Within the month of November, DeFi’s Complete Worth Locked (TVL) surpassed a report excessive of $288 billion, up by 32.7% MoM, and Bitcoin and Ethereum surpassed earlier all-time peaks.
Though NFT buying and selling exercise slowed, it has not affected fundraising within the sector.
BTC, ETH hit report highs
Footprint Analytics: BTC Value and Buying and selling Quantity TrendsFootprint Analytics: ETH Value and Buying and selling Quantity Traits
Bitcoin
The worth of BTC hit one other report excessive on Nov. 8, surpassing $67,670, a 25% month-to-month enhance, bringing its market cap to $1.28 trillion. As of Nov. 30, the BTC worth returned to Could ranges, with total coin worth fluctuations remaining between $50,000 and $60,000.
BTC’s first all-time excessive resulted from the primary Taproot improve, which goals to reinforce the Bitcoin protocol by enhancing privateness, introducing good contract performance and course of complicated transactions at a decrease value. These are main adjustments and vital elements straight affecting BTC’s worth enhance.
Ethereum
Likewise, the value of Etheruem rose to a brand new excessive of $4,800 on Nov. 8 and has remained above $4,000 as of writing. This rise comes not solely from the launch of Etheruem 2.0, and options of Layer-2, offering customers and initiatives with a greater expertise, greater effectivity and decrease fuel charges.
Most significantly, with the improve from POW to POS and the formation of automated destruction, the circulating provide of ETH has been restricted, inflicting a shortage of ETH and a pure worth rise.
DeFi’s TVL exceeds $288 billion
Footprint Analytics: DeFi TVL
In comparison with October, DeFi’s TVL has been booming, reaching an all-time excessive on Nov. 9. The competitors for TVL dominance inside DeFi has additionally develop into more and more fierce amongst chains and initiatives.
Listed here are just some November highlights:
- The emergence of DeFi 2.0 as an idea, which goals to unravel points akin to inefficient funding and promoting stress.
- DeFi platform Acala gained the primary Polkadot parachains public sale to allow cross-chain data interplay.
- Completion of the EVM equivalency improve for Optimism, the Etheruem Layer2 scaling resolution, simplifies the event course of for builders and reduces transaction prices.
- Blockchains Avalanche, Solana and Terra reached new highs in DeFi TVL.
Curve main DEX, Convex overtakes Aave to rank third
Footprint Analytics: Protocol TVL Rankings(since 31 Nov 2021)
Convex Finance, which formally launched on Could 17 this yr, has overtaken Yearn Finance ($16.27 billion) because the main yield venture by way of TVL ($6.06 billion) on Nov. 30. It’s now the third-largest DeFi venture, even overtaking Aave ($15.72 billion).
What made Convex Finance so fashionable?
Convex goals to enhance on Curve’s UX shortcomings with a one-stop platform for CRV pledging and liquidity mining. It goals to simplify the method of locking and pledging CRVs on Curve via an easy-to-use interface with CVX tokens, and to spice up the expansion of the CRV ecosystem by rising the compensation of CRV holders and liquidity suppliers. Its new financial mannequin is likely one of the key options of DeFi 2.0.
Curve continues to guide the DEX class with $21.5 billion in TVL. From its inception, it has positioned itself as a decentralized trade particularly designed for stablecoins, fixing the difficulty of excessive slippage within the AMM mannequin in addition to excessive fuel charges, which is able to undoubtedly be taken under consideration when utilizing stablecoins, thus making inroads with buyers.
Fierce multi-chain competitors
Footprint Analytics: Change of Market Share by Public Chain
Footprint Analytics present that the market share of Etheruem and BSC was steadily divided by different blockchains in November, with gradual progress in Ethereum and a lower in BSC (Ethereum TVL: $181.74 billion in November in comparison with $164.55 billion in October, a rise of 10.4%; BSC TVL: $20.37 billion in November in comparison with $20.83 billion in October, a rise of -2.2%).
