A quick look into DeFi

DeFi is the new, hot crypto trend. In this post we do some preliminary analysis on the subject.

Recent DeFi tokens performance

With the exeption of Ampleforth, the largest “market cap” tokens in DeFi space displayed strong recent performance. Note the stong survivor bias due to selection methodology (CoinMarketCap top N).

Best performing AMM pools

For the best pools 1 we choose the bottom treshold of $1M implied “liquidity”. The returns are calculated on past 30 days implied APR, and account for loss incurred by asymmetric asset appreciation.

Here are the top 5:

Symbol ROI
Uniswap WETH-RMPL 1.430342
Uniswap MTA-WETH 1.228038
Uniswap SBTC-WETH 1.197538
Uniswap WETH-yDAI+yUSDC+yUSDT+yTUSD 1.159840
Uniswap DIA-WETH 1.135365

Returns distrbution for “liquid” pools

Lets look at what returns would we get if we invested in any of the pools with at least $1M TVL. The average returns of the past 30 days are ~ 4%. The median returns are > 1% as well, which implies that the “spray and pray” strategy was likely profitable for many investors.

Crypto Twitter on DeFi

The social metrics are derived from our Crypto Twitter Dataset.

Number of tweets

The past week has seen the yearly high of tweeting activity mentioning Ethereum and DeFi.

Top Hashtags

DeFi has surpassed Ethereum as a Twitter hashtag on CT.

Retail interest

The DeFi hype seems to have some correlation with the uptick in retail interest - as measured by the traffic estimate as a proxy - however it is nowhere near the 2017 levels.

API

If you’re interested in a DeFi dataset offering as an API, please let us know. We’re available for chat on Discord.


  1. Pools are from Balancer, Curve and Uniswap v1,v2↩︎