jakiro
Author: alvis, Mars Finance
Four months ago, Marsbit boldly predicted that the turning point of the Defi track may have quietly arrived, and many high -quality projects ushered in an excellent layout opportunity.
Recommended reading: DEFI River River Day?Leading project value return
Today, 4 months have passed, the DEFI market has proved the accuracy of this conclusion with dazzling data.Whether it is token performance, total lock value (TVL), or borrowing volume, etc., it shows a strong recovery momentum.
All this shows that this area that has been considered “falling endlessly” is gradually rising from the trough, and laid a more solid economic foundation and innovation path.
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DEFI market value table, data derives from coingecko
Reviewing during this period, the market value of the DEFI market rose rapidly from US $ 70.5 billion to US $ 132.4 billion, and the average increase in tokens reached 87%, a significant average increase in the overall market for the overall cryptocurrency.This not only reflects the outstanding performance of DEFI in the market, but also highlights its huge potential in the future.
DEFI tokens performed well: an average rose exceeded 110%
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DEFI PULSE INDEX, derived from Messari
The Defi Pulse INDEX (DPI) of Index Coop is a tokenized index that is used to track the performance of top -level decentralized finance (DEFI) assets available on the Ethereum blockchain.DPI provides diversified investment for the DEFI field through a single generation to simplify the user’s investment process.It includes UNISWAP, AAVE, and MakerDao, which represents a wide range of DEFI projects.
Bitcoin reached a record high in December, but we can find that most of the recent Defi token performance is far ahead of BTC and ETH.
The DEFI Pulse Index (DPI) has risen rapidly in the past month. As of press time, it has exceeded the peak level of March this year.
This means that the price of most DEFI tokens has reached a new high, and investors have reached an average level of revenue by an average of more than 110%.
TVL growth: the core indicators of market recovery
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Multilateral DEFI TVL, data derived from DEFILLAMA
As of December 6, 2024, the total lock value (TVL) of multi -chain DEFI was US $ 134.6 billion, an increase of more than 59%from the level of US $ 84.6 billion in August, although this number was 1868 from the historical value set in December 2021, which wasThere is still a level of 38% of 100 million dollars, but at this time, it has shown a significant upward trend, and some can be attributed to the general increase in asset integration. For example, the packaging assets of Ethereum and Bitcoin set a new highPolicies have also contributed to this upward trend.
Returning of loan volume: leverage demand stimulate market vitality
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Ethereum mainly lending agreement, data from Token Terminal
The value of borrowing — the value of non -debt in the lending agreement -currently $ 18.8 billion.This is close to the peak level of March and November 2021.0 billion US dollars.The rise in demand for loan leverage directly causes the prosperity of the Defi ecology.
DEX transaction volume explosion: the dominant position of decentralized exchanges
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All Dex total transaction volume, data originated from Defillama
In recent months, the DEX transaction volume has increased. Last month, the transaction volume had reached 372.3 billion US dollars, which has exceeded US $ 292 billion in November 2021.The current December transaction volume has reached 101 billion US dollars, and it is expected to reach more than 400 billion US dollars this month, a new high.
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DEX trading volume rankings, data originated from Defillama
The 24 -hour transaction volume of Uniswap, Raydium, and Pancakeswap ranked among the top three in 24 hours of transaction volume of 6.1 billion, 2.1 billion, and 1.8 billion US dollars, respectively, representing the DEX leader of Ethereum, Solana, and BNB ecology.From the tokens, the price of UNI has risen from $ 6.5 to $ 16.2. Ray has risen from $ 1.3 to $ 5 in the past 3 months, and the price of CAKE has risen from $ 1.5 to $ 4.1.
Due to the high level of transaction activities and price appreciation, with the liquidity brought by ETF funds, this upward trend may continue until March next year.
Expansion of the stabilization currency market: Stable currency becomes the core of the market liquidity
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Stable currency ranking, data originated from Defillama
At present, the market value of stable coins is 196.8 billion US dollars, which is 16%compared to the previous $ 169 billion, a record high.
