DeFi Weekly Report | Week 46, 2021

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

Nov 20, 2021

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*TVL in this report does not include TVL from staking pool and pool2.

On-Chain Metrics

Total Addresses

Binance Smart Chain and Polygon were still competing fiercely for total addresses. Polygon reached 114.15 million addresses, narrowing the gap with Binance Smart Chain to 2.5 million addresses.

Polygon had a spike in increasing new addresses, peaking at 1.9 million addresses per day. Meanwhile, the average number of new addresses of Binance Smart Chain and Ethereum was about 275,000 addresses and 134,000 addresses per day, respectively.

Daily Active Addresses

The number of active addresses of Binance Smart Chain was still holding steady at 1.8 million addresses per day, which is three times higher than Ethereum and five times higher than Polygon.

The number of active addresses on Ethereum is not highly volatile and was still at 590,000 addresses. Meanwhile, this number of Polygon was at 360,000 addresses, which decreased 28% after reaching 500,000 addresses in early October.

Daily Transactions

This week, Binance Smart Chain's daily transactions reached ATH at 15 million. Meanwhile, this number of Polygon was still stable in the range of 3.5 - 4 million transactions per day. Daily transactions of Ethereum are around 1.2 million per day.

Layer 2

Layer 2: Total Value Locked

This week, the first AMM on Boba Network - OolongSwap officially launched, causing Boba Network's TVL volume to increase sharply by 181%, from $151 million to $426 million, which brought the gap between Boba Network and Optimism down to just $4.2 million.

Meanwhile, TVL of Arbitrum and Optimism this week saw a slight decrease. Specifically, Arbitrum fell 14.19%, and Optimism fell 7.38%.

Decentralized Finance

Total Value Locked

TVL this week slightly decreased 7.25% to $199.9 billion due to the impact of the market was being in a downturn. In contrast, Avalanche's TVL saw impressive growth from $10.2 billion to $11.2 billion (up 9.65%)

Total Value Locked by Category

Ethereum

This week, Ethereum's TVL is down slightly by 8.22% to $131.5 billion.

Sector Assets had the lowest drop of 6.15%, followed by DEXs with a 6.51% decline, Lending decreased 9.17%. Sector Derivatives had a pretty significant reduction of 13.21% to $9.16 billion.

Binance Smart Chain

After hitting $24.4 billion last week, Binance Smart Chain's TVL was down 8.7% this week to $22.2 billion. The most significant decrease was Sector Derivatives with a decline of more than 15.25%, Lending with a reduction of 11.52%, DEXs with a drop of 6.43%, and Assets with a minor decrease of 6%.

Solana

After reaching $15.1 billion of TVL two weeks ago, Solana's TVL dropped to $13.4 billion this week. In general, TVL of Solana decreased slightly by 5%. Assets were the sector that fell the most with a decrease of more than 7%.

Avalanche

Avalanche was having a wonderful week when TVL surged past $10 billion and reached $11.18 billion. Lending was the sector that increased the least with 3.43%, DEXs and Assets had a substantial increase in TVL with 15.98% and 18.43%, respectively.

Fantom

Fantom's TVL continues to move sideways around $7 - $8 billion after a solid increase of reach ATH at $10 billion in early October. Sector Assets still account for 51.66% of total TVL on this chain.

Polygon

After more than two months of maintaining at $4.5 - $5 billion, Polygon's TVL dropped to $4.2 billion this week, which might be a bad sign for Polygon in the future.

Terra

After two weeks of keeping the TVL above the $10 billion mark, Terra's TVL this week had a slight decline to under $10 billion. TVL of Mirror has barely increased over the past three months.

A Closer Look in DeFi

Decentralized Exchange

Liquidity by Protocol

This week, Curve's Liquidity was down slightly by 2.5%. However, the liquidity of Curve still keeps a gap of nearly $8 billion compared to Uniswap (v2+v3) - the 2nd largest liquidity protocol in the market.

As can be seen in the chart, SushiSwap and PancakeSwap saw a significant decrease this week. Meanwhile, Trader Joe, the largest AMM on Avalanche, increases liquidity and has surpassed Raydium.

Weekly Trading Volume

This week's trading volume of DEX increased by 1.78% compared to last week, reaching $47.26 billion. Uniswap accounted for $20.15 billion (approximately 42.64%), and PancakeSwap accounted for $12 billion (about 25.4%). This week, Trader Joe was notable, with trading volume increasing to $3.6 billion, up 19.29% from last week.

Daily Active Users

The number of daily active users of PancakeSwap fluctuated quite widely. The average number this week reached 547,000.

The number of daily active users of Uniswap v2 also fluctuated in a wide range from 45,000 - 30,000. Other protocols have yet to see significant fluctuations in the amount of DAUs this week.

Lending Landscape

Although MakerDAO's TVL is down 10.42% this week, it is still the lending protocol with the largest TVL at the moment, with $16.7 billion.

This week, Aave_Avax continues to rise above the $3 billion mark, surpassing Venus and closely following Abracadabra. Besides, Abracadabra has had a 10.94% drop since hitting its ATH at $4 billion 2 weeks ago.

Outstanding Loans by Protocol

Outstanding loans of MakerDAO and Compound did not fluctuate much. Meanwhile, Aave's outstanding loans is seeing a decline of $6.4 billion. Despite the decrease in TVL, Abracadabra still increased outstanding loans to $3.16 billion this week.

Derivatives (Ethereum)

The daily perpetual trading swap volume fluctuated quite strongly in the range of $2.5 - $5 billion. Of which, 97% of the volume is created by dYdX L2.

Non-Fungible Tokens

Opensea

This week, Opensea's indexes returned quite well when the volume touched $90 million per day, and the number of DAUs also increased to 17,000. This is a good sign for the NFTs Market, although it still cannot be proven that the NFTs Market will return to its previous state as this number is still declining quite a lot compared to August.

Fundraising Spotlight

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