DeFiLlama: A powerful Decentralized Finance data analysis tool

DeFiLlama is a powerful DeFi data analysis platform that provides users with rich data insights and tools. This article will comprehensively introduce the main features of DeFiLlama and how to leverage this data to discover investment opportunities in the DeFi space.

1. Decentralized Finance Overview

1.1 Ecosystem Overview

• Show the total locked value of the entire Decentralized Finance ecosystem (TVL)
• Rank protocols by TVL
• You can filter by public chain

It is worth noting that Lido has become the number one in TVL due to the Ethereum merger, with 99.2% of its TVL coming from Ethereum.

1.2 Public Chain Ranking

• Display indicators such as TVL, number of protocols, changes, and the number of stablecoins for various public chains.
• You can filter by categories such as EVM, non-EVM, Rollup, Cosmos, Parachain, etc.

By focusing on the changes in TVL over 7 days and 30 days, one can observe the launch of new projects. As a fundamental infrastructure of Decentralized Finance, the quantity of stablecoins can also reflect the development status of public chains.

1.3 Unlaunched Token Projects

• Sort the unfunded DeFi protocols by fundraising time.

Some potential investment opportunities may be found here, but updates are slow, so it is recommended to consider the project’s launch time comprehensively.

Project Treasury 1.4

• Sort each protocol by total treasury
• Display the proportion of various tokens in the treasury.

The size of the project treasury does not necessarily equate to the speed of development. Holding a large amount of its own tokens may indicate a small market circulation or that the DAO has become the largest seller. The risks of non-stablecoins to the treasury are also worth noting.

1.5 oracle

• Rank oracles using TVS(Total Value Secured)
• Display the protocol status of various oracle services

ChainLink dominates the field. However, this data does not equate to the specific usage frequency of oracles, and there is a certain degree of ambiguity.

1.6 Fork Projects

• Show the most copied protocols

The industry leaders are often the ones that are frequently forked. Developers can discover new market opportunities from this.

1.7 Major Projects of Various Public Chains

• Showcasing leading projects in different decentralized finance segments across various public chains.
• Covers multiple categories such as liquidity staking, CDP, DEX, lending, yield farming, cross-chain bridges, etc.

Leading projects in the large public chain ecosystem are developing through multi-chain strategies, while leaders in smaller/emerging ecosystems are also seeking larger markets through multi-chain approaches. Services that are missing in public chains may present new opportunities.

1.8 Project Comparison

• Support selecting multiple protocols to compare TVL changes on the timeline.

Suitable for comparing projects in the same track. In the future, it can expand to compare income, user numbers, FDV, and more dimensions.

1.9 Token Usage

• Check the usage of specific tokens in Decentralized Finance

The data comes from on-chain, but only includes projects listed by DeFiLlama, which is not complete.

1.10 Decentralized Finance 类别

• Show the number of projects and TVL in 31 subcategories of Decentralized Finance.

Categories with fewer protocols include privacy, oracles, leveraged farming, unsecured lending, exotic options, and real asset lending, which may contain investment opportunities.

1.11 New Project

• Showcasing the projects recently included by DeFiLlama.

Note that “recently” refers to the time of inclusion and not the actual launch time, which has a certain lag.

1.12 Programming Language

• The proportion of different programming languages in Decentralized Finance
• Compare each language by TVL
• Proportion of open-source/non-open-source protocols in the Solana ecosystem

2. Revenue Data

2.1 Liquidity Pool Rankings

• Rank 5327 liquidity pools by TVL
• Covers 275 protocols across 59 chains

In addition to mainstream tokens, GLP and GMX have also entered the forefront, both coming from the GMX protocol.

2.2 Delta Neutral Strategy

• Select collateral tokens, automatically recommend strategies
• Calculate the overall return of each strategy component

The number of tracked pools is currently limited and is for reference only.

2.3 Long and Short Strategy

• Enter tokens to display all trackable mining pools and the delta-neutral “long-short” strategies in the CEX perpetual contract market.
• Consider the CEX funding rate and DeFi yield to calculate the annualized strategy return

The currently cooperating centralized exchange is OKX, and the decentralized platforms include Venus, Ankr, WOOFi, etc.

2.4 Leverage Lending

• Display the cyclic APY, supply APY, LTV, and current lending situation of different leveraged lending projects.
• Included 158 pools of 291 protocols on 23 chains

Compared to other chains, there are more projects on the BNB chain, and the circulating APY is also higher.

2.5 Lending Ranking

• Rank based on the income, LTV, supply, and usage of the lending projects.
• 777 liquidity pools covering 291 protocols across 23 chains

2.6 Earnings Overview

• Query the median APY and distribution of a single cryptocurrency.
• Display the APY of specific cryptocurrencies in various projects and pools
• Provide visualized APY data comparison

Suitable for creating staking yield analysis reports.

2.7 Stablecoin Pool

• Includes 422 stablecoin pools from 275 protocols across 59 blockchains.
• Display the TVL, base APY, reward APY, and 30-day average APY of each stablecoin pool.

High APY generally relies on project token rewards for subsidies. In addition to Ethereum, there are also some noteworthy stablecoin pools appearing on Layer 2 networks.

2.8 Halal Project

• Track 5,273 pools across 36 protocols on 59 chains
• Mainly includes simple exchange DEX, single yield farming, liquidity staking, bridging LP, etc.

Here, “清真”(Halal) can be understood as a relatively simple and safe pool.

3. Trading Aggregator

The Swap feature of DeFiLlama is a meta-aggregator:

• By aggregating multiple DEX aggregators, provide the best trading path.
• Calculate transaction results and various fee costs
• Supports custom slippage settings

Users can choose the optimal path here, and then check the corresponding aggregator to see if there are any additional discounts.

4. Lending Aggregator

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

5. Transparency of Centralized Exchanges

• Display data such as inflow, outflow, and net assets of centralized exchange assets.

Recently, OKX showed a net inflow of ($241.63M), while Binance showed a net outflow of ($2.07B). Currently, there may be over $1.5 billion worth of assets being transferred on-chain. It’s worth paying attention to the exchanges with net inflows during the bear market.

6. Clearing Data

• View the total settlement amount of each chain and each protocol
• Simulate a liquidation scenario with a 20% drop.
• Show the liquidation status of the 100 largest positions

The current highest settlement price for ETH/USD is $1,088, ranked among the top 10 positions; the 12th and 15th are around $1,290; the 18th is $1,547, which is quite special.

7. Trading Volume Data

• DEX Daily/Weekly/Monthly Trading Volume Rankings
• Statistics of transaction volume, change volume, TVL, market share, cumulative transaction volume by chain
• Options trading volume ranking ( data has defects )

In the options market, Lyra occupies more than 56% of the statistical data, holding an absolute leading position.

8. Fees and Income

• According to income and fees