Footprint Analytics: Prime 5 TVL Progress Fee for Chains
Up to now 30 days, one of many fastest-growing chains has been Avalanche, with TVL rising from $8.63 billion in October to $14.2 billion in November, a 65% enhance, rating the fourth in TVL. Its success comes from its rising liquidity mining actions, elevated incentives and EVM compatibility.
In November, NFT buying and selling volumes fell by one other 27%
Since July, the recognition of the crypto market has moved from DeFi to NFT, with NFT’s buying and selling quantity peak in August ($5.5 billion) and has amassed to US$19 billion this yr to date, based on Footprint Analytics.
Footprint Analytics: NFT Month-to-month Buying and selling VolumeFootprint Analytics: NFT Prime 30 Quantity 7D Change Fee
Nevertheless, in comparison with October, buying and selling volumes fell once more in November, from $3.3 billion in quantity to $2.4 billion, a progress fee of -27%, primarily resulting from drops in some main Ethereum NFT platforms, e.g. CryptoPunks (-3.5%), Axie Infinity (-15%) and The Sandbox (-41%).
NFT collectibles are nonetheless stable, occupying 68% market share
Footprint Analytics: Market Share of NFT Quantity by Class
Whereas buying and selling quantity has decreased, collectibles nonetheless maintain a stable 68% of the NFT market share, with artwork and gaming holding 16% and seven.3% respectively. It’s no shock then that CryptoPunks collectibles, probably the most well-known NFT assortment, subsequently produced a slowdown in buying and selling volumes. The likes of the DeFi ecosystem are always updating and iterating to supply higher and higher fashions to each initiatives and customers, so the NFT market wants a more recent, extra thrilling venture that may assist reignite the market.
Main funding homes coming into DeFi & NFT
Footprint Analytics: Funding-Month-to-month Funding TrendFootprint Analytics: Funding-Month-to-month Funding by Class
NFTs and DeFi have develop into fashionable avenues for capital funding. In response to Footprint Analytics, the most important proportion of funding funds in November entered DeFi, overtaking NFTs. One purpose is that DeFi is iterating to DeFi 2.0, innovating by way of capital effectivity and lowering fuel charges, the present ache factors for buyers.
Financing continues to be within the early phases
Footprint Analytics: Funding-Fundraising Rounds (2021)
In 2021, fundraising has been dominated by seed spherical investments, occupying 60%. Investments within the international blockchain sector are nonetheless within the early funding stage, with new kinds of initiatives of all types always sprouting.
Totally different funding focus, AU21 having the best variety of investments
Footprint Analytics: Funding-Variety of Initiatives by Investor & Class
In response to Footprint Analytics, AU21 Capital is at present the most important investor with 119 investments, which is a fund devoted to supporting probably the most gifted folks within the blockchain house. Its most important actions embrace early-stage enterprise capital, preliminary token choices, and seed investments.
Abstract
The crypto market has seen groundbreaking progress throughout all sectors this month, with BTC and ETH hitting all-time highs and DeFi setting new data, giving most buyers and customers a lift of confidence. Ethereum and BSC proceed to play a significant function in decentralized finance, and Avalanche shouldn’t be far behind. Solana and Terra are additionally repeatedly enhancing.
The decline of NFT month-to-month buying and selling quantity doesn’t spell doom for NFTs, however indicated the market is ready for a push to reignite exercise.
