Weekly DeFi Rabbit Hole - July 2, 2023
Welcome to the weekly š° hole (2 July 23) of liquidity movements & defi analysis, where we uncover key trends and insights into the top protocols and hidden gems.
What a rollercoaster this week as BTC failed to break the $32K resistance post-SEC statement on filling inadequacies. Letās see what other excuses the SEC will come up with to reject a spot BTC ETF.
š° content:
Stablecoin flows
Smart Money Movement
Top L1/L2 Financials
Top DAPP Financials
Movement Analysis
TLDR
1. Stablecoin flows:
Total Stablecoin MCAP = 123.23 bil, with -4.35% weekly change.
Top 10 Chain (In terms of Stables Mcap):
Top inflows:
Fuse
zkSync Era
Flow
Cardano
IoTeX
Top outflows:
Hedera
Waves
Syscoin
EthereumClassic
BSC
2. Smart Money Movement:
Cr: @ozfrox
Top Smart money inflows (including stablecoins):
USDC
DAI
rETH
cbETH-bb-a-WETH-BPT
Curve USD stablecoin
Top Smart money outflows (including stablecoins):
USDT
Wrapped ETH
Tai Reflex Index
USDC (Arbitrum)
Wrapped ETH (Polygon)
Top Smart money inflows (excluding stablecoins):
rETH
cbETH-bb-a-WETH-BPT
Curve USD stablecoin
R stablecoin
Arbitrum
Top Smart money outflows (excluding stablecoins):
Wrapped ETH
TAi reflex index
Wrapped ETH (Polygon)
Curve DAO token
Convex
3. Top L1/L2 Financials:
Fees-Generated
ETH
BTC
BNB
Arbitrum
Optimism
Revenue
ETH
Tron
BSC
Arbitrum
Avalanche
DAUs
Tron
BNB
Polygon
ETH
Arbitrum
Active Developers
ETH
Polkadot
Cosmos
Solana
BTC
Code Commits
ETH
Polkadot
Solana
Cosmos
BTC
4. Top DAPP Financials:
Fees-Generated
Lido
Uniswap
Pancakeswap
Blur
MakerDao
Revenue
MakerDAO
Lido
Convex Finance
PancakeSwap
Maestro
P/F Ratio
Relative valuation of protocols (Lower the no. the ābetterā)
El Dorado Exchange
Level Finance
Equilibre
Mummy Finance
GND Protocol
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)
El Dorado Exchange
Level Finance
Equilibre
X2Y2
GND Protocol
Holders Revenue - Cumulative revenue attributable to holders 24 Hours
Pancakeswap
Synthetix
Curve Finance
Radiant
Gains Network
DAUs - Daily
Pancakeswap
Uniswap
Stargate
0x
Metamask
Trending Applications
Holograph
Project Galaxy
Vela
Uniswap
Spaceid
Raises - Recent funding rounds
Outdid
Mind Network
AlloyX
PWN
One Trading
5. Movement Analysis:
Stablecoin flows:
Total stablecoin market cap decreased by 4.35% this week, marking the sharpest drop since May 2022.
Fuse, zkSync Era and Flow saw the largest stablecoin inflows.
Hedera, Waves, Syscoin saw the largest stablecoin outflows.
Smart Money Movement:
Smart money still remaining risk-off with large inflows into USDC and DAI this week.
Smart money seems to be stacking up on ARB as the dominant L2 continues to be the premier chain for most on-chain activities.
L1/L2 movement:
The majority of Dex Volume is still being transacted on ETH Mainnet, with BSC and Arbitrum trailing behind.
DAPP movements:
This week, GMX fell out of the top 10 protocol ranking in terms of fees and revenue, while other Perp DEX platforms like Level Finance gained a larger market share.
Maestro, a telegram trading bot, is raking in revenues this week.
Holograph NFT on optimism is the top trending application this week.
Alpha drop by @apes_prologue
6. TLDR:
Bull sentiment quickly broke down this week after the SEC came out with a statement regarding the inadequacy of spot BTC ETF fillings.
Smart money remains risk-off, with exposure mainly focused on ETH and ETH LSD derivatives.
Level finance continues to outpace GMX, and the recent token burn mechanism is set to increase real yield as $LVL token holders reap the benefits of token supply decreasing as trading volume increases.
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.
Follow me @zec_jay on Twitter or subscribe to this substack for more weekly deep dives.
Source:
https://defillama.com/stablecoins
https://tokenterminal.com/terminal
Credits: