Weekly DeFi Rabbit Hole by zj.valz
Welcome to the weekly 🐰 hole (10 September 23) of liquidity movements & DeFi analysis, where we uncover key trends and insights into the top protocols and hidden gems.
🐰 Contents:
- Stablecoin flows
- Smart Money Movement
- Top L1/L2 Financials
- Top DAPP Financials
- Movement Analysis
- TLDR
1. Stablecoin flows:
Total Stablecoin MCAP = 122.41 bil, with 0.60% weekly change.
Top 10 Chain (In terms of Stables Mcap)
Top inflows:
- Secret
- Hedera
- Waves
- Flow
- Conflux
Top outflows:
- Crab
- Aurora
- Polygon zkEVM
- Wanchain
- Metis
2. Smart Money Movement:
Top Smart money inflows (including stablecoins):
- wstETH
- Wrapped ETH
- Prime
- USDC
- Dai
Top Smart money outflows (including stablecoins):
- stETH
- USDT
- Unibot
- eUSD
- Dubbz
Top Smart money inflows (excluding stablecoins):
- wstETH
- Wrapped ETH
- Prime
- Synthetix
- Boost
Top Smart money outflows (excluding stablecoins):
- stETH
- Unibot
- eUSD
- Dubbz
- poor guy
3. Top L1/L2 Financials:
Fees-Generated
- ETH
- Tron
- BTC
- BSC
- zkSync Era
Revenue
- ETH
- Tron
- zkSync Era
- Polygon
- Base
DAUs
- Tron
- BSC
- Near
- BTC
- Polygon
Active Developers
- ETH
- Polkadot
- Cosmos
- Solana
- BTC
Code Commits
- ETH
- Polkadot
- Manta Network
- Solana
- Cosmos
4. Top DAPP Financials:
Fees-Generated
- Lido
- OpenSea
- Uniswap
- Aave
- PancakeSwap
Revenue
- MakerDAO
- Opensea
- Aave
- Friend.tech
- Lido
P/F Ratio
Relative valuation of protocols (Lower the no. the “better”)
- SpookySwap
- Level Finance
- Solarbeam
- Equilibre
- GND
P/S ratio
FDV Mcap/Annualized Revenue (Take this metric with a pinch of salt as revenue figs used could be annualized and not actual revenues earned)
- Equilibre
- Level Finance
- X2Y2
- Buffer Finance
- SpookySwap
Holders Revenue - Cumulative revenue attributable to holders 24 Hours
- PancakeSwap
- Venus
- Radiant
- Synthetix
- Curve
DAUs - Daily
- Pancakeswap
- Uniswap
- Stargate
- Metamask
- 0x
Trending Applications
- Tokenlon
- Panaromatoken
- Gnosis
- Ultimatechampion
- Rabbithole
Trending Categories
- Stablecoin (BNB)
- Tokens (ETH)
- NFTs (ETH)
- Infrastructure (Polygon)
- Infrastructure (ETH)
Raises - Recent funding rounds
- Helix
- Gam3s.gg
- Brine
- Onboard Wallet
- Trident Digital
5. Movement Analysis:
Stablecoin flows:
- Total stablecoin market cap remains relatively flat this week hovering at -0.6% decrease.
- Secret, Hedera and Waves saw the most significant stablecoin inflows.
- Crab, Aurora, Polygon zkEVM saw the most significant stablecoin outflows.
- No notable chains to pay attention to other than Base which continues to capture liqudity from the crypto ecosystem due to friend.tech resurgence.
Smart Money Movement:
- Smart Money has an aggregated portfolio allocation of 44% ETH/ETH Variant, 38% Alts, and 17% Stablecoin this week. Stablecoin allocation has decreased this week in favor of more ETH/ETH variant exposure.
- Prime, Synthetix and Boost received the most Smart Money inflow this week.
- Unibot, eUSD and Dubbz saw the largest Smart Money outflow this week.
- Unibot continues to see significant Smart Money outflow due to the upcoming TGE of Banana Gun, a telegram bot competitor, launching on 11 September 2023 with an initial cir. market cap of $1.63 million.
L1/L2 movement:
- zkSync Era maintains its lead in terms of fees and revenue generated but on-chain activity remains lacking with majority of users farming for airdrops.
- In just 1 month, Base has managed to surpass zkSync Era, Starknet, and even Solana in terms of Total Value Locked (TVL), with a staggering amount of $387.8 million.
- There is a significant increase in Daily Active Users (DAUs) on the NEAR protocol this week, which is worth investigating.
DAPP movements:
- Legacy protocols like Opensea, Uniswap and AAVE claimed the top ranks in terms of generated fees.
- Friend.tech is seeing a resurgence with new ATH TVL and 139k cumulative users.
- Alpha drop by @apes_prologue
- Raises that caught my eye this week include:
- Brine - A decentralized order-book exchange using ZK tech (Mainnet is now live with an ongoing incentivised airdrop event);
- Onboard - A fiat-crypto onramp protocol;
- Story Protocol - An open IP infrastructure with reputable founders and strong backers;
- GenTwo - A securitization protocol with a recent $15 million Series A led by Point72 ventures.
6. TLDR:
- While majors continue to grind sideways, DeFi on-chain remains a PVP battleground, with rapidly shifting narratives and capital rotations among traders.
- Friend.tech is seeing a resurgence as users capitalize on the lucrative trading fees and incentivized airdrop the protocol can offer.
- Will be paying attention to BananaGunBot, a strong contender to Unibot with a relatively low cir. marketcap, which will have its TGE next week on 11 Sep 23.
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
That’s it Anon, hope you enjoyed the 🐰hole this week.