⚡Coinbase Launches Base with a Bang
Plus Friendtech brings social tokens to Crypto Twitter and more
The Dynamo DeFi newsletter covers the most interesting stats, trends, and tools in crypto each week.
In this issue:
🔢On-Chain Metrics
📈Trends & Narratives
🛠️Tool Spotlight
📅Key Events This Week
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🔢On-Chain Metrics
Total Value Locked Trends
Total DeFi TVL (including Liquid Staking) grew from $62.57B to $63.82B, but remains in the same narrow range it’s been in since February.
Growth this week was driven primarily by Ethereum, Solana, and Coinbase’s Base chain (more on this below).
The top TVL gainers among protocols with $100M+ TVL had new and familiar faces. WEMIX.FI, the main DeFi platform for the Wemix network, grew over 600%. Other top performers were Spark Protocol, buoyed by their boosted DAI yield, stUSDT, and Thorchain.
The appearance of both Spark and stUSDT suggests that stablecoin yields could be an emerging trend.
Cross-Chain Flows
Ethereum, Avalanche, and BSC had the largest inflows this week.
Top Earning Protocols
Notable standouts among top protocols by fees collected were friendtech and Base. Both of these are highlighted in the ‘Trends and Narratives’ section below.
📈Trends and Narratives
Coinbase Launches Base Chain with a Bang
After a rocky start 2 weeks ago, Coinbase’s Base chain officially launched this week.
Due to its backing by Coinbase and its rapid adoption, I have high hopes for Base. Dapps like Friendtech and BaseSwap drove thousands of users to Base this week.
Active addresses passed 100K and daily transactions passed 700K on several days.
These transactions were accompanied by massive money inflows as $129M moved into DeFi on Base.
Finding the winning ecosystem plays on new chains has historically been a profitable bet. For this reason, my research right now is focused on the Base ecosystem.
Friendtech Brings Social Tokens to Crypto Twitter
Friendtech took the world of crypto by storm this week. Their app, which is live on Base, allows you to connect your Twitter account and create social tokens that others can then speculate on. Right now, the tokens give you access to a private chatroom, but already people are starting to develop other uses. I find friendtech interesting for a few reasons:
It’s on Base.
Similar to Unibot, Friendtech creates a new wallet for you, simplifying on-chain interactions.
SocialFi tokens have the potential to appeal to a wide variety of online personalities outside of traditional crypto users.
New things usually look like toys; despite other social token apps in the past, the way that everything fits together on friendtech feels like a 0 to 1 moment.
If you’re trading on-chain, you can now snipe DEX listings, set limit orders, swap MEV free, and more with Unibot. (Affiliate Link)
🛠️Tool Spotlight
Find the Correlation Between Cryptos with DefiLlama’s New Tool
With Cryptowatch shutting down, we lost a great tool in their correlation matrix. Luckily DefiLlama stepped in. This tool shows the correlation between different coins for a 7d, 1m, or 1y timeframe. This is especially useful for avoiding impermanent loss and building a diversified portfolio.
📅Key Events This Week
That’s all for this week. For more frequent content, follow me on Twitter, TikTok, and YouTube.
Until next time,
Patrick Scott
Dynamo DeFi