DeFi

Footprint November Monthly Report: DeFi TVL surpasses $288B, NFTs stall

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Within the month of November, DeFi’s Whole Worth Locked (TVL) surpassed a file excessive of $288 billion, up by 32.7% MoM, and Bitcoin and Ethereum surpassed earlier all-time peaks.

Though NFT buying and selling exercise slowed, it has not affected fundraising within the sector.

BTC, ETH hit file highs

Footprint Analytics: BTC Price and Trading Volume Trends
Footprint Analytics: BTC Worth and Buying and selling Quantity Traits
Footprint Analytics: ETH Price and Trading Volume Trends
Footprint Analytics: ETH Worth and Buying and selling Quantity Traits

Bitcoin

The value of BTC hit one other file excessive on Nov. 8, surpassing $67,670, a 25% month-to-month improve, bringing its market cap to $1.28 trillion. As of Nov. 30, the BTC worth returned to Might ranges, with general coin worth fluctuations remaining between $50,000 and $60,000.

BTC’s first all-time excessive resulted from the primary Taproot improve, which goals to boost the Bitcoin protocol by bettering privateness, introducing sensible contract performance and course of advanced transactions at a decrease price. These are main modifications and essential components straight affecting BTC’s worth improve.

Ethereum

Likewise, the value of Etheruem rose to a brand new excessive of $4,800 on Nov. 8 and has remained above $4,000 as of writing. This rise comes not solely from the launch of Etheruem 2.0, and options of Layer-2, offering customers and tasks with a greater expertise, increased effectivity and decrease gasoline charges.

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Most significantly, with the improve from POW to POS and the formation of automated destruction, the circulating provide of ETH has been restricted, inflicting a shortage of ETH and a pure worth rise.

DeFi’s TVL exceeds $288 billion

Footprint Analytics: DeFi TVL
Footprint Analytics: DeFi TVL

In comparison with October, DeFi’s TVL has been booming, reaching an all-time excessive on Nov. 9. The competitors for TVL dominance inside DeFi has additionally grow to be more and more fierce amongst chains and tasks.

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Listed below are just some November highlights:

  • The emergence of DeFi 2.0 as an idea, which goals to unravel points resembling inefficient funding and promoting strain.
  • DeFi platform Acala received the primary Polkadot parachains public sale to allow cross-chain info interplay.
  • Completion of the EVM equivalency improve for Optimism, the Etheruem Layer2 scaling resolution, simplifies the event course of for builders and reduces transaction prices.
  • Blockchains Avalanche, Solana and Terra reached new highs in DeFi TVL.

Curve main DEX, Convex overtakes Aave to rank third

Footprint Analytics: Protocol TVL Rankings(since 31 Nov 2021)
Footprint Analytics: Protocol TVL Rankings(since 31 Nov 2021)

Convex Finance, which formally launched on Might 17 this yr, has overtaken Yearn Finance ($16.27 billion) because the main yield challenge by way of TVL ($6.06 billion) on Nov. 30. It’s now the third-largest DeFi challenge, even overtaking Aave ($15.72 billion).

What made Convex Finance so fashionable?

Convex goals to enhance on Curve’s UX shortcomings with a one-stop platform for CRV pledging and liquidity mining. It goals to simplify the method of locking and pledging CRVs on Curve via an easy-to-use interface with CVX tokens, and to spice up the expansion of the CRV ecosystem by rising the compensation of CRV holders and liquidity suppliers. Its new financial mannequin is without doubt one of the key options of DeFi 2.0.

Curve continues to steer the DEX class with $21.5 billion in TVL. From its inception, it has positioned itself as a decentralized alternate particularly designed for stablecoins, fixing the difficulty of excessive slippage within the AMM mannequin in addition to excessive gasoline charges, which can undoubtedly be taken under consideration when utilizing stablecoins, thus making inroads with buyers.

Fierce multi-chain competitors

Footprint Analytics: Change of Market Share by Public Chain
Footprint Analytics: Change of Market Share by Public Chain

Footprint Analytics present that the market share of Etheruem and BSC was steadily divided by different blockchains in November, with gradual progress in Ethereum and a lower in BSC (Ethereum TVL: $181.74 billion in November in comparison with $164.55 billion in October, a rise of 10.4%; BSC TVL: $20.37 billion in November in comparison with $20.83 billion in October, a rise of -2.2%).

