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Total Value Locked in Defi Surpasses $200 Billion — Fantom, Avalanche, Harmony, Arbitrum TVLs Swell

12/10/2021 by Idelto Editor

Decentralized finance (defi) has swelled quite a bit this year and on October 5, the total value locked (TVL) in defi protocols crossed the $200 billion mark. Since January 1, the defi TVL across various blockchains has risen almost 855% from $21.4 billion to today’s $204 billion.

Total Value Locked in Defi Jumps Over the $200 Billion Handle, Ethereum TVL Commands 69% Dominance

The total value locked (TVL) in defi today has jumped nearly ten times higher than the value at the beginning of 2021. On October 5, 2021, the TVL in defi surpassed the $200 billion handle for the first time and the value has remained above $200 billion during the last seven days.

Statistics from defillama.com indicate that the defi protocol Curve has the largest dominance with $15.94 billion, up more than 7% over the last week. Curve’s dominance is 7.80% on Tuesday and it interacts with six different crypto networks including Avalanche, Ethereum, and Polygon.

Metrics show that Aave, Makerdao, and Wrapped Bitcoin (WBTC) command the third, fourth, and fifth positions in terms of defi TVL dominance. Aave commands $14.87 billion on Tuesday while Makerdao holds $13.48 billion, and WBTC captures $11.99 billion in value.

Between Curve, Aave, Makerdao, and WBTC all four defi protocols have $56.28 billion worth of the aggregate TVL, which is 27.53% of the entire TVL today. The entire $204 billion is across blockchain protocols like Ethereum, Solana, Avalanche, Polygon, Fantom, Terra, Arbitrum, Binance, Celo, and Harmony.

Top Ten Dex Platforms in Mid-October 2021 — Funds Continue to Pour Into Waves, Fantom, Polynetwork, Harmony, Arbitrum, and Avalanche Networks

The top ten decentralized exchange (dex) applications on Tuesday include defi projects such as Curve, Pancakeswap, Sushiswap, Uniswap, Balancer, Uniswap V3, Saber, Serum Raydium, and Bancor, respectively.

The top five blockchains with the most TVL on Tuesday are Ethereum, Binance, Solana, Terra, and Avalanche. The Ethereum chain still commands 69.01% dominance with approximately $141.06 billion total value locked on October 12.

The second and third-largest TVLs for Binance and Solana are below the $20 billion mark but above the $10 billion line. While Ethereum has seen a TVL increase of 1.65% during the last seven days, Fantom has increased the most during the last week.

Data shows Avalanche TVL has spiked 19.64% but Fantom’s TVL jumped a whopping 225% in a week’s time. Other leaders seeing increases in TVL over the last week include chains like Waves ($2.15B), Arbitrum ($1.52B), Polynetwork ($298M), and Harmony ($205.92M).

What do you think about the total value locked in defi protocols crossing the $200 billion mark this October? Let us know what you think about this subject in the comments section below.

Total Value Locked Across Multiple Defi Chains Nears $200 Billion — Ethereum’s TVL Dominance 69%

05/10/2021 by Idelto Editor

While the crypto economy has seen a decent uptick in performance during the first week of October, a number of decentralized finance (defi) tokens have seen tremendous gains. Furthermore, the total value locked in defi has risen to $195 billion, jumping more than 14% over the last two weeks from $171 billion.

Defi Tokens Skyrocket, Total Value Locked in Dapps Grows to $195 Billion, Axie Infinity, Shiba Inu See Top Gains

Digital currency markets of all sorts are seeing some gains this week and defi coins and smart contract tokens have all seen significant rises during the last seven days. Weekly metrics show that crypto-assets like QTUM spiked 42%, terra (LUNA) jumped 37%, binance coin (BNB) gained 23%, and solana (SOL) rose by 22%.

Other notable double-digit seven-day gainers include tokens like arweave (AR), DYDX, hedera (HBAR), and vechain (VET). The two mega gainers this week include axie infinity (AXS) up 119.8% and shiba inu (SHIB) up 92.3% during the last seven days. Meanwhile, the total value locked (TVL) in defi protocols today is roughly $195 billion, up more than 14% since September 18.

The defi protocol Curve has the largest dominance at the time of writing with 7.52% of the TVL. At the time of writing, Curve has around $14.71 billion TVL which is followed by the Aave protocol’s $14.65 billion. While five chains are compatible with Curve, only three blockchains can connect with Aave.

Ethereum Captures 69% of Defi TVL, While Alternative Chains Command Roughly 26%

Ethereum (ETH) still commands the most funds in terms of TVL for different blockchains with $135.05 billion today, or 69.2% of the entire defi total value locked. TVL metrics for the Binance Smart Chain (BSC) show around $17.03 billion. The BSC protocol’s TVL is only 12.59% of the aggregate total value locked on the ETH blockchain.

BSC is followed by chains like Solana ($11.5B), Terra ($10.07B), Polygon ($4.6B), Avalanche ($4B), Fantom ($2.31B), and Waves ($1.85B), respectively. Between Waves TVL and the Binance Smart Chain TVL, the seven blockchains have 26.15% of the $195 billion.

