DeFi protocols and DEXs saw increased revenue and steady daily active users even as the wider crypto market buckled under the pressure of FTX and Alameda’s insolvency issues.
While trading volume increased, the total value locked in DeFi lags
Only seven protocols saw a net increase in their total value locked over a 7-day period. Gains network, a perpetual exchange on Polygon saw the largest 7-day increase of 17.3%One inter-chain operability protocol, Ren, witnessed a TVL drop of 50% in the last week. According to Cointelegraph reporting,
, receiving quarterly funding and keeping their treasury directly on FTX. The protocol itself benefited from Alameda’s locked liquidity in an attempt to improve interoperability.Data also shows that blockchain revenues are rising amid a constant rate of daily active users. Major blockchains saw an increase of over 300% in daily revenue when compared to previous weeks.
At the same time, daily active users remained steady at 1 million. The dichotomy between these data points suggests that transactions are happening at a more frequent pace among existing users.Related: FTX collapse followed by an uptick in stablecoin inflows and DEX activityWhile blockchains saw an increase in revenues which is likely primarily due to token emissions, only Ethereum saw positive earnings.
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