Whole network data overview
💵 Total stablecoin market capitalization: US$172.745 billion (+0.44%)
🔒 Total TVL of the entire network: US$89.371 billion (+3.95%)
Stablecoins continue to hit highs and TVL rebounds
In the past three weeks, the total market value of stablecoins has grown at a rate of 0.4~0.5% per week, with more than US$2.5 billion added from the US$170 billion mark, and continues to move towards a historical high of US$188.4 billion; the TVL of the entire network has increased since three weeks ago of US$79.3 billion, rebounded to US$89.3 billion, an increase of approximately 12.5%. In the past few weeks, the overall total lock-up value has still fluctuated with the currency price, and there has been no large inflow of external funds, indicating that the DeFi season may still be some distance away.
Figure source: DefiLlama DeFi total locked-up volume & total stablecoin market value
Overview of each public chain
Weekly TVL ⬆️ (criteria: TVL > $50 million)
Base: +18.6% ($2.253 billion)
Sui: +10.7% ($1.00 billion)
Aptos: +6.1% ($560 million)
CORE: +5.2% ($444 million)
PulseChain: +20.7% ($444 million)
NEAR: +12.9% ($262 million)
Cardano: +28.6% ($247 million)
Sei: +24.0% ($217 million)
zkSync: +73.3% ($138 million)
Celo: +23.6% ($123 million)
Telos: +21% ($57.94 million)
Weekly TVL ⬇️ (criteria: TVL > $50 million)
Tron: -4.7% ($7.994 billion)
Linea: -3.2% ($518 million)
Mantle: -2.9% ($462 million)
Special Observation Group (Enterprise Public Chain)
Kaia: +24.0% ($41.33 million)
Astar zkEVM: +4.4% ($4.52 million)
The top ten public chains are recovering and high-performance public chains are creating ATH
Last week, TVL of most public chains showed positive growth. Only Tron among the top ten public chains had a net outflow. This may be related to the dissipation of SunPump’s topicality. This will be mentioned again in DEXs Volume later; Sei, Aptos and Sui exceeded 2, 5.5 and 1 billion US dollars, both hitting new highs since the launch of the mainnet, indicating that the current focus of DeFi whales is on this type of high-performance Layer 1 public chain.
Source: DefiLlama Top Ten Public Chains TVL
Celo testnet upgraded to Layer2
Celo is about to join the OP Mainnet super chain ecosystem and plans to upgrade its Layer1 mainnet (is it an upgrade?) to Ethereum Layer2. The test network Alfajores has been successfully upgraded on 9/26. Perhaps affected by this news, Mento, the Celo algorithm stablecoin protocol, injected more than 20 million US dollars that week. The protocol TVL increased by 39%, and the total lock-up value of Celo is now 123 million. Dollar. Interestingly, even Vitalik praised Celo’s contribution in the payment field. Perhaps Ethereum is expected to use Celo’s payment construction in the future to further capture the global market penetration of crypto payments.
Image source: DefiLlama Celo protocols TVL
CORE is the leading Bitcoin compatible chain
The total locked-up value of CORE has also continued to reach new highs in the past two weeks. As of this writing, it has reached US$440 million, ranking among the top 20 public chains. In addition to the previously mentioned Colend and Pell Network, its decentralized exchange protocol COREx Network and liquidity staking Core Earn also contributed tens of millions of dollars in TVL last week, showing that CORE's infrastructure as a public chain has gradually improved. .
Image source: DefiLlama CORE protocols TVL
Same track competitor (and former leader) BitLayer is not far behind, but TVL has yet to return to its all-time high.
zkSync is included in RWA lock-up value
The total locked-up value of zkSync surged 70% to $138 million last week. A detailed analysis will reveal that the protocol with the highest TVL is Sygnum Bank (RWA). Sygnum Bank is a digital asset bank headquartered in Switzerland. In fact, it issued US$50 million of Fidelity Institutional Liquidity Funds (Institutional Liquidity Funds) through zkSync as early as March 19 this year. However, DefiLlama did not release it until last This data has just been collected this week.
