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Solana, BNB Chain, Avalanche

• DeFi has seen a resurgence since the beginning of 2024, with TVL increasing over 50% from $56B to $85B. Sectors like trading, lending and liquid staking have grown significantly and restaking has opened new use cases for idle crypto assets. While growth has been flat recently, the many Bitcoin Layer 2s on the horizon may unlock a new wave of DeFi use cases.

• DEX trading has seen explosive growth with the emergence of Base, the Layer 2 developed by Coinbase, and many new addresses onboarding to Solana. Weekly volumes of the top 5 chains have grown from ~$20B at the start of the year, to over $40B today.

• Restaking has also contributed a significant amount to DeFi's resurgence. Currently, over 3.7M ETH is locked into restocking protocols, with venues like Pendle driving more usage. As more AVS emerge in 2024, the restaking landscape will continue to evolve.

• Since January 2024, DEXs in the Solana ecosystem have surpassed $430B in trading volume. In recent months, the average monthly trading volume has ranged between $60B-$80B, supported by an active participation rate of over 34.5M wallets. Jupiter Exchange contributes 52.8% of the total volume, with transactions amounting to approximately $228B. Additionally, the presence of trading platforms like Orca, Raydium, Lifinity, and Meteora, underscores the ongoing innovation within the DEX space.

• Since January 2023, the secondary markets for NFTs on Solana have experienced substantial growth, reaching a trading volume exceeding 41.3M SOL, equivalent to $2.25B. The market has maintained strong activity, with 800K unique wallets acquiring 17.3M NFTs.

• Since Aug 2021, 12.6M staking transactions have been carried out by 530K unique wallets across various LST protocols within the Solana ecosystem. These protocols now collectively manage over 24M SOL in staked assets. Among them, Jito dominates with 50% of the total staked SOL.

• With a TVL of ~$6.2B, BNB Smart Chain (BSC) ranks third in TVL among Layer 1s, behind Ethereum and Tron. Within BSC, Venus and PancakeSwap lead with a combined TVL of ~$3.5B.

• Along with BSC, the BNB Chain ecosystem also has a Layer 2 network called opBNB, which currently has around $27M in TVL. The most dominant protocol on opBNB is KiloEx, a peer-to-pool perpetual DEX offering high-leverage options. KiloEx currently accounts for almost 64% of opBNB’s TVL.

• BSC has a scalable ecosystem and a thriving user base. Hosting nearly a million DAU and boasting the lowest gas fees among L1 chains at under $0.03, BSC is highly attractive to developers. Its EVM compatibility, fast finality, and onchain governance further enhance its strength as a DeFi platform.

• Avalanche is an Layer 1 blockchain capable of high throughput and customizable VMs. A total of $3.9M+ in AVAX and $2.1M in COQ memecoin has been airdropped by Avalanche Foundation to a total of 8.3k users during the Community Airdrop. These users were participants of Memecoin Rush Program and Diamond Hands where they deposited in Trader Joe's Memecoin Rush Vaults. The vaults reached a peak TVL of $125M within a week across 10 Avax community coins with 12k+ depositors.

• TVL on Avalanche dropped by 43% from the peak of $1.9B in March 2024 to $1.1B in August. The liquid staking sector had the biggest drop of -$100M, largely due to AVAX's price drop. DEXs had a significant increase of >$17M, with the exchange Pharaoh contributing $10M. DeltaPrime, a multifaceted protocol, had the biggest increase of $12M.

• Avalanche Foundation launched an incentive program called BOOST in July with the goal of supporting its DeFi Ecosystem. There are some signs that BOOST is working — TVL on Pharaoh has increased by 3x to $13M+ since the start of the program while DeltaPrime has had a near 3x increase in both saving deposits and borrows to $32M and $17M respectively.