Depth Analysis of DeFi Data Tool: DefiLlama Full-Function Exploration

DeFiLlama, as a powerful Decentralized Finance data analysis tool, offers a wealth of features to gain insights into industry trends. This article will comprehensively introduce the main features of DeFiLlama and how to leverage this data to uncover potential investment opportunities.

Decentralized Finance Overview

The DeFiLlama homepage displays the TVL data of the entire DeFi ecosystem and ranks protocols by TVL. Users can view the ranking by public blockchain. Currently, Lido has become the number one protocol by TVL due to the ETH merge, with 99.2% of its TVL coming from ETH.

Public Chain Data

Public chains are ranked according to indicators such as TVL, number of protocols, changes, and number of stablecoins. They can be categorized and viewed by types such as EVM, non-EVM, Rollup, Cosmos, and Parachain. The 7-day and 1-month fluctuations of TVL are worth paying attention to, as they may reflect the release of new projects on-chain. DeFi and stablecoins are the ecological infrastructure, and public chain development can be observed from this perspective.

Unlaunched Token Projects

A list of unissued token DeFi protocols sorted by fundraising time. Although updates are slow, there is still some value in searching for Alpha. It is recommended to consider the project launch time comprehensively.

Protocol Treasury

Sort by total treasury amount and display the proportion of various tokens in the treasury. Sufficient protocol funds do not necessarily equate to rapid development, but a large holding of its own tokens may indicate a small market circulation or that the DAO has become the largest seller. The risks posed by non-stablecoins to the treasury are worth noting.

Oracle

Sort various oracle services through TVS (Total Value Secured). ChainLink is the absolute leader in this field. However, this data does not equate to the actual number of services provided by the oracle, and there is a certain degree of ambiguity.

Protocol Copy

Show the most copied protocols. The ones that are frequently forked are mostly industry leaders, worth studying in depth. Developers can also discover new opportunities from this.

Top Protocols of Each Chain

Showcase the leading protocols in various DeFi segments across different public chains, covering liquidity staking, CDP, DEX, lending, yield aggregation, cross-chain bridges, and more. Major projects in the public chain ecosystem are becoming multi-chain, while emerging ecosystems are seeking larger markets through multi-chain strategies. Services that are lacking in public chains may present new opportunities.

Protocol Comparison

Supports selecting multiple protocols to compare TVL trends on the timeline. Suitable for comparing competing products in the same track, such as LSD projects. This feature can also be extended to comparisons in dimensions such as revenue, user count, FDV, etc.

Token Usage

Query the usage of a certain token in the DeFi ecosystem. The data comes from on-chain, but is limited to projects recorded by DeFiLlama. Interesting data includes the use of 3.49 billion USDT on JustLend, etc.

Decentralized Finance Category

Show the number of projects and TVL in 31 subcategories of DeFi. Among them, the number of protocols in categories such as privacy, oracle, leveraged farming, unsecured lending, exotic options, and real asset lending is relatively low, which may contain Alpha opportunities.

New Projects

Show the projects recently included by DeFiLlama. Note that "recently" refers to the inclusion time rather than the mainnet launch time, which may have a certain lag.

Programming Language Statistics

Show the proportion of different programming languages in Decentralized Finance, as well as a comparison of languages sorted by TVL. It also includes data on the ratio of open source/non-open source protocols in the Solana ecosystem. For more detailed developer data, refer to the Electric Capital report.

Liquidity Pool Data

A list of liquidity pools ranked by TVL, covering 5,327 pools across 275 protocols on 59 chains. In addition to BTC, ETH, and stablecoins, GLP and GMX have also entered the top ranks, both from the GMX protocol.

Delta Neutral Strategy

After the user selects the collateral token, the system will automatically recommend a Delta-neutral strategy and calculate the overall return. Currently, there are relatively few pools being tracked, for reference only.

Long and Short Strategy

For specific tokens, showcase delta-neutral long and short strategies across all tracked DeFi mining pools and centralized exchange perpetual contract markets. Consider CEX funding rates and DeFi yields to calculate annualized strategy returns. The currently cooperating CEX is OKX, and the DeFi platforms include Venus, Ankr, WOOFi, etc.

Leverage Lending

Display data such as the circulating APY, supply APY, LTV, and current lending situation of different leveraged lending projects. Covering 158 pools across 291 protocols on 23 chains. Compared to other chains, the number of projects on the BNB chain is larger, and the circulating APY is also higher.

Lending Data

Ranking based on indicators such as the earnings of lending projects, LTV, supply, and usage. Covering 777 liquidity pools across 291 protocols on 23 chains.

Yield Overview

Search for the median APY and distribution of a single cryptocurrency, and check the APY of a certain cryptocurrency in different project pools. Provides visualized APY data comparison, suitable for staking data analysis reports.

Stablecoin Pool

Includes 422 stablecoin pools from 275 protocols across 59 chains. Displays each pool's TVL, base APY, reward APY, and 30-day average APY. High APYs usually rely on project token reward subsidies. In addition to Ethereum, notable stablecoin pools are also beginning to emerge on layer two networks.

Halal Pool

Track 59 chains and 36 protocols with 5273 "halal" pools, mainly including relatively safe projects such as simple exchange DEX, single yield farming, liquid staking, and cross-chain LPs. For example, Arrakis Finance's DAI-USDC pool has a TVL of $281 million, currently only offering basic returns and has not yet issued tokens.

Cross Aggregator Trading

By aggregating multiple DEX aggregators, it provides the best trading path queries and supports direct trading. It will calculate the trading results and various fee costs, allowing for customizable slippage. Some aggregators offer discounts, and users can first select the routing here before going to the corresponding aggregator to find deals.

Lending Aggregator

After the user inputs the collateral token and the loan token, the system will check all lending protocols, calculate the cost of each borrowing option considering incentives, supply APR, and borrow APR, and list all possible lending paths, costs, and LTV.

Transparency of Centralized Exchanges

Show the inflow, outflow, net assets, and other data of centralized exchange assets. Currently, OKX has a net inflow of $242 million in the past month, while Binance has a net outflow of $2.07 billion. The funds that have net outflow from the TOP 5 have not all flowed into the exchanges with net inflow in the TOP 10, and it is possible that over $1.5 billion in assets have been transferred on-chain. It is worth paying attention to the exchanges with net inflow during the bear market.

Clearing Data

View the total liquidation amounts of various chains and protocols, as well as the liquidation situation when the market drops by 20%. You can check the liquidation prices of the 100 largest positions. Currently, the highest liquidation price for ETH/USD is $1088, while the 12th and 15th positions are approximately $1290, and the 18th position is somewhat special, at $1547.

Trading Volume Data

Display the ranking of DEX daily/weekly/monthly trading volume, trading volume ranking and changes across chains, TVL, market share, cumulative trading volume, etc. In terms of options trading volume, Lyra occupies over 56% of the recorded data, holding an absolute leading position.

Income and Expenses

A list of projects ranked by income and expenses. The top 50 project types by income include: public chains/Layer 2 networks ( selling block space ), DEX ( transaction fees ), liquidity staking ( rewards ), derivatives trading, NFT markets, CDPs, synthetic assets, oracles, etc. Interestingly, many projects with a market cap or FDV reaching billions of dollars only have actual revenues in the millions, and most of the profits do not reach the token holders.