DeFi Weekly Report | Week 39, 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 total number of wallets on Polygon's network has reached 90 million (approximately 91 million wallets). Therefore, the distance between Polygon and Binance Smart Chain has been shortened to 6.2 million wallets.

Polygon will probably surpass Binance Smart Chain within the next two weeks with the current growth rate of more than 1.3 million new wallets per day.

Daily Active Addresses

Since last week (W38), the number of active wallets on Polygon has grown enormously. Statistics this week show that Polygon has reached 400,000 active wallets, about to catch up with the number of active wallets on Ethereum.

Meanwhile, Binance Smart Chain still owns an active wallet of more than 1 million.

Daily Transactions

6.3 million is the volume of transactions per day on both Binance Smart Chain and Polygon.

On Ethereum, 1.1 million per day is the number of transactions maintained over the past few months.

Layer 2

Layer 2: Total Addresses

The total number of wallet addresses of Optimism and Arbitrum both increased steadily this week. Specifically:

  • Arbtrium: 188,550 (+14.32%)

  • Optimism: 140,952 (+12.17%)

Layer 2: Daily Transactions

In contrast to the growth of the number of wallet addresses, the number of transactions of Optimism and Arbitrum both plummeted, currently at 37,000 - 39,000 transactions per day.

Layer 2: Total Value Locked

After peaking, Arbitrum's Total Value Locked continues in a downtrend.

Meanwhile, Optimism's TVL still has not changed too much this week.

Layer 2 Spotlight: Boba Network

Boba Network's Total Value Locked grew significantly from $100 to $24 million in less than a month. With Layer 2 development, we should observe and experience Boba Network.

Decentralized Finance

Total Value Locked

Total Value Locked of chains decreased slightly by 5% compared to last week, returning to $ 142 billion.

Terra officially surpassed Solana to become the 3rd largest chain in TVL with the milestone of $8.4 billion and is still in growth momentum. 

Predictably, Terra will continue to grow after the successful Col-5 update, which will lead to many projects developing on Terra.

Total Value Locked by Category


After hitting the $100 billion milestones two weeks ago, Ethereum's TVL dropped to $93.7 billion this week.

Lending still accounts for a large proportion of TVL at about 39.56%.

DEXs' Total Value Locked increased by 5.16% from the previous week and reached 31.31%, which means that DEXs on Ethereum are attracting money flow this week.

Binance Smart Chain

Total Value Locked of Binance Smart Chain drops to $23.1 billion.

Sector Lending shows money flow attraction when the proportion increases by 2.79%, raising the market share to 25%.

On the other hand, although DEXs still have the upper hand, TVL this week dropped 11.57%, causing the market share to fall from 60.72% to 58.04%.

Sector Assets and Derivatives did not have strong fluctuations in the past week.


After hitting $6 billion last week, Polygon's Total Value Locked dropped significantly to $4.8 billion. Lending and Assets are two sectors that are attracting better cash flow than DEXs.


Solana's Total Value Locked plummeted to $8.2 billion after peaking at $12.4 billion two weeks ago.

DEXs still accounted for 69.8%, while Assets only accounted for 19.58% - down 6.79% from last week.


Avalanche's Total Value Locked hit the ATH of $3.7 billion, which 15.75% increase from last week's figure. DEXs still account for a large proportion of 43.71%, followed by Lending with 41.23%.


Terra's Total Value Locked is up steadily at $8.44 billion and is still growing tendency.

Anchor is still the most extensive protocol with $3 billion value locked, followed by Lido with $ 2.5 billion.

On the other hand, after reaching ATH value locked at 213.5M, Apollo has plummeted to 139.5M.

A Closer Look in DeFi

Decentralized Exchange

Currently, Curve continues to be the most liquid protocol and leads the market with over 12 billion dollars, followed by Pancakeswap with 9.3 billion.

This week, the most notable DEX is Trader Joe, when Trader Joe's liquidity has surpassed Terraswap, Quickswap, and Raydium to get close to Uniswap V3 and Saber.

DEX Weekly Trading Volume

Trading volume this week dropped to $20.5 billion, down 16.56% from last week.

It can be observed that Uniswap accounted for more than 48.83% of the total trading volume, followed by Pancakeswap with 21.9%.

Daily Active Users

Pancakeswap continues to dominate in terms of active users.

However, this week, the number of active users of Pancakeswap dropped sharply from 322,000 to 297,000.

At the end of W38, Quickswap had a breakthrough in DAUs (around 28,000); however, this week's figures fell back to 16,000.

Uniswap V3 had an explosion in DAUs after a long sideways movement, now reaching 18,000. Meanwhile, Univ2's DAUs dropped sharply.

Lending Landscape

Lending TVL by Protocol

Last week, the three most extensive lending protocols, including Compound, MakerDAO, and Aave v2, all saw a decrease in the amount of Value Locked. The most substantial decline was Compound (down 12.85%) due to the impact of the Rewards COMP incident; the loss amounted to $80 million.

Besides, with more than 3 billion value locked, Anchor has officially surpassed Venus to become the 4th most enormous value locked Lending Protocol.

Notably, Parrot - the lending protocol on Solana, is in the accumulation phase in the range of $350-400 million value locked and is predicted to explode at any time.

Outstanding Loans by Protocol

Due to the impact of the COMP rewards event that happened last week, Compound's outstanding loans dropped sharply from $8.6 to $6.2 billion.

Besides, Aave's outstanding loans continued to decline after peaking in early September.

Derivatives (Ethereum)

The total volume of perpetual swap trading has increased significantly and has reached the ATH mark of over $9 billion in transactions. In which dYdX L2 accounts for more than 96% of the transaction volume, 24.5 times the volume of Perpetual Protocol.

Non-Fungible Tokens

Monthly Art NFTs Sale Volume by Marketplace

September's NFTs Art sale volume was $304 million, down more than 57.44%. Art Blocks still accounts for the majority (about 80%) of the total sales volume.

The drop in volume signifies that interest in NFTs Art has begun to wane compared to August. 

However, when comparing this number with the beginning of 2021, the sales volume has increased significantly.

Therefore, NFTs Art will continue to develop in the long term.


Opensea's trading volume is still at 100 million/day, which is no significant difference compared to 2 weeks ago. Nonetheless, it can be observed that OpenSea's DAUs suddenly dropped sharply from 47,000 to 30,000.

Fundraising Spotlight

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