



The recently concluded New York City Blockchain Week brought together thousands of attendants and speakers across dozens of events. In addition to promoting ideas, this year’s Blockchain Week may have also promoted adoption in the field of cryptocurrency loans.

MakerDAO loans spiked over 1,000% on day 2





As shown on LoanScan, an explorer that lists loans on the Ethereum network, cryptocurrency loans spiked significantly since May 11th. This coincides with the commencement of NYC Blockchain Week, which took place from May 10 to May 17, 2019.

















This spike first hit MakerDAO, which reportedly accounted for $191,876 USD in new crypto loans on May 10, 2019. The following day, this figure reached nearly $2.3 million USD, marking an increase of over 1,000% between the two dates.





Dharma and Compound, on the other hand, took a few more days to experience similar growth. Dharma accounted for less than $33,000 USD in crypto loans on May 10, before this figure spiked, and Compound accounted for around $195,000.





LongHash previously provided explanatory articles on all three of these popular blockchain-based lending platforms. According to a tracking tool known as DeFi Pulse, Maker, Dharma, and Compound represent three of the industry’s largest decentralized finance projects.

6,500+ loans were issued in the past 30 days, totalling over $31 million USD.







On May 13, the amount of loans originated on Dharma’s platform skyrocketed to its highest value this month, at around $735,000 USD. This marks an increase of around 2,127% since the first day of Blockchain Week on May 10. Incidentally, May 13 was also the day that Dharma’s co-founder and CEO, Nadav Hollander, was on a panel at Consensus on the topic of decentralized finance.





Compound experienced the least drastic change during Blockchain Week, with loans on the platform increasing around 54% to around $301,000 USD on May 12, according to LoanScan. However, three days after the event concluded, on May 20, loans on Compound’s platform reached nearly $851,000 USD.





As with any correlative data in the cryptocurrency industry, it is impossible to know the definitive impact that this year’s Blockchain Week had on cryptocurrency loan volume. A correlation does, however, seem possible due to the timing of these spikes and the level of excitement surrounding large-scale blockchain events. In addition, Bitcoin’s price saw similar growth around the time of NYC Blockchain Week as well.





As of 2:15 pm UTC on May 22, LoanScan indicates that 6,758 crypto loans were issued on decentralized platforms in the past 30 days, with a total principal amount of over $31 million USD.







