November 10, 2023

ETH bull run continues to benefit DeFi leaders

This past week, the total TVL balance across all 211 Web3 ecosystems tracked by the 0xScope team increased by $2.67B (+3.52%). This is the third straight week of significant TVL growth, following the $2.85B growth from last week and $8.76B TVL two weeks ago.

In this edition of the Web3 Hot Trends report, we discuss the continued momentum on the Web3 TVL front, as well as some bright spots across 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 accounts for 70% of TVL growth this week. Ethereum saw TVL growth of $1.88B this week, adding to its $1.6B increase last week. This is unsurprising given that Ethereum easily accounts for more than half of the industry's TVL. It also benefited from native token $ETH's rise to the $2,000 price level for the first time since April 2023.

2. BSC, Arbitrum, Solana benefit from native tokens' price hikes. Trailing Ethereum in the ecosystem TVL rankings are BNB Smart Chain (BSC), Arbitrum, and Solana, whose respective gains of $160.3M, $86.5M, and $69.3M pale in comparison to the large amounts that ETH is moving.

Nonetheless, these three major Ethereum rivals are on top of the rest of the field, owing to the price increases for their native tokens. Over the past seven days, Solana's $SOL, Arbitrum's $ARB, and BSC's $BNB went up by 30%, 22%, and 10%, respectively.

3. Cosmos ecosystem blockchains record notable TVL increases. Kujira saw its TVL rise by $25.8M (+51.41%), while Osmosis recorded a 24.57% TVL boost (+$23.3M). Kujira and Osmosis are part of the Cosmos ecosystem, which is seeing some bullish projections based on recent developments such as a recent project by Kujira and Osmosis to bring Bitcoin to Cosmos and the potential addition of $200M worth of $USDC stablecoins.

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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. Lido benefits the most from the $ETH bull run. Life is good when you are the leading $ETH liquid staking DeFi app in the world, and then all the $ETH under your possession suddenly rose in value. That's what happened to Lido this week, with $ETH's rally past $2,000 resulting in a $2.4B TVL increase, easily ahead of all other projects.

2. 100+ projects gain $10M+ in TVLs. After yet another bull run for leading crypto assets $BTC and $ETH, as well as the correlated value boosts on various altcoins, it's no surprise that there are many TVL winners this week. A total of 104 projects saw their TVLs increase by $10M or more, with 35 of them going past the $50M mark.

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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. Arbitrum projects dominate user growth rankings. This week, 8 out of the top 10 projects based on user growth are built on Arbitrum, including 4 of the top 5. Several factors were at play here, which we'll discuss below. Nevertheless, the growth of Arbitrum projects has solidified the platform's reputation as one of the most active in Web3.

2. Rhino sees exponential user growth this month. Popular Arbitrum-based token bridge Rhino gained 56,164 this week, more than the last three weeks combined (40,578 new users). The project has been the user growth leader for the past three weeks, with no signs of slowing down as it records 50% user growth week after week. The project is also showing healthy user metrics such as a 37.43% active user share and an address-to-user ratio of 1.89, which means that its growth is highly organic, especially considering that there are no major updates recently.

3. Dodo, 1inch benefit from Arbitrum Odyssey. Also among the list of top projects based on user growth are two projects that were recently featured in Arbitrum's ongoing Odyssey community incentive program. The featured project this week is the DEX Dodo Exchange, which gained 28,293 new users thanks to the campaign, putting it on top of all other projects except Rhino when it comes to user growth.

Meanwhile, DeFi aggregator 1inch continued its momentum (+12,802 new users) from its feature placement on Odyssey last week with an additional 10,568 new users this week, good for No. 4 in our rankings.

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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 total value locked in a project.

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