This is issue #78 of the on-chain analytics newsletter that reaches nearly 12k crypto investors every week 📈

🔮 The Graph just launched 43 RFPs for various ecosystem projects. Apply today to receive a grant. (Link)

👻 The Aave community has allocated $1M per quarter to Aave Grants DAO. The program is now live to applicants. (Link)

💎 Yield Protocol is hiring for a Go To Market Lead. (Link)

⭐ [Redacted Variant Port. Project] is hiring a CMO. (DM me for info)

🌎 Projects are hiring for engineering, community, product, and design roles. Fill out our talent form and I’ll personally do my best to connect the dots. (Link)

This week our contributor analysts cover DeFi: Stablecoins and Instadapp.

Stablecoin marketcap breached $111 billion, as it now makes up 7.7% of the total crypto marketcap. YTD stablecoin marketcap growth is 3.7x, far outpacing the total YTD crypto marketcap growth of 1.9x.

Breaking that down further, USDT continues to dominate with $62.9B outstanding supply (58.56% market share), while USDC ($25.3B, 23.62%) is not far behind. Algo-stables are also now a sizable category, comprising of ~8% of the total stablecoin marketcap. This has been driven by promising new projects like TerraUSD, Fei, Liquity and Frax, all of whom have experienced explosive growth this year.

• We have observed a trend where crypto investors tend to flood into stables in the aftermath of market crashes. Driven by the massive crash in May, the combined market share of USDC and USDT reached 7% as a percentage of total crypto marketcap, up from 3%. This was an all time high, surpassing peaks post-Mar ‘20 and post-DeFi summer.

• Ethereum has the largest piece of the stablecoin pie, with $73.4 billion of the $111 billion outstanding supply issued on its blockchain.

  In terms of protocols:

  • Lending/Borrowing: Aave v2 TVL has $6.73B worth of stablecoins

  • DEX: Curve.fi is a stablecoin dex capturing $3B in stables

  • Yield Aggregator: Yearn has $1.13B of stables on its platform

• Instadapp now has over $6.5B in assets under management and is currently ranked as the 3rd largest dapp by TVL.

• Instadapp has facilitated more than $12B in flashloan volume; this includes its use in Multi-Protocol Refinancing, Leveraging, Collateral and Debt Swaps. A smaller portion of this volume was 30m of combined assets and liabilities migrating across chain from AAVE v2 to AAVE-Polygon.

• Instadapp recently launched its own protocol governance token: $INST. As a requirement to receive it, users needed to upgrade their accounts to the latest version. In two weeks, over 30% of all TVL on Instadapp has migrated to the upgraded accounts.