Known as a utility tool to help users participate in the DeFi market, Defillama offers many outstanding features, providing the most intuitive and accurate transaction data.


What is Defillama?

Defillama is a dashboard that allows users to analyze information related to DeFi. This tool helps users to track popular blockchains, such as: Ethereum (ETH), Avalanche (AVAX), Terra (LUNA), Fantom (FTM), Cardano (ADA),…

In fact, decentralization makes it very difficult for users to keep track of what is happening in DeFi applications. Therefore, Defillama was born as a tool to help users access DeFi more easily.

With Defillama, users can track all popular and less popular blockchains and dApps. The platform is capable of synthesizing and synthesizing data and presenting it visually through charts and figures.

You can use Defillama to track and analyze factors such as:

  • dApps.
  • DeFi Blockchain.
  • DeFi Oracles.
  • DeFi Forks.
  • DeFi Airdrop
  • NFTs.

The end of 2021 is considered the golden age of DeFi when the TVL of this field hits 250 billion USD, an all-time high. This shows that DeFi platforms are not “tied” to the value of Bitcoin (BTC) as many would expect. As can be seen, Bitcoin’s dominance is decreasing. Instead, new crypto projects are on the rise.

How does Defillama work?

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Currently, Defillama’s website aggregates the data of more than 80 blockchain layer 1 and hundreds of decentralized applications. Thanks to that, the platform can determine which is the largest blockchain and how DeFi is currently evolving.

The statistics compiled on the website are freely available. In addition, the platform also provides a public API to integrate data on other websites.

According to experts, the data compiled by Defillama is very reliable because the platform is based on open protocols. The data on the blockchain is publicly accessible.

At the same time, users can also track all transactions on decentralized applications such as UniSwap (UNI) using oracles or Block Explorers of Ethereum. From Defillama’s figures, it can be seen that large-scale DeFi transactions began to appear in 2020 and are growing.

The main ingredients in Defillama

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Defillama Dashboard

The Dashboard is the first element that users see when accessing the Defillama website. Through the dashboard, users can access the TVL for all DeFi operations. Accordingly, TVL is a certain amount of money deposited on blockchains in the form of LP tokens or collateral.

The Defillama homepage shows a TVL ranking of dApps based on the USD value expressed per app. This data includes all transactions on DEX exchanges, profit-generating protocols, insurance protocols, and other DeFi applications.

Application Defillama allows users to know if applications are compatible with chains other than Ethereum. Through this, developers can identify the best DeFi exchanges for the largest chains without doing individual research. As a result, they can save a lot of time.

Defillama Chains

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Defillama tracks all the largest DeFi Blockchains that own the largest TVLs. The platform lists chains that help developers build dApps. Compared to Bitcoin, the advantage of these chains is that they can be compatible with Smart Contracts. With the support of Smart Contracts, developers can deploy ERC-20 standard coins on top of these chains and create dApps.

Defillama Oracles

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Blockchain oracles are one of the indispensable components of the DeFi ecosystem. Oracle services allow servers and feeds to connect to blockchains using Smart Contracts.

Oracles are very useful in sending data feeds about various aspects, such as prices, weather, payment services, etc. Developers can design automated systems without going through middlemen. data from the real world and build applications similar to those in the traditional financial sector.

Defillama Forks

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In essence, Forks is an improved version of the original and re-used software. Also, DeFi applications are often open-source and available for commercial use.

Therefore, it is very easy for developers to clone existing applications to create forks. In many cases, forks can have more TVLs than the original applications.

Defillama Airdrop

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Airdrop is a token rewards campaign. Usually, this event is done when launching a new crypto project. Receiving free tokens in airdrops is quite popular among the DeFi community. Usually, these rewards will be given to early adopters or used to boost advertising campaigns.

Most DeFi applications issue their own tokens. Companies that have not yet issued tokens are likely to issue them in the future, and when that happens, eligible people will receive an airdrop using the service. With Defillama, potentially rich airdrop sites will be listed on the platform.

Defillama NFT

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According to statistics from Defillama, NFT trading volume was almost zero until mid-2021. Around June 2021, NFTs started to radiate intense attraction. By August 2021, NFT’s trading volume had peaked with $400 million in daily trading activities.

Normally, NFTs will be minted for free (not including the gas fee). The value of NFTs is then accumulated as they start trading on markets, like OpenSea or Rarible. Each collection will have a “floor” price that fluctuates based on the popularity of that collection. Many of the top NFT collectibles have a floor price of 50 ETH, which equates to $150,000.

The future of Defillama

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DeFi is known as a billion-dollar industry and is the most attractive at the moment. However, the sector is facing fragmentation. This makes it difficult to track the individual values of each DeFi application.

This is the premise that promotes the appearance of Defillama. The emergence of the platform filled the void of DeFi by aggregating all the data and developing new tools to increase the ability to track dApps in real time.

Defillama is also a “companion” for developers when they want to start a “startup” on DeFi. This tool is used to look up popular chains and test DeFi applications built by developers. In addition, developers can use their API to integrate into statistics on Defillama to promote products.

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