Blockchain has evolved to deploy smart contracts, bringing great potential for DeFi, Dapps and more.
The advent of blockchain technology turned out to be a revolution in itself. Later, in collaboration with economics, Bitcoin and today’s thousands of cryptocurrencies were created. The same system has evolved over time, adopting existing systems, uniquely modifying traditional methods, and revolutionizing many of them.
Decentralized finance, or DeFi, is a system that has created fierce competition from traditional finance. For example, he saw an astonishing amount of TVL in excess of $ 200 billion across the Decentralized Protocol and claimed that it could someday replace it. The answer to the possibilities is hidden in the future, but what we have today is the emergence of many other DeFi protocols on the blockchain other than traditional protocols.
Numerous projects have been developed to embrace the trends and ride the wave of ongoing DeFi trends. Ethereum, the first blockchain with smart contracts, has become a favorite of creators and developers. But it seems to be a story of the past. Today, the DeFi project is looking at other smart contract-enabled blockchains for better speed, scalability, and lower transaction fees that the Ethereum network lacks.
So, although launched on some Underdog Layer 1 blockchain networks, there are some DeFi projects that you may need to know as they are gradually gaining the attention of the crypto community.
Firmly on the Fantom network
One of the new protocols named Solidly belongs to the Fantom network. Solidly is a decentralized exchange (DEX) that offers near-zero low rates for slippage of correlated assets and focuses on the secondary market space for tokenized locks like NFTs.
Solidly is designed to have an interface function for exchanging stablecoins and other cryptocurrencies. The main developer of DEX was Andre Cronje, a Defi architect and founder of another DeFi protocol, Yearn.finance, launched in January 2022.
Despite the early days in the DeFi space, it performed steadily at a very good pace. Since its launch, its total lock value has reached a high of $ 2.19 billion. And as of March 3, with a wide range of sold out on the market, there is a trading volume of $ 317 million.
Cronos Network’s VVS Finance
The Cronos network belonged to Crypto.com, one of the leading crypto exchange and trading platforms. VVS Finance is the largest DeFi protocol based on the Cronos network. The DeFi protocol aims to provide instinctive swaps with low rates, low slippage, and liquidity providers to deliver attractive yields.
VVS Finance accounts for a total locked value of $ 1.35 billion. This is more than half of the total locked in the Cronos network. The protocol has steadily increased TVL with the addition of new assets such as Shiba Inu (SHIB), Dogecoin (DOGE), Cardano (ADA) and TrueUSD (TUSD).
Junho of the Cosmos Ecosystem
Juno is not exactly a DeFi-specific protocol. This is a decentralized, unauthorized public protocol that enables cross-chain smart contracts within the Cosmos network. Many decentralized applications (DApps) and the creation of many Decentralized protocols like Junosap have been enabled in Juno, and many other protocols are currently under development.
A library named CosmWasm that provides modular code for creating smart contracts is also based on Juno. Since December 2021, the price of JUNO tokens has risen sharply by about $ 7.7, reaching a record high of $ 45.8 by March 3, 2022.
Also read: TRM Lab Witnesses Investment from Multinational Investment Bank JP Morgan
