Weekly DeFi Rabbit Hole - May 28, 2023

Welcome to the weekly 🐰 hole (28 May 23) of liquidity movements & defi analysis, where we uncover key trends and insights into the top protocols and hidden gems.

🐰 content:

1. Stablecoin flows

2. Smart Money Movement

3. Top L1/L2 Financials

4. Top DAPP Financials

5. Movement Analysis

6. TLDR

1. Stablecoin flows:

Total Stablecoin MCAP = 129.31 bil, with -0.43% weekly change.

Top 10 Chain (In terms of Stables Mcap):

Top inflows:

1. Evmos

2. Hedera

3. StarkNet

4. Flow

5. SXnetwork

Top outflows:

1. Syscoin

2. Telos

3. Moonriver

4. Neo

5. Osmosis

2. Smart Money Movement:

Cr: @ozfrox

Top Smart money inflows (including stablecoins):

1. Coinbase Wrapped Staked ETH

2. Wrapped BTC

3. USDC

4. MIM

5. Lido staked ETH

Top Smart money outflows (including stablecoins):

1. Wrapped ETH

2. USDT

3. Dai

4. Aave USDTUSDC

5. Wrapped ETH (Arbitrum)

Top Smart money inflows (excluding stablecoins):

1. Coinbase Wrapped Staked ETH

2. Wrapped BTC

3. Lido staked ETH

4. Jimbo

5. Psyop

Top Smart money outflows (excluding stablecoins):

1. Wrapped ETH

2. Aave USDT

3. Wrapped Ether

4. eUSD

5. Frax Ether

3. Top L1/L2 Financials

Fees-Generated

1. ETH

2. BTC

3. BNB

4. Arbitrum

5. Optimism

Revenue

1. ETH

2. Tron

3. Filecoin

4. Polygon

5. BNB

Earnings

1. ETH

2. Tron

3. BNB

4. Optimism

5. Arbitrum

DAUs

1. Tron

2. BNB

3. BTC

4. Litecoin

5. Polygon

Active Developers

1. ETH

2. Kusama

3. Polkadot

4. Cosmos

5. Cardano

Code Commits

1. Internet Computer

2. Kusama

3. Polkadot

4. Cardano

5. Gnosis Chain

4. Top DAPP Financials

Fees-Generated

1. Lido

2. Uniswap

3. Convex

4. Aave

5. Flashbots

Revenue

1. Lido

2. dYdX

3. Opensea

4. Convex

5. Synthetix

Earnings

1. Lido

2. OpenSea

3. Maker

4. ENS

5. GMX

P/F Ratio

Relative valuation of protocols (Lower the no. the “better”)

1. Sonne Finance

2. Hegic

3. Venus

4. Convex

5. Lido

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)

1. Hegic

2. CoW

3. BetSwirl

4. X2Y2

5. Cap

DAUs

1. Pancakeswap

2. Uniswap

3. Stargate

4. 0x

5. Metamask

5. Movement Analysis:

Stablecoin flows:

• Total stablecoin market cap continues its downtrend this week at -0.54%.

• Evmos, Hedera and Starknet are seeing significant stablecoins inflows this week.

Smart Money Movement:

• Smart money continues to accumulate ETH derivatives (Coinbase wrapped staked ETH, Lido staked ETH). LSDfi summer could come sooner than we realise.

L1/L2 movement:

• Arbitrum maintains its lead as the top L2 this week, with a $2.35 billion TVL in the midst of the current crab market.

• ZK Sync era TVL continues to climb, becoming one of the fastest L2 to reach $131 million TVL.

  

DAPP movements:

• LSD continue to be the top category performer this week.

• Swell network voyage is now live, pearl airdrops have been confirmed for Stakers and LP participants.

  

• unshETH dropped alpha in their recent AMA. Here is a quick summary of the current status of unshETH’s roadmap.

  

• Alpha drop by @apes_prologue

6. TLDR:

• Another slow week as the market continues to chop sideways. It is probably the time to reposition your portfolio into good protocols in profitable categories (e.g. LSDfi, Perpetual Dexes, etc)

• Truflation’s latest US CPI forecast is at 2.87%. After 18 months of bear/crab, the light at the end of the tunnel seems close.

  

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.

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

https://cryptofees.inf

https://www.chainedge.io/

https://truflation.com/

Credits:

ozfrox