Key Takeaways
- Fantom outperformed other L1 and L2 chains with over 29% growth on TVL. This could be attributed to the support of veteran DeFi developers on the Fantom ecosystem.
- The total transaction volume of OpenSea continued to climb despite the launch of LooksRare. In the first half of January, OpenSea has generated nearly $2.7 billion in volume, and is now on track to surpass the $3.4 billion high it notched last August.
- Platypus Finance was under the spotlight last week as its TVL skyrocketed by 7x.
- Institutional activities were constrained as indicated by the lowered perpetual trading volume. Traders turned bullish on the BTC and ETH as reflected in the positive funding rates. However, the two currencies are still faced with downtrend pressures due to the surged liquidations on long positions.
Charts
- The number of active addresses for BTC displayed a sequential pattern during last month. After dropping to the 750K level, it recovered to around 1 million. ETH’s active addresses remained stable this week.
- Revenue from blue-chip DeFi protocols declined by 25% from 9.1 million on 12 Jan to 6.9 million on 15 Jan. Among the top 100 protocols in terms of TVL, Platypus Finance surged most fiercely with 7x growth, and Wonderland’s TVL plummeted most dramatically by 42%.
Platypus has secured US$3.3M from a funding round led by Three Arrows Capital and DeFiance Capital.
- Overall TVL in all blockchains remained unchanged from last week. However, Fantom climbed over 29%, while Ethereum dropped 3%. FTX now supports Fantom (FTM) mainnet. Additionally, AndreCronje and Daniele have shown interest in developing the Fantom ecosystem.
- The NFT market was still bullish as OpenSea’s 7-day trading volume increased 3% from last week. The boom was driven by NFT collection Bored Ape Yacht Club (BAYC) and its sister collections, Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC), according to the report. The top 5 NFT projects last week by sales volume are Meetbits, Loot, CryptoPhunksV2, OxyaOriginProject, and Bored Ape Yacht Club, according to CryptoSlam.
- On the derivatives side, the trading volume of perpetuals dropped for both BTC (-30%) and ETH (-9%). In addition, traders turned bullish on the two currencies suggested by the positive funding rates. (Funding rates are periodic payments either to traders that are long or short based on the difference between perpetual contract markets and spot prices. )
On the contrary, the liquidation in BTC and ETH long positions surged 97% and 2.7x respectively, while the liquidated short positions plunged (78% and 80% correspondingly).
