The weekly 🐰 hole (2 July 23) of liquidity movement & DeFi analysis - by zj.valz

Welcome to the weekly 🐰 hole (2 July 23) of liquidity movements & defi analysis, where we uncover key trends and insights into the top protocols and hidden gems.

What a rollercoaster this week as BTC failed to break the $32K resistance post-SEC statement on filling inadequacies. Let’s see what other excuses the SEC will come up with to reject a spot BTC ETF.

🐰Content:

1. Stablecoin flows

2. Smart Money Movement

3. Top L1/L2 Financials

4. Top DAPP Financials

5. Movement Analysis

6. TLDR

1. Stablecoin Flows

Total Stablecoin MCAP = 123.23 bil, with -4.35% weekly change.

Top 10 Chain (In terms of Stables Mcap):

Top inflows:

1. Fuse

2. zkSync Era

3. Flow

4. Cardano

5. IoTeX

Top outflows:

1. Hedera

2. Waves

3. Syscoin

4. EthereumClassic

5. BSC

2. Smart Money Movement

Cr: @ozfrox

Top Smart money inflows (including stablecoins):

1. USDC

2. DAI

3. rETH

4. cbETH-bb-a-WETH-BPT

5. Curve USD stablecoin

Top Smart money outflows (including stablecoins):

1. USDT

2. Wrapped ETH

3. Tai Reflex Index

4. USDC (Arbitrum)

5. Wrapped ETH (Polygon)

Top Smart money inflows (excluding stablecoins):

1. rETH

2. cbETH-bb-a-WETH-BPT

3. Curve USD stablecoin

4. R stablecoin

5. Arbitrum

Top Smart money outflows (excluding stablecoins):

1. Wrapped ETH

2. TAi reflex index

3. Wrapped ETH (Polygon)

4. Curve DAO token

5. Convex

3. Top L1/L2 Financials

Fees-Generated

1. ETH

2. BTC

3. BNB

4. Arbitrum

5. Optimism

Revenue

1. ETH

2. Tron

3. BSC

4. Arbitrum

5. Avalanche

DAUs

1. Tron

2. BNB

3. Polygon

4. ETH

5. Arbitrum

Active Developers

1. ETH

2. Polkadot

3. Cosmos

4. Solana

5. BTC

Code Commits

1. ETH

2. Polkadot

3. Solana

4. Cosmos

5. BTC

4. Top DAPP Financials

Fees-Generated

1. Lido

2. Uniswap

3. Pancakeswap

4. Blur

5. MakerDao

Revenue

1. MakerDAO

2. Lido

3. Convex Finance

4. PancakeSwap

5. Maestro

P/F Ratio

Relative valuation of protocols (Lower the no. the “better”)

1. El Dorado Exchange

2. Level Finance

3. Equilibre

4. Mummy Finance

5. GND Protocol

P/S ratio

FDV Mcap/Annualized Revenue (Take this metric with a pinch of salt as revenue figs used could be annualized and not actual revenues earned)

1. El Dorado Exchange

2. Level Finance

3. Equilibre

4. X2Y2

5. GND Protocol

Holders Revenue

Cumulative revenue attributable to holders 24 Hours

1. Pancakeswap

2. Synthetix

3. Curve Finance

4. Radiant

5. Gains Network

DAUs - Daily

1. Pancakeswap

2. Uniswap

3. Stargate

4. 0x

5. Metamask

Trending Applications

1. Holograph

2. Project Galaxy

3. Vela

4. Uniswap

5. Spaceid

Raises - Recent funding rounds

1. Outdid

2. Mind Network

3. AlloyX

4. PWN

5. One Trading

5. Movement Analysis

Stablecoin flows:

• Total stablecoin market cap decreased by 4.35% this week, marking the sharpest drop since May 2022.

• Fuse, zkSync Era and Flow saw the largest stablecoin inflows.

• Hedera, Waves, Syscoin saw the largest stablecoin outflows.

Smart Money Movement:

• Smart money still remaining risk-off with large inflows into USDC and DAI this week.

• Smart money seems to be stacking up on ARB as the dominant L2 continues to be the premier chain for most on-chain activities.

L1/L2 movement:

• The majority of Dex Volume is still being transacted on ETH Mainnet, with BSC and Arbitrum trailing behind.

DAPP movements:

• This week, GMX fell out of the top 10 protocol ranking in terms of fees and revenue, while other Perp DEX platforms like Level Finance gained a larger market share.

• Maestro, a telegram trading bot, is raking in revenues this week.

• Holograph NFT on optimism is the top trending application this week.

• Alpha drop by @apes_prologue

6. TLDR

• Bull sentiment quickly broke down this week after the SEC came out with a statement regarding the inadequacy of spot BTC ETF fillings.

• Smart money remains risk-off, with exposure mainly focused on ETH and ETH LSD derivatives.

• Level finance continues to outpace GMX, and the recent token burn mechanism is set to increase real yield as $LVL token holders reap the benefits of token supply decreasing as trading volume increases.

P.s. I may have positions in the projects discussed in this article. Please note that this article is not intended as financial advice, and I encourage readers to conduct their own due diligence and ape responsibly.

That’s it Anon, hope you enjoyed the 🐰hole this week.

Follow me @zec_jay on Twitter or subscribe to this substack for more weekly deep dives.

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