DeFi, Ethereum and XRP top gainers in 7 days

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DeFi, Ethereum and XRP top gainers in 7 days

In the past week, SNX, OP, 1INCH were up more than 25 percent.

Top DeFi assets are on a tear despite the broader markets pulling back since July 14, with $60M wiped out of the combined cryptocurrency market cap in five days.

Synthetix led the charge with a 30 percent gain, ranking second-best performing digital asset among the top 100 over the past seven days, behind Ripple, which surged 60%.

Optimism ranked fourth with 26%, followed by 1inch Network with 25% despite dipping 16.5% in the past 24 hours, Uniswap with 18%, and Solana with 15.4%.

Arbitrum and Chainlink also rank among the week's best ten gainers, with both rallying 14.5% and 13.5%.

Bitcoin and Ethereum are both down about 1% in seven days and more than 5% since July 14.

The SEC's digital assets battled against the SEC last week, with the SEC putting a hold on the bullish momentum in the market.

On July 13 the judge overseeing the SEC's suit against Ripple ruled that the XRP token is not solely a security, regardless of whether the asset is sold via a securities contract. With SEC chair Gary Gensler arguing that Bitcoin is a security, cryptocurrency investors breathed a sigh of relief in response to the court's ruling.

The SEC's recent lawsuit against Binance triggered a strong rebound, with assets labeled as securities. Along with XRP and SOL, Decentraland, Algorand and Axie Infinity each gained more than 5% over the past seven days.

Since July, the value of assets locked in DeFi protocols has trended sideways despite the recent bullish momentum for DeFi assets. DeFi Llama said that the total value locked in DeFi protocols is at $44.2B, with Ethereum accounting for 58.6 percent of the sector's TVL.

The market share of layer 2s is increasing. L2 TVL rose nearly 6% in seven days and posted a new record-breaking all-time high of nearly $10.6B on July 14, according to L2beat.

Optimism, the top gainer with a $2.4B TVL following weekly growth of 13.4%, followed by Arbitrum with $6B after 4.5% growth, and Starkware with $103M and 44% growth. ZkSync Era, the third-ranked L2, posted its TVL to $572M, bringing its TVL to $572M.

After a fall in mid-June, Ethereum's on-chain activity is regaining steam.

The network burned more than 10,500 ETH over the past seven days, accounting for 3.6% of all ETH destroyed since The Merge was activated 306 days ago, according to Ultra Sound Money.

The average transaction fees on Ethereum are currently 33 gwei. Over the last week, Uniswap had the most fuel burned ETH, followed by token transfers, Tether, and zkSync Era.

Investors poured more than $742 million into digital asset investment products over four weeks, marking the largest consecutive inflow since the bull market peaked in Q4 2021.

Bitcoin had 99% of inflows in the past week with $140M, while products offering exposure to Bitcoin shorts were experiencing their 12th consecutive week of outflows with $3.2M.

The only assets with weekly outflow were Ethereum, with investors pulling $1.6M from products tracking ETH. Ether products are the worst-performing of 2023 so far, with a year-to-date outflow of $74 million.

The week's total trade volume for institutional crypto products remained high at $2.3B, compared to the weekly average of 48.5% for 2023.