Coin98 Analytics

Value Locked in Defi Rebounds — Smart Contract Tokens CPH, LUNA, XCP Lead the Pack

28/02/2022 by Idelto Editor

The total value locked in decentralized finance (defi) has managed to jump above the $200 billion zone, as crypto markets have rebounded from the market downturn last week. A number of native assets from the $611 billion worth of smart contract protocols have seen double-digit gains with cypherium (CPH), counterparty (XCP), and terra (LUNA) leading the pack.

TVL in Defi Jumps Back Above $200 Billion — Cypherium, Counterparty, Terra Rise

Crypto markets have recovered after initially dropping after Russia invaded Ukraine three days ago and the rebound has pushed defi value up as well. After falling beneath the $200 billion mark, the total value locked (TVL) in defi has jumped back above the zone to $200.94 billion on February 27.

The TVL in defi across all the top blockchains hit a low of $185.9 billion on January 28 and it’s up 10.61% since that day. Curve dominance is 8.68% on Sunday with $17.86 billion total value locked but the defi protocol’s TVL is down 5.61% since last week.

Ethereum dominance, in terms of the TVL in defi today, is 55.94% with the current $112.36 billion TVL. Terra’s the second-largest blockchain TVL in defi on Sunday with $20.17 billion which is 10.04% of the TVL in defi.

The third-largest blockchain TVL in defi is Binance Smart Chain (BSC) with $12.13 billion locked. Defillama.com metrics show Chainlink is the largest defi oracle today securing 138 protocols with $52.66 billion locked.

In terms of smart contract coins, cypherium (CPH) was this week’s biggest gainer with a 330% gain. The smart contract coin, in terms of this week’s second-largest gains, is the old-school token counterparty (XCP). Counterparty has jumped 54% higher in value against the U.S. dollar during the last seven days.

Terra (LUNA) managed to spike by 52% this past week as the coin is the third-largest smart contract token gainer this week. At the time of writing, the aggregate value of all the smart contract platform native tokens in existence is $611 billion down 0.3% in the last day.

Presently, there’s $23.63 billion TVL across cross-chain bridge platforms today up 16.6% since last week. The count of unique bridge deposit addresses during the last month is 57,911 addresses.

The top five blockchains in terms of cross-chain bridge TVL on Sunday, February 27 include Avalanche, Polygon, Fantom, Ronin, and Arbitrum. Moreover, data collected by Coin98 Analytics from Santiment indicates that Solana has the most active developer count as of February 19, 2022. Solana’s developer count is followed by Ethereum, Cardano, Polkadot, Cosmos, and Terra.

What do you think about this week’s decentralized finance action? Let us know what you think about this subject in the comments section below.

Total Value Locked in Defi Reaches $250 Billion — Uniswap, Quickswap, Trader Joe Dominate Dex Volumes

04/11/2021 by Idelto Editor

During the second week of October, the total value locked (TVL) in decentralized finance (defi) protocols crossed $200 billion, and two weeks later in November, the TVL in defi surpassed $250 billion gaining 25% in value. Meanwhile, Ethereum commands more than 67% of the $253 billion TVL in defi today, gaining 4.65% during the last seven days while Solana’s TVL increased by 5.99% this past week.

Defi TVL Increases by 25% in 2 Weeks

The total value locked (TVL) in defi has reached an all-time high, tapping $253.94 billion on November 3, 2021. On October 12, Bitcoin.com News reported on the defi TVL surpassing $200 billion and in two weeks the value has expanded by 25%. Value expansion is not only due to more value being added to defi protocols, but crypto assets like ethereum (ETH), solana (SOL), and avalanche (AVAX) have seen significant gains. Today, the TVL on the Ethereum blockchain is 67% or $171.24 billion, according to defillama.com stats.

The second-largest defi blockchain in terms of TVL is the Binance Smart Chain (BSC) with $19.5 billion, which is 7.707% of the entire defi TVL today. Solana’s TVL, which increased by 5.99% this past week, is $14.12 billion on Wednesday, which is 5.58% of the aggregate in defi. Tron saw a large increase of 28.9% as the blockchain’s defi TVL is $6.11 billion. The Arbitrum One chain has jumped to all-time highs with $2.69 billion TVL, up 16.19% during the course of the trailing week.

