Original title: “The Way of DeFi丨”DeFi Blue Chips” Data at a Glance: Uniswap’s daily trading volume surpassed US$1 billion, YFI lock-up volume declined significantly
Author: Free and easy
If you have followed the discussion on crypto assets on twitter recently, you may have seen a lot of people mention the term “DeFi blue chip”.
The term “blue chip stocks” is used in the traditional world to refer to financially stable companies, and even in a challenging economic environment, these companies have a profit mechanism. In the world of crypto assets, “blue chips” generally refer to blockchain assets with a market value of at least $1 billion, while “DeFi blue chips” refer to DeFi projects with a market value or locked assets of more than $1 billion.
For now, has been widely recognized by the market, “DeFi blue chips” includes Uniswap (UNI), Aave (AAVE ), Synthetix (SNX), SushiSwap (Sushi) and yearn .finance (YFI).
After ETH broke through the important $1,000 barrier, these DeFi blue chip stocks also began to exert their strength. As of writing, the daily gains of UNI, AAVE, SNX, Sushi, and YFI are between 15%-20%, which is not inferior at all. The performance of ETH.
Figure 1: Data from messari
In addition to the rotation factor, what is the situation of these DeFi blue chips themselves?
Let’s take a look at the data situation of these DeFi applications:
Uniswap lock-up volume continues to soar, with daily trading volume reaching 1 billion US dollars
According to the data provided by info.uniswap.org, the amount of locked-up funds in the decentralized exchange blue chip protocol Uniswap has steadily increased since December 12 last year, and has now reached 2.72 billion US dollars, which is close to the amount before the suspension of mining in November. The historical lock-up peak of USD 3 billion (note: a large reason is due to the appreciation of digital assets such as ETH), which shows that Uniswap can maintain a leading edge without providing incentives for governance tokens. In addition, the most noteworthy is Uniswap’s The transaction volume has recently shown a steady upward trend. It has reached 1 billion US dollars today, which is close to the peak of the first wave of DeFi hype this summer. (Note: Uniswap once reached a peak of 2.19 billion US dollars in daily transaction volume on a certain day in October last year. Caused by arbitrageurs constantly trading through flash loans.)
Figure 2: Data from info.uniswap.org
From the perspective of daily active users, Uniswap’s daily active addresses have reached 28,353 in the past 24 hours, showing an upward trend recently.
SushiSwap’s daily transaction volume reached 588 million US dollars, a record high
Another dex project worthy of attention is Uniswap’s fork protocol SushiSwap. Its current asset lock-up volume is approximately US$1.5 billion, while its daily transaction volume has reached US$588 million. From the data point of view, the flow of SushiSwap The utilization rate of sexual funds even exceeds Uniswap (although the gap between the two is not very large).
In addition, from the perspective of active users and the number of transactions, Uniswap’s retail users are obviously far more than SushiSwap, and SushiSwap is mainly responsible for the transaction volume of large users. This difference is very worthy of attention.
Figure 3: Data from debank
After forming an alliance with YFI, SushiSwap has taken on a new look. It is no longer the previous Copycat that only relied on blood-sucking Uniswap, but has become another blue-chip DeFi project that has attracted much attention.
Aave’s annual borrowing has skyrocketed, with lock-up volume reaching US$2.8 billion
In addition to the dex project, the loan agreement is also the main force in DeFi, and Aave is one of the blue-chip projects. Up to now, the amount of mortgage funds for the Aave 1.0+ Aave 2.0 agreement has reached 2.8 billion U.S. dollars. The currency price can be said to have both hit a record high.
Figure 4: Data from Aave
It is worth noting that the current borrowing rates on the Aave agreement have skyrocketed, which indicates that the market’s demand for leverage is significantly enlarged, and this will further attract external funds to flow into the DeFi world.
Synthetix synthetic asset trading volume hits record high
Synthetix is currently one of the most successful DeFi derivatives agreements, and its locked assets have reached US$1.7 billion, setting a record high.
Figure 4: Data from Synthetix
And another data worthy of attention is the daily trading volume of its synthetic assets. According to official website data, the daily trading volume of synthetic assets under the Synthetix agreement reached 79.67 million US dollars on January 3, which also set a record high, and the recent trend is an upward trend.
Yearn.finance has a significant downward trend in locked positions
Yearn.finance (YFI)’s crazy performance in the summer of last year made its founder AC once promoted to the DeFi altar, and its series of integration operations in the second half of the year also attracted a lot of attention.
Therefore, although YFI’s market value and lock-up volume have not reached the order of 1 billion US dollars, many people will still include it in the category of “DeFi blue chip stocks”.
Figure 5: Data from debank
Figure 6: The data comes from yearn, which can be compared with Aave
But by observing YFI’s lock-up volume and mortgage yield, the situation does not seem so optimistic. This may be the worst fundamental among all DeFi blue chip stocks.
in conclusion
In general, the fundamentals of most DeFi blue chip stocks are gradually getting better, which can provide support for their performance today and in the future, while the situation of the big uncle (YFI) seems to be somewhat special, which may be more More observations.
And like Layer 2 and some complex derivative agreements, it is also worth observing, but they seem to be some distance from the blue chip target.
