DeFi tokens elevated activity and China FUD

Profile picture
Sep 28, 2021

Recent China FUD colored markets red.

The same time some coins are showing some unusual elevated onchain activity. Even when everything is crashing. These are a bunch of DeFi 'blue chips'.

Have a look at AAVE for example:

Definitely something is happening. And it coincides with the start of the crash.

Active addresses are much higher than before, as well as the network growth increased few times.

Now let's step back and see if this activity is only related to just a few selected coins.

We will now take top 15 ERC-20 DeFi tokens and calculate it's average Daily Active Addresses and compare it with total top 15 coins DAA:

Grey line is average DAA, orange line stands for Total DAA. What does this picture tell us is that:

  • Active addresses count did increase indeed on average, but not dramatically at all
  • The sum of top 15 DeFi coins daily active addresses did spike a lot last days, but it's far from what we've seen just a couple of weeks ago.

Next, we'll find out which tokens contributed more to this uptick:

UNI rocks! Other DeFi coins fade below it's impact on DAA surge.

Then we are going to repeat similar calculations for top-15 ERC-20 DeFi tokens Network Growth.

Average Network Growth vs Total Network Growth:

This looks quite impressive. Both charts are up, especially total network growth.

Who contributed more to this growth?

Looks like UNI is leading again. Another find is that Network Growth started to pump days before China FUD.


Elevated onchain DeFi tokens activity might indeed have some relation to this:

But what kind of relation exactly? We're not sure yet. At least this drama definitely gave a nice opportunity for smart money.

Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.

Profile picture
Sep 28, 2021

Thanks for reading!

If you enjoyed this insight please leave a like, join discussion in the comments and share it with your friends!


Assets from this insight

Aave logo


$ 301.06

6.97%in last 7d
Uniswap logo


$ 25.62

11.06%in last 7d