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.
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DeFi Stats We’re Watching
Total value locked in DeFi: $98.41B (+3.27%)
Monthly DEX volume: $245.45B (-34.8%)
Monthly perp volume: $671.06B (-37.2%)
Aave: $27.52B (-2.42%)
Lido: $19.08B (-4.51%)
EigenCloud: $8.99B (-6.40%)
Solana: $101.49M
Ethereum: $58.55M
Hyperliquid: $54.81M
Chain | Inflow | Outflow | Netflow |
|---|---|---|---|
Hyperliquid | $2.4B | $1.8B | $531.1M |
Ethereum | $2.7B | $2.5B | $211.9M |
Base | $453.7M | $283.2M | $170.5M |
The metrics are accurate at the time of publication. The percentage change is over a 30-day period.
Noteworthy DeFi Developments
Sky launched a USDS vault on Morpho that lets stUSDS, cbBTC, wstETH and ETH holders borrow against their holdings
Backpack is launching an IPO subscription service on Solana, in partnership with Superstate, to enable retail users to claim allocations onchain, before market open
Jupiter Lend added support for native staking as collateral in its app, which lets it automatically detect staked positions and transform them into a lending token
A DeFi App We Tried in March: Limitless
What it does: Limitless is a prediction market platform on which users trade on the outcomes of events using a central limit order book (CLOB).
Prices move based on supply and demand in the order book, reflecting the market’s perceived probability of an event occurring. The platform also has a native token, LMTS, which can be staked for yield.
Our thoughts on the product: Limitless offers a trading experience that feels similar to other crypto trading and prediction market interfaces.
The platform has a simple onboarding flow. We connected through the Base app (formerly Coinbase Wallet), which made depositing funds straightforward. This reduced the number of steps needed to start trading, which is important for prediction markets where user friction can quickly lead to churn. The Limitless desktop app, meanwhile, integrates with Privy, letting you create an account using Gmail, Twitter, Discord, or crypto methods such as wallets or Farcaster.
Like other prediction market platforms, Limitless offers crypto pricing markets, sporting events, and political events. A wide range of markets, and similar overlap compared to Polymarket and Kalshi, means design becomes the differentiating factor for user adoption.
In terms of design, we found Limitless more inviting compared to Polymarket, as the onboarding flow and UI/UX felt more direct. However, we believe Kalshi still stands out for the overall experience in terms of appearance and its onboarding method.
Still, Limitless provides a similarly approachable environment that balances trading functionality with ease of use.
Stats on the project:
TVL: $473K
Fees (annualized): $14M
DEX Volume: $87M
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
Mason Nystrom, partner at Pantera Capital, and Daniel Marin, CEO of Nexus, spoke on the Talking Tokens podcast about why purpose-built blockchains are gaining traction
Chainlink facilitated a bridge for Coinbase’ Wrapped BTC (cbBTC) between Base and Monad
Grvt has integrated with Aave, letting users can earn yield on USDT margin collateral while maintaining open perpetual positions
Decibel launched its perpetual futures trading DEX to mainnet, featuring: season 1 of its Amps points program; the usDCBL stablecoin; and automatic yields on deposited capital
Flare Network and Xaman Wallet launched a vault that lets users deposit XRP into yield-generating vaults in a single transaction, without needing a bridge
Canton integrated with Chainlink’s Data Streams, Smart Data, Proof of Reserve and CCIP to provide institutions real-time pricing and collateral verification for lending use cases
Stargate integrated Injective into its cross-chain network, allowing users to bridge assets from supported blockchains and enabling native wETH access
DeFi word of the month: Slippage
Definition: The difference between the price a user is expected to pay for a trade and what they actually pay when it executes.
Used in a sentence: I set my slippage to 0.5%, but the pool had low liquidity, so my trade failed and I had to increase it to 1%.
This is the State of DeFi. March 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.
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