Decentralized Finance赛道估值重构，zone轮动显现 | crypto market周报

Market Overview

market main trend

• The market sentiment index dropped from 91% to 53%, still in the greed zone, but BTC maintains high volatility while other cryptocurrencies are generally under pressure, leading to increased market differentiation.
• The market capitalization of USDT and USDC has both increased, with the total TVL of DeFi continuously rising to 54.1 billion USD, indicating that the overall market is still attracting new funds.
• The Decentralized Finance zone leads the market with a weekly return rate of 16.47%, and DEX trading volume has reached a new high in 2024.
• The Meme coin zone returns to the spotlight, bringing new liquidity and user growth to the crypto market.
• DEX projects have gained the highest attention, while AI and GameFi zones are underperforming, reflecting the market focus shifting towards infrastructure and liquidity zones.
• It is recommended that investors remain cautious, focusing on opportunities in re-staking projects and the DEX zone, while closely monitoring the potential market fluctuations that may arise from the Federal Reserve's interest rate meeting next week.

Market Sentiment Index Analysis

• The market sentiment index has dropped from 91% last week to 53%, still within the bullish zone.
• Altcoins performed weaker than the benchmark index this week, showing a fluctuating downward trend.
• Due to leveraged positions, the market saw approximately $2 billion in forced liquidations, with long positions significantly deleveraging.
• Altcoins are expected to move in sync with the benchmark index in the short term, with a low probability of independent market trends.

Overview of the overall market trend

• The crypto market has been in a wide range of fluctuations this week, with the sentiment index still in the bullish phase.
• DeFi-related encryption projects have performed outstandingly, showing the market's continued focus on enhancing the underlying returns.
• DEX projects performed well this week, indicating that on-chain investors are starting to actively participate in on-chain investment activities.
• The meme zone is back in the spotlight, gaining attention from the crypto market.

Hot Zone

DEX

This week, due to the significant overall price fluctuations in the market, many profit opportunities were created for investors. On-chain investors are actively using DEX for trading, and with on-chain funds and users continuously entering the DEX zone, it has driven the growth trend of DEX projects this week.

On-chain data of DEX:

• TVL: The TVL of DEX zone projects increased from 25.22B last week to 26.58B now, a growth rate of 5.39%, indicating that funds are actively entering DEX projects.
• DEX weekly trading volume: reached a peak of $63 billion in mid-2024, with a trading volume of $7.58 billion in the last 24 hours, reflecting a surge in trading volume in the DEX zone.

The DEX zone is showing a significant trend of business model upgrades. Leading protocols represented by Hyperliquid and dYdX are transitioning from single trading functions to comprehensive financial infrastructure. This evolutionary path is reflected in protocols based on their own chain layer architecture, achieving vertical integration through function aggregation, and creating a one-stop Decentralized Finance service ecosystem. Such architectural innovation signifies that the DEX track is evolving from a single trading level to a comprehensive financial infrastructure direction, and the reconstruction of track value is underway.

SUI

The Sui ecosystem has been a hot topic in the market this week, with SUI price rising by 7.8%, outperforming BTC and ETH. The DeFi projects in the Sui ecosystem showed excellent growth performance this week.

Sui chain Decentralized Finance project data:

• TVL: Increased from 1.598B last week to 1.793B, an increase of 12.88%
• Accounts: A total of 66,543,317, an increase of 2,184,755 from last week, growth rate of 3.39%
• DEX trading volume: The total trading volume of the main DEX on the Sui chain has exceeded 35 billion USD this week, with an average daily trading volume of 466 million USD.
• Decentralized Finance project TVL growth: The top three, NAVI Protocol, Suilend, and Aftermath Finance, have TVL growth rates of 1.14%, 17.22%, and 1.72% respectively this week.

Based on the above data, it can be seen that the Sui chain maintains rapid development. Due to the strong performance of SUI prices compared to the overall market, it has driven the growth of APY in its on-chain DeFi projects. At the same time, the overall market conditions are quite volatile, presenting profit opportunities, which has attracted a large number of on-chain users to participate, thereby promoting the development of the entire Sui ecosystem.

