DefiLlama Research
@defillama_res
Crypto research backed by the best data in DeFi.
Trusted by founders, funds & institutions.
Powered by @DefiLlama
58 Following 1.6K Followers
The new Find My Exchange tool on @DefiLlama scores more than 50 exchanges, both centralized & decentralized, on a 0-100 scale built from four pillars:
> Reserves
> Execution
> Activity
> Liquidity
Only one made it to S-tier (85+), and only one DEX reached A-tier (70+).
Find out more about the REAL scoring system and everything else Find My Exchange can do in this article:
Show more
Four of the last eight DeFi protocols that tried to pull liquidity from an established competitor (see: vamp attack) still held it three months later. Four didn't.
@Motoswap became another entry in that dataset, launching on Ethereum recently with $6M in volume and $5.7M in new TVL in its first 24 hours.
Full breakdown of the eight historical vamp attacks and the 100M MOTO (10% of total supply) riding on Motoswap's own strategy:
Show more
Three out of every four rated tokens are being held back by poor disclosure.
Our latest article looks at the gap between token disclosure and real-world performance, using data from Universal Token Ratings, built in partnership with @Forgd_.
Read more:
Show more
.@variational_io is bringing Swaps onchain.
Dealer-backed liquidity, predictable funding, and access to TradFi markets.
We break down how it works and why it matters.
Read more here
Show more
What do 100 rated tokens reveal about the @DefiLlama x @Forgd_ Universal Token Ratings?
→ Only one token has reached AAA; this requires a D x P both near 7.7/10.
→ Disclosure is the common bottleneck, which lowered the score for 75% of tokens.
→ Exchange access carries more weight than token FDV; going from 0 to 3-4 listings adds 22 points.
Plus more sector patterns, full grade distribution, and why some of the lowest scores aren't what they look like:
Show more
We are live with the @variational_io team!
How does the new UTR dashboard by @DefiLlama and @Forgd_ assign scores to listed projects?
We break down the methodology in this article:
What if we measured a project's disclosure (vesting schedules, tokenomics, legal structure) against its token's behavior and performance (liquidity depth, bid-ask spreads, volume, market coverage)?
A new standard is on the way from @DefiLlama and @Forgd_.
Show more
One of the more leveraged trading books in crypto is running on a reserve base worth taking a closer look.
@Gate's open interest sits at $12.5B, and derivatives make up +2x the share of trades that spot does. That much leverage raises the question: what's backing it?
Disclosed onchain reserves:
→ BTC: $1.28B
→ ETH: $709M
→ USD1: $370.5M
→ USDT (spUSDT): $108.4M
→ Other stables: $312.2M
→ DOGE: $161.3M
→ stETH: $115.7M
$GT, Gate's native token, totals $727.9M and is tracked separately.
Overall, per Gate's July 27 Proof of Reserves report, the exchange has a 117% coverage ratio across ~500 asset types, totaling $4.61 billion in clean (non-own-token) reserves.
Read more about Gate in our latest spotlight:
Show more
8.6M Argentines didn't wait for permission to protect their savings.
We didn't wait for the market to mature either – Buenos Aires is our regional hub.
Only 2% of Argentine tech workers are paid in pesos. Everyone else takes dollars or crypto. A market that far along needs one thing: infrastructure.
Full breakdown in the report below. Great work by @defillama_res on the data.
Show more
Guess the country:
→ 105% average annual inflation, every year since 1944
→ Capital controls capping USD purchases at $200/month
→ Informal FX market trading at up to 2x the official rate
→ A population that turned to crypto to protect its savings
If you guessed Argentina, you're right.
What came next: a generation of builders who kept working without a legal framework, and a government that chose to formalize what they built instead of restricting it.
Our new report with @crecimientoar traces how that combination produced 8.6M crypto users and $91B in annual volume, the highest per capita in Latin America. Sponsored by @Nexo.
Read it here:
Show more
A token project can publish every possible disclosure, including vesting schedules, audits, and which insiders hold tokens. But sometimes the market still falls apart.
That’s why we're building another 'first' for the crypto industry with @Forgd_.
Show more
That token buyback path we flagged for @token_works' Fake World Assets in this article activated four days after publishing.
Daily fees are down 98% from their peak, yesterday earning ~$30k, and holder revenue is now 80.4% of FWA fees (~$340k/~$424k).
Since launching, FWA has earned $10.26M worth of fees, $2.83M in revenue, and distributed $651K to holders.
Show more
ECOSYSTEM PARTNERS OF LATAM DIGITAL ASSETS CONF
Latam is on the global calendar because of the events and networks that keep builders moving between regions all year, and @blockchain_rio, @mmerge_io, @ipecity, @JoinEdgeCity, @defillama_res and @miragather are part of that.
Thank you for joining us on August 20 and 21.
Show more
A few weeks ago, we asked whether @HyperliquidX's HIP-3 could bring in new RWA traders.
The answer was yes: 169K wallets, 31.7% of new Hyperliquid users between January and June '26, made their first trade on an RWA market.
But did they stick around?
Show more
"Identify sources of growth, protocol-owned liquidity, and ecosystem activity."
We did just that by asking @llama to review the new @THORChain dashboard. Here's what was found:
Introducing the Market Maker Leaderboard, built with @Forgd_.
For the first time, traders can access standardized data on the firms providing token liquidity, ranked on pricing, depth, reliability, and execution quality.
🧵 What's in it:
Show more
Tokenization brings options that didn't exist a year ago.
@bitget Stocks 2.0 gives both institutional and retail traders a choice: would you like the classic Stock+ experience, or DeFi with your Reality rToken stock?
More on Bitget Stocks:
Show more
On weekdays, 49% of tokenized stock volume happens outside TradFi market hours.
On weekends, @binance holds 85-97% of combined volume in nearly every hour.
That's bStocks, where crypto-native trading meets the 24/7 access tokenization was built for:
Show more
Capital that used to churn roughly twice a day is now turning over less than one and a half times. Trading has thinned out considerably, but the size is still there.
Perp DEX volume has fallen sharply over the past year, but open interest hasn't.
Comparing two back-to-back six-month windows, average daily volume across perp DEXs fell from $32.4B to $21.4B, down to 66% of its prior level.
Open interest fell too, but far less, from $16.4B to $14.8B, only 90% of its prior average.
Dividing the two, turnover dropped from 1.98x to 1.45x.
Show more
