and Exchange Commission and the Telegram Open Network by Pavel Durov.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"reviews_has_thirds has_articles\">\n<div class=\"review_third\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url('https:\/\/forklog.com\/wp-content\/uploads\/BITMEX-min.png');\"><strong>Litigation against BitMEX<\/strong><\/div>\n<p>On 1 October 2020 the U.S. CFTC filed a case against BitMEX and its founders. The exchange later faced more suits, and its CEO stepped down.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_third\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url('https:\/\/forklog.com\/wp-content\/uploads\/SEC99.png');\"><strong>SEC vs Ripple<\/strong><\/div>\n<p>The SEC targeted Ripple, the company behind the XRP token, accusing it of selling unregistered securities to retail investors.<\/p>\n<\/div>\n<\/div>\n<div class=\"review_third\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url('https:\/\/forklog.com\/wp-content\/uploads\/paypal.jpg');\"><strong>PayPal adds crypto support<\/strong><\/div>\n<p>In October, PayPal announced a forthcoming integration allowing users to buy and sell Bitcoin, Bitcoin Cash, Ethereum and Litecoin in the U.S. This news buoyed Bitcoin and helped propel it toward new annual and all-time highs.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<h2>Quotes of the year<\/h2>\n<div class=\"reviews_has_halves stretch has_digits\">\n<div class=\"review_half\">\n<div class=\"review_single_blk has_quote s\">\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Mask-Group-46.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"334\" height=\"334\">&#8220;This is simply better. In the long run, people will move to things that are better.&#8221;<strong>Tim Drayer<\/strong><em>On his investment in Bitcoin<\/em><\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_single_blk has_quote s\">\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Mask-Group-47.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"332\" height=\"333\">&#8220;I\u001d never felt that this is a better time to buy Bitcoin. This drop was driven by panic and had no fundamental basis.&#8221;<strong>Edward Snowden<\/strong><em>Cybersecurity expert<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"reviews_has_halves stretch has_digits\">\n<div class=\"review_half\">\n<div class=\"review_single_blk has_quote s\">\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Mask-Group-44.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"334\" height=\"334\">&#8220;For 953 million people in 20 countries, Bitcoin represents more than a treasury asset. For them Bitcoin is a ark from the flood.&#8221;<strong>Michael Saylor<\/strong><em>CEO MicroStrategy<\/em><\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_single_blk has_quote s\">\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Mask-Group-45.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"332\" height=\"333\">&#8220;There aren\u0019t opponents to blockchain in power. This is the technology of the future, and people know it. Moreover, authorities will actively support it, cultivate it and develop it.&#8221;<strong>\u0410\u043d\u0430\u0442\u043e\u043b\u0438\u0439 \u0410\u043a\u0441\u0430\u043a\u043e\u0432<\/strong><em>Head of the Russian State Duma Committee on the Financial Market<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"reviews_has_halves stretch has_digits\">\n<div class=\"review_half\">\n<div class=\"review_single_blk has_quote s\">\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Mask-Group-42.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"334\" height=\"334\">&#8220;Bitcoin will mature further and we will see more regulation of its payments features. Existing payment mechanisms are inefficient\u2014it is a driver for Bitcoin growth.&#8221;<strong>Jay Clayton<\/strong><em>U.S. SEC Chairman<\/em><\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_single_blk has_quote s\">\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Mask-Group-5.png\" alt=\"2020 \u0433\u043e\u0434 \u0432 \u0446\u0438\u0444\u0440\u0430\u0445: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430, \u0431\u0443\u043c DeFi \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\" width=\"165\" height=\"165\">&#8220;We believe it\u0011s more important to do this right than to be first. That means we are not only looking at potential benefits of CBDCs but also at the risks.&#8221;<strong>Jerome Powell<\/strong><em>Chairman of the U.S. Federal Reserve<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s price rose by more than 300%, outperforming traditional assets; TVL in DeFi jumped twentyfold to over $15 billion; stablecoins market cap rose fivefold to around $30 billion. After the halving, miners\u001d revenue saw a higher share from fees.<\/p>\n","protected":false},"author":1,"featured_media":34466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"3","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[1740,1233,1244],"class_list":["post-34465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-bitcoin-industry-in-numbers","tag-industry-digests","tag-weekly-summary"],"aioseo_notices":[],"amp_enabled":true,"views":"50","promo_type":"1","layout_type":"3","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/34465","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=34465"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/34465\/revisions"}],"predecessor-version":[{"id":34467,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/34465\/revisions\/34467"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/34466"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=34465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=34465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=34465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}