Analyzing a month's worth of data, we discovered the flow of tokens under the DeFi wave

Analyst | Edited by Carol | Produced by Tong | PANews

Analyst | Edited by Carol | Produced by Tong | PANews

Part of the data comes from data partner DAppTotal

To this end, PAData will observe market changes by analyzing the recent capital flows of major CEX and DeFi platforms in the market. According to the analysis, in the near future, the ETH of major CEXs has indeed shown an overall loss state, but the stable currency is in a state of inflow as a whole, while the stable currency in the DeFi platform is in an overall state of loss. In addition, there are obvious differences in the flow direction of different DeFi concept coins between DeFi and CEX.

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CEX outflows ETH but inflows stablecoins

Since the current DeFi ecology is mainly deployed on Ethereum, ETH has become the basic asset of DeFi. Observing the flow direction of ETH can show the development trend of DeFi to a certain extent. According to the statistics of DAppTotal, the four major trading markets of Coinbase, Binance, Huobi and OKEx have all been outflowing ETH in the past month, with a total of 1,853,100 ETH. Converted according to the average price of ETH corrected by CoinMetrics in August of 401.85 US dollars, it is equivalent to a total outflow of 745 million US dollars from the four major exchanges recently.

Among them, Huobi has outflowed about 793,600 ETH, equivalent to 319 million US dollars, and the loss rate in the past month is nearly 17.77% [1]. However, affected by the size of the balance base of the exchange, the monthly ETH loss rate of Coinbase and Binance is around 5%, but the ETH outflow of Coinbase is much higher than that of Binance, reaching about 464,200 pieces, equivalent to 187 million US dollars. And Binance has only about 162,900, which is equivalent to 65 million US dollars. The loss amount of OKEx is lower than that of Coinbase, which is 432,400 ETH, equivalent to 174 million US dollars, but the highest monthly loss rate is about 21.94%.

While major CEXs have lost ETH over the past month, stablecoins in general have seen inflows. According to data from CryptoQuant, 10 exchanges, including the above-mentioned 4, have inflowed more than 107 million USD stablecoins in the past month. The stablecoins here include four mainstream DeFi liquid assets USDT (ERC 20), USDC, TUSD and DAI.

Among them, the total amount of US dollar stablecoins flowing into Binance is the highest, reaching about 306 million pieces, which is equivalent to 306 million US dollars if calculated according to the 1:1 anchoring ratio. But this is mainly affected by the large-scale inflow of USDT. According to statistics, Binance’s recent USDT inflow rate[2] reached 767.72%. Secondly, OKEx’s recent inflow of stablecoins has reached about 109 million. This is also mainly affected by the large-scale inflow of USDT. The inflow rate of USDT has reached 1754.94%, and the inflow rate of TUSD has also reached 133.49%.

However, it must be pointed out that the amount of stablecoins fluctuates greatly. For example, stablecoins happen to be issued additionally during the statistical period. Therefore, the inflow and outflow of stablecoins on exchanges are more affected by accidental factors, and here only a limited display of transactions Funding movements of the firm.

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The inflow of stablecoins on DeFi platforms is less than 100 million

According to previous statistics, the liquidity of stablecoins accounts for more than 38% of the total liquidity [3], and has become an important asset class second only to ETH in the DeFi world. So, how many stablecoins have flowed into each DeFi platform in the past week?

PAData counted the balance changes of USDT (ERC 20), USDC, TUSD and DAI in 20 DeFi platform addresses from September 7 to September 11 [4]. Overall, in the last week, a total of 257 million stablecoins have flowed out from 20 DeFi platforms. Among them, Uniswap outflowed 204 million coins, but considering the special event of Sushiswap migrating liquidity from Uniswap during the observation period, it is very likely that the stablecoins "outflowed" from Uniswap were only migrated to Sushiswap, not out of DeFi. If the outflow of Uniswap is not included, a total of 53 million coins have been outflowed from 20 DeFi platforms in the past week.

Among the 20 DeFi platforms, Compound and Aave are the DeFi platforms with the most outflows of stablecoins, each with about 50 million outflows. Cream.finance and yearn.finance have the largest inflow of stablecoins, with approximately 39 million and 12 million stablecoins inflowing respectively. Overall, 11 platforms have inflows of stablecoins, totaling approximately 57 million pieces.

And overall, the USDC of 16 of the 20 DeFi platforms is in the inflow state, and only 4 of the platforms are in the outflow state of USDC. In addition, 11 platforms have DAI inflow, 3 platforms have TUSD inflow, and only 1 platform has USDT inflow. It may be affected by the large scale of USDT. Most DeFi shares are relatively small, exceeding the scope of this statistics, but it can still be observed that USDC plays an important role in the DeFi ecosystem, as well as the role of DeFi on USDC and its impact on USDT. An important influence on the entire stablecoin landscape.

