November 24, 2023

Lido shines, BNB Chain sinks in modest week for TVL growth

This past week, the total TVL balance across all 218 Web3 ecosystems tracked by the 0xScope team increased by $644.5M (+0.76%). This effectively ends the Web3 industry's four-week spree of billion-dollar TVL gains. About 66% of all Web3 ecosystems have seen their TVLs shrink this week, in contrast to just 33% last week. Recent bearish events in the Web3 space likely resulted in slower growth.

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 maintains steady growth as rivals falter. This week, the majority of Web3 ecosystems with at least $250M in TVL saw modest single-digit declines, resulting in modest TVL gains for the entire industry. Ethereum's TVL grew slightly at 2.31%, but it's still worth $1.36B, which is more than enough to offset its rivals' losses.

2. Amid the Binance fallout, BNB Chain loses 4.5% of its TVL. Perhaps the biggest news in crypto this week is Binance's $4.3B settlement of its cases with various agencies of the U.S. government, resulting in the resignation of Binance founder CZ as CEO. Unsurprisingly, BNB Chain lost $172.4M of its TVL to become this week's biggest TVL loser. However, this loss is quite small given the ecosystem's $3.6B TVL size.

3. Optimism overtakes Avalanche as the 7th biggest ecosystem based on TVL. Layer-2 platform Optimism gained a modest $7.5M (+0.84%) in TVL this week, but Avalanche's TVL loss of $85M has allowed Optimism to overtake its Layer-2 rival in this week's ecosystem rankings.

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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 gains $1.5B in TVL. This week's leading TVL gainer among Web3 projects is ETH liquid staking giant Lido, which saw an 8.5% growth in its TVL. Lido's $LDO token is the most profitable token for Smart Money addresses this week, following the continued token accumulation of the project's institutional investors. Addresses linked with the Amber Group and FalconX have withdrawn millions of $LDO tokens over the past few days, which likely served as a catalyst for the project's recent growth. Another likely growth source for Lido is the recent $107M airdrop of Blur ($BLUR) tokens to support the launch of Ethereum Layer-2 network Blast, fueling more crypto activity for many DeFi projects such as Lido, Maker, and others.

2. Despite modest industry growth, 12 projects add $100M+ to their TVLs. Amid the relatively tepid TVL increase for the Web3 industry as a whole, several projects saw robust growth in locked-in funds. Ten out of the 12 projects that added more than $100M to their TVLs are Ethereum-based, including well-known projects such as MakerDAO (+$362.9M), Uniswap (+$120.3M), and Aave (+$111.7M).

3. Linea Bridge doubles its TVL. Linea Bridge saw 98.8% TVL growth worth $109.5M. One likely catalyst for this boost is the recent integration of Linea by CEXs OKX, Bybit,, and LBank, making it easier to ramp ETH in and out of the Linea blockchain.

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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. Rhino leads all projects with 12,331 new users. Arbitrum-based token bridge Rhino regained the top spot in this week's rankings, continuing its strong growth trend over the past six weeks. During this span, Rhino had increased its user base by more than 100,000.

2. BattleFly continues to grow after Arbitrum Odyssey appearance. Idle strategy game BattleFly has built upon the boost it received from its participation in Arbitrum Odyssey last week. After previously adding 13,548 new users, BattleFly added 11,899 more this week, once again surpassing other Web projects except one.

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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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