Picture source: DefiLlama Sygnum Bank Locked Value
Cardano supports memecoin staking pool
Total Cardano locked value rose 28% over the past week to $247 million, with the largest contributor coming from lending protocol Liqwid, which injected $20 million in a single week. Liqwid can now use the memecoin $SNEK as collateral and lend stablecoins. Generally speaking, most lending protocols only support the supply pool of stablecoins or public chain native coins. The reason is that there is a healthy demand for collateral, and too much volatility can easily trigger a liquidation mechanism. It can be seen that allowing meme coins to be used as collateral can be said to be a unique feature of Liqwid.
Image source: DefiLlama Cardano protocols TVL
📊 Transaction volume on the entire network (Weekly DEXs Volume): US$34.502 billion (+47.56%)
Weekly DEXs Volume（Top EVM）
Ethereun: +60.6% ($8.287 billion)
BNB Chain: +27.3% ($5.97 billion)
Base: +128.2% ($3.969 billion)
Arbitrum: +33.2% (2.951 billion USD)
Polygon: +30.2% ($590 million)
OP Mainnet: +77.9% ($548 million)
Avalanche: -9.4% ($365 million)
Weekly DEXs Volume（Top non-EVM）
Solana: +51.3% ($7.885 billion)
Thorchain: +39.6% ($708 million)
Sui: +15.6% ($591 million)
Tron: -21.2% ($327 million)
Aptos: +26.7% ($302 million)
TON: +29.5% ($167 million)
Osmosis: +2.6% ($120 million)
Ethereum and Solana rebound sharply, while Tron continues to decline
Overall on-chain transaction volume rebounded sharply last week by 47% to $34.5 billion, driven primarily by Ethereum and Solana, the largest chains by transaction volume, with both chains up more than 50% and transaction volume reaching $8 billion. It is worth noting that in addition to the 128% increase in transaction volume, Base's TVL also increased by 18%, making it the top ten public chains with the largest increase in overall activity last week.
Picture source: DefiLlama The transaction volume on the entire network rebounded by 47%
Source: DefiLlama Transaction volume of each public chain
Tron was one of the few mainstream public chains that saw a decline in activity last week. Its on-chain transaction volume dropped sharply by 21% to $327 million. This data has fallen back to the level before the launch of SumPump. In addition, a similar trend can also be observed through DappRadar , its chart shows that SumPump’s indicators such as the number of active addresses, transaction volume, and transaction times all reached their peak within a week after deployment (8/21), and then began to decay, and have now fallen to the lows of the past two months, indicating that SunPump's topicality gradually faded.
Source: DappRadar Tron on-chain activity
📊 Perpetual transaction volume on the entire network chain (Weekly Perps Volume): US$32.848 billion (+0.46%)
Sei: -43.7% ($719 million)
OP Mainnet: +291.1% ($296 million)
The Perps Volume of the entire network remained flat and the Sei transaction volume fell.
The trading volume of perpetual contracts on the entire network last week was US$32.8 billion, an increase of only 0.46% over the past two weeks, and it was also one of the few weeks where Perps Volume (US$32.8 billion) was lower than DEXs Volume (US$34.5 billion). OP Mainnet perpetual trading volume surged 291% to $296 million, returning to pre-mid-August levels.
Image source: DefiLlama on-chain perpetual transaction volume
Picture source: DefiLlama OP Mainnet’s on-chain perpetual transaction volume has grown significantly
Sei, which has continued to hit new highs in the past few weeks, also experienced a sharp correction of 43% last week, with the on-chain perpetual transaction volume falling back to US$719 million. This may be attributed to the TVL reduction of the derivatives protocol Vertex Perps; on the other hand, it occupied Sei TVL's top two lending protocols, Yei Finance and liquidity staking SiloStake, both had net inflows of more than 30% last week, indicating that the focus of Sei users may temporarily shift from perpetual contracts to fixed income.
Source: DefiLlama Sei The amount of perpetual transactions on the chain has shrunk.
Picture source: DefiLlama Sei Liquidity changes in various protocols
event summary
As Bitcoin regained US$65,000 last week, public chain activity has also experienced a rebound, whether it is the sharp increase in the volume of mainstream public chain DEXs or the growth of TVL competing for public chains (such as PulseChain, NEAR, Cardano and Celo) , all laid the foundation for recovery of the overall DeFi sector.
Note: The data mentioned in this article are all observations before September 30, and may differ from real-time data. If you want to view real-time data, you can use DefiLlama.