Footprint Analytics: Top 5 TVL Growth Rate for Chains
Footprint Analytics: High 5 TVL Development Price for Chains

Previously 30 days, one of many fastest-growing chains has been Avalanche, with TVL rising from $8.63 billion in October to $14.2 billion in November, a 65% improve, rating the fourth in TVL. Its success comes from its rising liquidity mining actions, elevated incentives and EVM compatibility.

In November, NFT buying and selling volumes fell by one other 27%

Since July, the recognition of the crypto market has moved from DeFi to NFT, with NFT’s buying and selling quantity peak in August ($5.5 billion) and has amassed to US$19 billion this yr to this point, in line with Footprint Analytics.

Footprint Analytics: NFT Monthly Trading Volume
Footprint Analytics: NFT Month-to-month Buying and selling Quantity
Footprint Analytics: NFT Top 30 Volume 7D Change Rate
Footprint Analytics: NFT High 30 Quantity 7D Change Price

Nevertheless, in comparison with October, buying and selling volumes fell once more in November, from $3.3 billion in quantity to $2.4 billion, a progress charge of -27%, primarily resulting from drops in some main Ethereum NFT platforms, e.g. CryptoPunks (-3.5%), Axie Infinity (-15%) and The Sandbox (-41%).

NFT collectibles are nonetheless strong, occupying 68% market share

Footprint Analytics: Market Share of NFT Volume by Category
Footprint Analytics: Market Share of NFT Quantity by Class

Whereas buying and selling quantity has decreased, collectibles nonetheless maintain a strong 68% of the NFT market share, with artwork and gaming holding 16% and seven.3% respectively. It’s no shock then that CryptoPunks collectibles, essentially the most well-known NFT assortment, subsequently produced a slowdown in buying and selling volumes. The likes of the DeFi ecosystem are continuously updating and iterating to supply higher and higher fashions to each tasks and customers, so the NFT market wants a more moderen, extra thrilling challenge that may assist reignite the market.

Main funding homes getting into DeFi & NFT

Footprint Analytics: Funding-Monthly Investment Trend
Footprint Analytics: Funding-Month-to-month Funding Development
Footprint Analytics: Funding-Monthly Investment by Category
Footprint Analytics: Funding-Month-to-month Funding by Class

NFTs and DeFi have grow to be fashionable avenues for capital funding. In line with Footprint Analytics, the most important proportion of funding funds in November entered DeFi, overtaking NFTs. One purpose is that DeFi is iterating to DeFi 2.0, innovating by way of capital effectivity and lowering gasoline charges, the present ache factors for buyers.

Financing continues to be within the early phases

Footprint Analytics: Funding-Fundraising Rounds (2021)
Footprint Analytics: Funding-Fundraising Rounds (2021)

In 2021, fundraising has been dominated by seed spherical investments, occupying 60%. Investments within the world blockchain sector are nonetheless within the early funding stage, with new kinds of tasks of every kind continuously sprouting.

Totally different funding focus, AU21 having the best variety of investments

Footprint Analytics: Funding-Number of Projects by Investor & Category
Footprint Analytics: Funding-Variety of Initiatives by Investor & Class

In line with Footprint Analytics, AU21 Capital is presently the most important investor with 119 investments, which is a fund devoted to supporting essentially the most gifted folks within the blockchain area. Its most important actions embrace early-stage enterprise capital, preliminary token choices, and seed investments.

Abstract

The crypto market has seen groundbreaking progress throughout all sectors this month, with BTC and ETH hitting all-time highs and DeFi setting new data, giving most buyers and customers a lift of confidence. Ethereum and BSC proceed to play a significant function in decentralized finance, and Avalanche shouldn’t be far behind. Solana and Terra are additionally constantly bettering.

The decline of NFT month-to-month buying and selling quantity doesn’t spell doom for NFTs, however indicated the market is ready for a push to reignite exercise.

