Original title: 《DeFi Ecosystems Coverage on Solana, BNB Chain and Avalanche》
Author: OurNetwork
Compiled by: TechFlow
DeFi Ecosystem
Solana, BNB Chain, Avalanche
TVL has grown 50% since the beginning of 2024; DEX trading volume has surged 3.6 times
Since the beginning of 2024, DeFi has seen a resurgence, with TVL increasing by more than 50% from $56 billion to $85 billion. Areas such as trading, lending, and liquid staking have grown significantly, while re-staking has opened up new use cases for idle crypto assets. Despite recent flat growth, many upcoming second-layer solutions for Bitcoin may unlock new DeFi use cases.
With the emergence of Base, a second-layer solution developed by Coinbase, DEX transactions have experienced explosive growth, and many new addresses have begun to join Solana. At the beginning of this year, the weekly transaction volume of the top five chains has increased from about $20 billion to more than $40 billion today.
Restaking has also made an important contribution to the recovery of DeFi. Currently, more than 3.7 million ETH is locked in restaking protocols, and platforms such as Pendle have driven more usage. As more AVS (Automated Value Services) emerge in 2024, the restaking landscape will continue to evolve.
1. DeFi on Solana
Nitin Shukla | Website | Dashboard
Nearing New Highs: Solana DEX Volume Nears $430 Billion Since January 2024
Since January 2024, DEX trading volume in the Solana ecosystem has exceeded $430 billion. In recent months, the average monthly trading volume has been between $60 billion and $80 billion, with more than 34.5 million active wallets. Jupiter Exchange accounts for 52.8% of the total trading volume, with a trading volume of approximately $228 billion. In addition, the existence of trading platforms such as Orca, Raydium, Lifinity, and Meteora demonstrates the continued innovation in the DEX field.
Since January 2023, the secondary market for NFTs on Solana has experienced significant growth, with trading volume exceeding 41.3 million SOL, or approximately $2.25 billion. The market has maintained strong activity, with 800,000 unique wallets acquiring a total of 17.3 million NFTs.
Since August 2021, 530,000 unique wallets have completed 12.6 million staking transactions across various LST protocols within the Solana ecosystem. These protocols currently collectively manage more than 24 million SOL in staked assets. Among them, Jito accounts for 50% of the total staked SOL.
Transaction-level analysis: Solana's Token-2022 program has processed more than 18 million transactions and created 685,000 tokens, including 90,000 fungible tokens. As an upgrade to Solana's original token framework, it supports minting , burning, transferring fees, and interest-bearing tokens.
2. DeFi on BNB
According to BNB Chain’s 2024 Vision, one of its main goals is to provide one of the most robust and active ecosystems for DeFi developers.
BNB Smart Chain (BSC) has a TVL of approximately $6.2 billion, ranking third in Layer 1, behind Ethereum and Tron. Within BSC, Venus and PancakeSwap lead with a total TVL of approximately $3.5 billion.
Internal Dashboard
In addition to BSC, the BNB Chain ecosystem also has a second-layer network called opBNB, which currently has a TVL of approximately $27 million. The most influential protocol on opBNB is KiloEx, a peer-to-pool perpetual DEX that offers high leverage options. KiloEx currently accounts for nearly 64% of opBNB's TVL.
Internal Dashboard
BSC has a scalable ecosystem and an active user base. With nearly 1 million daily active users and the lowest gas fee among all layers at less than $0.03, BSC is extremely attractive to developers. Its EVM compatibility, fast finality, and on-chain governance further enhance its strength as a DeFi platform.
Transaction Level Analysis: BSC has been stress-tested in real-time to demonstrate its true scalability. On December 7, 2023, BSC set a new record, processing 32 million transactions. Despite the surge in transactions, BSC's gas price remained at 3.7 Gwei, close to its 3 Gwei average (it has since dropped to 1 Gwei), and transaction fees remained at the standard $0.03, thanks to its 140 million gas capacity per block. This transaction occurred during the peak period, and you can see that the transaction fee is still the standard $0.03.
3. DeFi on Avalanche
cloudr3n | Website | Dashboard
Over $6 million in AVAX and COQ rewards awarded to active and loyal users on Avalanche
Avalanche is a Layer 1 blockchain that provides high throughput and a customizable virtual machine. In a community airdrop, the Avalanche Foundation airdropped over $3.9 million in AVAX and $2.1 million in COQ memecoins to 8,300 users. These users participated in the Memecoin Rush program and Diamond Hands, depositing funds into the Trader Joe's Memecoin Rush vault. The vault reached a peak TVL of $125 million in a week involving 10 Avalanche community coins and over 12,000 depositors.
Avalanche’s TVL fell 43% from a peak of $1.9 billion in March 2024 to $1.1 billion in August. The liquid staking sector saw the largest drop, shrinking by $100 million, mainly due to the decline in AVAX prices. DEX exchanges saw significant growth of more than $17 million, of which the exchange Pharaoh contributed $10 million. DeltaPrime, a multi-purpose protocol, added up to $12 million.
The Avalanche Foundation launched an incentive program called BOOST in July to support its DeFi ecosystem. There are signs that BOOST is working - since the start of the program, Pharaoh's TVL has increased threefold to over $13 million, while DeltaPrime's savings deposits and borrowings are close to $32 million and $17 million, respectively, a nearly three-fold increase.
Transaction level analysis: This address received the highest LB incentive, worth 43 AVAX!
This user used $120,000 USD in two pools (ggAVAX-AVAX and GGP-AVAX) with a liquidity shape of just 1 bin! Imagine the Impermanent Loss and the time it takes to add, rebalance, and remove the same position.