It is worth noting that the current USDE market value exceeds $ 5 billion, surpassing DAI to become the third largest market value stablecoin, and it is also the largest decentralized stablecoin in the market value.It has risen from $ 0.2 to the current $ 1.1 in the past three months.
Stable coins have gained widespread attention and application globally, and gradually expanded from the narrow sense scene of cryptocurrency transactions to an important choice for global payment.
At the same time, the increase in the volume of cottage coins is mainly promoted by stable currency and fiat currency transactions, rather than traditional bitcoin transactions, which indicates that the market is experiencing substantial growth rather than simple asset rotations.The stable currency liquidity has better explained the current surge in the cottage market.
Institutional financing rebound: The maturity of the DEFI market increases
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Defi track financing amount over the years.Derived from rootdata
Risk investment funds in the DEFI field are experiencing a significant revival.
According to the latest data from ROOTDATA, the total investment in the field of Defi this year has climbed to 1.48 billion US dollars.Although this number has not yet reached the peak of $ 2.2 billion in glorious in 2021, it has clearly got rid of the trough of 2023 and is close to the level of 2022.
Innovation and future prospects of Defi head project
In the DEFI track, head projects (the top five Defi projects based on Coingecko’s market value) such as AAVE, Uniswap, Chainlink, Hyperliquid, Ethena, etc. are constantly innovating and expanding business boundaries, showing strong vitality and market competitiveness.
Chainlink
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ChainLink token Link, derived from Coingecko
Benefiting from RWA’s narrative, the Chainlink tokens Link has risen from $ 10 to $ 24 in the past three months.
ChainLink’s Link tokens, which are mainly used to pay the verification service of data retrieval nodes, and except for this, the tokens itself does not provide much effect.Although some people think that ChainLink can continue to flourish as a business without Link tokens, this logic will encounter problems on the tokens based on real -world assets (RWA), because these tokens often automatically become income.Assets, this situation may attract the attention of regulatory agencies, especially SECs.
The reason why ChainLink is the leader of the prophet track is mainly due to its decentralized network design, strong security and extensive ecological integration.As a decentralized prophet network, ChainLink provides reliable and diversified data sources by connecting multiple independent nodes to avoid the risk of single -point fault.It cooperates with multiple blockchain platforms and traditional financial institutions (such as Google Cloud, Oracle, etc.) to support cross -chain compatibility and expand the application scenarios of smart contracts.
In addition, ChainLink uses an incentive mechanism and pledge mechanism to ensure the accuracy and security of the data. At the same time, it continues to innovate technologies, such as under -chain computing and privacy protection solutions to further enhance the function of smart contracts.With its technical advantages, extensive partners and strong community support, Chainlink has settled in the leadership of the predictive machine field.
Link’s possible possibilities include:
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The key development and updates in the ChainLink ecosystem, such as the Staking V0.2 platform that is about to go online;
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Five chainlink services are integrated into seven different chains, including Base and Arbitrum;
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Cooperate with financial entities such as SWIFT to use ChainLink’s cross -chain interoperability protocol (CCIP) to conduct asset tokenization and cross -chain interoperability;
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The surge in TVL in the RWA field and speculation around this narrative.
Dex leading uniswap
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Uniswap transaction volume and income originated from Defillama
Since the V2 version in May 2020, UNISWAP’s market share in the field of decentralized trading has experienced fluctuations.It set a peak of nearly 78.4% in August 2020, but in November 2021, with the intensification of Dex competition, it fell to a low trough of 36.8%.However, UNISWAP not only successfully restored its momentum, but also proved its toughness and recovery ability with nearly 70% of its market share.At the same time, UNISWAP also reached a record high of $ 94.4 billion in average monthly transactions.
As the leading automatic city merchant (AMM) agreement, the liquidity pool update of Uniswap V4 once again shows its innovation and leadership in the field of decentralized trading protocols.This series of improvement enhances the flexibility and scalability of the agreement, significantly enhances its market competitiveness, so that Uniswap V4 leads competitors in many aspects, and continues to consolidate its dominant position in the Defi ecosystem.
