encryption City 11/12 Chain Weekly Report! DeFi explosion, RWA track also To The Moon?

Overview of the whole network data

💵 Stablecoin Total Market Cap: 178.201 billion US dollars (+2.83%)

🔒 Overall TVL (Total Value Locked) of the entire network: $1039.41 billion (+20.13%)

Source: DefiLlamaDeFi Total Locked Value & Stablecoin Total Market Cap

In the past week, nearly 5 billion US dollars of Stable Coin were issued, increasing the total market capitalization by 2.83% to 178.201 billion US dollars; $USDT (123.594 billion US dollars) and $USDC (36.868 billion US dollars) grew by 3.24% and 6.21%, respectively, with $USDT still accounting for a high market share of 69%. Not long ago, the total market capitalization of Stable Coin returned to the 1,700 range, and now it is not far from 1,800, continuing to move towards the ATH of 188.4 billion US dollars.

Image source: DefiLlamaStable Coin respective Market Cap

Tether announced last Thursday that it will conduct a large-scale $USDT Cross-Chain Interaction exchange, expecting to transfer $2 billion USDT from TRON, Avalanche C-Chain, Celo, NEAR Protocol, EOS, and other chains to Ethereum. This change may be due to the mismatch between the usage and issuance of $USDT on the above networks (excessive issuance). In the future, Tether may also dynamically adjust its allocation based on the needs of each network to adapt to market liquidity changes.

RWA tokenization progress

Last week was the 2024 Singapore FinTech Festival, where major TradFi giants showcased a series of RWA tokenization technology explorations.

Chainlink, the Society for Worldwide Interbank Financial Telecommunication (SWIFT), and UBS Asset Management jointly launched a tokenization fund subscription framework that allows banks to use the existing cross-border payment system of Swift to tokenize RWA on off-chain Settlement chains.

UBS has completed its own CBDC pilot system, UBS Digital Cash, which can transfer CBDCs such as US dollars, Swiss francs, euros, and renminbi to multiple multinational banks. Through customizable Smart Contracts, customers can define payment conditions to achieve automated Settlement of CBDCs.

Citibank and Fidelity Investments jointly launched a trap digital forex on-chain exchange (Swap) scheme, which can achieve near real-time Settlement for clients' forex and Money Market Fund (MMF) transactions.

JPMorgan also renamed its Alliance Chain Onyx to Kinexys and integrated JPMorgan's forex service, enabling real-time on-chain Settlement of USD and EUR. This service is planned to be implemented in the first quarter of 2025.

The main idea behind this series of measures is nothing more than focusing on 'user-friendliness', which allows custodians accustomed to the TradFi system to smoothly transition from traditional asset management to tokenization asset management, enjoying the benefits of high transparency, efficiency, low cost, and 24/7 availability provided by the blockchain. This optimizes capital flow and promotes the adoption of tokenization technology internationally.

Overview of Each Public Chain

Weekly TVL ⬆️ (criteria: TVL > $50 million)

Bitcoin: +20.2% (32.47 billion US dollars)

Base: +20.9% (29.34 billion US dollars)

Arbitrum: +17.9% ($2.729 billion)

SUI: +38.2% (13.54 billion US dollars)

CORE: +19.6% ($7.08 billion)

BitLayer: +72.6% ($466 million)

Cardano: +69.1% (3.45 billion US dollars)

Taiko: +89.6% (82.92 million US dollars)

Weekly TVL ⬇️ (criteria: TVL > 50 million US dollars)

Polygon: -10.4% ($1.088 billion)

TON: -1.0% ($371 million)

Special Observation Group (Enterprise Public Chain)

Kaia: +9.6% ($65.06 million)

Astar zkEVM: -19.6% ($4.58 million)

Total Value Locked TVL

With the significant increase in coin prices, the TVL of various zone networks on the public chain is almost growing positively. Most of the topical TVL of public chains, including SUI ($1.354 billion) and Aptos ($0.967 billion), have broken historical highs. The TVL of Ethereum and Solana has also increased by over 20%, finally bringing the total locked value of the entire network back to over $100 billion. This is expected to continue to enhance Decentralized Finance activities under the premise of sufficient Liquidity.

