August 21, 2023

Web3 Hot Trends: Lifeform breathes new life into BNB Chain, Maker & Base dApps see TVL surge

Web3 Hot Trends is 0xScope’s weekly recap highlighting the most notable recent developments and potential alpha opportunities in Web3. Powered by 0xScope’s analytical tools and research team.

BNB Chain showed remarkable user growth of 10.83% on August 11–18, according to the latest data and analysis from 0xScope.

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BNB Chain outshines with a 10.83% user spike, greately exceeding Ethereum’s 0.19% and Arbitrum’s 1.10%. Over the past week, BNB Chain and Arbitrum boasted a soaring share of active users at 19.30% and 17.00%, respectively, leaving Ethereum trailing at 3.60%.

BNB’s surge in both new and recurring users is largely fueled by the rapid rise of the Lifeform digital identity project on the BNB Chain.

Lifeform takes the crown as BNB Chain’s top dApp this week

Lifeform, a project on the BNB Chain that introduced the AvatarID decentralized identity system for Web3, recently partnered with OKX Wallet for the ‘Cryptopedia Season 5: Lifeform’ event. From August 3 to 17, Lifeform hosted a giveaway featuring $300,000 in LFT tokens and airdropped NFT boxes. The project claims that the event drew 3.25 million users with 7.8 million tasks completed.

To assess and verify the overall impact of Lifeform’s activity on the overall Web3 landscape during the past week, the 0xScope team analyzed the project using its clustering algorithm, which helps users understand the profile of users of Web3 projects. As a result, investors such as Web3 traders and venture capital firms are more equipped to properly investigate whether a project’s hype is driven by actual user growth, enabling them to make wiser decisions on their next market moves.

Despite a discrepancy between Lifeform’s claims and 0xScope’s findings, the data remains impressive. 0xScope recorded 680,708 new and 684,264 active Lifeform users last week, making it the top-growing Web3 project. Remarkably, Lifeform drove 98% of BNB Chain’s weekly growth, with a solid 50.26% user growth. While the numbers vary, Lifeform’s influence on the market remains evident, marking a triumphant week for the DID initiative.

For context, here are the top 20 fastest-growing projects over the week.

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In the Web3 growth leaderboard, Stargate on Arbitrum boasts the top address-to-user ratio this week. On average, a Stargate user on Arbitrum utilizes 3 addresses for bridge interactions, versus 1.6 on BNB Chain and 1.2 on Ethereum. Notably, Stargate’s BNB Chain user base expanded by 15.16% this week, outpaced only by Lifeform and Zkbridge.

Leading the pack in active user percentages are Lifeform (33.60%), Zkbridge (34.00%), and Hooked (23.50%), all hailing from BNB Chain.

Maker’s Saving Rate Hike Drives TVL Growth, Plus Momentum from stUSDT and BASE Dapps

Maker takes the lead in 0xScope’s weekly TVL growth rankings among top Web3 projects, experiencing a $338.39 million surge in its total funds, a 6% increase, now holding a total $5.64 billion TVL.

Following the MakerDAO community’s decision on August 6 to temporarily raise annual yields from 3.19% to 8%, deposits into the DeFi protocol’s DAI Savings Rate (DSR) have quadrupled, ballooning from $340 million to $1.3 billion. Consequently, its annualized revenue soared to $165.4 million, a peak not seen in two years.

Below are the top 20 Web3 projects by TVL growth this week.

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Following close behind MakerDAO this week is stUSDT, Tron ecosystem’s newest Real World Asset (RWA) offering. Via JustLend, stUSDT boasts a staked sum of $636.53 million on Tron as of August 18, a significant jump from $435.04 million just a week prior. Tron’s founder, Justin Sun, envisions stUSDT as the Web3 equivalent of Alipay’s Yu’e Bao fund.

Additionally, the recently introduced Layer-2 blockchain, BASE, made a splash in our rankings shortly after its August 9 debut. The Coinbase-endorsed network claims four spots in our top 10, spurred by foundational DeFi projects like DEXes capitalizing on BASE’s public introduction. For instance, Alienbase (ranked 6th) witnessed a 255x surge in TVL, while other BASE-integrated projects like Beefy (8th, 5.6x growth), Swapbased (9th, 6.4x growth), Moonwell (15th, 2107x growth), and Magnate Finance (41st, 25.6x growth) rapidly carved out their market niches.

Learn more about what drives BASE’s rapid growth in our recent blog “BASE Madness: Riding the MemeCoin Wave on Layer 2.”

To round up this report, we spotlight other Web3 projects that showcased impressive user growth this past week.

Appendix A: Rank 21–50 of the Top Growing Web3 Projects (11th-18th August 2023)

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  • Address pertains to Ethereum EOA address
  • Users, as defined by 0xScope’s tools, pertain to real users behind addresses, calculated by 0xScope’s proprietary entity and bot recognition algorithm.
  • TVL means total value locked in a project.

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