For today’s Daily, let’s take a quick look at the impact of yield farming and liquidity mining on DeFi protocols over the past couple of weeks.
Starting off, total value locked and DEX volumes significantly increased as shown by the graphs below. Per Dune Analytics, DEXs recorded more than $470 million in volume over the last 7 days, with Uniswap responsible for $158 million worth. Over the past 24 hours, Balancer has led DEX volume with $32.4 million, though this is somewhat due to the recent Balancer pool exploit. Two weeks ago, Curve’s volume hit an impressive $54.5 million, which was primarily driven by COMP yield farming. In additional, DeFi protocols total value locked (TVL) increased from ~ $1.04B to $1.63B over the last 14 days.
Below are some key stats and charts diving into more depth on this trend.
- Balancer in less than three months has greater than $115 million in liquidity.
- This liquidity is split between 649 pools. Balancer, as of writing, has around 151 unique LPs, putting the average LP value at ~ $762 thousand.
- On June 28th Balancer had 305 unique LPs – this is a 154 LP drop over a single day.
- Where Balancer still lags behind in growth is volume, which currently sits at around 70 million (Uniswap is at ~ $158 million). Balancer has hit $61.5 million in all-t