Time for my weekly thread on notable stats in DeFi from the past 7 days. ๐
Numbers-based analysis can help to identify early trends and cut through the noise.
This week, Iโll look at TVL, protocol revenue, DEX volume, transaction count, and bridge flows.๐งต 1/X
Numbers-based analysis can help to identify early trends and cut through the noise.
This week, Iโll look at TVL, protocol revenue, DEX volume, transaction count, and bridge flows.๐งต 1/X
Data is from the following sources:
TVL - DefiLlama
Revenue - Token Terminal
DEX Volume - CoinGecko
Transactions - blockchain explorers
Bridge Flows - Uniwhale
2/X
TVL - DefiLlama
Revenue - Token Terminal
DEX Volume - CoinGecko
Transactions - blockchain explorers
Bridge Flows - Uniwhale
2/X
First, letโs look at changes in TVL across the top 10 chains.
The biggest winner this week was Tron, driven by a price increase in $TRX. Tronโs TVL grew by 10.6%. This was likely driven by anticipation for their upcoming algorithmic stablecoin launch. 3/X
The biggest winner this week was Tron, driven by a price increase in $TRX. Tronโs TVL grew by 10.6%. This was likely driven by anticipation for their upcoming algorithmic stablecoin launch. 3/X
The biggest declines in TVL were on Fantom and Cronos, which were down 17.9% and 22.7% respectively.
In both cases, this was driven by unforeseen events that crashed the prices of the $FTM and $CRO tokens. 4/X
In both cases, this was driven by unforeseen events that crashed the prices of the $FTM and $CRO tokens. 4/X
$FTM weathered a massive on-chain liquidation, dropping below $1.00 for the first time since the summer.
Many Fantom ecosystem tokens have been completely decimated. If the ecosystem does recover eventually, this may be looked back on as an incredible buying opportunity. 5/X
Many Fantom ecosystem tokens have been completely decimated. If the ecosystem does recover eventually, this may be looked back on as an incredible buying opportunity. 5/X
$CRO dropped after Crypto dot com announced a significant reduction in rewards for cardholders, reducing the incentive for people to hold CRO. I know they need to make their business sustainable, but this will likely cause sell pressure for the foreseeable future. 6/X
Now, letโs dive into some smaller chains that are showing signs of growth.
Aurora, a perennial top performer recently, continued to grow. Aurora grew another 12.3% this week to reach $1.35B in TVL.
Aurora and $NEAR together are now on the cusp of entering the top 10 chains. 7/X
Aurora, a perennial top performer recently, continued to grow. Aurora grew another 12.3% this week to reach $1.35B in TVL.
Aurora and $NEAR together are now on the cusp of entering the top 10 chains. 7/X
Sifchain continued to see explosive growth in TVL this week as well. TVL rocketed another 38% to $195M.
Notably, this high growth rate is occurring both in terms of USD and Sifchainโs native $ROWAN token, showing that new money is flowing on the chain. 8/X
Notably, this high growth rate is occurring both in terms of USD and Sifchainโs native $ROWAN token, showing that new money is flowing on the chain. 8/X
Sifchainโs DEX volume appears to be increasing as well, though the CoinGecko feed has some issues. Sifchainโs closes competitors are Osmosis and Thorchain, so if it can keep gaining traction, its potential is quite high. 9/X
Another chain that stands out, despite TVL being flat the past 7 days, is Algorand.
Algorand's TVL growing 36% over the past month and the number of protocols increased substantially.
$ALGO erased most of its dip from the weekend after announcing a partnership with FIFA. 10/X
Algorand's TVL growing 36% over the past month and the number of protocols increased substantially.
$ALGO erased most of its dip from the weekend after announcing a partnership with FIFA. 10/X
Algorand has been flying under the radar, despite shipping many things that other chains are still theorizing about, like CBDCs and tokenized securities. The ability to write smart contracts in Python also gives them the potential to onboard many developers rapidly. 11/X
In terms of revenue, the biggest winner this week (BY FAR) was $ENS. Ethereum Name Service revenue grew 195% week over week as rare .eth names boomed. 12/X
Another protocol with very strong revenue growth has been $TORN. Almost everyone in crypto has heard of Tornado Cash, but few talk about its investment potential.
$TORN revenue has grown 60% in the past 30 days. If privacy coins take off, Iโd expect this to benefit as well. 13/X
$TORN revenue has grown 60% in the past 30 days. If privacy coins take off, Iโd expect this to benefit as well. 13/X
Many DEXes also performed well this week, potentially a hopeful sign that on-chain activity may be returning. SpookySwap rev grew 62%, Osmosis rev grew 22%, Uniswap re grew 20% and Trader Joe rev grew 17%. Weโll have to watch for a continuation of this trend in future weeks. 14/X
Letโs look at DEX volume now. This is what the 12 largest DEXes by volume looked like over the past 24 hours. 15/X
The most noticeable trend in DEX volume this week was Orca on Solana. $ORCA had its highest volume week since the fall and is potentially tracing out the start of a parabolic curve. 16/X
Another DEX that saw substantial growth was SunSwap on Tron. SunSwap was the 12th largest exchange by volume over the past 24 hours.. I am generally skeptical of numbers on Tron, but this could be worth watching as they launch their USDD stablecoin. 17/X
Transaction counts on the top EVM chains over the past week looked like this:
ETH - 1.15M (+2%)
BSC - 4.73M (-10%)
AVAX - 807K (-3%)
FTM - 761K (+13%)
CRO - 309K (-2%)
18/X
ETH - 1.15M (+2%)
BSC - 4.73M (-10%)
AVAX - 807K (-3%)
FTM - 761K (+13%)
CRO - 309K (-2%)
18/X
Bridge flows saw money continue to leave Avalanche and Fantom, with the flow from Fantom accelerating. NEAR and Polygon both saw inflows, although flows to NEAR have slowed down and NEAR saw 3 days of outflows this week. 19/X
Thatโs all for this week. If you enjoyed this thread, please consider liking and retweeting the first tweet in the thread and following me to see more threads like this in the future.
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