Contents
Summary
1. Active Users
2. Chain TVL
3. Protocol TVL
4. Stablecoins
5. Bridge Activity
6. Protocol Fees
7. DEX Activity
Summary
After a strong May, adoption trends were mixed across metrics in June, with varied activity across users, liquidity, and capital flows.
Daily active users rose across major chains, led by Solana and Tron for the second continued month, with continued traction on BSC and Base (Figure 1).
While most chains saw positive TVL growth, the regression amongst Berachain, Tron, and Sonic were notable (Figure 2a). As the stablecoin narrative continued, Ethereum stood out in absolute USD TVL growth (Figure 2b).
Veda, a multichain yield vault which announced an $18MM Series A last month, showed impressive outperformance in both percentage and absolute USD terms of TVL growth (Figure 3a/b).
The stablecoin metrics tell a similar story to that of TVL growth, with the percentage regression standing out more than the growth: here, Sonic and Berachain both show up in the bottom 2 chains (Figure 4a). Despite seeing a notable TVL decline, Tron’s status as the leading stabecoin chain continued as it surpassed Ethereum in June for the net stablecoin USD change (Figure 4b).
Surprisingly given previous data, Base and Ethereum saw outflowing bridging, with the latter showing a significant decline, while Arbitrum experienced notable outperformance (Figure 5a).
Protocol fee growth was extremely skewed with BSC leading for a second consecutive month, whilst other chains saw a mix in activity - Bitcoin trailed with the largest decline, after having the second highest growth in May (Figure 6a).
DEX activity remained concentrated, with BSC’s PancakeSwap driving net gains, and PancakeSwap and Ethereum swapping protocols (ETH) posting the largest percentage increase in volume (Figure 7a/b).