Defi Report Shows Binance Smart Chain, Ethereum, Polygon Daily Transactions Rise

The “Defi Weekly Report” series published by Coin98 Analytics indicates that the BSC decentralized exchange (dex) Pancakeswap has reached “600,000+ daily active users.” Moreover, the 43rd Coin98 Analytics’ defi report notes that BSC active addresses tapped 1.9 million wallets per day. The researchers detail that alongside the increase of active addresses, BSC also saw a spike in daily transactions.

“The daily transactions [from the] Binance Smart Chain increased in line with the number of daily active addresses, reaching 10.8 million transactions this week,” the 43rd Coin98 Analytics’ defi report details. “Ethereum and Polygon are also showing signs of growth in daily transaction volume this week as Ethereum hit 1.5 million transactions/day (+18.26%) and Polygon reached 4.6 million transactions/day (+39.94%),” the researcher’s study adds.

Curve, Uniswap, Quickswap, Trader Joe Defi Activity Expands

On Wednesday, the defi protocol Curve recorded a seven-day increase of 9.28%, with Curve’s TVL at $19.94 billion. Curve has a dominance of 7.87% according to today’s metrics and the dex supports seven different blockchains. The largest dex in terms of swap volumes is Uniswap during the last 30 days with $16.53 billion in global trade volume.

Polygon’s (MATIC) popular dex protocol, Quickswap, has seen $3.61 billion in global trade volume during the last months. The Avalanche-based dex Trader Joe is the third-largest in terms of 30-day volume with $1.96 billion, according to dappradar.com’s decentralized exchange rankings.

What do you think about the overall increased activity and value in the land of decentralized finance right now? Let us know what you think about this subject in the comments section below.

A Slew of Defi Tokens Outperform Bitcoin’s Weekly Gains, Defi TVL and NFT Sales Spike

18/10/2021 by Idelto Editor

October has been a strong month for cryptocurrencies like bitcoin but a number of decentralized finance (defi) tokens have seen higher double-digit gains this past week. Moreover, non-fungible token (NFT) sales have picked up and after the total-value locked (TVL) in defi crossed $200 billion on October 5, two weeks later another $22 billion has been added to the TVL.

Defi Network Tokens Polkadot, Polygon, Binance Coin, Stacks Outperform Bitcoin’s Weekly Gains

Bitcoin (BTC) has been doing extremely well and BTC dominance has increased to 45.3% during the last week. However, a decent quantity of defi tokens from specific blockchain networks have outperformed BTC during the last week.

In fact, out of all the crypto assets in existence today, nine different digital assets saw better gains than bitcoin and a great deal of them are focused on defi. Polkadot (DOT) was this week’s leader with an increase of 19.6% and those gains were followed by polygon’s (MATIC) 19.4% percentage gains. Other strong gainers that outperformed bitcoin included binance coin (BNB), stacks (STX), and stellar (XLM).

Total-Value Locked in Defi Sees $22 Billion Added in 2 Weeks

Two weeks ago, on October 5, the total-value locked (TVL) in defi surpassed $200 billion and today defillama.com stats indicate the TVL is $222 billion. The decentralized exchange (dex) platform Curve holds the largest dominance with 7.72% of the TVL in defi. Curve is followed by Aave, Makerdao, and Wrapped Bitcoin in terms of defi dominance on October 18.

Ethereum captures $152.27 billion of the total TVL in defi and the Binance Smart Chain (BSC) commands $19.22 billion. Blockchains that have seen significant increases in TVL in defi include networks like Solana, Terra, and Avalanche. While Avalanche saw a 31.24% TVL gain, Harmony’s TVL increased by 24% during the last week.

