DeFi Metrics of the Week 12/17
DeFi Metrics for the degens...
The on-chain ecosystem is finally starting to come back to life, and there are plenty of important metrics that you need to be monitoring.
Here are our DeFi Metrics of the Week.
The total stablecoin supply is slightly up for this week, up 0.14% ($181M) over the past week
The total stablecoin market cap now sits at $129.164B, which was at roughly $123B back in August.
We've been closely monitoring the stablecoin supply, as it is a strong indicator of whether or not new capital is flowing into crypto.
We're still no where close to 2021 highs, meaning that there is still plenty of room for growth in the coming months.
The Total3 market cap is also continuing to rally, up another 9% over the past week.
For those who aren't familiar, Total3 measures the current market cap of tokens outside of BTC/ETH.
Total3 is another metric worth keeping an eye on as it signifies the strength and growth of altcoins.
With the BTC ETF potentially marking a top in Bitcoin dominance, we could start to see a capital rotation into alts.
Gas prices on Ethereum have also been steadily growing, with on-chain activity finally starting to come back.
Linea has been a major contributor to these rising gas prices, potentially due to the increase in airdrop speculation.
As gas prices continue to rise, it's likely that we see an increase in capital rotating to other L1s and L2s.
We've already seen this start to play out, as ecosystems like Solana and Cosmos continue to outperform.
Another metric we've been closely monitoring is NFT volume, which shows signs of strength.
Attention is slowly coming back to NFTs, and it's probably a good idea to keep a close eye on new mints.
Interestingly enough, Bitcoin and Solana NFT volume and mints have been seeing massive surges in interest.
This is largely due to the growth of their respective ecosystems, and it could be worth looking into deeper.
Our last metric of the week is Mantle, which many people have written off altogether.
Even with a lack of attention, Mantle has consistently been growing ever since its release and currently sits at $133M in TVL.
This may be due to the growth yield bearings tokens like mETH and mUSD, while also onboarding Ondo Finance and their treasury-backed USDY stable coin.
Mantle seems to be leveraging the idea of "native yield", similar to that of Blast.
Conclusion
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