February 20, 2024

BTC's 79% jump, ETH's $100B mark fuel $13B Web3 TVL boost

This past week, the Web3 industry's total TVL grew by a whopping $13.37B to its current level of $128.3B. The two biggest cryptocurrencies, Ethereum and Bitcoin, did most of the healthy lifting in crypto's double-digit TVL rise. This is likely triggered by crypto's recent bullish run, during which Bitcoin hit the $50K level for the first time since 2021, while Ethereum grew 9% over the past week as it inches closer to $3,000.

In this edition of the Web3 Hot Trends report, we discuss the latest trends and bright spots across Web3 ecosystems and projects.

Ecosystem TVL Growth

TVL is an essential indicator of how much capital is currently engaged in the decentralized finance (DeFi) space. Here are some key observations from TVL growth data we tracked this week.

1. Ethereum hits $100B TVL milestone as $ETH restaking momentum adds $25B in 2 weeks.

The Web3 ecosystem giant saw its TVL rise from $75.05B two weeks ago to $100.27B recently, which translates to a 33% jump. This week's 11.85% TVL jump added $10.6B to Ethereum's locked funds. A major factor in this rapid rise is $ETH liquid restaking, which now accounts for $10B in TVL across several platforms, up from $350M in December 2023.

2. Bitcoin is now the 6th biggest Web3 platform by TVL.

Bitcoin's booming Web3 ecosystem has taken a huge jump this week, assisted by $BTC's ascent to $50K for the first time since late 2021. Over the past 7 days, Bitcoin saw its TVL leapfrog by 78.69%, from $927.09M to $1.66B, overtaking other major ecosystems like Avalanche, Polygon, and Optimism.

3. Filecoin grows TVL by $108.8M, integrates with Solana.

Web3 data storage project Filecoin has expanded its TVL this week by $108.8M (+39.95%), a level that's competitive with its bigger peers like Polygon ($106.3M) and Solana ($96.7M). Speaking of Solana, Filecoin recently integrated with the surging Layer-1 platform, resulting in a 17% rise in its token price.

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Project TVL Growth

Diving deeper into the projects’ TVL growth, the 0xScope team spotted positive trends from the projects that stood out this week:

1. Aave, Maker account for $1.1B of Ethereum's TVL surge.

Given the $10.6B jump in Ethereum's TVL this week, it's not surprising that DeFi mainstays Aave and Maker are the biggest TVL gainers among Web3 projects. Aave grew by $574.3M (+8.66%) while Maker added $552.2M (+6.83%) to its locked funds. To further highlight Ethereum's momentum, 8 out of the top 10 projects by TVL growth are on that blockchain.

2. Meteora records meteoric 67x TVL growth.

Solana-based dynamic liquidity protocol Meteora saw its TVL rise by a staggering 6675.53% after it added $166.4M in locked funds.

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Weekly Project Volume

In this segment, we track which Web3 projects have seen the greatest increase in volume over the past week. This metric is an indicator of the hottest projects in terms of incoming money flow or increased usage. Here’s what stood out:

1. Major DEXes benefit the most from Web3's major volume boost.

The top projects that gained weekly volume are DEX market leaders Uniswap and PancakeSwap, which added $1.14B and $970.4M, respectively. Their combined volume gain is bigger than that of the next eight projects combined, thanks to an increase in DEX trading activity because of crypto's recent good week.

2. Quickswap posts healthy 81.12% volume growth.

All projects on the top of this week's list saw double-digit growth, but Quickswap's $273.6M volume gain is remarkable on its own, especially given that it nearly doubled the Polygon-based project's volume in just one week. One factor that has contributed to this rise is its recent airdrop collaboration with Manta Network.

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Weekly Project Fee

This segment assesses which projects are raking in significant revenues from their operations. Here’s what stood out:

1. GMX leads all projects with $674K rise in weekly fee earnings

Decentralized perpetual exchange GMX saw its weekly fee intake rise by 57.80% to $1.8M, taking the spotlight from other projects like MetaMask (+$604K) and Venus (+$492K)

2. MUX Protocol records 3.5x gain in weekly fees

Perpetual DEX platform MUX Protocol just hit a 7-day record high in trading volume, worth $1.86B. This trading surge has allowed it to take in $659K more in fees this week, representing a 357.99% rise.

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Project User Growth

Project user growth can offer insights into the adaptability and popularity of specific projects. Here’s what stood out:

1. NFT trading tool project sees 21.6x user growth after launching new product.

On top of this week's user growth rankings is Reservoir, which recently launched Relay, a new protocol for cross-chain bridging. By entering into the Web3 bridging sector, the Arbitrum-based project was able to grow its users by 2163.68%.

2. Mantle projects post healthy user growth rates.

Following Reservoir in today's list are four Mantle-based projects: Range Protocol (+45.58% user growth), Swapsicle (+28.20%), XY Finance (+19.10%), and Lendle (+15.14%).

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Users, as defined by 0xScope’s tools, pertain to real users behind addresses, calculated by 0xScope’s proprietary entity and bot recognition algorithm.

TVL stands for the total value locked in a project. 0xScope computes an ecosystem's TVL as the sum of the TVLs of all projects under that ecosystem. Crypto assets bridged to an ecosystem without being stored in Web3 projects do not count under that ecosystem's TVL count.

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