Contents

Summary
1. Active Users
2. Chain TVL
3. Protocol TVL
4. Stablecoins
5. Bridge Activity
6. Protocol Fees
7. DEX Activity

Summary

• August showed solid metrics across active users and TVL, reflecting another month of notable performance in underlying coins (see the July report here).

• The top 3 chains in active users remained the same for the 4th consecutive month, showing notable dominance, but it was Tron that led the metric this month (Figure 1).

• Sonic’s regression in overall TVL, over -35%, was notable during a month where the majority of chains saw some positive growth (Figure 2a, 2b).

• Pendle and Ethena, which have remained as standout names in DeFi throughout this cycle, continued to impress in August, leading TVL percentage growth (Figure 3a).

• After a very bad July (almost -30%), Berachain led the chains in stablecoin percentage growth, while Ethereum, the king of DeFi, led the way again in absolute USD terms (Figure 4a, 4b).

• Similar to July when all recorded chains saw negative bridging volumes, August was weak across the spectrum with the exception of BSC and Polygon, with the former hitting a growth of over 300% (Figure 5a, 5b).

• Another surprise outperformance by Berachain in protocol fee capture growth in August, while all other chains except Ethereum recorded negative growth (Figure 6a, 6b).

• PancakeSwap, a consistent top performer in volumes, has had another standout month in August, leading the absolute volume change and trailing only SushiSwap in percentage growth (Figure 7a, 7b).