Data on the DeFi ecosystem: This year, Solana Dex trading volume exceeded 43 billion, and the BNB Chain ecosystem has shown strong growth

Original Title: “DeFi Ecosystems Coverage on Solana, BNB Chain and Avalanche”

Author: OurNetwork

Compiled by: ShenChao TechFlow

DeFi Ecosystems

Solana, BNB Chain, Avalanche

Since the beginning of 2024, TVL has increased by 50%; DEX trading volume has surged 3.6 times

• Since the beginning of 2024, DeFi has experienced a resurgence, with TVL increasing from $56 billion to $85 billion, a growth of over 50%. Areas such as trading, lending, and liquid staking have seen significant growth, while re-staking has opened up new use cases for idle crypto assets. Despite a recent slowdown in growth, many upcoming Bitcoin Layer 2 solutions may unlock new DeFi use cases.

DeFiLlama

• With the emergence of the Layer 2 solution Base developed by Coinbase, DEX trading has experienced explosive growth, and many new addresses have started to join Solana. At the beginning of this year, the weekly trading volume of the top five chains increased from about $20 billion to over $40 billion today.

Artemis

• Re-staking has also made significant contributions to the resurgence of DeFi. Currently, over 3.7 million ETH are locked in re-staking protocols, with platforms like Pendle driving more usage. As more AVS (Automated Value Services) emerge in 2024, the landscape of re-staking will continue to evolve.

Artemis

1. DeFi on Solana

Nitin Shukla | Website | Dashboard

Approaching new highs: Since January 2024, Solana DEX trading volume has approached $430 billion

• Since January 2024, the 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 the number of active wallets exceeding 34.5 million. The Jupiter exchange accounts for 52.8% of the total trading volume, with a trading volume of approximately $228 billion. Additionally, the presence of trading platforms like Orca, Raydium, Lifinity, and Meteora showcases ongoing innovation in the DEX space.

topledger.xyz

• Since January 2023, the NFT secondary market on Solana has experienced significant growth, with a trading volume exceeding 41.3 million SOL, approximately $2.25 billion. The market has maintained strong activity, with 800,000 unique wallets collectively acquiring 17.3 million NFTs.

topledger.xyz

• 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 manage over 24 million SOL in staked assets. Among them, Jito accounts for 50% of the total staked SOL.

topledger.xyz

• Transaction Level Analysis: Solana's Token-2022 program has processed over 18 million transactions, creating 685,000 tokens, including 90,000 fungible tokens. As an upgrade to Solana's native token framework, it supports minting, burning, transfer fees, and interest-bearing tokens.

2. DeFi on BNB

Jimmy Zhao | Website

According to BNB Chain's 2024 outlook, one of its main goals is to provide one of the most powerful and active ecosystems for DeFi developers.

• The TVL of the BNB Smart Chain (BSC) is approximately $6.2 billion, ranking third among Layer 1 chains, behind Ethereum and Tron. Within BSC, Venus and PancakeSwap lead with a total TVL of about $3.5 billion.

Internal Dashboard

• In addition to BSC, the BNB Chain ecosystem also has a Layer 2 network called opBNB, which currently has a TVL of approximately $27 million. The most influential protocol on opBNB is KiloEx, a 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 fees among Layer 1 chains, below $0.03, BSC is highly attractive to developers. Its EVM compatibility, fast finality, and on-chain governance further enhance its strength as a DeFi platform.

BscScan

• 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 by processing 32 million transactions. Despite the surge in trading volume, BSC's gas price remained at 3.7 Gwei, close to its average of 3 Gwei (which has since dropped to 1 Gwei), with transaction fees maintained at the standard $0.03, thanks to its gas capacity of 140 million per block. This transaction occurred during peak times, and you can see that the transaction fee remained at the standard $0.03.

3. DeFi on Avalanche

cloudr3n | Website | Dashboard

Over $6 million in AVAX and COQ rewards given to active and loyal users on Avalanche

• Avalanche is a Layer 1 blockchain that offers high throughput and customizable virtual machines. In a community airdrop event, the Avalanche Foundation airdropped over $3.9 million in AVAX and $2.1 million in COQ meme coins to 8,300 users. These users participated in the Memecoin Rush program and Diamond Hands, contributing funds to Trader Joe's Memecoin Rush vault. The vault reached a peak TVL of $125 million within a week, involving 10 Avalanche community tokens and over 12,000 depositors.

Flipside - @cloudr3n

• Avalanche's TVL has decreased by 43% from its peak of $1.9 billion in March 2024 to $1.1 billion in August. The largest decline was in the liquid staking sector, which shrank by $100 million, primarily due to the drop in AVAX prices. The increase in DEX trading was significant, exceeding $17 million, with the exchange Pharaoh contributing $10 million. DeltaPrime, as a multifunctional protocol, added up to $12 million.

Flipside - @cloudr3n

• In July, the Avalanche Foundation launched an incentive program called BOOST to support its DeFi ecosystem. There are currently signs that BOOST is having an effect—since the program began, Pharaoh's TVL has tripled to over $13 million, while DeltaPrime's savings deposits and loans have approached $32 million and $17 million, respectively, nearing a threefold increase.

Flipside - @cloudr3n

• Transaction Level Analysis: This address received the highest LB incentive, worth 43 AVAX!

  The user utilized $120,000 in two pools (ggAVAX-AVAX and GGP-AVAX), with liquidity shapes of only 1 bin! Imagine the impermanent loss and the time required to add, rebalance, and remove the same position.