{"id":511039,"date":"2022-11-16T23:23:31","date_gmt":"2022-11-16T20:23:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/defi-platforms-see-profits-amid-ftx-collapse-and-cex-exodus\/"},"modified":"2022-11-16T23:23:31","modified_gmt":"2022-11-16T20:23:31","slug":"defi-platforms-see-profits-amid-ftx-collapse-and-cex-exodus","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/defi-platforms-see-profits-amid-ftx-collapse-and-cex-exodus\/","title":{"rendered":"# DeFi platforms see profits amid FTX collapse and CEX exodus"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3359973237e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3359973237e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/defi-platforms-see-profits-amid-ftx-collapse-and-cex-exodus\/#%E2%80%9D_DeFi_platforms_see_profits_amid_FTX_collapse_and_CEX_exodus_%E2%80%9C\" >&#8221; DeFi platforms see profits amid FTX collapse and CEX exodus &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/defi-platforms-see-profits-amid-ftx-collapse-and-cex-exodus\/#DeFi_earnings_highlight_positive_revenue_for_some_protocols\" >DeFi earnings highlight positive revenue for some protocols<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/defi-platforms-see-profits-amid-ftx-collapse-and-cex-exodus\/#Decentralized_perpetual_exchanges_see_increased_trading_volume\" >Decentralized perpetual exchanges see increased trading volume<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/defi-platforms-see-profits-amid-ftx-collapse-and-cex-exodus\/#While_trading_volume_increased_the_total_value_locked_in_DeFi_lags\" >While trading volume increased, the total value locked in DeFi lags<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/defi-platforms-see-profits-amid-ftx-collapse-and-cex-exodus\/#Blockchain_revenues_do_not_necessarily_equal_earnings\" >Blockchain revenues do not necessarily equal earnings<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_DeFi_platforms_see_profits_amid_FTX_collapse_and_CEX_exodus_%E2%80%9C\"><\/span>&#8221; DeFi platforms see profits amid FTX collapse and CEX exodus &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-887bb764>A week after the fallout from the FTX and Alameda chaos, some on-chain data points are interesting to observe. Although record amounts of Bitcoin (BTC) and Ether (ETH) are leaving the exchanges, not all decentralized <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications (DApps) and protocols have shown growth, mainly due to reliance on FTX and Alameda.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"DeFi_earnings_highlight_positive_revenue_for_some_protocols\"><\/span>DeFi earnings highlight positive revenue for some protocols<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to Token Terminal\u2019s earnings leaderboard, in the last seven days, three protocols had revenue above $1 million. Ethereum led the on-chain earnings with over $8.5 million total, a sign of\u00a0strong post-Merge fundamentals. <\/p>\n<p>OpenSea was a distant second place to Ethereum, earning $1.5 million, while nine protocols and DeFi platforms earned more than $100,000. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/845939f1-df3e-4455-8a3d-63840efe3a64.png\"><figcaption style=\"text-align: center;\"><em>Earnings leaderboard. Source: Token Terminal<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Decentralized_perpetual_exchanges_see_increased_trading_volume\"><\/span>Decentralized perpetual exchanges see increased trading volume<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Combined with the migration away from centralized exchanges (CEXs), the volatile crypto market has users trading in record numbers. <\/p>\n<p>According to data from Token Terminal, the daily trading volume of perpetual exchanges reached $5 billion, which is the highest daily trading volume since the LUNA and TerraUSD (UST) meltdown in May 2022.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/1543c09a-11b9-454c-a5bf-448c40481eac.jpg\"><figcaption style=\"text-align: center;\"><em>Perpetual exchange volume. Source: Token Terminal<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"While_trading_volume_increased_the_total_value_locked_in_DeFi_lags\"><\/span>While trading volume increased, the total value locked in DeFi lags <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Only seven protocols saw a net increase in their total value locked (TVL) over a seven-day period. Gains Network, a perpetual exchange on Polygon, saw the largest seven-day increase at 17.3%<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/35c644c1-56f8-4510-9655-da4254878cc5.png\"><figcaption style=\"text-align: center;\"><em>TVL sorted descending from 7-day. Source: Token Terminal<\/em><\/figcaption><\/figure>\n<p>One interchain operability protocol, Ren, witnessed a TVL drop of 50% in the last week. As reported by Cointelegraph, Ren partnered closely with Alameda, receiving quarterly funding and keeping its treasury directly on FTX. The protocol itself benefited from Alameda\u2019s locked liquidity in an attempt to improve interoperability. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/560c3506-ca54-42e2-bc7a-27595b0dbea6.jpg\"><figcaption style=\"text-align: center;\"><em>Ren TVL. Source: Token Terminal<\/em><\/figcaption><\/figure>\n<p>Data also shows that blockchain revenues are rising amid a constant rate of daily active users. Major blockchains saw an increase of over 300% in daily revenue when compared to previous weeks. <\/p>\n<p>At the same time, daily active users remained steady at 1 million. The dichotomy between these data points suggests that transactions are happening at a more frequent pace among existing users.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/431c88ac-8093-46a8-94a5-7ca1f81eeefb.jpg\"><figcaption style=\"text-align: center;\"><em>Blockchain revenue and daily active users. Source: Token Terminal<\/em><\/figcaption><\/figure>\n<p><strong><em>Related:\u00a0FTX collapse followed by an uptick in stablecoin inflows and DEX activity<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Blockchain_revenues_do_not_necessarily_equal_earnings\"><\/span>Blockchain revenues do not necessarily equal earnings<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While blockchains saw an increase in revenue,s which is likely primarily due to token emissions, only Ethereum saw positive earnings. Proof-of-stake (PoS) blockchains like Polygon, BNB Smart Chain\u00a0and Optimism all recorded negative earnings. When PoS blockchains have negative earnings, holders of the tokens are hit with inflationary losses. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/45aa94f5-6dea-44d7-a48f-aa63deea7727.png\"><figcaption style=\"text-align: center;\"><em>Blockchain earnings. Source: Token Terminal<\/em><\/figcaption><\/figure>\n<p>On-chain data continues to exhibit strong points with increased activity on decentralized perpetual trading platforms and positive revenue for DeFi protocols. Even though CEX outflows were historic, daily active DeFi users did not increase, but the fact that they remained consistent is notable. The same data also highlighted lagging blockchain earnings (except for Ethereum) and a decrease in TVL. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Although record amounts of Bitcoin (BTC) and Ether (ETH) are leaving the exchanges, not all decentralized applications (DApps) and protocols have shown growth, mainly&#8230;<\/p>\n","protected":false},"author":1,"featured_media":511040,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNzdiNDhjMTYtOTk0NS00NTEwLWE3ZGMtN2UxZDZkOWE5ZDAxLmpwZWc=.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74937,74863,74860,74868,75916,74891,135234,74939,73785],"class_list":["post-511039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-price","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-defi","tag-dex","tag-ethereum","tag-ftx","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=511039"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511039\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/511040"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=511039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=511039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=511039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}