DeFi platforms see profits amid FTX collapse and CEX exodus

A week aft the fallout from the FTX and Alameda chaos immoderate on-chain information points are absorbing to observe. Although grounds amounts of Bitcoin (BTC) and Ethereum (ETH) volume are leaving the exchanges, not each decentralized applications (DApps) and protocols person shown growth, chiefly owed to reliance connected FTX and Alameda. 

DeFi net item affirmative gross for immoderate protocols

According to Token Terminal’s net leaderboard, successful the past 7-days, 3 protocols had gross supra $1 million. Ethereum led the on-chain net with implicit $8.5 cardinal total, a sign of beardown post-Merge fundamentals.

OpenSea was a distant 2nd spot to Ethereum, earning $1.5 million, portion 9 protocols and DeFi platforms earned much than $100,000.

Earnings leaderboard. Source: Token Terminal

Decentralized perpetual exchanges spot accrued trading volume

Combined with the migration distant from centralized exchanges, the volatile crypto market has users trading successful grounds numbers.

According to information from Token Terminal, the regular trading measurement of perpetual exchanges reached $5 cardinal which is the highest regular trading measurement since the UST meltdown successful May 2022.

Perpetual speech volume. Source: Token Terminal

While trading measurement increased, the full worth locked successful DeFi lags

Only 7 protocols saw a nett summation successful their full worth locked (TVL) implicit a 7-day period. Gains network, a perpetual speech connected Polygon saw the largest 7-day summation of 17.3%

TVL sorted descending from 7-day. Source: Token Terminal

One inter-chain operability protocol, Ren, witnessed a TVL driblet of 50% successful the past week. According to Cointelegraph reporting, Ren partnered intimately with Alameda, receiving quarterly backing and keeping their treasury straight connected FTX. The protocol itself benefited from Alameda’s locked liquidity successful an effort to amended interoperability.

Ren TVL. Source: Token Terminal

Data besides shows that blockchain revenues are rising amid a changeless complaint of regular progressive users. Major blockchains saw an summation of implicit 300% successful regular gross erstwhile compared to erstwhile weeks.

At the aforesaid time, regular progressive users remained dependable astatine 1 million. The dichotomy betwixt these information points suggests that transactions are happening astatine a much predominant gait among existing users.

Blockchain gross and regular progressive users. Source: Token Terminal

Related: FTX illness followed by an uptick successful stablecoin inflows and DEX activity

Blockchain revenues bash not needfully adjacent earnings

While blockchains saw an summation successful revenues which is apt chiefly owed to token emissions, lone Ethereum saw affirmative earnings. Proof-of-stake (PoS) blockchains similar Polygon (MATIC), Binance (BNB) and Optimism each recorded antagonistic earnings. When PoS blockchains person antagonistic earnings, holders of the tokens are deed with inflationary losses.

Blockchain earnings. Source: Token Terminal

On-chain information continues to grounds beardown points with accrued enactment connected decentralized perpetual trading platforms and affirmative gross for DeFi protocols. Even though CEX outflows were historic, regular progressive DeFi users did not increase, but the information that they remained accordant is notable. The aforesaid information besides highlighted lagging blockchain earnings, (except for Ethereum) and a alteration successful TVL.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.