Source: DefiLlama's top 15 public chains by Lock-up Position value

EVM

Base total locked value hit a new high of 29.34 billion US dollars, only 10% rise space away from Arbitrum's historical high of 32.68 billion US dollars; once this threshold is eliminated, Layer2 zone may enter the era of OP super chain dominance.

Image source: DefiLlamaArbitrum total locked value

Polygon is one of the few public chains that showed a net outflow last week, with TVL falling by 10.4% to $1.088 billion; this is mainly due to a large amount of funds from Lock-up Position being withdrawn from Polymarket after the end of the US presidential election.

Image source: DefiLlamaPolymarket total locked value

Benefiting from the deployment of the BTC lending protocol Avalon Finance, the total locked value of the Taiko public chain based on Rollups has been rising for consecutive weeks, reaching a current value of $82.92 million, indicating that the hot topic in the decentralized finance sector is still focused on BTCFi.

Image source: DefiLlamaTaiko various protocol TVL

BTCFi, BTC-compatible chain

BTCFi rose by 20.5% to 3.247 billion US dollars, with the inflow of funds evenly distributed among the aforementioned protocols.

Image source: DefiLlamaBTCFi total locked value

The total locked value of CORE continues to reach a new high of $708 million, with a significant increase in Liquidity in the yield aggregator DeSyn Protocol; BitLayer also achieved a new high TVL of $466 million through the deployment of DeSyn Protocol. Similar to several Bitcoin Liquidity stake or re-stake, there may be duplicate calculations in the total locked value of DeSyn Protocol.

Image source: DefiLlamaCORE various protocol TVL

Image source: DefiLlamaBitLayer various protocol TVL

Cardano

Cardano (3.45 billion US dollars) has experienced a rare 69.1% surge in total Lock-up Position value, mainly attributed to Cardano's founder Charles Hoskinson revealing in a live broadcast that his company Inpur Output is preparing to establish a policy department, with the goal of collaborating with the US government to promote the implementation of cryptocurrency legislation.

Image source: DefiLlamaCardano Total locked value

Although Hoskinson has not confirmed joining the Trump administration, he said he has maintained 'personal friendships' with several members of Congress and the Trump team, and hopes to participate in the Crypto policy formulation of the new government in 2025.

Cardano integrated BTCCross-Chain Interaction bridge BitcoinOS two weeks ago, which brings the advantage of introducing massive Liquidity of native BTC and connecting the Cross-Chain Interaction channels of Merlin ($169 million) and BSquared ($229 million), two BTC-compatible chains, in the future.

Possible policy cooperation and potential BTCLiquidity may be able to rescue Cardano's sluggish Decentralized Finance activities, further enabling it to compete for tickets to participate in the future public chain war.

📊 on-chain volume (Weekly DEXs Volume): $66.21 billion (+39.46%)

Weekly DEXs Volume（Top EVM）

Ethereun: +50.1% (14.972 billion US dollars)

Base: +24.4% (9.486 billion US dollars)

BNB Chain: +29.1% (63.95 billion US dollars)

Arbitrum: +41.1% (6047 hundred million US dollars)

Polygon: +57.9% (29.82 billion US dollars)

Avalanche: +87.9% ($1.317 billion)

OP Mainnet: +47.3% ($1.006 billion)

Mantle: +173.6% (7.77 billion US dollars)

Dexalot: +29.1% (728 million USD)

Starknet: +123.7% ($191 million)

Weekly DEXs Volume (Top non-EVM)

Solana: +32.1% ($16.764 billion)

SUI: +80.7% (20.19 billion US dollars)

Thorchain: +28.4% (10.18 billion US dollars)

Tron: +22.2% ($286 million)

TON: +114.4% (2.23 billion US dollars)

Aptos: +7.7% ($209 million)

Osmosis: +32.4% ($139 million)

Injective: +70.9% (65.48 million US dollars)

BOB: -10.0% ($51.56 million)

Sei: +70.7% ($49.42 million)

Special Observation Group

Kaia: -30.8% ($41.54 million)

Source: DefiLlama's Top 15 Public Chains in Weekly On-chain Trading Volume

Overall on-chain volume

The volume of the entire network has increased significantly by 39.46% due to the festive market of cryptocurrency prices, reaching a peak of $66.21 billion in the past five months; the top 15 public chains in terms of volume are all growing positively.

