Whereas many crypto analysts spent the week centered on Bitcoin’s pull-back to under $60,000, prime DeFi property quietly noticed important beneficial properties to drive the sector’s mixed market cap in uncharted territory.
Market Cap
Based on CoinGecko, the mixed capitalization of DeFi tokens pushed above its Could all-time excessive of $150B on Oct. 26 earlier than topping out at $152.6B the next day. CoinGecko estimates DeFi property to characterize 5.6% of the mixed crypto market cap, up 0.2% for the week.
Terra (LUNA) ranks as DeFi’s largest market, representing 11.4% of the sector’s prime 100 with a capitalization of $17.4B, regardless of its dominance receding by 0.9% since Oct. 22.
Chainlink (LINK) ranks second with $14.4B after gaining 10.6% for the week. Chainlink now represents 9.6percentof the highest 100 DeFi tokens’ capitalization — a 0.5% enhance in seven days. After being overtaken by Chainlink, the dominance of third-ranked Uniswap fell by 0.2% to at the moment characterize 8.9% of the market. Uniswap’s market cap is $13.3B.
Nonetheless, when 24-hour commerce quantity, Chainlink is firmly in entrance with $1.6B, adopted by Curve (CRV) with almost $1.1B, and Terra with $840M.
Prime Gainers
Roughly half of DeFi’s prime 100 property by capitalization posted beneficial properties for the week, together with 11 property that rallied by greater than 20%, and 4 that surged 50% or extra.
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Frax Share (FXS) + 122%
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Curve (CRV) + 70.9%
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GMX (GMX) + 62.9%
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Anyswap (ANY) + 53%
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THORChain (RUNE) + 45.1%
Largest Losers
Whereas roughly half of DeFi’s main property suffered drawdowns over the previous seven days, solely eight tokens posted double-digit losses
Whole Worth Locked
Whereas CoinGecko estimates the DeFi market cap to have posted new highs this previous week, data from DeFi Llama reveals the sector’s whole worth locked (TVL) to have ballooned previous its Could 11 ATH of $164.2B by 51% since breaking into uncharted territory in the direction of the tip of August.
Greater than $247.6B value of property are at the moment locked up in decentralized finance protocols.
Based on DeFi Llama, Ethereum’s dominance has grown by greater than 1% to characterize 67.9% of the sector’s capital with a report TVL of $168B, adopted by Binance Sensible Chain (BSC) with $19.4B or 7.8% of the sector’s whole, and Solana close to report highs with $12.9B or 5.2%.
Of the DeFi’s main networks, Fantom noticed the biggest share acquire for the week with its TVL rising by 30% from $4.3B to $5.6B to host 2.2% of DeFi liquidity. Avalanche’s TVL additionally elevated by greater than 10% to tag a report excessive of $8.5B or 3.2%, whereas $300M flowed into Polygon for the community to complete the week with $5B or 2%.
Aave (AAVE) has held its place as the biggest DeFi protocol by TVL throughout chains after reclaiming the highest spot final week, representing a TVL of $19.5B after gaining 4.4% for the week.
Curve (CRV) is an in depth second with $19B after posting a seven-day TVL acquire of 6.6%, whereas MakerDAO (MKR) additionally gained greater than 6% to rank third with $17.4B, adopted by Wrapped Bitcoin (BTC) with a TVL of $14B after rising by 1% this week.
Layer 2 Development
Ethereum’s layer-two ecosystem continued to see TVL progress, with information aggregator L2beat estimating the worth of capital locked on second layer networks elevated by 5% to shut the week at almost $4.3B.
DeFi Llama locations the worth of DeFi on main rollup community Arbitrum at a brand new all-time excessive of $2.4B, whereas information from L2beat suggests dYdX’s derivatives change ranks second behind with a report excessive above $1B. Optimism ranks third with a DeFi TVL of $283M.
Charges
Uniswap was the highest protocol by charge era for the week, driving $5.8M in day by day swap charges on common for the previous seven days — a 36.5% enhance over the earlier week.
Aave ranked second with $2.5 M after sitting outdoors of the highest 5 final week, adopted by SushiSwap with $1.7M, Compound with $944K, and Quickswap with $310K. In contrast, Bitcoin’s common day by day charge era was $775K for the week.
Burn
Based on Ultrasound Cash, Uniswap v2 was the single-largest supply of Ether being burned final week with 10,796 ETH destroyed (roughly $47.3M).
Behind Ether transfers, main NFT market OpenSea was third with 5,018 Ether burned ($22M), whereas Uniswap v3 got here fifth behind Tether with 2,602 ETH burned ($11.4M). 1inch v3 and SushiSwap ranked ninth and tenth general with 1,515 ETH ($6.6M) and 920 ETH ($4M) burned respectively.
Index Tokens
Whereas DPI has posted a sluggish restoration for the reason that latest gut-wrenching bear market, index tokens on centralized exchanges have posted triple-digit beneficial properties since their native lows in July.
The DeFiPulse Index (DPI) posted a modest acquire of two.7% to final commerce palms for $349. The token has now gained 62.3% since its July low of $215, DPI remains to be down by 44.5% from its Could ATH of $628.5.
The perpetual markets for FTX’s DEFI index contracted simply 0.5% this week, after rallying by 13% final week. Open Curiosity for the contract additionally elevated from $12.6M to $13.2M.
Though the latest bear development noticed FTX’s DEFI contract shed 66% of its worth, the contract is at the moment buying and selling inside 19% of its Could ATH after rebounding 135% from its latest low of $5,640.
Binance’s DeFi Composite Index Token is buying and selling for $2,740 on the time of writing after gaining 3.4% in seven days. Regardless of the perpetual contract bouncing 150% from its native low after crashing $72 amid the mid-2021 crypto massacre, the market remains to be down 29% from its Could report excessive.
Learn the unique put up on The Defiant.
