In-Depth Analysis of DeFi Data Tools: Comprehensive Feature Exploration of DeFiLlama

DeFiLlama, as a powerful Decentralized Finance data analysis platform, provides us with comprehensive industry insights. This article will take you to re-understand DeFiLlama, explore its rich features, and learn how to leverage this data to discover potential opportunities.

Decentralized Finance Overview

The DeFi overview page of DeFiLlama summarizes the TVL data of the entire DeFi ecosystem and ranks protocols by TVL. We can see that Lido has become the largest protocol due to the Ethereum merge, with 99.2% of its TVL coming from ETH.

This page also supports sorting by public chain, allowing us to have an intuitive understanding of the DeFi development of different public chains. It is worth paying attention to the changes in TVL of each public chain over 7 days and 1 month, as this may reflect the release of new projects.

Public Chain Data

DeFiLlama provides rankings of various public chains based on dimensions such as TVL, number of protocols, changes, and number of stablecoins. We can view them categorized by EVM, non-EVM, Rollup, Cosmos, Parachain, etc.

This data helps us observe the development status of public chains from a Decentralized Finance perspective. As the infrastructure of DeFi, the distribution of stablecoins across various chains is also worth paying attention to.

New Project Tracking

The Airdrops page of DeFiLlama sorts the DeFi protocols that have not yet issued tokens by fundraising time. Although updates may be somewhat delayed, there is still some Alpha discovery value when combined with the project's launch time.

The Recent page displays the projects that have been recently included. It is important to note that "recently" refers to the time of inclusion, not the mainnet launch time, which has a certain lag.

Protocol Treasury

The Treasuries page sorts the protocols based on the total treasury amount and other indicators, displaying the proportion of various tokens in the treasury.

These data reflect the financial status of the protocol, but cannot simply be equated with the rate of development. It is worth noting that a large holding of its own tokens may indicate a smaller market circulation, or that the DAO may become the largest token seller. The events between FTX and BitDAO remind us to pay attention to the risks that non-stablecoins pose to the treasury.

Oracle Service

The Oracles page uses TVS( Total Value Secured) to rank various oracles and display the status of the protocols they serve.

ChainLink is undoubtedly the king of this field. However, it is important to note that this data is not equivalent to the number of oracle service times, and there is a certain degree of ambiguity.

Protocol Fork

The Forks page displays the most copied protocols. These are usually industry leaders that are worth detailed study. For developers, this list also provides new directions for experimentation.

Leading Protocols of Various Chains

The Top Protocols page showcases the leading protocols of various public chains in different DeFi segments, covering multiple aspects such as liquidity staking, CDP, DEX, lending, yield farming, and cross-chain bridges.

We can observe that the leaders in large public chain ecosystems are developing through multi-chain strategies, while leaders in smaller or emerging ecosystems are also seeking larger markets through multi-chain strategies. At the same time, missing services in certain public chain ecosystems may become new opportunities; for example, the leader in the CDP track within the Canto ecosystem is yet to emerge.

Protocol Comparison

The Comparison feature supports selecting multiple protocols to compare their TVL changes on the timeline. This is very helpful for analyzing the competitive landscape within the same track, such as comparing different LSD(Liquid Staking Derivatives) projects.

This feature still has room for expansion, and in the future, comparisons can be made across more dimensions such as revenue, user count, FDV, etc.

Token Usage

The Token Usage page allows you to query the usage of specific tokens in Decentralized Finance. It is important to note that this data is based on on-chain information and only includes projects listed by DeFiLlama, which may not be comprehensive.

An interesting piece of data is: there are 3.49 billion USDT on JUSTLEND, which prompts us to think about its uses.

Overview of DeFi Categories

The Categories page displays the number and TVL of various DeFi projects. DeFiLlama categorizes DeFi into 31 categories, including privacy, oracle, leveraged farming, unsecured lending, exotic options, and real asset lending, among others, which have fewer than 10 protocols. The last four categories may contain some potential opportunities.

