Contents
Summary
1. Active Users
2. Chain TVL
3. Protocol TVL
4. Stablecoins
5. Bridge Activity
6. Protocol Fees
7. DEX Activity
Summary
September adoption metrics were mixed, perhaps reflecting the choppy price action in underlying coins (see the August report here).
The top 3 chains in active users remained the same for the 5th consecutive month, showing notable dominance, and yet again it was Tron that led the metric (Figure 1).
Avalanche led the chains in TVL percentage growth as later-confirmed news of Avalanche Foundation raising $1bn for an $AVAX treasury company broke out (Figure 2a).
Pendle, which has been a standout name in DeFi throughout this cycle and a prominent leader in protocol TVL growth in this monthly publication, had a disappointing September, whilst the heightened chatter and adoption of USDT0 was reflected in its rankings (Figure 3a/3b).
Stablecoin adoption was skewed towards the downside but a few chains, led by Arbitrum, saw positive growth in September (Figure 4a, 4b).
While Aptos’ month-on-month bridging growth impressed in percentage change, it was Ethereum, and to an extent Base, that stood out in pure USD volume growth (Figure 5a/5b).
September narrative was dominated by the so-called “China-coins”, and this increased attention and activity was reflected in the protocol fee change on Binance Smart Chain (Figure 6b).
With stablecoins taking the main stage of crypto narratives in recent weeks, Curve has stood out in volume change (Figure 7b).