Decentralized Finance zone

TVL growth ranking

The top 5 projects in terms of TVL growth in the past week, excluding projects with a lower TVL of (, with a standard of over 30 million USD ):

| Project Name | Increase in the Last Seven Days | TVL(million) | |---------|-----------|--------------| | Synthetix | 87.69% | 576.82 | | Babylon | 67.32% | 3782.36 | | Usual Money | 53.61% | 833.76 | | BounceBit | 50.31% | 664.98 | | Equilibria | 40.27% | 281.03 |

Synthetix (SNX):

• Project Introduction: A decentralized synthetic asset protocol based on Ethereum, allowing users to mint synthetic assets by collateralizing SNX tokens.
• Latest developments: Increased LP user APY, raised the share of V3 LP trading fees from 40% to 60%; completed the acquisition of the leveraged token platform TLX, plans to integrate leveraged token features and launch incentive programs.

Babylon( has not issued currency):

• Project Overview: Aimed at leveraging the security of Bitcoin to enhance the security of other Proof of Stake blockchains, this project activates idle Bitcoin assets through a trustless staking mechanism.
• Latest Developments: The strong BTC price is driving users to choose more BTC-based earning projects; Binance has announced that users can directly stake BTC on Babylon from their accounts to earn returns, bringing a significant influx of new capital to the project.

Usual Money (USUAL):

• Project Introduction: A stablecoin project supported by Binance, offering stablecoin USD0, bond products USD0++, and governance token USUAL.
• Latest Developments: Recently upgraded Checker, bond product USD0++ holders have an annualized yield of 48%, and the average APY for USD0/USD0++ in Curve is 54%, attracting users to participate in high arbitrage returns.

BounceBit (BB):

• Project Introduction: A re-staking base layer on the Bitcoin ecosystem, in deep cooperation with Binance, to build use cases for Restaking.
• Latest developments: Increased staking yields for various tokens, with a 30-day annualized return of 54.25% for USDT; partnered with Ondo to introduce tokenized RWA, entering the RWA zone.

Equilibria (EQB):

• Project Introduction: The Machine Gun Pool project uses Pendle's veToken model to provide higher returns for LPs.
• Latest developments: Strengthened cooperation with Curve to launch an enhanced pool, increasing user APY to a maximum of 59%, attracting users to participate in arbitrage.

In summary, the projects with rapid TVL growth this week are mainly concentrated in the stablecoin yield zone ( machine gun pool ).

overall performance of the zone

• Stablecoin market capitalization steadily increases: USDT grows by 2.91% to $145.1 billion, USDC grows by 3.23% to $41.5 billion, indicating a continuous influx of capital into the entire market.
• Liquidity is gradually increasing: Traditional market risk-free arbitrage rates are declining, while on-chain DeFi project arbitrage rates are increasing due to the rise in encryption asset values, making a return to DeFi a better choice.
• Fund status: The TVL of DeFi projects increased from 53.2 billion dollars to 54.1 billion dollars, with new funds rising by 1.69%, maintaining a continuous upward trend for nearly two months.

In-depth Analysis

Driving Force of Increase:

The core driving factors of this round of increase can be summarized as follows:

• Market Environment: The bull market cycle brings an overall increase in liquidity demand.
• Interest Rate Side: The base lending rate has been raised, reflecting the market's expectations for funding pricing.
• Yield side: The yield of the circular arbitrage strategy has expanded, and the endogenous yield of the protocol has significantly improved.

This transmission mechanism strengthens the intrinsic value support of the DeFi zone, forming a virtuous growth momentum.

