jakiro
Author: Zack Pokorny, Galaxy; Compilation: Deng Tong, Bit Chain Vision Realm
summary
It has been 50 days since the beginning of 2024. We have seen that the market value of tokens on the chain has reached a record high. The number of main L1 and L2 participating in DEFI has reached a two -year high, and the L2 ecosystem of Ethereum has always maintained vitality.This report focuses on some major trends that are emerging in the industry through the perspective of data on the chain.
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The total market value of RWA tokens hit a record high of about $ 2774 billion on February 2nd. The tokensized financial assets (that is, Treasury bonds and bonds, private credit and real estate) markets reached a $ 1614 billion high on February 8.As the market value of the RWA token reaches this milestone, crypto native assets are getting market share compared to RWA in key DEFI areas.
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The number of addresses interacting with DEFI in the main L1 and L2 is nearly two years high, reaching 445,000 addresses.DEX is one of the most common DEFI application types when users use DEFI.
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In the Ethereum ecosystem (L1 and main L2), the number of daily active addresses has reached a record high, and the number of daily transactions has continued to rise.L2 income also increased significantly last month.
RWA
On February 2, 2024, the market value of tokensized real world assets reached a record high, reaching $ 2774 billion.It is worth noting that financial assets including national bonds and other bonds, private credit and real estate reached a record high of $ 1.614 billion on February 8, 2024.Please note that these values only consider the value of the RWA token itself on the public blockchain, such as OUSG and Tether’s XAUT, excluding stablecoin or issuer tokens, such as ONDO and CFG.The dominant position of the financial asset RWA Treasury coupon/bonds was 58.1%, a decrease of about 110 basis points from the historical high as of February 26, 2024.
Although the market value of tokens on the RWA token chain reached a new high, the dominant position and usage of RWA’s products on the chain have been declining.This is the most obvious in DAI’s mortgage. Since late October 2023, the use of RWA has been steadily declining.This is a key sign,It highlights that people are increasingly inclined to use encrypted native assets instead of RWA on the chain, and in turn, the demand for cryptocurrencies generally increases.Recently, the growth of stablecoins supported by LST will only increase this concept and indicate that the trend is strong.
In addition, the productivity of encrypted native assets has surpassed RWA several aspects.In the current affairs communication on December 1, we introduced this point by Maker and DAI as an example. Among them, the loan supported by cryptocurrencies received a higher stability fee than RWA.With MakerDao voting to increase the stability fee of some of its chains, this dynamics still exist and grow again.The most noteworthy is that it will increase the cost of 191 basis points through its STETH vault casting DAI.It also exists in the annual annualized return of the main stable currency’s yields relative to the national treasury coupon.The figure below uses awe V2/V3 and Compound V2/V3 in USDT, USDC, DAI, and FRAX’s weighted average supply APY.Since the end of October 2023/in early November 2023 (just before the Dai RWA mortgage began to fall), the yield yield of stable currency has exceeded the yield of Treasury coupons for three months.
DEFI user and retention
According to the 7 -day SMA data, on February 1, the number of daily active addresses (DAA) in the main L1 and L2 reached a two -year high to reach 576,000 addresses.Solana has always maintained the most active DEFI address of the day. After the high point on February 1, 2024 (the second day after the Jupiter airdrop) reached a high point of 330,000, as of February 20, 2024, it reached 196,000.On the other hand, Ethereum has been lost in the past year (a decrease of 24%from 120,000 addresses on February 20, 2023).The next section will introduce more information about Ethereum activities and the number of users.
Dexe has become a key component of users to add Defi on the above seven chains.As a reference, in the figure below, the financial application category includes applications such as borrowing platforms and income aggregates.Since September 2023, nearly 60% of all new users participating in Defi have started from DEX.This is consistent with the airdrops of Defi and speculation around the past six months.In addition, please note that the importance of NFT in the past three months has become increasingly prominent in attracting new users to enter DEFI.
Within three months of January, the retention rate of DEX users is significantly strong.In the chain observed over the past five months, Solana’s DEX users have the highest reservation rate, which can be attributed to Jupiter’s airdrop activities.The figure below tracks the month retention rate of DEX users in Solana, Arbitrum, and Optimism (the top three chains in the above chain) (the chain of the top three in Dex retention rate) (the user retention rate of users who add in X + January in X + January)EssenceThe monthly retention rate of these users has been on the rise for four consecutive months before the decline in January 2024 (Solana is 6 months).The weighted average retention rate is based on the new DEX user every month.
Ethereum and Layer 2
Ethereum has been criticized for its decline in the decline in the number of users and the overall activities on the encryption Twitter.Although the number of daily active addresses and activity indicators (such as the number of transactions) has indeed been flat or even slightly declined in most of the past two years, the promise of the future centered on Rollup makesFair.When considering some top L2, user growth and activities are approaching the highest level of history.
The figure below shows the sum of the daily daily address of Ethereum L1 and some of its leading L2.As of February 21, the total number of active addresses of these networks exceeded 1.2 million, of which Ethereum L1 only occupied 360,000 addresses.Please note that this chart contains only part of all Ethereum L2.
Ethereum and trading counts on the same L2 show similar high points.Although the Ethereum L1 trading is sluggish, its L2 ecosystem has an average of 3.14 million transactions per day within 30 days of February 26, 2024.
Consistent with the number of strong transactions is income growth.As of February 26, 2024, Arbitrum, Optimism, Base, Scroll, Zora, and ZORA, and ZKSYNC used 7 days SMA to generate $ 1.5 million daily income (these are the costs paid by users to summarize sorters).February 26, 2024 also created the second largest daily income of the observed chain store.
Within 30 days of February 26, 2024, these L2 also paid more than $ 21.6 million in data costs to Ethereum L1.This number will become increasingly important, because the activities that previously performed on Ethereum L1 were performed on Rollup.
Summarize
The following are some key signals provided by the above data:
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The demand for the replacing RWA in Defi to replace RWA in Defi continues to exist.
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Although the large -scale airdrop has ended and the user continues to rush to DEFI, the retention rate of DEX in January has declined.This shows that users in the field of Defi have some loss or surrender.
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Although people notice that Ethereum’s activities and the number of users have declined, its L2 ecosystem is still full of vitality, and the number of transactions is approaching a record high.
