DeFi Weekly Report | Week 42, 2021

A bird's eye view of the money flows across blockchains and within each DeFi building block.

Oct 23, 2021

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On-Chain Metrics

Total Addresses

This week, Binance Smart Chain and Polygon both hit 100,000,000 addresses on the network. As can be seen on the chart, the number of total addresses on Polygon is slightly higher than this figure of BSC.

Polygon's new addresses growth rate is unstable and is currently showing signs of slowing down. Meanwhile, BSC is reaching 220,000 new addresses/day, Ethereum is also growing slightly after a long sideways movement.

Daily Active Addresses

Along with the increasing tendency with new addresses created, the number of active addresses of BSC also continues to grow. However, Polygon active address tends to decrease. Ethereum's active address number is still around 550,000 and has not changed much.

Daily Transactions

The daily transactions of Binance Smart Chain are still in growing tendency with the daily active address currently, at 8.8 million transactions/day. Polygon's transactions volume continued to decrease as same as the previous week, at 3.3 million transactions/day, Ethereum is still around 1.2 million transactions/day.

Layer 2

Layer 2: Total Addresses

The number of total addresses of Optimism is continuing to pass the 200,000 mark, closely following Arbitrum. Optimism's current wallet growth estimate is 2,000 wallets/day, and Arbitrum's figure is 1,900 wallets/day.

Layer 2: Daily Transactions

Optimism's daily transaction volume has surpassed Arbitrum at 46,000 transactions/day, while this figure in Arbitrum is 27,000 transactions.

Layer 2: Total Value Locked

Arbitrum's TVL is currently at $2.4 billion and is recovering to the ATH peak, only about 9.23% away. Meanwhile, Optimism's TVL is still around $270 million, and Boba Network's increased to $44 million.

Decentralized Finance

Total Value Locked

This week, the market growth caused Total Value Locked to increase slightly by 6.39% to more than $190 billion, very close to the $200 billion mark.

The race of chains on TVL is fascinating when Solana TVL continues to hit ATH at $12.5 billion and still to grow.

Closely following Solana is Terra with $10 billion TVL. Avalanche, this week, surpassed Fantom and is continuing to follow Terra at $7.6 billion.

Total Value Locked by Category

Ethereum

Ethereum's Total Value Locked has crossed the $125 billion mark and shows signs of steady growth.

In which, Lending still accounts for the highest percentage of money flow attraction, followed by DEXs. This week, sector Derivatives have reached $9.8 billion and continuously broke the ATH peak in Total Value Locked. Sector Assets continues to grow steadily, week by week, currently owning $25 billion TVL.

Binance Smart Chain

This week, Binance Smart Chain's Total Value Locked slightly increased to around $830 million (3.55%)

The sector that has the most attraction is DEXs, followed by Lending. Sector Derivatives was showing its strong development when TVL reached the ATH of $2 billion, indicating that the attractiveness of this sector is growing. Besides, Sector Assets also increased TVL 10% this week, pushing ATH to $4.4 billion.

Solana

Solana's Total Value Locked continues to break the top at $12.5 billion, and sectors remain essentially unchanged. DEXs and Assets still account for most TVL volume, while Lending attracts very little money flow.

Avalanche

This week, Avalanche's TVL continuously grew to $7.6 billion.

DEXs and Lending account for almost equal proportions. However, DEXs have a robust growth when reaching more than 78% TVL (from $1.79 billion to $3.2 billion). Meanwhile, Lending grew just over 10% TVL.

Fantom

After impressive growth to $10 billion TVL, Fantom has a slight decline in the last two weeks, to $7.4 billion. Lending and Assets account for a much higher proportion than DEXs. It shows that the speculation in Fantom's ecosystem is very high.

Polygon

Polygon's TVL was mainly unchanged last week, TVL still hovering around $4.5 billion.

Terra

Terra's TVL returned to $10 billion, in which, Anchor and Lido showed quite good growth, 16.83%, and 19.98%, respectively. Mirror has been almost sideways for more than three months now.

A Closer Look in DeFi

Decentralized Exchange

Liquidity by Protocol

Curve continues to lead in terms of liquidity with over $15 billion. Meanwhile, Sushi, Pancake, and Uniswap V2 are vying for 2nd place. Saber has experienced a significant drop in liquidity of more than 50% since reaching ATH at $4 billion. In contrast, Trader Joe is moving up close to Uniswap V3 with $2.2 billion.

Weekly Trading Volume

Trading volume this week returned to $24.6 billion.

Sushi has had a pretty good volume in the last two weeks. Uniswap and PancakeSwap are still taking up the bulk of the volume as usual.

Daily Active Users

PancakeSwap continues to be the DEX with the most significant number of daily users currently, with more than 435,000.

The amount of DAUs of Uniswap V3 shows outstanding growth when it hits the ATH at 31,000. While QuickSwap, Sushi, Uniswap V2, and 0x Native have kept their DAUs fairly stable this week.

Lending Landscape

MakerDAO continues to lead the lending segment with $15.2 billion in TVL, closely followed by Aave v2 with $14.6 billion.

Anchor still holds the 4th largest lending position, but Venus follows closely with more than $3.44 billion.

After a rapid increase, Geist Finance’ TVL has dropped to $1.6 billion. Only Abracadabra is notably on the list of lending protocols, which still has a steady growth rate and currently has $2.56 billion TVL.

Outstanding Loans by Protocol

Although TVL is not as high as MakerDAO and Aave, Compound is the protocol leading in outstanding loans with over $8.1 billion. Abracadabra's outstanding loans have surpassed Venus and are moving towards the next goal, Aave_Matic. Currently, Abracadabra's outstanding loan is at 1.83, about $190 million from Aave_matic.

Derivatives (Ethereum)

Total trading volume continues to grow to reach $6.45 billion, with the dominance coming from dYdX. dYdX is unmatched in the current perpetual swap race.

Non-Fungible Tokens

Opensea

After peaking a month ago, OpeaSea's DAUs are now down more than 57% to 20,000. Trading volume also fell below $100 million/day, averaging at $72 million, which means that NFTs secondary market demand is in a decreasing tendency after peaking in August.

Fundraising Spotlight

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