Brokkr Crypto Indexes Jan’23: Arbitrum DeFi Continues Upwards, While Avalanche Struggles.
Our monthly Index report will bring you the latest updates in a concise, easy to digest way.
Comparing the Avalanche and Arbitrum Indexes, it seems to follow a similar pattern as the previous month. One Index saw substantial growth (our DeFi Index) taking the lead with an increase of over 36%, while the Avalanche Indexes continued to corrected from humongous growth in November. The biggest loser being our Avalanche Gaming NFT Index, dropping by around 39% in the last month.
Let’s dive deeper to see what happened in the last 30 days.👇
🔺Avalanche Gaming NFT Index (-39.63%)
The Avalanche NFT Gaming ecosystem saw the biggest correction, with a decrease of 39% over the past 30 days, a correction was expected after such a substantial increase across all projects in November.
1. Heroes Chained (HEC) 📉 -8.1%
HEC is the native currency of Heroes Chained, a real-time fantasy action RPG game.
Although there has been a correction for two months in a row from massive growth in November (+244%), Heroes Chained recently completed their Treasure Trove Tournament and have partnered with Immutable zkEVM which is exciting news.
2. Battle For Giostone (BFG) 📉 -56.6%
BFG is the first Web3 MOBA built for Esports, co-founded by DOTA esports veteran Theeban Siva.
As with the other Gaming NFT projects, BFG has corrected from the 105% increase in November, dropping 56% in the last 30 days.
3. Chikn Egg (EGG) 📉 -16.7%
EGG is the governance and utility token of the Chikn NFT gaming ecosystem. Chikn are upgradable NFTs on Avalanche where a user collects eggs and grows their farm.
EGG has continued to see considerable correction from the growth seen in November.
4. Heroes Of NFT (HON) 📉 -12.8%
HON is the native utility token of the P2E card game Heroes of NFT. Their big differentiator is staking rewards based on the NFT rarity in $HON and $AVAX. HON is the native utility token of the P2E card game Heroes of NFT. Their big differentiator is staking rewards based on the NFT rarity in $HON and $AVAX.
Again, there has been a continued correction as with all NFT gaming projects in the Index. HON is no exception.
5. Snail trail (SLIME) 📉 -26.9%
SLIME is the utility token of the game Snail Trail that lets you race and breed snails.
It is the same story as the rest of the Gaming NFT projects in regards to SLIME’s continued price correction from December.
6. Brokkr Finance (BRO) 📉 -43.40%
BRO is the governance and utility token of Brokkr Finance and is included in every Avalanche index.
BRO also saw a decrease in January. Recently we launched our first LP Strategies which you can check out here. On top of that we are adding volatile pools to our Beta next week!
🔺Avalanche DeFi Index (-26.47%)
Avalanche’s DeFi index corrected with PNG being the only project to see growth, while the other projects corrected.
1. GMX (GMX) 📉 -23.5%
GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero-price impact trades.
Although GMX has decreased around 23% in the last 30 day there has been some interesting developments such as adding One Click trading to their platform and they have launched on BNB’s market on Arbitrum GMXv2.
2. TraderJoe (JOE) 📉 -21.6%
Trader Joe is a multi-functional DeFi trading platform.
JOE’s price decreased in the last 30 days as it did in the previous month. On a positive note, TraderJoe did hit a milestone in January by hitting $1.5 billion in monthly trading volume.
3. Pangolin (PNG) 📈 +3.4%
The PNG token is the governance token for the Pangolin decentralized exchange. It can be used for participating in governance by voting on proposals.
PNG was the only project to see gains in the Avalanche DeFi Index by increasing over 3% in the last 30 days.
4. BENQI (QI) 📉 -16.6%
BENQI is a staking and lending protocol built on Avalanche and consists of the Liquidity Market and Liquid Staking.
QI has taken a correction for the second month in a row after being the biggest winner in November (+301%).
5. Vector Finance (VTX) 📉 -26.4%
Vector enables boosted yield on Platypus and TraderJoe, even if users don’t own any PTP or JOE.
VTX as with most DeFi projects in the Avalanche Index has continued to correct, dropping 26%.
6. Brokkr Finance (BRO) 📉 -43.40%
BRO is the governance and utility token of Brokkr Finance and is included in every Avalanche index.
BRO also saw a decrease in January. Recently we launched our first LP Strategies which you can check out here. On top of that we are adding volatile pools to our Beta next week!
🔺Avalanche Top Market Cap Index (-7.26%)
Although the Gaming NFT and DeFi indexes struggled more, The Top Market Cap index did see a decrease.
1. Bitcoin (BTC) 📈 +0.7%
Bitcoin is the most recognized cryptocurrency. For the Index, we use wrapped BTC on Avalanche.
BTC didn’t vastly increase in price in regards to over 30 days, although BTC did peak and reach $48,000 the day after Bitcoin ETFs were approved and there was some volatility when The SEC’s Twitter was hacked at the start of the month.
2. Ethereum (ETH) 📈 +3.4%
Ethereum is the second-largest cryptocurrency by market capitalization, and we use its wrapped version on Avalanche.