Revenue Analysis

The Yields module provides a wealth of yield-related data:

• The Pools page displays various liquidity pools sorted by TVL, covering 5327 pools across 275 protocols on 59 chains.
• The Delta Neutral page supports selecting collateral tokens and automatically recommends neutral strategies.
• The Long-short Strats page displays the delta neutral "long-short" strategy for specific tokens across all tracked mining pools and CEX perpetual contract markets.
• The Leveraged Lending page displays data such as Loop APY, Supply APY, and LTV for different leveraged lending projects.
• The Borrow page ranks based on the returns, LTV, supply, and usage of the lending projects.
• The Overview page supports searching for the median APY and distribution of a single cryptocurrency, and provides visual comparisons.
• The Stablecoins Pool page specifically displays the status of stablecoin pools.
• The Halal page tracks "Halal" ( simple, relatively safe ) pool.

Trading Tools

DefiLlama Swap, as a meta-aggregator, provides the best trading path by aggregating multiple aggregators and supports direct trading. It calculates the trading results and various fee costs, and users can customize the slippage.

The Borrow Aggregator is a lending calculator that allows users to view the costs of all lending protocols based on the given collateral and borrowing tokens, while considering incentives, supply APR, and borrowing APR, providing a list of all possible lending options, costs, and LTV.

Transparency of Centralized Exchanges

The CEX Transparency page displays data on the inflow, outflow, and net assets of centralized exchange assets. Currently, OKX has a net inflow of ($241.63M) over the past month, while Binance has experienced a net outflow of $2.07B during the same period.

It is worth noting that not all funds flowing out of the TOP 5 exchanges have gone into the TOP 10 exchanges with net inflows. Currently, there may be over $1.5 billion in assets transferred to on-chain. Exchanges that maintain net inflows during a bear market may be worth paying attention to.

Liquidation Data

The Liquidation page provides the total liquidation amounts of different protocols on each chain, as well as the estimated total liquidation amount in the event of a 20% drop in assets. Additionally, it is possible to view the liquidation status of the 100 largest positions.

It is worth noting that the current highest clearing price among the TOP 10 is ( ETH/USD ) at $1,088.017, while the TOP 12 and TOP 15 are around $1290, and TOP 18 is quite special, reaching $1547.

Trading Volume Data

The Volumes module includes:

• Overview: DEX Daily/Weekly/Monthly Trading Volume Ranking
• Chains: Statistics on transaction volume, change volume, TVL, market share, etc.
• Options: Options trading volume ranking ( data may be incomplete )

Currently, Lyra's trading volume in the options market accounts for over 56% of the recorded data, holding an absolute leading position.

Income and Expenses

The Fee & Revenue page ranks projects based on income and fees. In the TOP 50 by income, the main categories include: public chain/Rollup ( selling block space ), DEX ( transaction fees ), liquid staking ( reward fees ), options/futures/borrowing trading, NFT markets/lending, CDP, synthetic assets, oracles, etc.

An interesting phenomenon is that even if the Fully Diluted Valuation (FDV) ( reaches a project worth billions of dollars, its revenue may only be a few million dollars, and most of the earnings do not flow to the token holders.

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Financing Data

The Raised module includes:

• Overview: Financing events sorted by time, including information on financing scale, round, project introduction, valuation, lead investors, and participating parties.
• Active investors: Active investors sorted by the number of investments in the last 30 days and their investment project status.

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Stablecoin Data

The Stables module provides comprehensive stablecoin data:

• Overview: The pegging status, deployment status, and changes of various stablecoins. Currently, there are 6 stablecoins with a market capitalization exceeding $1 billion, and the positions of USDT and USDC remain unchallenged for now. DeFiLlama has recorded a total of 97 stablecoins; although USD stablecoins are still dominant, Euro stablecoins have also started to emerge.
• Chains: Sort by the size of stablecoins on public chains, showcasing the layout of stablecoin projects on each chain, the ratio of stablecoins/TVL, the number of bridges, etc.

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Security Incident

The Hacks page records the time, reasons, scale, and reports of various hacking incidents. Most attacks stem from protocol logic vulnerabilities, which are difficult to completely avoid even after audits. This highlights the potential of Decentralized Finance insurance, but how to prevent team orchestrated attacks remains a significant challenge.

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