September 29, 2023

ETH-based DeFi projects lead TVL growth

This past week, Ethereum continues its lead for Web3 TVL growth, as the DeFi projects that are based on the platform grew their TVLs the most. However, it's a different story for the most of the other blockchains.

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 across 203 ecosystems, about 80% of which saw lower TVLs:

  • Ethereum stays strong with $541M TVL growth. ETH leads all gainers for a second consecutive week, adding to its $2.46B TVL growth from last week. Later, we'll discuss which DeFi projects played a huge role in Ethereum's continued
  • Moonbeam benefits from Upbit listing boost. The second-biggest gainer among ecosystems is Moonbeam, which recently got added to Upbit's listed tokens, resulting in a boost in its token price, as well as a $6.2M TVL gain (+16.85%).
  • $LUNA price surge increases Terra 2.0 TVL. This week, the price of $LUNA went up from $0.38 to as much as $0.57, driving. The renewed interest in the platform is likely due to its plan to re-peg the $USTC stablecoin to the U.S. dollar. Note that the original Terra version's algorithm-based peg resulted in disaster and the arrest of its founder Do Kwon.
  • Mixin loses big from hack. The platform understandably lost $245.5M in TVL after getting hacked for $200M this past week. However, as we noted in a recent report, the story behind the hack is a bit more complicated.
  • Base finally trends downwards. After weeks of sustained growth, followed by a stagnant performance last week, the Coinbase-created blockchain is showing signs of weakness, with a $23.5M loss (-6.14%) in its TVLs.

Full List

Project TVL Growth

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

  • Ethereum's DeFi giants take top spots. Uniswap, Lido, and Aave came back to this list's top 3 with a combined TVL growth of $1.15B. The three DeFi platforms' rise is indicative of an overall surge in Ethereum platforms, as the top 7 projects in out list, as well as 8 of the top 10 and 15 of the top 20 are on Ethereum.
  • Lybra Finance goes from $0 to $180M TVL in 1 month. Lybra Finance, which launched its version 2.0 earlier this month, has continued its momentum with an $82.1M TVL growth (+77.71%) this week. In just one month of its existence, Lybra 2.0 had stored $180M in total TVL, an impressive feat.
  • Silo Finance returns to the top 10 with 63.26% TVL growth. Also benefiting from the ETH boost is Silo Finance, which added $36.1M to its TVL.

Full List

Project User Growth

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

  • Legacy NFT marketplace Manifold surprisingly tops list. Out of nowhere, Manifold gained 12,029 new users this week, with 38,905 addresses connecting to the app.
  • GMX benefits from Arbitrum Odyssey boost. As expected, Arbitrum's Odyssey community activity resulted in significant user boosts for the projects that it is showcasing. This week's featured project on Odyssey is GMX, which rose to No. 2 in our rankings with 6,879 new users. Interestingly, the project is having a very low address-to-user ratio at 1.38. Is this a sign that Arbitrum Odyssey has solved its bot problem? Let's see in the coming days.
  • BananaGun posts more crazy stats. BananaGun, the trending Telegram trading bot at the moment, continued exhibiting some interesting numbers. The project holds a crazy active user share of more than 50%, while having an address-to-user ratio of 15.87. Note that last week, we called attention to the project's 11.22 address-to-user ratio.

Full List


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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