5 Metrics to Watch to Spot New DeFi Bull Markets
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Total value locked (TVL) is a key metric to gauge DeFi market health. Rising TVL signals increasing demand and DeFi use.
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Higher protocol fees indicate greater platform usage and interest. Fees across top blockchains are up in past 30 days.
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More non-zero DeFi wallet addresses suggests greater participation. Addresses hit all-time high in November 2022.
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DeFi has recovered since Terra crash but remains volatile. Carefully watch metrics to identify new bull cycles.
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On-chain data like TVL, fees, and addresses can provide early signals on emerging DeFi bull markets.