September 15, 2023

Tron rises amid week of falling TVLs

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 201 ecosystems:

  • Ethereum TVL losses outweigh overall gains. This week, only about 31% of all ecosystems have grown their TVLs, and their total gains of $194.2M pale in comparison to ETH’s $793.6M TVL loss. This is unsurprising given ETH’s major TVL dominance (currently at 72% of total TVLs), but what’s surprising is that Base, which we covered last week as a possible factor in ETH’s TVL decline, lost almost $27M in TVL. This is despite the recent resurgence of its viral social app, which we’ll talk about later. Other major Ethereum alternatives such as BNB Chain and Solana also joined this week’s TVL swoon with losses worth $66.6M and $8.7M, respectively.
  • Tron leads TVL gainers for the 2nd straight week. One Ethereum rival that has shown great momentum is Tron, which followed up last week’s $390.5M TVL growth with an additional $137.4M this week. Tron started this year by declaring its goal of growing its stablecoin market cap from $40B to $60B. More than halfway into 2023, Tron claimed to have hit some milestones in daily active users (1.23M, 23% more than Bitcoin) and daily transactions (4.44M, second only to Solana). The continued TVL growth of the Tron projects we tracked in this report seem to add credence to Tron’s rise.
  • Flare TVL grows 2x after network upgrade. Users of Ripple-affiliated oracle service provider Flare Network added about $3.3M to the network this week, resulting in 217.97% TVL growth. The platform recently greenlit a network upgrade that allowed data providers to become network validators and accelerated its transition to a proof-of-stake consensus model.

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Project TVL Growth

Diving deeper into the projects’ TVL growth, the 0xScope team spotted positive trends from a handful of projects that stood out in a week that is marked by low trading volumes in exchanges and mostly declining TVLs.

  • Binance Staked ETH leads all projects with $170M in added TVL. As competition among ETH liquid staking derivatives (LSD) providers continues to heat up, Binance Staked ETH grew its TVL 57.92% in a week characterized by either stagnant growth or slight decline for its rivals. Market leader Lido added $37.9M to its TVL for just a 0.27% increase that only affirms its LSD dominance.
  • Lybra continues to ride its V2 momentum with 11x TVL growth. We’re two weeks into the launch of Lybra V2, and the project behind the LSD-backed $eUSD stablecoin followed up its 35x TVL growth last week with a further 1108.45% increase. Lybra recently rolled out the second phase of its new mining program, possibly fueling further interest in the project.
  • bounces back with 266% TVL rise. Much-hyped Web3 social networking app is getting its second wind this week, after a recent decline that had a few observers predicting the early death of the Base-based project.’s $23.7M TVL growth coincided with its all-time-high trading volumes and fees this week, as well as a gradual increase in the number of unique buyers to 155,000.

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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:

  • NFT projects bring in new users. Amid a challenging year for NFTs, marketplaces such as OpenSea and still managed to attract quite a lot of new users, at least for this week. And with relatively low address/user ratios for these NFT projects’ new users (just 2.42 for and 3.96 for OpenSea), we shall continue to track if this signifies a bigger change in NFT activity or if this is just a temporary break in NFT projects’ continued downtrend.
  • Bungee, Stargate lead for 3rd straight week. Arbitrum-based bridge aggregator Bungee and bridge project Stargate have consistently brought in the most new Web3 users over the past three weeks. As mentioned before, airdrop hunting seems to be the major contributor to this trend.

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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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