Monthly Non-Fungible Token Sales Increase, Opensea Nears $10 Billion in All-Time NFT Sales

Metrics from nonfungible.com’s 30-day market history indicates that NFT sales jumped a great deal on October 5, and have continued to rise. NFT sales recorded during the last month were around $1.836 billion across 174,529 active market wallets.

Statistics from Dune Analytics show that the total transaction volume for NFTs measured in ETH, across 5.9 million transactions, is around 3,886,298 ether or $11.1 billion using today’s exchange rates.

Moreover, dappradar.com data shows that the NFT marketplace Opensea is nearing $10 billion in all-time sales and currently has $9.19 billion recorded so far. Axie Infinity has $2.61 billion and the NFT marketplace Rarible has recorded $230.76 million in all-time sales.

Polygon, Binance Smart Chain Addresses Tap All-Time Highs, Dex Trade Volume Remains Flat While Sushiswap Volume ‘Increased Sharply’

Additionally, statistics recorded by Coin98 Analytics weekly defi report indicates that the number of BSC active addresses reached an all-time high. However, the Polygon (MATIC) network surpassed BSC as far as the quantity of wallets created onchain.

“It also reached the ATH of 100 million wallets,” Coin98 Analytics said in its report. “The number of Ethereum wallets has remained unchanged from last week.”

The weekly report also discusses defi’s liquidity by protocol, dex platform weekly trading volume, and the daily active dex users as well. The report highlights that while dex trade volume has not grown much, it maintained $20 to $22 billion each month. Coin98 Analytics detailed, however, that Sushiswap volume “increased sharply, reaching $2.7 billion.”

What do you think about the defi tokens outperforming bitcoin and the TVL increase during the last two weeks? What do you think about the NFT sales volumes increasing and the address increase on Polygon and Binance Smart Chain? Let us know what you think about these subjects in the comments section below.

Defi TVL Climbs Higher, Optimism Use Rises, 270K BTC on ETH, Lending on ETH Taps $44 Billion

18/09/2021 by Idelto Editor

In mid-September, the total-value locked (TVL) in decentralized finance (defi) continues to climb higher, as the value held on Ethereum, Binance Smart Chain, Avalanche, Solana, and more blockchains has risen dramatically to $171 billion today. On the Ethereum network, there’s 270,783 bitcoin held in TVL worth more than $13 billion and $15 billion has been swapped across 14 different Ethereum-based decentralized exchange (dex) platforms. $23.8 billion has been swapped across a variety of blockchain protocols, according to a recently published defi weekly report.

Defi Growth Remains Exponential

A number of crypto assets like bitcoin (BTC) and ethereum (ETH) have increased in value during the last month, but for the most part, crypto-assets like solana (SOL) and avalanche (AVAX) stole the show during the last 30 days.

Decentralized finance (defi) solutions continue to grow exponentially and statistics from Dune Analytics indicate that $15 billion has been swapped on 14 Ethereum-based dex platforms. Uniswap captured more than 62% of that $15 billion worth of global trade volume by commanding $9,620,102,739 in swaps during the last week.

While Uniswap has a lot of volume, the Binance Smart Chain dex Pancakeswap has a TVL of around $5.55 billion according to metrics recorded on Saturday. Sushiswap has $5.46 billion and it has far more connections than just the BSC network. The total dex weekly trade volume across a number of blockchains according to Coin98 Analytics is $23.8 billion.

Metrics show that there’s $171 billion in TVL stretched across a myriad of blockchains. Ethereum still dominates the TVL by a long shot but a number of other chains have been moving up the ladder in terms of activity during the last month.

Data from Coin98 Analytics’ latest defi report indicates that the total number of Polygon wallets has surpassed 68.3 million. Coin98 Analytics findings also show that “Optimism and Arbitrum addresses increased by 2 and 6 times, respectively.”

“Although the number of Optimism addresses [has] far exceeded that of Arbitrum, the past week signifies a strong rise of Arbitrum against Optimism,” Coin98 Analytics said. “Specifically, the total number of Arbitrum addresses reached 121,000, while the number of Optimism addresses fell behind at 103,000,” the report adds.