Derivative transaction Hyperliquid
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Hyperliquid tokens Hype, originated from Coingecko
In the field of cryptocurrencies, many projects rely on speculation and transaction volume subsidies to attract attention, but Hyperliquid is different.It does not do publicity, nor does it accept venture capital financing, and rely on strong product strength to surpass competitors.Hyperliquid is a decentralized permanent contract exchange, which has a high -speed spot market and actively promotes Meme culture.The team intends to solve the performance bottlenecks of the current L1 and L2 public chain by developing the L1 public chain optimized by high -frequency transactions.The design of the order book on the chain ensures the openness and transparency of the transaction, and avoids the “leading transaction” and information advantages of the traditional centralized exchange.Hyperliquid’s goal is not just contract transactions, but to build a complete chain financial ecosystem, promote innovation in the DEFI field, and further expand to efficient decentralized options markets.
In addition to strong technology and products, Hyperliquid has also received the support of the community. Many users use “xxx.hl” as the username to express their trust and support for the platform.For how to capture value before the Hyperliquid issuance, investors can choose to buy its iconic MEME coin “Purr”, invest in HLP or buy Hyperliquid Point.Because Hyperliquid does not have venture capital support and has a strong profitability, they have enough space to increase the proportion of points for points. It is expected that at least 15% of tokens will be used for airdrops.As a trader and Defi enthusiast, I am confident that Hyperliquid is confident that it is the best time to participate in its growth.
The current OKX has been launched on the Hyperliquid (Hype) trading before the market. The offer is $ 14, and more exchanges will be launched next.
Lending leader AAVE
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AAVE TVL and income originated from Defillama
AAVE is one of the oldest DEFI projects in history. After completing financing in 2017, it completed the transition from point -to -point borrowing (at that time the project was also called Lend).Compound of the head project of the same track, whether it is a market share or a market value, is the first place in the loan track.
TVL exceeds US $ 21.6 billion.AAVE’s income has exceeded the peak of the previous bull market for half a year, and has strong profitability.
At the time of writing, the price of AAVE tokens exceeded $ 257, which has increased by more than 83%in the past three months, setting a new high within 2 years.
Decentralized stable currency faucet Ethena
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Ethena tokens ENA, originated from Coingecko
In the past month, the total amount of USDE issuance has increased from US $ 2.4 billion to $ 5 billion, achieving monthly growth of over 110%.USDE also surpassed DAI in one fell swoop to become the largest decentralized stablecoin.
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Ethena’s annualized rate is derived from Ethena’s official website
After Ethena’s underlying logic is that after BTC breaks through the new high, it is more emotional. The improvement of funding rates has increased the pledge yield of USDE and brought the growth of USDE.Although it has declined compared to the previous days, about 40% of the APY displayed on the official website of Ethena on December 6.
In this growth spiral, almost every participant is a beneficiary, and USDE’s leveraged mininger / lender can obtain a high but changing yield through leverage.
Future Outlook: Deep integration and institutionalization of DEFI ecology
Looking forward to the future, the DEFI market will continue to deepen the development in the following aspects:
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Institutional development: As more and more traditional financial institutions enter the DEFI field, institutional investment will become an important driving force for the DEFI market, bringing more funds and technical support.
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Cross -chain and interoperability: The maturity of cross -chain technology will further promote the popularization of DEFI applications, especially with the help of prophetic aircraft such as ChainLink, DEFI will achieve a wider range of cross -chain collaboration and data sharing.
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Compliance and regulatory: With the gradual improvement of the regulatory framework, the DEFI market will gradually adapt to stricter compliance requirements, which will pave the way for the long -term healthy development of the market.
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User experience optimization: The DEFI platform will continuously optimize the user experience and reduce the entry threshold, attract more non -technical users to participate in this ecosystem, and promote the popularization of DEFI.
In summary, although DEFI is facing some fluctuations in the short term, from the perspective of market data, Defi’s recovery momentum is very obvious.With the continuous innovation of core projects, the increase in institutional investment, and the gradual support of policies, the DEFI ecology will show a broader development prospect in the next few years.
