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Source: cointelegraph
Original title: DeFi platforms see profits amid FTX collapse and CEX exodus
FTX and Alameda burst one week after the on-chain data, it is very worth our observation and analysis. Although Bitcoin and Ether are leaving centralized exchanges at record numbers and rates, not all decentralized applications (dapps) and protocols are showing growth, mainly due to the dependence on FTX and Alameda. The revenue of
DeFi highlights the positive revenue of some protocols
According to Token Terminal's revenue rankings, three protocols have earned more than $1 million in the past seven days. Ethereum leads on-chain earnings with over $8.5 million in total revenue, a sign of strong fundamentals after the merger.
OpenSea lags far behind Ethereum with revenue of $1.5 million, while 9 protocols and DeFi platforms earn more than $100,000.
decentralized perpetual exchange trading volume increased
coupled with the migration from centralized exchanges (cex), the turbulent cryptocurrency market trading volume reached record levels.
According to Token Terminal, the perpetual exchange has reached $5 billion in daily trading volume, the highest daily trading volume since the crash of LUNA and TerraUSD (UST) in May 2022. While the transaction volume of
increased, the total value of DeFi locked is lagging
In 7 days, only the total locked value (TVL) of 7 protocols showed a net increase. The permanent exchange gain Network on Polygon set a record of the largest seven-day gain , reaching 17.3%
TVL sorted in descending order starting from 7 days. Source: Token Terminal
One inter-chain operation protocol Ren witnessed a 50% decline in TVL last week. According to Cointelegraph, Ren works closely with Alameda, and its quarterly funds and total assets are basically stored directly in FTX. The agreement once did benefit from Alameda's locked liquidity in a bid to improve its interoperability.
data also shows that blockchain's revenue continues to grow at a constant ratio of daily active users. Daily revenue of mainstream blockchain networks has increased by more than 300% compared to previous weeks.
At the same time, the daily active users are stable at 1 million. The dichotomy between these data points shows that transactions between existing users are occurring at a more frequent rate.
blockchain revenue and daily active users. Source: Token Terminal
Related: FTX crashed, followed by stablecoin inflows and DEX activity rising
Blockchain network revenue does not necessarily equal revenue
Although the revenue of blockchain network has increased, this is mainly due to the release of tokens, only Ethereum revenue is positive. Proof of Stake (PoS) blockchains such as Polygon, BNB Smart Chain and Optimism all show negative returns. When the gains of the PoS blockchain are negative, the holders of the token suffer inflation losses.
With the increase in activity of decentralized permanent trading platform and the positive returns of the DeFi protocol, on-chain data continues to show strong advantages. Although the outflow of CEX is historic and the daily active DeFi users have not increased, the fact that they happen at the same time is worth noting. The same data also emphasizes the decline of blockchain's revenue (except Ethereum) and TVL's.
Editor in charge: MK
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