DeFi Weekly Report | Week 33, 2021
A bird's eye view of the money flows across blockchains and within each DeFi building block
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On-Chain Metrics
Total Addresses
The gap between Polygon and Binance Smart Chain regarding the number of new wallets is steadily narrowing ~ 50%.
New Addresses
Ethereum's new wallet growth rate has slowed dramatically with an average of about 24,300 new wallets created per day, a 65.84% decrease compared to the last week.
Similarly, Binance Smart Chain also saw a drop of more than 70% compared to the prior week. Meanwhile, Polygon's new wallet growth rate has risen by approximately 95% compared to Week 32, with 824,000 wallets created per day.
Daily Active Addresses
The number of active wallets on three chains shares the same small fluctuations in the last week. Ethereum is trading sideways between 450,000 and 500,000 wallets. Polygon has a range of 100,000-150,000 wallets, whereas Binance Smart Chain has about 1 million wallets.
Daily Transactions
The number of daily transactions on Binance Smart Chain has recovered at 10 million transactions. Meanwhile, the number of transactions on Polygon and Ethereum shared no significant change.
Despite the high rate of new wallets created per day on Polygon, the Daily Active Addresses is about 120-150,000 wallets. Simultaneously, the transaction rate of each wallet fell dramatically to about 30 txs/address.
The txs per user rate of Binance Smart Chain has returned to 10 after hitting the ATH at Week 31. Meanwhile, the txs per user rate of Ethereum remained at 2-3.
This clearly demonstrated that active users on Ethereum are relatively low, caused by high transaction fees or a lack of DApps that require users to perform transactions.
Optimism
Optimism has early traction with the total number of wallets exceeding the 30,000 threshold. Simultaneously, the daily transaction volume has surpassed 40,000.
Decentralized Finance
Overview
Compared to the last week, the total value locked on smart contract platforms increased by $10.5 billion ( about 8.61%).
In which, Terra has shown significant growth as TVL exceeded $6 billion, reaching the ATH and surpassing Polygon to rank third place after Ethereum and Binance Smart Chain.
Solana also has a quick TVL acceleration when reaching the ATH at about $2.4 billion this week.
Total Value Locked by Category
Ethereum
The total value locked on Ethereum has rebounded back to $93 billion and is moving upwards. The lending sector dominates the total volume with approximately 42.5%, followed by DEXs with about 33.4%. The assets sector has got back on track when TVL surpassed $6 billion ( accounting for nearly 15.75%).
Binance Smart Chain
The total value locked on Binance Smart Chain has reached $25 billion, which reduces the gap of reaching the ATH to about $21.2 billion (equivalent to 45.9%).
The value on Binance Smart Chain has a significant breakdown, and most sectors are rising this week. Sector Derivatives began to attract more value with around $600 million (accounting for 2.47%), up 22.67% from the previous week.
Polygon
Total value locked on Polygon has recovered at the $6.44 billion threshold, far from the ATH with about $2.27 billion ( nearly 35.27%). The lending sector continues to attract value on Polygon, as shown in the chart above. Meanwhile, DEXs are losing their attractiveness compared to the Lending sector.
A Closer Look in DeFi
Decentralized Exchange
DEXs’ Liquidity by Chain
DEX’s Liquidity on Binance Smart Chain has surpassed the 50% threshold at $15.4 billion compared to Ethereum. DEXs on both chains are continuing to grow in liquidity. Meanwhile, DEXs on Polygon are losing their traction.
DEXs’ Liquidity by Protocol
Curve and PancakeSwap continue leading the liquidity volume with more than $10 billion. SushiSwap’s liquidity is increasing while Uniswap’s is dropping. SushiSwap will likely exceed Uniswap v2 in terms of liquidity in the next few weeks.
Weekly DEX Trading Volume
The weekly trading volume has decreased by 13.8% compared to the last week, totaling $31.36 billion. Meanwhile, Uniswap v2 and v3 continue to dominate the trading volume with $19.1 billion, accounting for nearly 60.43%. PancakeSwap came in second with more than $5.1 billion (about 16.32%).
Daily Active Users
PancakeSwap continues to lead the number of DAUs with more than 264,000 users per day and keeps increasing.
The DAUs volume on protocols shows signs of recovery. In particular, Uniswap v2 DAUs rebounded to the 25,000 threshold, and Uniswap v3 was 11,900. At the same time, SushiSwap DAUs increased from 3,660 to 5,100.
Lending Landscape
Lending Value Locked by Chain
The total value locked on the Lending sector has risen to $47.7 billion, which is far from the ATH with about $8.37 billion ( nearly 17.5%). Lending on Ethereum currently attracts the most value with more than $39.5 billion, a 2.91% increase. Lending on Binance Smart Chain recovered at $5.6 billion, up 15.2% compared to the last week.
Lending Value Locked by Protocol
MakerDAO has surpassed Aave to lead back the total value locked with $11.8 billion. Venus showed a clearly rising trend with $3.5 billion.
Outstanding Loan Amount by Protocol
The outstanding loan volume of Aave continues to increase at 8 billion. Compound and MakerDAO are also experiencing a rapid growth rate. Notably, Venus is gaining value and narrowing the gap with Aave_matic.
Derivatives (Ethereum)
The trading volume of dYdX L2 officially surpassed the $300 million after 2 weeks of releasing the token. Perpetual protocol volume has returned to $180 million per day. In general, the perpetual swap trading volume exhibited good growth in the last week.
Non-Fungible Tokens
Overview
Despite more than a week left until the end of August, the total monthly trading volume of NFT markets has topped the $1 billion threshold for the first time in history. OpenSea accounted for 96.86% of the total transaction volume.
OpenSea Growth
OpenSea has shown a significant growth rate since the beginning of August. For only the first 3 weeks of August, OpenSea’s trading volume has reached the $1,1 billion mark.
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