Every month, we’re diving into the state of the overall DeFi sector: the biggest developments, changes and updates across the ecosystem. All in one place.
New here? Subscribe to get updates straight to your inbox.
DeFi Stats We’re Watching
Total value locked in DeFi: $97.2B (-22.16%)
Monthly DEX volume: $376.48B (-10.88%)
Monthly perp volume: $1.069T (-25.7%)
Aave: $28.05B (-18.56%)
Lido: $19.33B (-29.65%)
EigenCloud: $9.51B (-28.54%)
Solana: $147.9M
Hyperliquid: $83.1M
Ethereum: $84.2M
Chain | Inflow | Outflow | Netflow |
|---|---|---|---|
Ethereum | $5.4B | $4.3B | $1.1B |
Base | $757.1M | $515.7M | $241.3M |
Injective | $145.6M | $2.9M | $142.6M |
The metrics are accurate at the time of publication. The percentage change is over a 30-day period.
Noteworthy DeFi Developments
Ripple Prime added support for Hyperliquid, bringing onchain derivatives access to institutional clients on its brokerage platform. The integration also allows investors to cross-margin DeFi positions alongside traditional assets like FX, fixed income, OTC swaps, and cleared derivatives.
Bitwise released Vault Strategies on Morpho, offering non-custodial vaults that invest in over-collateralized lending pools. These vaults let investors earn yield while retaining custody of their assets. Their CEO talked about it on the Talking Tokens podcast here.
Coinbase launched prediction markets for its U.S. users, built in partnership with Kalshi. Users can trade event-based, yes-or-no contracts on elections, sports, collectibles, and economic indicators.
A DeFi App We Tried in February: Pangolin
What it does: Pangolin is a decentralized exchange built on Avalanche that focuses on optimizing the peer-to-peer trading experience. It uses shared pools of tokens and an automated pricing system to offer instantaneous executions, and lets users earn fees for supplying liquidity.
Our thoughts on the product: Pangolin offers an approachable and visually appealing interface that makes it easy for new users to get started.
When connecting a wallet, Pangolin lets users open and manage perpetual trades in a straightforward layout. The app only supports Binance wallets, and does not include connections for popular wallets from MetaMask or Coinbase, but it still makes it simple to monitor positions and execute trades without navigating multiple pages. In a volatile market like crypto, the time it takes to move between tabs could alter a trade in terms of price expected.
Beyond trading, Pangolin offers staking opportunities to earn yield. Users can stake its PNG tokens or provide liquidity to pools, accumulating rewards over time. The platform’s Harvest feature makes it easy to claim those rewards into your wallet whenever you’re ready, giving you the flexibility to reinvest or use the tokens for trading.
In essence, Pangolin provides similar functionality to other perpetual trading DEXs like Hyperliquid or Aster. What stands out, though, is Pangolin’s layout is more visually appealing, at par with Hyperliquid, which also has a well-designed trading layout.
Overall, we found Pangolin useful for users seeking both leveraged trading and passive rewards in one place, with a simple way to track and collect what they’ve earned.
Stats on the project:
TVL: $5.58M
Daily trading volume: $3.16M
Disclaimer: This section is not sponsored and reflects our analysts’ subjective impressions from testing apps and differs from our otherwise fact-driven content. Opinions are based on our evaluation; readers should conduct their own research.
More DeFi Updates
Following Chainlink’s acquisition of Atlas from FastLane, the oracle protocol integrated order flow tech into its Smart Value Recapture feed, bringing auctions onchain so apps can capture value during liquidations.
DFlow introduced Proof, an onchain identity layer that lets Solana applications verify real-world users without building their own KYC infrastructure. The tool links verified identities to wallets for regulated DeFi use cases, like RWA trading and compliance-aware financial products.
Uniswap has added Continuous Clearing Auctions (CCA) to its web app. CCA lets users bid for newly launched tokens in a permissionless system, automatically creating a tradable pool once the auction ends.
Aave has facilitated $4.6B in all-time liquidations.
Maple has expanded to Base, letting users on the network access borrowing, collateralized lending, and scalable yield strategies. This integration leverages Aave and Chainlink for liquidity provision and cross-chain support.
Flare has partnered with Hex Trust to help users to mint FXRP and stake FLR on the Flare network while keeping assets under custody with multi-approval workflows. This lets assets like XRP participate in DeFi practices such as onchain lending, staking and money markets.
DeFi word of the month:
Automated market maker (AMM): A smart contract-based system that lets users trade tokens onchain by using liquidity pools and a pricing algorithm, instead of a traditional order book with buyers and sellers.
Used in a sentence: Sarah swapped tokens through an automated market maker, which placed her trade order based on the pool’s available liquidity.
This is the State of DeFi. February Edition.
This product was built by Token Relations.
This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.
To get this newsletter delivered to your inbox, subscribe here.
