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Welcome to the DefiLlama Newsletter. Each week we bring you the most valuable onchain insights from the the deepest DeFi dataset in the world.
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Onchain Insights: Charts this Week |
Sustained revenues during broader decline
DEX volume has declined for five straight months. Over $500b in volume was facilitated during the month of October. May facilitated just ~50% of January’s DEX volume.
TVL is down 46%. But fees & revenue generated by onchain businesses this year is essentially flat and remains durable.
If TVL & volume are declining, how are onchain businesses able to keep their revenue steady?
Onchain businesses are earning more per unit of activity
Fee rate (fees / DEX volume) has risen. Volume fell ~50% but fees remained steady, meaning each remaining dollar of volume is generating 40% more in fees than it was in January. Protocols generally earned 0.68% in fees at the beginning of the year, and that number increased to ~0.90% in recent weeks.
TVL efficiency has also risen. Annualized fees relative to locked TVL went from ~20% in January to 25-30% recently. The locked capital base shrank nearly in half, yet it’s working noticeably harder. A meaningful uptick in capital utilization this year.
Polymarket drove Polygon’s increased share of app revenue
In the month of January, apps on Polygon earned $6m, or 1.43% of total app revenue.
In the following months Polygon’s share of total app revenue has risen to over 9% at $22m so far this month.
Polymarket is the driving force behind Polygon’s app revenue growth. Last week, the prediction market brought in a record $7.5m in revenues and holds $427m in TVL, at all time highs.
The debut of the World Cup (with the World Cup Winner contract crossing $3b in cumulative volume), SpaceX IPO contracts settling and activity from the Iran conflict are culminating in increased platform activity.
Courtyard is a top earner on Polygon, consistently seeing $1m+ in weekly revenues, peaking at the beginning of June. Courtyard is producing ~20% of Polygon’s app revenue, earning $6m in revenues over the last 30d, making it a top-20 revenue producer across the industry.
Collector Crypt breaks into the top 10 revenue generators
Solana has championed onchain app revenues for nine consecutive quarters. It currently leads app revenue over the last 24h, 7d and 30d.
Only two of the top 10 app revenue generators over the last 30 days are Solana-native: Pumpfun and Collector Crypt.
Collector Crypt’s revenue earned from spins of their gacha machine and from marketplace fees is at an all-time high, now challenging Pumpfun as the top revenue generator on Solana.
A year ago, Pumpfun out-earned Collector Crypt by 20x.
The first three weeks of June have already outpaced May in revenue earned
A substantial portion of Collector Crypt’s cumulative $60m in revenue has come from spins of their $250 pack. Gross protocol revenue is net of pack buybacks.
Dozens of protocols see strong revenue growth this week
Filtering out small earners, many onchain protocols have seen increases in revenue this week.
This list was made with LlamaAI and includes a spike filter, comparing last week’s revenue to the average of the 3 prior weeks to find sustained growth.
The first tier of protocols seeing revenue growth over both 7d and 30d:
The second tier are seeing growth over the last 7d, but are bouncing back from soft periods.
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Breaking down revenue growth by category, Insurance and Liquid Restaking are leading the charge. These two categories are generally smaller in absolute revenues.
Options, Synthetics, Prediction Markets, Bridges and Staking protocol categories are seeing growth.
The largest categories (derivatives, DEXs & lending) are mostly flat.
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DefiLlama Research |
Schedule a call with our (human) analyst team at DefiLlama Research for more market insights and to explore our market intelligence tools.
How Variational is approaching a brokerage-style model that connects traders to liquidity through RFQs, internal market making, and isolated onchain settlement
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Yield Watch |
Several pools are a yielding higher APY than their 30d averages. For single token deposits, Pendle and Morpho pools top the list.
Aerodrome fees are up this week, with rewards available across a series of liquidity provision pools. Uniswap pools on Base, OP, ETH and Arbitrum made the list. SOL pools on Orca are also seeing yields of 50%+.
The top lending pools are mostly on ETH.
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Ask LlamaAI Create an analysis of the top yield pools From 3 perspectives: stablecoin pools, providing liquidity, and lending yield or low borrowing costs. The pools need to be trustworthy, should have over $2.5 million in TVL, on reliable protocols and have the ability to exit pools quickly if needed.
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