Contents
Summary
1. Active Users
2. Chain TVL
3. Protocol TVL
4. Stablecoins
5. Bridge Activity
6. Protocol Fees
7. DEX Activity
Summary
After the largest ever liquidation in crypto’s history in October, adoption metrics continued to disappoint in November.
The top 3 chains in active users remained the same for the 7th consecutive month, showing notable dominance, and yet again it was Tron that led the metric (Figure 1).
Underlying price action made TVL change in USD terms ugly across the board, with Berachain’s USD TVL more than halving (Figure 2).
Protocol TVL showed a similar story with many prominent DeFi apps seeing a sharp reduction in the USD value of their TVLs (Figure 3a, 3b).
Amidst the negative adoption metrics, some chains saw positive growth in stablecoin values, in particular Ethereum with an increase of over $1.5B (Figure 4b).
Much like in the stablecoin metric, bridged volume change was dominated by Ethereum in USD terms, with the chain seeing over $200MM in bridged flows (Figure 5b).
Solana, Ethereum, and Base, which are often leading protocols by fees, saw the largest reductions in fee change month-on-month, speaking to the general reduction in volumes and activity across the board (Figure 6b).
In another representation of a reduction in overall activity in crypto, Uniswap and Curve which are amongst the most used DeFi protocols, saw the largest change in month-on-month volumes (Figure 7b).
