DeFi Metrics of the Week 12/22
DeFi Metrics for the degens...
With so much going on every day in crypto, it can be hard to keep up with all the most important on-chain analytics.
To help, here are our DeFi Metrics of the Week.
The total stablecoin supply saw a large increase this week, and is up 1.03% ($1.3B) over the past week
The total stablecoin market cap now sits at $130.312B, up from $129.164B last week.
With markets steadily grinding up alongside the stablecoin supply, 2024 is increasingly looking like an extremely bullish year for crypto.
As this trend continues, we will likely begin to see these stablecoins flow on-chain.
The Total3 market cap is also continuing to rally, up around 6% 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.
We're still yet to see any market-wide alt rotation, and instead are seeing a select few alts like SOL, SEI, and INJ outperform.
Gas prices on Ethereum have been volatile this week, as we've begun to see other L1s on-chain activity spike.
Notably, Sei, Solana, and Injective started to see their own capital rotations as people chase airdrops and memecoins.
It's becoming increasingly obvious that people don't want to spend $30-50 per swap, which is why we've started to see Ethereum's on-chain activity die down.
This could change with catalysts like the ETH ETF, proto-dank sharding, restaking, and more...
NFT volume is still on the rise, yet is still nowhere close to the highs that the NFT market saw in 2021.
As attention continues to slowly flow toward NFTs, it seems more likely that we see a similar level of mania as we did in 2021.
We've also been watching the Solana NFT scene as well as Bitcoin Ordinals, both of which have received renewed interest due to cheaper gas fees and speculation.
These ecosystems are likely here to stay, and it could be worth positioning yourself for growth in these sectors.
Our last metric of the week is Solana volume, which has managed to surpass Ethereum volume over the past 7 days.
As fees continue to rise on mainnet, capital will continue to flow to other chains.
It is worth keeping in mind that the majority of Solana's volume this week was off the back of the success of a couple of meme coins, which is not necessarily sustainable for the ecosystem.
However, this can quickly change as more projects decide to launch.
Conclusion
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