ETH outperformed BTC in the last 30 days. Generally ETH follows the BTC price movement in the early stages of the bull run. However, things may change when the alt-season kicks in and mumerings of Ethereum ETFs.
3. TraderJoe (JOE) 📉 -21.6%
Trader Joe is a multi-functional DeFi trading platform.
JOE’s price decreased in the last 30 days as it did in the previous month. On a positive note, TraderJoe did hit a milestone in January by hitting $1.5 billion in monthly trading volume.
4. Avalanche (AVAX) 📉 -1.5%
AVAX is used to pay transaction fees and can be staked to secure the Avalanche network.
AVAX has corrected for the second month in a row but it seems to show signs of growth in the last 14 days.
5. Chainlink (LINK) 📈 +29.2%
The LINK token provides the main incentive mechanism for users to participate in Chainlink’s decentralized network of oracles.
LINK has seen substantial growth in the previous 30 days after steadily rising this last 12 months. LINK is the biggest gainer in the last 7 days out of all the Top 100 Market Cap projects.
6. Brokkr Finance (BRO) 📉 -43.40%
BRO is the governance and utility token of Brokkr Finance and is included in every Avalanche index.
BRO also saw a decrease in January. Recently we launched our first LP Strategies which you can check out here. On top of that we are adding volatile pools to our Beta next week!
(💙,🧡) Arbitrum DeFi Index (+37.17%)
Arbitrum’s DeFi Index was the top performer of all the Indexes. So let’s have a look into what went on in the Arbitrum DeFi space and the reasons behind the gains.
1. Pendle Finance (PENDLE) 📈 +145.6%
PENDLE is the token of the Pendle Finance yield-trading protocol. It wraps yield-bearing tokens into standardized yield tokens (SY), which are then split into their principal (PT) and yield (YT) components for trading via a custom V2 AMM, enabling users to maximize yield exposure and hedge against downturns.
PENDLE was the winner of the DeFi index and the biggest gainer of all projects in our Indexes, growing around 145% in the last 30 days. The protocol recently reached a TVL all time high of $700 million which has more than doubled in the past 30 days.
2. JonesDAO (JONES) 📉 -19.2%
JONES is the native token of JonesDAO. It’s part of a governance model, referred to as veJones, which is currently under development.
JONES retraced after gains in the previous month. On a positive note JonesDAO reached surpassed their ATH TVL at the very end of January.
3. Dopex (DPX) 📉 -9.3%
The DPX token is the main token for the Dopex protocol, and it is used to reward liquidity providers participating in their option products.
In a similar story to JonesDAO, DPX has retraced after gains in the previous month of December. In recent news Dopex has decided to sunset their SSOVs (Single Staking Option Vaults).
4. PlutusDAO (PLS) 📉 -38.2%
PLS is the native token of Plutus, an Arbitrum-native governance aggregator. It maximizes users’ liquidity and rewards while simultaneously aggregating governance. Plutus aims to become the de-facto Layer 2 governance solution for projects with veTokens.
PLS had a considerable correction (-38%) after seeing growth in December.
(💙,🧡) Arbitrum Top Market Cap Index (-2.49%)
The Arbitrum Top Market Cap Index saw a decrease, although not as severe as The Avalanche Indexes. Let’s dive into what happened.
1. Bitcoin (BTC) 📈 +0.7%
Bitcoin is the most recognized cryptocurrency. For the Index, we use wrapped BTC on Arbitrum.
BTC didn’t vastly increase in price in regards to over 30 days, although BTC did peak and reach $48,000 the day after Bitcoin ETFs were approved and there was some volatility when The SECs Twitter was hacked at the start of the month.
2. Ethereum (ETH) 📈 +3.4%
Ethereum is the second-largest cryptocurrency by market capitalization, and we use its wrapped version on Arbitrum.
ETH outperformed BTC in the last 30 days. Generally ETH follows the BTC price movement in the early stages of the bull run. However, things may change when the alt-season kicks in and mumerings of Ethereum ETFs.
3. MAGIC (MAGIC) 📈 +17.2%
MAGIC is the natural resource of the Treasure metaverse. It can be earned through playing, mining, and participating in Bridgeworld. The Treasure ecosystem, therefore, is governed by MAGIC holders.
MAGIC saw an increase of 17%, this is the second month in a row that MAGIC has seen an increase.
4. Arbitrum DAO (ARB) 📉 -1.8%
ARB is a governance token of the Arbitrum ecosystem. ARB holders can vote on proposals affecting the operation and evolution of the Arbitrum One and Arbitrum Nova chains.
After seeing substantial gains in December, ARB has gone sidewards in the last 30 days as it aims to stabilize.
5. WOO (WOO) 📉 -6.7%
The WOO token is the token for the Wootrade Network. It can be used in the network’s CeFi and DeFi products for staking and fee discounts.
For the second month in a row, WOO has seen a dip in price.
In conclusion, the last month we saw continued growth in our Arbitrum DeFi Index while all The Avalanche Indexes continued to correct after having a superb November.
Although The Top Market Cap Indexes did decrease, it was far from heavy correction.
You can click below to check out all our Indexes, we will see you again next month!
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