November Key Occasions Overview：
Coverage and Information:
- South Korean regulator broadcasts ban on bodily asset-based NFT app video games
- Finland strengthens regulation of digital currencies
- Nigerian fee app KurePay to droop operations resulting from authorities crackdown on cryptocurrencies
- G20 assembly: Encouraging continued in-depth evaluation of the potential function of central financial institution digital currencies in facilitating cross-border funds
- India could ban itemizing and buying and selling of cryptocurrencies with out authorities approval
- US senators to introduce encryption modification to Biden’s infrastructure invoice
- Asian Blockchain Gaming Consortium launched in Singapore
Fundraising:
- NFT sports activities platform SportsIcon closes $5.5 million seed funding spherical
- Blockade Video games, a blockchain sport developer, closes $5 million funding spherical
- Avocado Guild raises $18 million in Collection A funding led by Animoca Manufacturers
- DAO voting platform Snapshot Labs closes $4 million funding spherical
- Open Meta raises $4.5 million to formally create Open Meta DAO in 2022
- Web3 social layer builder Mem Protocol closes $3.1M in funding led by a16z
- Blockchain gaming infrastructure supplier Forte closes $725 million Collection B funding spherical led by Sea Capital and Kora Administration
- Ethereum miner CoreWeave closes $50 million funding spherical from Magnetar Capital
- LD Capital establishes $100 million Metaverse ecosystem fund ‘Meta Fund’
Blockchains:
- DeFi Complete Worth Locked on the Avalanche chain attain a report excessive of $13 billion
- Stablecoin circulation on Etheruem tops $95 billion
- Moonbeam wins Polkadot’s second Parachain slot and will increase its crowdfunding bonus by 50%
- Boba Community surpasses $1 billion in TVL, jumps to second in TVL for Layer2 options
- 56% of complete newly produced ETH destroyed through base charge since Etheruem implementation of EIP-1559
- Bitcoin community issue raised to 22.67T for the ninth time in a row
- Complete DeFi TVL the Solana chain exceeds $15 billion, a report excessive
NFTs:
- The whole market worth of metaverse-related crypto belongings exceeds $48 billion
- The whole market worth of play-as-you-earn class NFT sport passes tops $35 billion, a report excessive
- Complete NFT on-chain gross sales high $15 billion, a report excessive
- The whole market worth of NFT passes exceeds $60 billion, together with $30 billion within the “Play-to-Earn” class, a report excessive
- Google searches for NFT soar to report excessive
- Axie Infinity common participant’s day by day revenue slips under the Philippine minimal wage
- Digital artist Beeple’s Discord hacked, pretend NFT airdrop causes customers to lose round 38 ETH
- Beeple’s new NFT paintings sells for practically $29 million in ETH, making it the second costliest NFT ever
- NFT market OpenSea reaches $10 billion in complete buying and selling quantity
DeFi:
- DeFi platform Acala wins Polkadot first parachain slot
- Coinbase is contemplating supporting third-party DeFi apps on its platform
- Valkyrie launches $100 million “On-Chain DeFi Fund”
- Cream Finance to distribute over 1.45 million CREAMs to customers affected by the assault
- Polkadot ecosystem DeFi venture Parallel’s Public sale Mortgage product TVL surpasses $300 million
- Ethereum Layer 2 Scaling Resolution Optimism Completes EVM Equivalency Improve
- Uniswap V3 automated liquidity protocols don’t yield higher returns than common LPs
- The whole market worth of Prime 100 DeFi passes surpasses $170 billion, a report excessive
- Complete network-wide DeFi TVL high $250 billion, a report excessive
- Funds stolen in DeFi assaults this yr have reached $680 million
For extra information developments and content material from the DeFi ecosystem, click on on the Footprint hyperlink for extra venture dashboards and evaluation.
The above content material is just a private view, for reference and knowledge solely, and doesn’t represent funding recommendation. If there are apparent errors in understanding or information, suggestions is welcome.
This report was delivered to you by Footprint Analytics.
What’s Footprint
Footprint Analytics is an all-in-one evaluation platform to visualise blockchain information and uncover insights. It cleans and integrates on-chain information so customers of any expertise stage can shortly begin researching tokens, initiatives and protocols. With over a thousand dashboard templates plus a drag-and-drop interface, anybody can construct their very own custom-made charts in minutes. Uncover blockchain information and make investments smarter with Footprint.
Posted In: Evaluation, DeFi
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