Comprehensive Analysis of DeFiLlama: A Tool for DeFi Data Analysis

DeFiLlama is one of the most comprehensive data analysis platforms in the current DeFi space. This article will delve into the main features of DeFiLlama and its applications in DeFi data analysis.

Decentralized Finance Overview

DeFiLlama provides an overview of the entire Decentralized Finance ecosystem:

• Display the total locked value of the entire Decentralized Finance ecosystem (TVL)
• List of protocols ranked by TVL
• You can filter and rank by public chain

It is worth noting that Lido has become the protocol with the highest TVL after the Ethereum merger, with 99.2% of its TVL coming from Ethereum.

Public Chain Data

DeFiLlama provides detailed data for various public chains:

• Ranked by TVL/number of protocols/change amount/number of stablecoins
• Categorized viewing of EVM, non-EVM, Rollup, Cosmos, parachains, etc.
• The changes in TVL over 7 days/30 days are worth paying attention to, as they may indicate the release of new on-chain projects.
• The number of stablecoins can reflect the level of development of Decentralized Finance infrastructure.

Airdrop Potential Projects

DeFiLlama has included DeFi protocols that have not yet issued tokens, sorted by fundraising time. This helps to discover potential airdrop opportunities, but updates may be delayed, so it is recommended to consider the project's launch time comprehensively.

Protocol Treasury

DeFiLlama shows the treasury data of various protocols:

• Sorted by total treasury
• Show the proportion of various tokens in the treasury

The size of the treasury does not equal development potential. A large number of native tokens may indicate a small market circulation or that the DAO could become the largest seller. The risks that non-stablecoins pose to the treasury are also worth noting.

Oracle Services

DeFiLlama ranks oracles by Total Value Secured ( through TVS ):

• Display the protocol status of various oracle services
• ChainLink is a dominant player in this field.

However, this data does not equate to the actual number of oracle calls, and there is a certain degree of ambiguity.

Fork Analysis

DeFiLlama lists the most copied protocols:

• Most of the forks are industry leaders.
• Developers can discover new innovative opportunities from it.

Leading Protocols Across Chains

DeFiLlama showcases the leading projects in different DeFi segments across various public chains:

• Covering Liquid Staking, CDP, DEX, lending, yield aggregation, cross-chain bridges, etc.
• Leading players in the large ecosystem are developing multi-chain.
• The services that are lacking in emerging ecosystems may become opportunities.

Protocol Comparison

DeFiLlama supports TVL trend comparisons for multiple protocols:

• Can be used to analyze the competitive landscape within the same track.
• This feature has further room for expansion, such as comparisons of income, user numbers, FDV, and other metrics.

Token Usage

DeFiLlama can query the usage of specific tokens in Decentralized Finance:

• Only show data for projects included by DeFiLlama
• You can discover some interesting phenomena, such as the extensive use of USDT in certain protocols.

Decentralized Finance 分类

DeFiLlama categorizes DeFi projects into 31 categories:

• Display the number of projects and TVL for each category
• Categories with fewer agreements, such as privacy, uncollateralized lending, and exotic options, may contain opportunities.

Newly Listed Projects

DeFiLlama showcases recently listed projects:

• Note that "recent" refers to the time of inclusion rather than the mainnet launch time.
• There is a certain lag.

Programming Language Analysis

DeFiLlama provides programming language statistics for DeFi projects:

• Compare the proportion of different languages by TVL
• Show the proportion of open source/non-open source protocols in the Solana ecosystem

More detailed developer data can be referenced in the report by Electric Capital.

Revenue Data

Liquidity Pool Ranking

• List of liquidity pools sorted by TVL
• Covers 5327 pools across 275 protocols on 59 chains
• Besides BTC, ETH, and stablecoins, GLP and GMX have performed outstandingly.

Delta Neutral Strategy

• Automatically select strategy based on collateral tokens
• Calculate the overall return of each strategy component
• Currently, there are fewer tracked pools, for reference only.

Long and Short Strategy

• Display Delta neutral "long-short" strategies for specific tokens in all tracked pools and CEX perpetual contract markets.
• Consider the annualized return calculation based on CEX funding rates and Decentralized Finance yields.
• The currently cooperating CEX is OKX, and the DeFi platforms include Venus, Ankr, WOOFi, etc.

Margin Lending

• Display data such as Loop APY, Supply APY, and LTV for different leveraged lending projects.
• 158 pools covering 291 protocols across 23 chains
• There are many BNB chain projects, and the Loop APY is generally high.

Lending Overview

• Ranking based on lending project returns, LTV, supply, and usage conditions.
• 777 liquidity pools covering 23 chains and 291 protocols

Yield Overview

• View the median APY and distribution of a single cryptocurrency
• Display the APY of specific coins in various project pools
• Visualized APY data comparison, suitable for creating staking analysis reports

Stablecoin Pool

• 422 pools covering 275 protocols across 59 chains
• Display the TVL, Base APY, Reward APY, and 30-day average APY of each stablecoin pool.
• High APY largely relies on project token rewards and subsidies
• The stablecoin pool on L2 is worth paying attention to.

Halal Pool

• Track 5,273 pools across 36 protocols on 59 chains
• Mainly includes simple exchange DEX, single yield farming, liquidity staking, bridging LP, etc.
• Can be understood as a relatively simple and secure pool.
• The TVL of the DAI-USDC pool of Arrakis Finance has reached $280 million, and no tokens have been issued yet.

DEX Aggregator

DeFiLlama provides Meta-Aggregator functionality:

• Aggregate multiple DEX aggregators to provide the best trading path.
• Calculate transaction results and various cost expenses
• Support custom slippage
• You can use this feature to find the optimal path and then go to the corresponding aggregator to look for discounts.

Lending Aggregator

• View all lending protocols based on collateral and lending tokens
• Calculate the cost of each loan, considering incentives, supply APR, and borrowing APR.
• List all possible lending avenues, costs, and LTV

Transparency of Centralized Exchanges

• Display CEX asset inflow and outflow, net assets, and other data
• Recently, OKX shows net inflow, while Binance shows net outflow.
• The net outflow of TOP5 did not all flow into the net inflow of TOP10 CEX, with approximately $1.5 billion potentially flowing onto the chain.
• The net inflow of CEX during a bear market is worth paying attention to.

Clearing Data

• View the total settlement amount of each chain and each protocol
• Simulate a liquidation scenario with a 20% drop.
• Display the liquidation status of the 100 largest positions
• ETH/USD liquidation price distribution: TOP10 is $1088, TOP12 and 15 are about $1290, TOP18 is $1547

Trading Volume Data

• DEX Daily/Weekly/Monthly Trading Volume Ranking
• Display transaction volume, change volume, TVL, market share, cumulative transaction volume by chain
• Options trading volume ranking ( data is flawed )
• Lyra occupies more than 56% of the options market.

Income and Expenses

• A list of projects ranked by income and expenses
• TOP50 Revenue Sources: Public Chain/Rollup, DEX, Liquidity Staking, Derivatives Trading, NFT Market/Lending, CDP, Synthetic Assets, Oracles, etc.
• Some high market cap projects have low revenues, and most of the earnings have not reached the token holders.

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