Economy Analysis for Tezos: The Closer to the Mainstream, the Better
To understand who uses Tezos and why we compared transaction volumes and the number of users for the most popular applications on Tezos, And then we compared them with apps on other blockchains.
So, what attracts whales and newcomers, what direction the decentralized app ecosystem should take, and what dapps are missing on Tezos? Let’s check out the numbers.
Conclusions First, Boring Numbers Later
As of June 14, DeFi on Tezos has over $30 million blocked at current exchange rates, DeFi protocol transaction volume over the past 30 days exceeds $20 million and likely goes as high as $25-30 million per month.
In a month, the average DeFi user conducts transactions of that amount:
- $1500 in Binance Chain;
- $6700 in Tezos;
- $242,300 in Solana;
- $346,000 in NEAR Protocol.
NFT transactions on Tezos marketplaces accounted for more than $9 million, A lot of enthusiasts use marketplaces: there are over 20,000 people, We studied 20 random blocks created after May 14, and 81% of their transactions were linked to marketplaces Objkt.com, fxhash, hic et nunc, or Tezotopia,
The average NFT collector spends as follows:
- $127 in NEAR Protocol;
- $264 in Binance Chain;
- $450 in Tezos;
- $780 in Solana.
Expectedly, DeFi is of interest to whales, i.e, a small number of users who can make significant profits for themselves at 5-15% annual returns, Regular users are more interested in NFT and gaming,
Compared to Solana and NEAR Protocol, Tezos whales are less interested in DeFi, This probably has something to do with the lack of large centralized stablecoins like USDT and USDC, which account for 80% of DEX Solana and NEAR volumes, Also, until recently Tezos did not have any lending protocols that literally swarm in Solana and NEAR.
That being said, Tezos users are more interested in NFTs and spend only 43% less on them on average than in Solana, At the same time, Solana has more homage collections that directly refer to CryptoPunks and Bored Apes,
This means that DeFi on Tezos needs to be more mainstream, This problem is being solved as we speak: the Madfish Solutions team are preparing to launch the Yupana lending protocol, and Tether is about to release the USDT stablecoin, We also expect volume growth in DeFi.
Perhaps NFTs need more advertising and recognisable visuals, The original Tezzardz, Ottez and Neonz are cool, but other blockchain users are still hunting apes.
Detailed Stats for Tezos
Data for the period from May 14 to June 14.
Not all DEX and token exchange applications display detailed transaction volume statistics, For that reason, we cannot use precise volumes in some cases.
The key product is baking, It has 696 million of all issued tez locked, which is worth almost $1 billion,
DeFi data for the past 30 days:
- Liquidity Baking: TVL: $13.2 million, volume: $9.96 million, users: 323;
- QuipuSwap: TVL: $2.9 million, volume: $5.34 million, user: 833;
- Vortex: TVL: $571 thousand, volume: $582 thousand, users: 1170;
- Plenty: TVL: $4.9 million, volume: unknown, users: 857;
- SpicySwap: TVL: $480 thousand, volume: $591 thousand, users: 87;
- Youves Flat Curve: TV: $3.4 million, volume: unknown, users: 461.
Staking and single-token farms (excluding LP-token farms):
- Youves: $2 million blocked;
- Plenty: $446,000 blocked;
- Kolibri: $242 thousand blocked.
- ctez: $795 thousand blocked;
- kUS: $5.76 million blocked;
- Youves (uUSD, uBTC): $15.1 million blocked;
- USDtz: $1 million blocked;
- WTZ: $207 thousand blocked.
30-day volumes and user headcount for NFT marketplaces:
- objkt.com: volume: $4.36 million, users: 17,690;
- fxhash: volume: $4.25 million, users: 12,730;
- Teia: volume: $164.000, users: 7,310;
- Versum: volume: $146 thousand, users: 3070;
- hic et nunc: volume: $62 thousand, users: 9,430;
- Tezos Domains: volume: $40 thousand, users: 2,750;
30-day volumes of GameFi applications:
- Tezos Degen Club: $300 thousand;
- Tezotopia: $125 thousand;
- Juster: $67 thousand.
Data for Binance Chain, Solana and NEAR Protocol
DEXs in 30 days:
- PancakeSwap: volume: $3.5 billion, users: 2.33 million;
- Biswap: volume: $5.3 млрд, users: 41,000;
- 1inch: volume: $32.5 million, users: 56,000;
- Nominex: volume: $17.9 million, users: 14,000.
- Bomb Crypto Marketplace: volume: $294 thousand, users: 34,000;
- RadioCaca Market: volume: $5 million, users: 10,000;
- NFTrade: volume: $1.76 million, users: 5,760;
- tofuNFT: volume: $1.93 million, users: 17,000.
DEXs in 30 days:
- Raydium: volume: $2.69 billion, users: 111,000;
- Saber: volume: $677 million, users: 27,000;
- Orca: volume: $394 thousand, users: 620,000;
- Magic Eden: volume: $199 million, users: 255,000;
- Solanart: volume: $335 thousand, users: 2,000;
- Solsea: volume: $77 thousand, users: 1,700.
DEXs in 30 days:
- Ref Finance: volume: $312 million, users: 9,000;
- Meta Pool: volume: $4.4 million, users: 2,000;
- Spin: volume: $627 thousand, users: 513;
- Paras: volume: $909 thousand, users: 8,000;
- Mintbase: volume: $1.35 thousand, users: 725;
- UniqArt: volume: $113 thousand, users: 2,000;
All data were taken from Dappradar, Dapp.com, DeFillama or internal app analytics.
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