DeFi platforms increased revenues amid FTX collapse
Daily futures trading volume on decentralized exchanges reached $5 billion, the highest since the Terra collapse in May
DeFi platforms increased revenues amid the outflow of funds from centralized exchanges (CEX) due to the collapse of FTX. Onchain data showed an increase in activity on decentralized futures trading platforms and an increase in revenue for DeFi protocols, Cointelegraph reported.
However, not all decentralized applications (DApps) and protocols are showing this trend, as some of them have financial ties to FTX and Alameda. But revenue data from DeFi projects shows that at least three protocols exceeded $1 million in the last seven days, including Ethereum and the OpenSea marketplace.
Decentralized futures trading platforms have seen trading volumes rise to record levels, the article says. Daily turnover on them reached $5 billion, the highest since the Terra project tokens collapsed in May of this year.
Despite the increase in trading volume, the total value of locked-in assets (TVL) at DeFi only increased at seven networks. Gains Network, a futures trading platform on the Polygon network, showed the biggest increase, with its TVL up 17.3% for the week. And inter-network protocol Ren saw its TVL drop by 50%. According to the publication, Ren worked closely with Alameda, receiving quarterly funding and storing its funds directly on FTX.
Blockchain's revenue growth comes on top of an unchanged number of daily active users. Compared to previous weeks, the daily revenue of the leading blockchains has increased by more than 300%. This suggests that transactions among existing users are occurring more frequently.
Despite the revenue growth, only Ethereum made profits among PoS-based blockchains. Other leading networks such as Polygon, BNB Smart Chain and Optimism did not profit, holders of these tokens suffer inflationary losses.