Over $7 Billion Across Bridges, Lending TVL on Ethereum Reaches $44 Billion, Large Quantity of Bitcoin Is Leveraged on Ethereum

Dune Analytics’ “Bridge Away (L1 Ethereum)” statistics show that there’s $7.71 billion TVL on Harmony Bridges, Near Rainbow Bridge, Optimism ERC20 Bridges, Arbitrum Bridges, Solana Wormhole, Fantom Anyswap Bridge, Polygon ERC20 Bridge, and the Avalanche Bridge. On Friday, the project Wormhole announced that its ETH – SOL token bridge is now live.

L2fees.info indicates that an ether transfer using Loopring is $0.25, a transfer across Polygon Hermez is also $0.25, Zksync is $0.27, Arbitrum One costs $1.64 and Optimism costs around $3.06 on Saturday. Meanwhile, L2fees.info shows that the median fee to send ethereum (ETH) on September 18 is over $5 per transfer.

Another interesting stat for defi this week discovered by Coin98 Analytics, is the lending total-value locked on Ethereum today is roughly $44 billion. Also, out of seven different bitcoin (BTC) projects that use the Ethereum network, there’s 270,783 bitcoin held in TVL worth more than $13 billion today.

This measurement includes projects like WBTC, TBTC, SBTC, IMBTC, PBTC, HBTC, and RENBTC. 76% of the 270K bitcoin or $13 billion worth of wrapped or synthetic BTC is used by the Wrapped Bitcoin (BTC) project and its participants.

What do you think about the growing activities tied to the decentralized finance (defi) space? Do you envision defi slowing down any time soon? Let us know what you think about this subject in the comments section below.

Solana Knocks XRP Down a Notch, SOL Taps Another All-Time High Rising More Than 400% in 30 Days

09/09/2021 by Idelto Editor

The cryptocurrency solana reached another all-time high on September 9 at $213 per coin. The digital currency’s market valuation has swelled significantly, pushing dogecoin from its position in the top ten last week. Today, solana’s crypto market capitalization has managed to surpass XRP’s overall valuation, taking the sixth position in the top ten this week.

Solana’s Month-Long Tear Continues

Solana has managed to continue its ascent higher and higher as a great majority of the crypto economy coins have faltered in value. On Thursday, solana (SOL) reached an all-time high (ATH) at $213 per unit, and it’s a touch over 5.9% lower than that price point at the time of writing.

The higher price has ballooned the crypto asset’s overall market capitalization and for the first time, SOL knocked XRP down a spot in terms of the top ten crypto positions.

SOL also knocked DOGE down last week and today, solana’s market cap is hovering around $58.9 billion. Year-to-date, SOL has gained a massive 8,009% and a whopping 417% during the last 30 days. Today, SOL has $14.5 billion in global trade volume and the U.S. dollar is SOL’s top pair capturing 26.32% of all trades. This is followed by tether (USDT) with 21.5% of SOL swaps, bitcoin (BTC) with 18.57% of SOL trades, and BUSD with 14.73% of the market’s pairs.

Tether Increases Solana Issuance, $1K SOL Investment Turns Into $138K

Out of the $2.22 trillion crypto-economy, solana’s market valuation represents 2.64% of the entirety. The ecosystem surrounding the Solana project has seen a lot of growth as well, as Coin98 Analytics reports tether (USDT) has added a lot of tethers to the Solana chain.

“In less than a week, Tether has doubled its token release on Solana, from 390M to 790M,” Coin98 Analytics’ tweeted.

Coin98 Analytics data also shows that a $1,000 investment into solana (SOL) a year ago would produce a whopping $138,400 return. Solana has a great number of projects that are tethered to the network like Solfarm, Moonlana, Soluble, Solyar, Hedgehog, Luna Network, Solape, Sol Star, Hydraswap, Spiderswap, Popsicle, Traderdome, Cropperfinance, Kermit Finance, Lumos, Dexlab, Saber, and more.

What do you think about solana (SOL) capturing all-time highs this week? Let us know what you think about this subject in the comments section below.