Performance in Other Zones

public chain

The top 5 public chains by TVL growth in the crypto market over the past week ( excluding public chains with a smaller TVL ):

| Project Name | Weekly Growth Rate | TVL(million) | |---------|-----------|--------------| | Hyperliquid | 21.23% | 2606.34 | | Sui | 14.45% | 1870.36 | | Algorand | 10.99% | 201.15 | | PulseChain | 7.33% | 953.99 | | Bitcoin | 6.99% | 4854.36 |

Hyperliquid: This week, the open contracts reached $3.5 billion, surpassing DYDX to become the largest on-chain Perp DEX; after launching the popular project ME, the trading volume rapidly increased.

Sui: The movement of the token drives the rise of the Move system; collaboration with Backpack and Phantom wallets; the on-chain meme coin KAPI is hot; daily trading volume on DEX surpasses 466 million USD.

Algorand: The on-chain Meme coin MONKO is hot; announced support for the RWA zone; the two main stablecoins USDCa and EURD comply with MiCA standards.

PulseChain: On-chain meme coins are active; the largest DEX-PulseX trading volume has increased by 62%; market rumors suggest that the token PLS will be listed on Binance.

Bitcoin: BTC is performing well, and users are optimistic about further increases; more users are choosing to invest BTC in BTCFi projects to earn additional profits.

Overview of the Gains List

The top 5 tokens with the highest price increase in the past week ( excluding tokens with very low trading volume and meme coins ):

| Token | Project Name | Weekly Growth Rate | Circulating Market Cap | Circulation Rate | |------|---------|-----------|----------|--------| | USUAL | Usual | 98.57% | $257,540,796 | 8.37% | | BGB | Bitget | 95.01% | $4,816,158,400 | 69.99% | | SUSHI | Sushi | 65.77% | $473,147,704 | 69.06% | | ORCA | ORCA | 48.16% | $299,415,167 | 53.27% | | ACX | Across Protocol | 45.88% | $382,450,514 | 44.39% |

USUAL: After the Checker upgrade, the bond product yield has significantly increased, attracting users to participate in high-yield arbitrage.

BGB: Continuously listing popular tokens; CEO considering re-entering the US market; trading volume surpasses OKX to become the third largest exchange.

SUSHI: Launch of Dojo Agent and Tweet Token features; proposed fund diversification strategy

ORCA: Strengthen cooperation with Binance; launch new Token creation tool; support Solana AI Hackathon

ACX: Collaborated with Binance to launch ACX token; partnered with HTX Global and Bitvavo; providing cross-chain payment services.

Meme Token Price Increase Ranking

| Token | Project Name | 7-Day Price Increase | Circulating Market Cap | Associated Blockchain | |------|---------|-----------|----------|---------| | FARTCOIN | Fartcoin | 187.53% | $507,074,756 | Solana | | BABYDOGE | Baby Doge Coin | 117.03% | $861,228,822 | BSC | | WOLF | LandWolf | 74.42% | $235,865,534 | Ethereum | | TURBO | Turbo | 52.45% | $879,341,386 | Ethereum | | DOG | DOG•GO•TO•THE•MOON (Runes) | 40.57% | $957,481,330 | Bitcoin |

This week, Meme projects have returned to the market spotlight, performing well amid market fluctuations, creating on-chain wealth effects, and attracting more user participation.

Social Media Hotspots

This week, the DEX topic appeared most frequently with the range of 12.7-12.13(. The situation of related tokens is as follows: ) does not include tokens with too low trading volume and meme coins (:

| Token | Market Cap ) billion ( | FDV ) billion ( | Circulation Rate | Weekly Change Rate | |------|---------|---------|--------|----------| | UNI | 112.8657 | 187.9582 | 60.04% | 19.92% | | SUSHI | 4.4686 | 6.4703 | 69.06% | 56.87% | | RAY | 15.9033 | 30.3401 | 52.42% | 6.83% | | CRO | 51.0851 | 56.4775 | 90.45% | -12.36% | | HYPE | 60.8653 | 182.2691 | 33.39% | 36.98% | | AERO | 16.1813 | 32.0813 | 50.43% | 18.65% | | JOE | 2.0