DeFi Weekly Report | Week 45, 2021
A bird's eye view of the money flows across blockchains and within each DeFi building block.
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The number of total addresses of all three chains increased slightly this week. Specifically, Binance Smart Chain increased by 2.06%, bringing the total addresses to 114.7 million; Polygon rose by about 3.48%, and this number of Ethereum was 0.6%.
This week, Polygon saw an increase in new addresses number, returning to an average of 524,000 wallets/day. Meanwhile, this number of BSC and Ethereum is 330,000 wallets and 149,000 wallets per day, respectively.
Daily Active Addresses
After reaching the ATH at 2.1 million addresses, the number of daily active addresses on Binance Smart Chain this week decreased by more than 22.32%, then quickly rose back to 2 million addresses.
The daily active addresses of Polygon and Ethereum have not had many notable fluctuations, currently maintaining at 326,000 addresses and 605,000 addresses, respectively.
The daily transactions of Binance Smart Chain are still at a high level, around 12.1 million transactions per day. This number is 2.98 times higher than Polygon and 9 times higher than Ethereum.
Layer 2: Total Value Locked
TVL of Arbitrum and Optimism both saw slight declines this week. Specifically:
Arbitrum: $2.866 billion (-0.63%)
Optimism: $470.6 million (-3.05%).
Meanwhile, Boba Network's TVL surged to $151.8 million (+105.22%). This might result from the Boba Network Native token ($BOBA) airdrop event to OMG holders on 12th Nov 2021.
Total Value Locked
DeFi's Total Value Locked increased slightly by 5.27% from last week, bringing TVL to $215.5 billion.
Solana's TVL this week has had good growth, at one point reaching $15 billion. Terra and Avalanche are closely following each other and have both crossed the $10 billion mark. Besides, Polygon and Fantom have yet to have noticeable fluctuations.
Total Value Locked by Category
This week, Ethereum's TVL is up 6.78%, bringing TVL to $143.2 billion. Lending had the highest growth with 8.59%, followed by Assets with 6.54% and DEXs with 5.99%. The derivatives Sector increased by 2.57%, bringing its TVL to $10.56 billion.
Binance Smart Chain
TVL of the Binance Smart Chain increased to $25.3 billion then dropped rapidly to $24.3 billion. Sector DEXs still account for a large amount of TVL with more than 45%. Lending is moving sideways and has not had a significant change in the last 3 weeks. Sector Derivatives and Assets both saw a slight decline this week.
This week, Solana's TVL grew quite well, to $15 billion, then quickly fell to $14.1 billion, down 4.93% from last week. Sector Derivatives this week touched $500 million TVL at one point, which is a pretty good signal for this sector.
Avalanche's TVL this week hit its next ATH at $10 billion. In which, Lending accounts for a very high proportion, up to 53.36%. Sector DEXs have not had an explosion as they have been moving sideways for a month now. Meanwhile, Sector Assets have been seeing an apparent growth since mid-October until now.
Total Value Locked of Fantom is witnessing a seemingly faltering growth after increasing enormously to $10 billion about a month ago. Fantom's TVL is currently at $8 billion, down 20% compared to ATH.
The sector that accounts for the main amount of money on Fantom is still Assets, showing that speculation is still a lot on Fantom at the moment.
Polygon's TVL hasn't changed much since nearly two months ago, the network's TVL is now $4.76 billion. Currently, there are not as many new protocols launching on Polygon as there were a few months ago. This also partly explains the amount of TVL on Polygon going sideways for a long time, as shown in the chart.
Terra's TVL is at a stable level above $10 billion. Anchor is still having the best growth when owning more than $4.34 billion, followed by Lido. This week, Terra ecosystem had two new projects, Nexus Protocol and Loop Finance.
A Closer Look in DeFi
Liquidity by Protocol
Curve is still leading in terms of liquidity when owning $18.4 billion. Following is Uniswap (V2 + V3), which has just reached $10 billion liquidity. This week, PancakeSwap surpassed SushiSwap.
Raydium has grown steadily and surpassed Trader Joe, Saber, and Serum at the $2 billion mark. After reaching ATH, Saber is tended to decrease and has not shown any signs of recovery. SpookySwap (AMM on Fantom) has closely followed QuickSwap and can surpass at any time. Meanwhile, Terraswap has been going sideways for a long time.
Weekly Trading Volume
The trading volume of DEXs is on the rise and surpasses $46.4 billion, up 5.87% compared to last week. The volume generated by Uniswap and PancakeSwap accounted for 65.62% of the total trading volume. This week, Trader Joe created a large amount of volume, specifically more than $3 billion.
Daily Active Users
After peaking at 600,000 daily active users, PancakeSwap is seeing a sharp drop in DAUs this week. Specifically, Pancakeswap's DAUs are currently 418,000. Although this number is many times higher than the total of other protocols, it has decreased by more than 28.54% compared to last week.
The amount of DAUs of Uniswap V2 also fluctuated strongly in the last two weeks. Meanwhile, QuickSwap's DAUs remain stable at 16,000. SpookySwap has almost the same amount of DAUs as Uniswap v3, at 12,100.
MakerDAO's TVL continues to grow to $18.6 billion, widening the gap with Compound and Aave.
In general, lending protocols have grown well in the past week. Anchor continued to take 4th place, reaching $4.33 billion; Abracadabra rose impressively, hitting $4 billion and far ahead of Venus. Aave on Avalanche also has a fast-growing number of TVL, now reaching $3 billion after only one month of launching.
Outstanding Loans by Protocol
Aave's outstanding loans are currently at $6.96 billion. Meanwhile, MakerDAO has surpassed Compound to become the protocol lending with an enormous outstanding loans volume, currently at $8.8 billion. Abracadabra keeps its outstanding loans steady at $2.5 billion.
The volume of Perpetual Swap is showing signs of decreasing. Specifically, the volume of dYdX L2 fluctuated in a high range. Last week's volume decreased from $5 billion to $2 billion a day. Perpetual Protocol still maintains an average daily volume of $60 million.
Opensea Volume and DAUs continue to decrease, and there is no sign of recovery. Specifically, Opensea DAUs fell to under 10,000, and trading volume dropped to $43.2 million per day. This clearly shows that the interest in the current NFTs buying and selling market is dwindling.
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