DeFi Weekly Report | Week 47, 2021
A bird's eye view of the money flows across blockchains and within each DeFi building block.
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Note:
TVL in this report does not include TVL from staking pool and pool2.
Data sources: DefiLlama, Debank, L2BEAT
Decentralized Finance
Layer 2
Layer 2: Total Value Locked
This week, Boba Network's TVL hit $1.4 billion in just seven days, causing TVL among Layer 2 projects to fluctuate significantly. The reason for this strong growth is that protocols began to be built and developed on Boba, specifically OolongSwap, the first AMM on Boba Network.
Total Value Locked
Total Value Locked this week has increased to $212 billion (+5.27% from last week). Avalanche's TVL continued to grow to $13 billion, reducing the TVL gap between Avalanche and Solana to $1.46 billion. Besides, after two weeks of staying above $10 billion, Terra's TVL shows signs of decline this week.
Total Value Locked by Category
Ethereum
Ethereum's TVL shows signs of increasing back to $140 billion, which is more than 7% from last week. Specific as follows:
DEX: $42.73 billion (+4.08%)
Lending: $52 billion (+8.64%)
Derivatives: $10 billion (+9.89%)
Assets: $33 billion (+7.76%)
Binance Smart Chain
TVL of Binance Smart Chain has had almost no spectacular breakthrough for more than three months. TVL maintained in the range of $20 - $25 billion. This week, BSC's TVL reached $22.85 billion, up 2.67% from last week.
The TVL of the Sectors fluctuated as follows:
DEX: $10.99 billion (+6.9%)
Lending: $7.44 billion (+4.69%)
Assets: $2.85 billion (-14.03%)
Derivatives: $1.56 billion (+1.04%)
Solana
Solana's TVL this week was $14.49 billion, which means Solana's TVL hasn't broken through the $15 billion ATH in the past two weeks.
This week, the TVL of Sectors on Solana fluctuated as follows:
DEX: $6.8 billion (-1.84%)
Lending: $1.55 billion (-13.18%)
Assets: $5.72 billion (+35.31%)
Derivatives: $0.42 billion (-10.17%)
Avalanche
Avalanche continues to maintain its momentum when the TVL increases to $12.5 billion in the past week.
The TVL of the Sectors fluctuated as follows:
DEX: $4.12 billion (+9.83%)
Lending: $6.64 billion (+17.97%)
Assets: $2.26 billion (+25.84%)
Fantom
Over the past two months, Fantom's TVL volume has not had a significant change. The current TVL is about $7.55 billion.
The TVL of the Sectors fluctuated as follows:
DEX: $1.86 billion (+4.32%)
Lending: $1.67 billion (-4.66%)
Assets: $4 billion (+5.6%)
Assets still have higher growth than other sectors, so that the difference in speculator on Fantom has not improved.
Polygon
Polygon's TVL this week increased 10.8% from last week to $4.67 billion. Specifically:
DEX: $2.07 billion (+7.15%)
Lending: $2.11 billion (+13.21%)
Assets: $0.48 billion (+17.08%)
Terra
After hitting the $10 billion mark, Terra's TVL began to decline this week, falling to $9.39 billion, down 6% from last week.
A Closer Look in DeFi
Decentralized Exchange
Liquidity by Protocol
Curve still leads in liquidity with over $18.4 billion. The gap between Curve and Uniswap (the DEX is at No. 2) is more than $8 billion.
SushiSwap started to have a drop in liquidity two weeks ago, to $5.27 billion. Notably, this week, the liquidity of Trader Joe continued to increase steadily to $2.48 billion. Meanwhile, other DEXs didn't have too much volatility.
Weekly Trading Volume
The trading volume of DEX last week increased to 49.43 billion USD (+4.58% compared to the previous week).
Uniswap reached $19.14 billion (~ 38.73%), PancakeSwap reached $12.35 billion (~ 25%). This week, Trader Joe was notable with a trading volume of $5.52 billion, up 52.15% from last week.
Daily Active Users
PancakeSwap's DAU volume fluctuates wildly over an extensive range. Overall, PancakeSwap's DAU has yet to break above the 650,000 mark.
Uniswap v2 is similar to PancakeSwap when it has very volatile DAUs in the range of 35,000 - 50,000. In addition, the other DEX protocols did not have much change in the amount of DAUs this week.
Lending Landscape
MakerDAO is in the leading position of Lending with more than $18.1 billion, more than $5 billion compared with the second Lending protocol - Compound. Aave, after a sharp drop, is currently accumulating at $11.38 billion.
Abracadabra continues to grow, with TVL reaching $3.9 billion, and is now closely following Anchor. Aave_AVAX accelerated quickly, currently owning $3.54 billion of TVL, and surpassed Abracadabra at one point. In addition, other Lending protocols also experienced growth this week.
Outstanding Loans by Protocol
MakerDAO's outstanding loans continued to grow to $9 billion. Meanwhile, this figure of Compound and Aave has not had a breakthrough. Abracadabra's outstanding loans increased rapidly to $3.34 billion, far ahead of Aave_Matic and Venus.
Non-Fungible Tokens
Opensea
After the pullback, Opensea's DAU continued to decrease, currently at 16,000. Meanwhile, the trading volume started to drop towards $70 million per day. This is a sign that the current NFT's attraction has not recovered like it was in August.
Fundraising Spotlight
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