Ignas | DeFi Research

Ignas | DeFi Research



1/ The state of #DeFi in 15 charts?

2/ Starting by Total Value Locked, obviously. $55.6B locked in DeFi smart contracts. Down 69%?from all time high ($182B) on December 3rd, 2021.

3/ #DeFi token prices (Year to Date) All down in USD terms with $CRV -85%. DeFi index $DPI underperformed #ETH by 5%. Congrats to holders of $LDO, $UNI, $SNX, $CAKE and $LINK for outperforming $ETH this year.

4/ Blockchain developer activity Data on new GitHub repositories per chain shows that devs are still building! Ethereum and Solana have the most activity, with Polygon coming in 3rd. (87,116 repositories monitored)

5/ The bad? Number of new developers joining has dropped significantly. Interestingly, more devs have been joining Solana and Polygon than Ethereum. (98,960 developers monitored)

6/ Smart money holdings According to @nansen_ai 30 day data, smart money is moving capital to Compound, Aave and wBTC. They are also accumulating $MATIC, $BADGER, $APE, $UNI, $SRM and $CHZ.

7/ Weekly DEX Volume Weekly trading volume on DEXes has been going down, but stands at a decent $8B. Top 5 DEXes by 7D volume: • Uniswap $5.4B • Curve $1975M • Dodo $731M • Balancer $601M • Sushiswap $170M Most of Dodo volume came from stablecoin pairs.

8/ DEX to CEX spot trading volume Centralized exchanges dominate decentralized counterparties. The ratio reached all time high at ~25% in February 2022, but has dropped to around 12%. Keeping in mind how cheap it is to wash trade on CEXes, the ratio is not that bad!

9/ Yields on stablecoins Days of high yields are long gone. Most of stablecoin lenders earn between 0.1% to 3.5%. Only Tron's $USDD depositors earn a decent yield. But please DYOR on USDD before depositing!

10/ Stablecoin ratio by chain This ratio shows stablecoins against DeFi TVL deposited by each chain. Tron is a blockchain for stablecoins. The marketcap of stablecoins on Tron is 4 times larger than the entire DeFi TVL on the chain.

11/ $ETH staked In total 14.1M ETH (11.7% of the total ETH supply) has been staked worth $19.4B USD. Depositors by marketshare: • Lido 29.9% • Coinbase 14.5% • Kraken 8.2% • Binance 6.5% • 2.9% RocketPool share has grown recently, reaching 1.95%.

12/ Top projects/dApps by revenue Ethereum is a clear leader by 90 day revenue with $194.1M USD. Followed by: • OpenSea $35.1M • dYdX $22.2M • PancakeSwap $16.5M • Synthetix $14.1M • ENS $12.7M Interestingly, Solana's low transaction fees also means low revenue.

13/ Revenue distribution This DefiLlama table shows fees accrued to the protocol that goes to treasury or holders. While some protocols generate a lot of fees, real revenue is quite low. Ethereum is again a clear leader with $1.8M per day going to stakers.

14/ DeFi protocols by Treasury size Treasury is a USD value of the protocol's funds held on-chain (including unallocated governance tokens). Uniswap is sitting on $2.8B treasury assets! Higher treasury allows projects to hire more people, build new features and scale business.

15/ Amount of money lost in CeFi & DeFi scams, hacks and exploits $60B! Terra alone is responsible for $40B. Other major DeFi hacks of 2022: 1. Ronin Network - $625M 2. Wormhole - $326M 3. Nomad Bridge - $190M 4. Beanstalk - $181M 5. Wintermute - $162M

16/ Funds lost by blockchain BSC was notorious for hacks and rug pulls during DeFi summer days. But for the past 3 months most of the funds were lost on Ethereum.

17/ Bonus chart. Hack attack types DeFi protocols accounted for 97% of all crypto stolen in the first 3 months of 2022, according to a report from @chainalysis Good news? Flash loan attacks are almost gone in 2022. Most hacks now are due to security breaches or code exploits.

18/ ? All the data sources available by checking the picture description. Did I miss something important? Follow me @DefiIgnas for more. Like/Retweet the first tweet below if you can:

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