Capturing Trends from Data: Which Protocols Were Most Popular Last Week?
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Capturing Trends from Data: Which Protocols Were Most Popular Last Week?
The most notable DeFi projects over the past 7 days.
Navigating Web3 tides with focused insightsWritten by: Patrick Scott
Compiled by: TechFlow
Staying active in crypto means encountering dozens of tokens every week. Numbers help us cut through the noise and spot emerging trends, so in this article, I’ve compiled key metrics for the most notable DeFi projects over the past seven days. Let’s dive in.
Among the top 10 chains, Polygon stood out with a 25.52% increase. Stablecoins on Polygon also rose by 8.24%, indicating fresh capital entering the ecosystem.
Among smaller-cap chains, Kadena continued to lead the pack. This week, Kadena’s TVL grew by 39.6%, driven primarily by Kaddex.
ETC also reported TVL growth, rising approximately 31.03% to its highest level since the May crash. While its absolute TVL remains small at just $320,000, combined with Kadena’s surge, this may reflect growing interest among investors in PoW chains.
Dogechain started to shine this week. Since launching just days ago, it has already accumulated over $4 million in TVL. Dogechain is an EVM-compatible chain with dApps that uses the wrapped token wDOGE as gas. Transaction volume is also strong, with more than 174,000 transactions recorded yesterday alone.
Among the top 10 protocols by TVL, Lido’s TVL increased by 8.36% to $8.32 billion.
Over the past two months, Lido’s revenue has been on a steady upward trend, averaging over $900,000 per day last week.
MM Finance, a DEX on Cronos, launched this week on Polygon. The event drove its TVL up by 319%.
Among smaller protocols, Stader, a liquid staking protocol on alternative Layer 1s, grew by 22.11%. Originally based on Terra, Stader expanded to other chains after the May collapse. It now offers liquid staking for $HBAR, $MATIC, $BNB, and other chains.
Here are the top 10 dApps by revenue over the past seven days:
dYdX - $6.9 million
OpenSea - $3.7 million
Synthetix - $1.7 million
PancakeSwap - $1.7 million
LooksRare - $1.4 million
MetaMask - $1.1 million
ENS - $1 million
Lido - $741,000
GMX - $562,000
Tornado Cash - $476,000
$GMX's revenue increased another 99.6% compared to the previous week. Despite historically volatile revenue, GMX appears to be entering a new phase of sustained growth.
Another on-chain derivatives trading platform, Gains Network ($GNS), also saw growth this week. Gains' revenue increased by 35.7% week-over-week. Notably, Gains supports on-chain forex trading—a market with massive potential.
Average daily transaction volumes across top EVM chains and L2s over the past week:
ETH: 1.12 million (-9%)
BSC: 3.39 million (0%)
Polygon: 3.02 million (+11%)
AVAX (all subnets): 1.58 million (+32%)
FTM: 843,000 (-1%)
OP: 124,000 (-29%)
CRO: 121,000 (0%)
Arbi: 95,000 (0%)
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