Contents
Summary
1. Active Users
2. Chain TVL
3. Protocol TVL
4. Stablecoins
5. Bridge Activity
6. Protocol Fees
7. DEX Activity
Summary
October saw the largest ever liquidation day in the history of crypto, which affected adoption trends across the spectrum.
The top 3 chains in active users remained the same for the 6th consecutive month, showing notable dominance, and yet again it was Tron that led the metric (Figure 1).
While Avalanche led in TVL percentage growth last month, there was a mean reversion as it saw a double-digit reduction; on the other hand, BNB Smart Chain impressed in both percentage growth and absolute USD change as its token price continued to outperform (Figure 2a, 2b).
Morpho, a lending protocol that optimises yields for lenders and rates for borrowers, led the way in TVL change; Ethena on the other hand, which has been seeing disappointing price action, saw a notable reduction in TVL (Figure 3a, 3b).
Perhaps due to “10/10”, the largest liquidation event in crypto on the 10th of October, Hyperliquid was hit the hardest in stablecoin value change (Figure 4a, 4b).
Ethereum led the chains again in pure USD volume growth, while on the downside, Polygon’s reduction stood out (Figure 5a/5b).
While chain fees were largely skewed to the downside, Aptos’s percentage growth was the takeaway in October, growing more than 160% over the month (Figure 6a).
With a 9-figure increase in volumes, Curve led protocols in DEX activity growth for the second month in a row (Figure 7b).