November Key Occasions Evaluation:

Coverage and Information:

  • South Korean regulator declares ban on bodily asset-based NFT app video games
  • Finland strengthens regulation of digital currencies
  • Nigerian cost app KurePay to droop operations resulting from authorities crackdown on cryptocurrencies
  • G20 assembly: Encouraging continued in-depth evaluation of the potential function of central financial institution digital currencies in facilitating cross-border funds
  • India could ban itemizing and buying and selling of cryptocurrencies with out authorities approval
  • US senators to introduce encryption modification to Biden’s infrastructure invoice
  • Asian Blockchain Gaming Consortium launched in Singapore

Fundraising:

  • NFT sports activities platform SportsIcon closes $5.5 million seed funding spherical
  • Blockade Video games, a blockchain recreation developer, closes $5 million funding spherical
  • Avocado Guild raises $18 million in Sequence A funding led by Animoca Manufacturers
  • DAO voting platform Snapshot Labs closes $4 million funding spherical
  • Open Meta raises $4.5 million to formally create Open Meta DAO in 2022
  • Web3 social layer builder Mem Protocol closes $3.1M in funding led by a16z
  • Blockchain gaming infrastructure supplier Forte closes $725 million Sequence B funding spherical led by Sea Capital and Kora Administration
  • Ethereum miner CoreWeave closes $50 million funding spherical from Magnetar Capital
  • LD Capital establishes $100 million Metaverse ecosystem fund ‘Meta Fund’

Blockchains:

  • DeFi Whole Worth Locked on the Avalanche chain attain a file excessive of $13 billion
  • Stablecoin circulation on Etheruem tops $95 billion
  • Moonbeam wins Polkadot’s second Parachain slot and will increase its crowdfunding bonus by 50%
  • Boba Community surpasses $1 billion in TVL, jumps to second in TVL for Layer2 options
  • 56% of whole newly produced ETH destroyed through base charge since Etheruem implementation of EIP-1559
  • Bitcoin community problem raised to 22.67T for the ninth time in a row
  • Whole DeFi TVL the Solana chain exceeds $15 billion, a file excessive

NFTs:

  • The overall market worth of metaverse-related crypto belongings exceeds $48 billion
  • The overall market worth of play-as-you-earn class NFT recreation passes tops $35 billion, a file excessive
  • Whole NFT on-chain gross sales high $15 billion, a file excessive
  • The overall market worth of NFT passes exceeds $60 billion, together with $30 billion within the “Play-to-Earn” class, a file excessive
  • Google searches for NFT soar to file excessive
  • Axie Infinity common participant’s day by day earnings slips under the Philippine minimal wage
  • Digital artist Beeple’s Discord hacked, faux NFT airdrop causes customers to lose round 38 ETH
  • Beeple’s new NFT paintings sells for almost $29 million in ETH, making it the second costliest NFT ever
  • NFT market OpenSea reaches $10 billion in whole buying and selling quantity

DeFi:

  • DeFi platform Acala wins Polkadot first parachain slot
  • Coinbase is contemplating supporting third-party DeFi apps on its platform
  • Valkyrie launches $100 million “On-Chain DeFi Fund”
  • Cream Finance to distribute over 1.45 million CREAMs to customers affected by the assault
  • Polkadot ecosystem DeFi challenge Parallel’s Public sale Mortgage product TVL surpasses $300 million
  • Ethereum Layer 2 Scaling Resolution Optimism Completes EVM Equivalency Improve
  • Uniswap V3 automated liquidity protocols don’t yield higher returns than common LPs
  • The overall market worth of High 100 DeFi passes surpasses $170 billion, a file excessive
  • Whole network-wide DeFi TVL high $250 billion, a file excessive
  • Funds stolen in DeFi assaults this yr have reached $680 million

For extra information developments and content material from the DeFi ecosystem, click on on the Footprint hyperlink for extra challenge dashboards and evaluation.

The above content material is just a private view, for reference and data solely, and doesn’t represent funding recommendation. If there are apparent errors in understanding or information, suggestions is welcome.

This report was dropped at you by Footprint Analytics.

What’s Footprint

Footprint Analytics is an all-in-one evaluation platform to visualise blockchain information and uncover insights. It cleans and integrates on-chain information so customers of any expertise stage can shortly begin researching tokens, tasks and protocols. With over a thousand dashboard templates plus a drag-and-drop interface, anybody can construct their very own personalized charts in minutes. Uncover blockchain information and make investments smarter with Footprint.

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