Image source: DefiLlama total on-chain transaction volume

The surge in activity is mainly led by Solana ($16.764 billion) and Ethereum ($14.972 billion), both exceeding a weekly volume of over 10 billion. The largest DEX platform on Solana, Raydium, also hit a new high volume of $11.075 billion.

Image source: DefiLlamaRaydium on-chain transaction volume

Weekly volume hits a new high

Base last week on-chain volume reached 94.86 billion US dollars, not only setting its own new record, but also surpassing the historical high of Arbitrum at 84.39 billion US dollars, officially dominating the Layer2 zone.

Image source: DefiLlamaBase on-chain transaction volume

Mantle has always been a Layer2 public chain with significant data changes. However, its volume last week also increased dramatically with the overall network activity, reaching a new high of 7.77 billion US dollars.

Image source: DefiLlamaMantle on-chain transaction volume

SUI, SEI also broke their historical highs through the topicality of high-performance public chains, with on-chain volume reaching 20.19 billion USD and 1.05 billion USD in a single week.

Image source: DefiLlamaSui on-chain transaction volume

Image source: DefiLlamaSei on-chain transaction volume

Avalanche EVM subnet Dexalot also maintains the rising trend of the past four weeks, with a single-week on-chain volume reaching a historical high of 7.28 billion US dollars.

Image source: DefiLlamaDexalot on-chain trading volume

📊 On-chain sustainable volume (Weekly Perps Volume): $59.875 billion (+73.0%)

Hyperliquid: +108.2% ($15.414 billion)

Solana: +98.5% (USD 9.37 billion)

Ethereum: +47.9% ($7.056 billion)

Arbitrum: +101.5% (6.718 billion US dollars)

Base: +37.6% ($4.823 billion)

dYdX: +81.2% ($4.712 billion)

OP Mainnet: +192.5% ($787 million)

SEI: +75.4% ($1.21 billion)

Image source: DefiLlama's top 15 sustainable on-chain transaction volume public chains in a single week

Overall Perptual Futures volume surged

Stimulated by the festive market, the on-chain perpetual contract trading volume (59.875 billion US dollars) on the entire network also surged by 73% last week; among them, Solana and Base set new volume records of 9.37 billion US dollars and 4.823 billion US dollars respectively. It is worth noting that benefiting from the breakthrough in volume of the perpetual contract trading platform Aark Digital (1.956 billion US dollars), Arbitrum regained the first place in Perps Volume in the Layer2 zone, indicating that Base is still difficult to surpass Arbitrum, which specializes in on-chain perpetual futures, in the short term.

Image source: DefiLlama total on-chain perpetual contract trading volume

Event Summary

The price breakthrough of BTC at $88,000 has driven the overall rise of altcoins, which is also reflected in the activity of Decentralized Finance (DeFi), leading to continuous new highs in various data such as Total Value Locked (TVL) of public chains, DEXs Volume, and Perps Volume. The upcoming RWA pilot projects in 2025 are expected to become potential positives for the zone of public chains, further bringing long-term growth momentum.

Note: The data mentioned in the text are observation values before November 11th and may differ from real-time data. To view real-time data, please use DefiLlama.

[Disclaimer] The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, perspectives, or conclusions in this article are applicable to their specific circumstances. Invest at your own risk.

"Encryption City 11/12 Weekly Report! DeFi is booming, and is the RWA track also To The Moon?" This article was first published in "Encryption City".