Numbers Read the DeFi Ecosystem: This Year Solana DEX Trading Volume Exceeds $430 Billion, BNB Chain-Related Ecosystem Shows Strong Growth
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Numbers Read the DeFi Ecosystem: This Year Solana DEX Trading Volume Exceeds $430 Billion, BNB Chain-Related Ecosystem Shows Strong Growth
Since the beginning of 2024, DeFi has seen a recovery, with TVL increasing from $56 billion to $85 billion, a growth of over 50%.
Navigating Web3 tides with focused insightsAuthor: OurNetwork
Translation: TechFlow
DeFi Ecosystem
Solana, BNB Chain, Avalanche
TVL up 50% since the beginning of 2024; DEX volume surges 3.6x
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DeFi has seen a revival since the start of 2024, with Total Value Locked (TVL) increasing from $56 billion to $85 billion—an over 50% growth. Significant growth has occurred in trading, lending, and liquid staking, while restaking has opened new use cases for idle crypto assets. Although recent growth has plateaued, many upcoming Bitcoin Layer 2 solutions may unlock new DeFi applications.
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DEX trading has experienced explosive growth with the emergence of Base, Coinbase’s Layer 2 solution, and many new addresses are joining Solana. Early this year, weekly trading volume across the top five chains grew from around $20 billion to over $40 billion today.
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Restaking has also significantly contributed to DeFi's resurgence. Currently, over 3.7 million ETH are locked in restaking protocols, with platforms like Pendle driving further adoption. As more AVSs (Actively Validated Services) emerge in 2024, the restaking landscape will continue to evolve.
1. DeFi on Solana
Nitin Shukla | Website | Dashboard
Near All-Time Highs: Solana DEX Volume Approaches $430 Billion Since January 2024
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Since January 2024, DEX trading volume on Solana has surpassed $430 billion. In recent months, monthly volume has averaged between $60 billion and $80 billion, with over 34.5 million active wallets. Jupiter Exchange accounts for 52.8% of total volume, amounting to approximately $228 billion. The presence of other platforms such as Orca, Raydium, Lifinity, and Meteora demonstrates continued innovation in the DEX space.
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Since January 2023, the secondary NFT market on Solana has seen significant growth, with trading volume exceeding 41.3 million SOL (approximately $2.25 billion). The market has remained highly active, with 800,000 unique wallets acquiring 17.3 million NFTs.
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Since August 2021, 530,000 unique wallets have executed 12.6 million staking transactions across various LST protocols within the Solana ecosystem. These protocols currently manage over 24 million staked SOL collectively, with Jito accounting for 50% of the total staked SOL.
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Transaction-Level Analysis: Solana's Token-2022 program has processed over 18 million transactions, creating 685,000 tokens, including 90,000 fungible tokens. As an upgrade to Solana’s native token framework, it supports minting, burning, transfer fees, and interest-bearing tokens.
2. DeFi on BNB
According to BNB Chain's 2024 outlook, one of its primary goals is to provide one of the most robust and active ecosystems for DeFi developers.
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BNB Smart Chain (BSC) has a TVL of approximately $6.2 billion, ranking third among Layer 1 blockchains, behind only Ethereum and Tron. Within BSC, Venus and PancakeSwap lead with a combined TVL of about $3.5 billion.
Internal Dashboard
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Beyond BSC, the BNB Chain ecosystem includes a Layer 2 network called opBNB, which currently has a TVL of around $27 million. The most influential protocol on opBNB is KiloEx, a peer-to-pool perpetual DEX offering high leverage options. KiloEx currently accounts for nearly 64% of opBNB’s TVL.
Internal Dashboard
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BSC boasts a scalable ecosystem and an active user base, with nearly 1 million daily active users. It offers the lowest gas fees among Layer 1s—under $0.03—making it highly attractive to developers. Its EVM compatibility, fast finality, and on-chain governance further strengthen its position as a leading DeFi platform.
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Transaction-Level Analysis: BSC has undergone real-time stress testing to demonstrate its true scalability. On December 7, 2023, BSC set a new record by processing 32 million transactions. Despite the surge in transaction volume, BSC maintained a gas price of 3.7 Gwei—close to its average of 3 Gwei (which has since dropped to 1 Gwei)—and kept transaction fees at the standard $0.03, thanks to its 140 million gas per block capacity. This transaction, executed during peak hours, shows that the fee remained at the standard $0.03.
3. DeFi on Avalanche
cloudr3n | Website | Dashboard
Over $6 Million in AVAX and COQ Rewards Distributed to Active and Loyal Users on Avalanche
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Avalanche is a Layer 1 blockchain offering high throughput and customizable virtual machines. In a community airdrop event, the Avalanche Foundation distributed over $3.9 million worth of AVAX and $2.1 million in COQ meme coins to 8,300 users. These users participated in the Memecoin Rush program and Diamond Hands campaign by depositing funds into Trader Joe’s Memecoin Rush vault. The vault reached a peak TVL of $125 million within a week, involving 10 Avalanche community tokens and over 12,000 depositors.
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Avalanche’s TVL declined by 43%, from a peak of $1.9 billion in March 2024 to $1.1 billion in August. Liquid staking saw the largest drop, shrinking by $100 million, primarily due to falling AVAX prices. DEX volumes increased notably by over $17 million, with exchange Pharaoh contributing $10 million. DeltaPrime, a multifunctional protocol, added up to $12 million.
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In July, the Avalanche Foundation launched BOOST, an incentive program aimed at supporting its DeFi ecosystem. Early signs suggest BOOST is effective—since its launch, Pharaoh’s TVL has tripled to over $13 million, while DeltaPrime’s deposits and borrowings have grown nearly threefold to nearly $32 million and $17 million respectively.
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Transaction-Level Analysis: This address received the highest LB incentive, worth 43 AVAX!
The user deployed $120,000 across two pools (ggAVAX-AVAX and GGP-AVAX), maintaining liquidity in just one bin! Imagine the impermanent loss involved, and the time required to add, rebalance, and remove the same position.
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