DeFi Weekly Report | Week 41, 2021
A bird's eye view of the money flows across blockchains and within each DeFi building block.
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This week, Polygon has officially surpassed BSC in terms of the total number of wallets created on-chain. It also reached the ATH of 100 million wallets.
The number of Ethereum wallets has remained unchanged from last week.
The number of Polygon wallets grew rapidly and strongly, with an average daily increase of 330,000 wallets.
However, as can be seen on the chart, the number of new wallets created by BSC or Ethereum is more stable and is kept at 193,000 on BSC and 110,000 on Ethereum.
Daily Active Addresses
The number of active addresses of BSC continues to reach ATH at 1.5 million wallets per day.
Meanwhile, although Ethereum and Polygon have a higher number of wallet addresses than BSC, the number of active addresses of Ethereum and Polygon is still at 500,000 wallets and much less than the number of BSC.
The number of daily transactions of BSC is growing again quite well, at about 7.7 million per day.
Contrary to that, Polygon's transaction volume tends to decrease, only 3.55 million transactions per day.
Meanwhile, Ethereum has not seen a significant change.
Layer 2: Total Addresses
After solid growth in the number of addresses created, Arbitrum is gradually being overtaken by Optimism when the number of new addresses per day of Optimism is 2,980, while Arbitrum is only about 2,200 addresses.
Layer 2: Daily Transactions
The number of transactions of Arbitrum and Optimism is getting close to each other, at about 31,000 - 33,000 transactions/day.
Layer 2: Total Value Locked
Overall, Layer 2's TVL hasn't changed much from the previous week.
Arbitrum remains at $2.2 billion, the figures for Optimism and Boba Network are $264 million and $38 million, respectively.
Total Value Locked
Total Value Locked this week has surpassed its old peak, touching the $178.6 billion mark. This week, the TVL between chains has a significant change.
Fantom became the 4th largest TVL chain (surpassing Polygon, Avalanche, and Terra) after growing strongly from $2.5 billion to $8.8 billion this week.
Total Value Locked by Category
Ethereum's Total Value Locked this week hit the $116 billion mark (+7.67%).
In which, Sector Lending still accounts for the majority of TVL volume - up to 38.59%, followed by DEX with about 30.47%. The notable sector on Ethereum is Derivatives, when the TVL of this sector continuously grows past the ATH of $9 billion.
Binance Smart Chain
Compared to W40, Binance Smart Chain's Total Value Locked grew slightly by 6.59%, bringing BSC's total TVL to $22.5 billion.
Sector Lending is expanding market share to 32.06%
DEX still accounts for a large amount of TVL, at about 41.95%.
Sector derivatives are also notable for having some new projects such as MBDEX, Deri Protocol... etc.
Solana's TVL is back at $12 billion, which is very close to its ATH and still tends to increase. Next week is predicted to Solana hit a new ATH.
This week, the sector with the most TVL is still DEX with the lead of Saber. In addition, the chart also shows that Assets continue to grow stronger than Lending.
Polygon's TVL continued to decline to $4.4 billion.
In which, Sector DEXs decreased the attract money flow market share to 46.6%, and Lending increased to 44.72%.
Fantom's TVL continued to increase sharply from $2.5 billion to $10 billion.
In particular, Assets is the sector that attracts the most money flow, accounting for a relatively large proportion of about 53.34%, followed by Lending with 33.48%. In contrast, DEXs still account for the lowest percentage.
Avalanche's TVL continues to grow impressively and reaches an ATH of $5.5 billion.
Sector Lending snowballed and attracted the most money flow, accounts for more than 55.95% of total TVL. Although Sector DEXs and Assets account for a smaller proportion, they also have pretty significant development.
Terra's TVL continues to increase and has reached the $10 billion mark at a point. Anchor, Mirror, Terraswap, and Lido are the four main protocols dominating Terra.
A Closer Look in DeFi
Liquidity by Protocol
Curve is still leading in terms of liquidity in the DEX, while the liquidity of other AMMs has not developed significantly.
Weekly Trading Volume
DEXs trading volume has not grown enormously, still maintaining at $20 - $22 billion per week.
It also can be seen in the chart that the trading volume of SushiSwap increased sharply, reaching $2.7 billion.
Daily Active Users
PancakeSwap continues to increase the number of DAUs significantly, reaching ATH at about 450,000.
Uniswap V3's DAUs reached 25,000, generally growing steadily and well over the past few weeks.
This week, SushiSwap's DAUs also increased to 7,000.
Meanwhile, QuickSwap and 0x Native still have no significant volatility.
MakerDAO has become the leading protocol in lending in terms of TVL volume with $14 billion, followed by Compound and Aave.
Zoom in, Geist Finance has a remarkable TVL growth to ATH at $3.7 billion. Venus also surpassed Anchor to become the 4th largest lending protocol at $3.5 billion.
Notably, Abracadabra surpassed Aave_Matic, Aave_AVAX, and Benqi, growing to $2 billion TVL.
Outstanding Loans by Protocol
Outstanding Loans of Compound quickly returned to $8.2 billion after two consecutive exploits, surpassing Aave V2.
Abracadabra has a pretty good amount of outstanding loans and has surpassed Venus with $1.5 billion outstanding loans.
Perpetual swap trading volume is gradually reaching $5 billion per day. It can be easily observed in the graph that dYdX L2 is unrivaled when the distance between dYdX and Perpetual Protocol is more than 48 times.
Also, last week, dYdX announced to stop their service in layer 1 and officially move to Layer 2.
Opensea's DAUs continued to drop to 20,000.
Meanwhile, the volume is still around $80 - 100 million per day and does not see a significant decrease.
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