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DeFi concept currency flows to "fragmentation"

In addition to ETH and stablecoins, due to the rich composability of the DeFi ecosystem, DeFi tokens have also become important farming assets. But what is interesting is that some DeFi concept coins flow to CEX, and some DeFi concept coins flow "matryoshka" between DeFi platforms.

Similarly, PAData counted the balance changes of 11 DeFi assets in 23 centralized platforms and 15 DeFi platforms from September 7 to September 11 [5]. The criterion for selecting an asset to observe is that the DeFi asset has high liquidity in the DeFi platform.

According to statistics, overall, in the last week, a total of 7.9063 million DeFi assets in the centralized platform have flowed out. Among them, AMPL and LEND have the most outflows, with about 8.9 million outflows. On the contrary, SUSHI is the DeFi asset that has flowed into CEX the most, with a total of about 9.08 million inflows.

From the perspective of various CEX platforms, in the past week, KuCoin had the largest net outflow of DeFi assets, with a total of 7.45 million outflows, of which AMPL outflowed about 6.62 million, accounting for 88.86% of KuCoin’s outflow. Huobi is the market with the largest net inflow of DeFi assets, with a total of about 2.62 million inflows, of which about 3.69 million SUSHI inflows and 1.12 million LEND outflows.

It’s also worth noting that Binance is the most liquid market for assets. In the past week, Binance has outflowed more than 6.86 million DeFi concept coins, but inflowed more than 7.22 million DeFi concept coins. Among them, about 6.35 million pieces of LEND have flowed out, which is the asset with the most outflow, and SUSHI has inflowed about 5.3 million pieces, which is the asset with the most inflow.

Judging from the CEX platform where each asset flows, it shows a certain concentration of "platform-asset".

For example, in the past week, more AMPL has flowed into FTX, more Band has flowed into Binance, more COMP has flowed into Bitfinex, more SUSHI has flowed into FTX, CoinEx, and Binance, and more UMA has flowed into KuCoin. More YAMv2 flows into Huobi, and more YFI flows into OKEx.

In addition, LEND, LINK, and YFII appear to generally flow out of CEX.

On the DeFi platform, in the past week, all kinds of DeFi assets have also shown an overall outflow state, with a total of about 82 million outflows. Among them, LEND, SUSHI, and AMPL are the three assets with the largest outflows, reaching about 34 million, 22 million and 15 million.

From the perspective of the DeFi platform, Uniswap, which has been affected by the liquidity migration of SushiSwap, is the market with the largest outflow of DeFi concept coins recently, with a total of about 76 million outflows. Among them, LEND is the most outflowed asset, reaching about 32 million pieces, followed by SUSHI, AMPL, SNX, LINK, and BAND also had more outflows.

In addition, Balancer, Harvest and Aave also have a lot of DeFi concept coins, all exceeding 1.4 million. The largest outflow of Balancer is LINK, about 1.14 million, the most outflow of Harvest is SUSHI, about 1.58 million, and the most outflow of Aave is LEND, about 2.48 million. It is worth noting that Aave is a market with relatively active asset flows on the DeFi platform. In the past week, a total of about 2.48 million DeFi concept coins have flowed out, and a total of about 1.02 million DeFi concept coins have flowed in.

Cream.finance is the platform with the largest net inflow of DeFi concept coins in the past week, reaching about 571,000, almost all of which are LEND, with a total of about 569,800.

If you combine the flow of tokens in CEX and DeFi platforms, you can see that YFII generally flows out of CEX, but more of them flow into Uniswap. AMPL, BAND, COMP, and SUSHI generally flow into DeFi platforms, but more of them flow into individual CEX. The flow of funds in the market is very complex and changeable. This observation only conducts a limited analysis from a very narrow time window. The results may be accidental, but it can be seen from it that although the development of DeFi has moved the " Cheese”, but it is too early to conclude that CEX funds flow to DeFi. It is more likely that funds are frequently exchanged in two different types of markets. Moreover, since the encrypted world and the real world still lack extensive communication channels, judging from the current development form of DeFi, it is more like a financial product. The core of its competition with CEX lies in the size of the benefits provided to users. It is common sense for capital to flow to markets with higher returns, but this flow is not enough to make more judgments.

the data shows:

the data shows:

[1] The monthly churn rate refers to the decrease in the balance on September 6 compared to the balance on August 9.

[2] The monthly inflow rate refers to the increase in the balance on September 6 compared to the balance on August 9.

[3] Refer to "DEX on Shushuo Tuyere: Liquidity Soars by 300%, "Sushi Chef" Looks Ugly".

[4] Here we only observe the address balance of the DeFi platform among the top 200 addresses of each asset balance on Etherescan. This incomplete statistics will produce certain errors, but considering that whether it is various stablecoins or DeFi assets, the degree of concentration of chips is relatively high, so the top 200 addresses are already representative. The theoretical error is relatively small.