Currently, Curve is the top decentralized exchange (dex) according to defillama.com’s dashboard and Curve is followed by Sushiswap, Pancakeswap, Uniswap, Balancer, and Saber, respectively.

Three of the aforementioned dex platforms (Saber, Pancakeswap, Uniswap) are all single chain dex applications, while Curve connects with five crypto networks. Sushiswap is compatible with 13 blockchains, and Balancer connects with three chains.

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

Grayscale Adds Solana and Uniswap to Crypto Investment Fund

04/10/2021 by Idelto Editor

Grayscale Investments has added solana and uniswap to its large-cap investment fund. This is the first time solana has been added to a Grayscale fund. The company now offers 15 funds, two of which are diversified portfolios.

Solana and Uniswap Added to Grayscale Fund

Grayscale Investments, the world’s largest digital currency asset manager, announced Friday the quarterly rebalancing of its two diversified portfolios: the large-cap fund and the defi (decentralized finance) fund.

For the Grayscale Digital Large Cap Fund (OTCQX: GDLC), the company sold some of the existing components and used the cash proceeds to purchase solana (SOL) and uniswap (UNI). Grayscale said:

[This is] the first time solana (SOL) will be included in a Grayscale investment vehicle.

This was also the first time uniswap was added to the large-cap fund. However, the token has been in the Grayscale Defi Fund since the portfolio launched in July.

At the end of the day on Oct. 1, the large-cap fund’s components were bitcoin (BTC), 62.19%; ethereum (ETH), 26.08%; cardano (ADA), 5.11%; solana (SOL), 3.24%; uniswap (UNI), 1.06%; chainlink (LINK), 0.82%; litecoin (LTC), 0.77%; and
bitcoin cash (BCH), 0.73%.

The addition of solana and uniswap followed the addition of cardano (ADA) to the large-cap fund, announced in July.

For the Grayscale Defi Fund, no new tokens were added or removed. At the end of the day on Oct. 1, the fund’s components were uniswap (UNI), 45.20%; aave (AAVE), 14.11%; makerdao (MKR), 7.84%; sushiswap (SUSHI), 7.18%; compound (COMP), 6.73%; synthetix (SNX), 6.29%; yearn finance (YFI), 3.92%; curve (CRV), 3.53%; bancor network token (BNT), 3.04%; and UMA Protocol (UMA), 2.16%.

Grayscale’s total assets under management (AUM) as of Oct. 1 was $41.5 billion. Besides the large-cap fund and the Defi fund, the company offers investments in single asset funds in bitcoin, bitcoin cash, basic attention token, chainlink, decentraland, ethereum, ethereum classic, filecoin, horizen, litecoin, livepeer, stellar lumens, and zcash.

What do you think about Grayscale adding solana and uniswap to its investment funds? Let us know 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.

Ethereum After 1559: Network Participants Burn Over 300,000 Ether Worth More Than $1 Billion

16/09/2021 by Idelto Editor

On August 5, 2021, the Ethereum network and its participants successfully completed the highly anticipated London upgrade, which saw the implementation of the Ethereum Improvement Proposal (EIP)-1559. Since then, 303,681 ether worth more than a billion U.S. dollars have been burned.

More Than 300K Ether Burned Following EIP-1559

More than a billion dollars worth of ethereum (ETH) has been burned to date, after the London upgrade was implemented 42 days ago. The biggest changes added to the Ethereum blockchain included EIP-1559 and EIP-3554. While EIP-3554 changed the difficulty bomb, EIP-1559 changed Ethereum’s fee rate to a new scheme that makes the crypto asset ether deflationary.

Essentially, fees are standardized and calculated based on network demand, as a transaction pricing mechanism introduces a base fee for every block found on the network. The remainder of the fees will be burned and ether proponents assume this will significantly reduce the overall supply of ethereum. As of today, September 16, 2021, the Ethereum network has burned 303,681 ether worth over $1 billion using Thursday’s ether exchange rates.

Opensea Still Largest Burner, Stablecoin Transfers Add to the Burn Pile

The biggest burners in the network are people transferring ether from one address to another and decentralized applications (dapps) and decentralized finance (defi) platforms as well. The largest ether burner today is the non-fungible token (NFT) marketplace Opensea as Dune Analytics stats show the market has burned 42,991 ether worth $146.1 million today. Opensea is followed by traditional ether transfers which have added 25,514 ether to the burn pile.

Uniswap V2 and the stablecoin project Tether (USDT) command the third and fourth positions in terms of the top ether burners. To date, the second version of the Uniswap decentralized exchange (dex) has burned 16,665 ether worth $55.8K. Tether’s stablecoin USDT has added 15,015 ether to the burn pile as it is responsible for burning $51 million. Other top burners include Axie Infinity, Uniswap V3, Metamask, the stablecoin project USDC, and Opensea’s registry.

What do you think about the 303,681 ether worth over $1 billion burned? Let us know what you think about this subject in the comments section below.