Weekly DeFi Rabbit Hole - June 25, 2023
Welcome to the weekly š° hole (25 June 23) of liquidity movements & defi analysis, where we uncover key trends and insights into the top protocols and hidden gems.
We are so fucking backā¦.right? Right??
š° content:
Stablecoin flows
Smart Money Movement
Top L1/L2 Financials
Top DAPP Financials
Movement Analysis
TLDR
1. Stablecoin flows:
Total Stablecoin MCAP = 128.74 bil, with 0.35% weekly change.
Top 10 Chain (In terms of Stables Mcap):
Top inflows:
smartBCH
RSK
Near
Waves
Karura
Top outflows:
Oasis
Evmos
Crab
Canto
Hedera
2. Smart Money Movement:
Cr: @ozfrox
Top Smart money inflows (including stablecoins):
DAI
USDT
USDC (Arbitrum)
Coinbase Wrapped Staked ETH
Wrapped BTC
Top Smart money outflows (including stablecoins):
USDC
MIM
Wrapped ETH
stETH
R stablecoin
Top Smart money inflows (excluding stablecoins):
Coinbase Wrapped Staked ETH
Wrapped BTC
Binance USD
Pepe
EDU Coin
Top Smart money outflows (excluding stablecoins):
Wrapped ETH
stETH
R stablecoin
Balancer Boosted Aave WETH StablePool
FUMO
3. Top L1/L2 Financials:
Fees-Generated
ETH
BTC
BNB
Arbitrum
Optimism
Revenue
ETH
Tron
BSC
Arbitrum
Avalanche
DAUs
Tron
BNB
BTC
ETH
Polygon
Active Developers
ETH
Polkadot
Cosmos
Solana
BTC
Code Commits
ETH
Polkadot
Solana
Cosmos
BTC
4. Top DAPP Financials:
Fees-Generated
Lido
Uniswap
GMX
Pancakeswap
MakerDao
Revenue
MakerDAO
GMX
Convex Finance
Lido
PancakeSwap
P/F Ratio
Relative valuation of protocols (Lower the no. the ābetterā)
El Dorado Exchange
Equilibre
Level Finance
Valas Finance
Equalizer Exchange
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
Equilibre
Equalizer Exchange
Level Finance
Valas Finance
Holders Revenue - Cumulative revenue attributable to holders 24 Hours
Convex Finance
Pancakeswap
GMX
Synthetix
Radiant
DAUs - Daily
Pancakeswap
Uniswap
Stargate
0x
Metamask
Trending Applications
Decentraland
Wombat
Mirror
Synapse
Synapse
Raises - Recent funding rounds
Kaito
Vertex
Radius
Anichess
Northstake
5. Movement Analysis:
Stablecoin flows:
Total stablecoin market cap increased slightly this week as bullish sentiment dominates CT.
smartBCH, RSK and Near saw the largest stablecoin inflows.
Oasis, Evmos, Crab saw the largest stablecoin outflows.
Smart Money Movement:
Overall Smart Money sentiment has remained risk-off, with stables and ETH occupying top spots in terms of inflows.
$Pepe interestingly saw heavy bidding by Smart Money this week. But I suspect this is mostly just trading charts rather than the start of another memecoin season.
L1/L2 movement:
The majority of Dex Volume is still being transacted on ETH Mainnet, with BSC and Arbitrum trailing behind.
zkSync Era overtook dominant optimistic L2s like Arbitrum and Optimism in terms of transactions per second.
DAPP movements:
MakerDAO continues to rake in Fees and Revenue with the increase in demand for DAI.
Convex shot up in Revenue rankings, overtaking Lido as the LSDfi narrative slows down.
Decentraland is the top trending application this week.
Alpha drop by @apes_prologue
6. TLDR:
Bull market sentiment is back as BTC breach back up to $31K this week following news of Blackrock BTC ETF filling.
However, crypto macro fundamentals still look dismal with falling developer activity, stablecoin market cap and stablecoin transaction volume. But it is heartening to see an increase in user activity in terms of Blockchain Daily Active Addresses.
Smart money movement also indicates that these people are not convinced that the current crab market structure has changed to the upside.
Personally think this is a short-term pump fueled by traders capitalising on good news. But I am slowly increasing my portfolio allocation into various quality Alts with sound fundamentals in anticipation of the start of a bull run as we inch closer to the next $BTC halving (9-10 months away).
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: