Weekly DeFi Rabbit Hole by zj.valz
Welcome to the weekly š° hole of liquidity movements & DeFi analysis, where we uncover key trends and insights into the top protocols and hidden gems.
š° Contents:
- Stablecoin flows
- Smart Money Movement
- Top L1/L2 Financials
- Top DAPP Financials
- Movement Analysis
- TLDR
1. Stablecoin flows:
Total Stablecoin MCAP = 121.86 bil, with -0.41% weekly change.
Top 10 Chain (In terms of Stables Mcap)
Top inflows:
- Gnosis
- Osmosis
- Conflux
- Linea
- Wanchain
Top outflows:
- SmartBCH
- Base
- Terra Classic
- Milkomeda C1
- DefiChain
2. Smart Money Movement:
Top Smart money inflows (including stablecoins):
- Dai
- HarryPotterObamaSonic10Inu
- FLC
- USDbC
- Rollbit
Top Smart money outflows (including stablecoins):
- MongCoin
- BNT
- USDT
- LUSD
- Frax
Top Smart money inflows (excluding stablecoins):
- HarryPotterObamaSonic10Inu
- FLC
- Rollbit
- wstETH
- SPX
Top Smart money outflows (excluding stablecoins):
- MongCoin
- BNT
- Shia
- Req
- Wrapped Ton Coin
3. Top L1/L2 Financials:
Fees-Generated
- ETH
- Tron
- BTC
- BSC
- zkSync Era
Revenue
- ETH
- Tron
- zkSync Era
- Arbitrum
- Base
DAUs
- Tron
- BSC
- Near
- BTC
- Polygon
Active Developers
- ETH
- Polkadot
- Cosmos
- BTC
- Solana
Code Commits
- ETH
- Polkadot
- Solana
- BTC
- Cosmos
4. Top DAPP Financials:
Fees-Generated
- Lido
- Uniswap
- OpenSea
- MakerDao
- Friend.tech
Revenue
- MakerDAO
- Friend.tech
- Lido
- Metamask
- PancakeSwap
P/F Ratio
Relative valuation of protocols (Lower the no. the ābetterā)
- Mummy Finance
- Nether.Fi
- Equilibre
- ApeX Protocol
- Level Finance
Holders Revenue - Cumulative revenue attributable to holders 24 Hours
- Curve
- Venus
- PancakeSwap
- Radiant
- Velodrome
DAUs - Daily
- Pancakeswap
- Uniswap
- Friend.tech
- Stargate
- Metamask
Trending Applications
- Gnosis
- Worldcoin
- Mcash
- Thirdweb
- Project Galaxy
Trending Categories
- Tokens (Polygon)
- Tokens (ETH)
- NFTs (OP)
- Social (ETH)
- NFTs (ETH)
Raises - Recent funding rounds
5. Movement Analysis:
Stablecoin flows:
- Total stablecoin market cap remains flat this week with a slight decrease of -0.41%.
- Gnosis, Osmosis, and Conflux saw the most significant stablecoin inflows.
- SmartBCH, Base, and Terra Classic saw the most significant stablecoin outflows.
- Interesting to observe stablecoin outflows from Base, which could signal waning interest in the L2 following the decreasing Friend.tech trading volume.
Smart Money Movement:
- Smart Money has an aggregated portfolio allocation of 41% ETH/ETH Variant, 43% Alts, and 16% Stablecoin this week.
- HarryPotterObamaSonic10Inu, FLC and Rollbitsaw the largest Smart Money inflow.
- BNT, Shia, and Req saw the largest Smart Money outflow.
- Newly launched FLC captured majority of Smart Money interest this week. Itās a NFT fractionalisation protocol with the goal of democratising access to popular NFT projects and reducing entry barriers. More details can be foundĀ here.
L1/L2 movement:
- Baseās fees and revenue have decrease amid the lull in Friend.tech trading volume.
- DeFi activity remains concentrated on ETH mainnet due to lower gas prices in the current crab market.
- Solana development continues to outpace BTC with higher weekly commits.
DAPP movements:
- GMX is climbing the fees-generation leaderboard after securing the Arbitrum incentive program. There will also be upcoming reductions in trading fees and incentivized trading competitions.
- Worldcoin is trending this week with close to 30k active addresses interacting with it.
- Alpha drop byĀ @apes_prologue
- Raises that caught my eye this week include:
- Account LabsThe holding company ofĀ UniPass, with focus on creating crypto wallets featuring account abstraction functionality, raised $7.7 million;
- Untangled FinanceĀ - A RWA protocol aiming to bring private credit on-chain, raised $13.5 million; and
- Membrane LabsĀ - An institutional crypto trading and lending protocol that raised $20 million from the likes of Point72, Jane Street, Jump Crypto, etc.
6. TLDR:
- Uptober, unfortunately, did not materialize, with BTC down ~5%, and ETH down ~11% since the start of October.
- Macro factors remain grim, and on-chain liquidity remains sparse. Inexperienced investors/traders should consider keeping more dry powder on the sidelines to catch dips in majors like BTC, ETH, and SOL.
- Currently dedicating the majority of my time monitoring new protocol launches using Chainedge. It's become apparent that being early is often more crucial than being right.
P.s. I may have positions in the projects discussed in this article. Please note that this article is not intended as financial advice, and I encourage readers to conduct their own due diligence and ape responsibly.
Conclusion
Thatās it Anon, hope you enjoyed the š°hole this week.