Since blockchains have evolved and deployed smart contracts, they have offered huge possibilities like DeFi, Dapps and much more
The emergence of blockchain technology has proven to be a revolution in itself. Later, his collaboration with economics created cryptocurrencies, starting with Bitcoin and thousands of them today. The same system evolved over time, adopted existing systems, changed traditional methods on its own, and revolutionized many of them.
Decentralized finance, i.e. DeFi, is one such system that has given tough competition to traditional finance; for example, look at the staggering amount of over $200 billion in TVL on Defi protocols, and claim to have the potential to replace it one day. Although the answer to this possibility is hidden in the future, what we have today is the emergence of many other DeFi protocols on blockchains other than the traditional ones.
Many projects have been developed by embracing the craze and riding the waves of the current DeFi trend. Ethereum being the first blockchain with smart contracts, has become the preference of creators and developers. But it seems that we are talking about the past, today DeFi projects are considering other smart contract compatible blockchains in search of better speed, scalability and lower transaction fees that the network lacks Ethereum.
So here are some DeFi projects you might need to know about as they have been launched on some layer 1 blockchain networks but are slowly gaining attention from the crypto community.
Securely on Fantom Network
One of the emerging protocols, named Solidly, belongs to the Fantom network. Solidly is a decentralized exchange (DEX), offers low fees on correlated assets with near-zero slippage, and has a strong focus on the secondary market space for tokenized locks like NFTs.
Solidly is designed to have interface functions to trade stablecoins and cryptocurrencies other than them. The main developer of the DEX was Andre Cronje, a Defi architect and the founder of another DeFi protocol Yearn.finance, which launched in January 2022.
Despite its young age in the DeFi space, Solidly has performed at a very exceptional pace. Since launch, its total locked value has peaked at $2.19 billion. And as of March 3, it had a volume of $317 million amid wide market sales.
VVS Finance of the Cronos network
The Cronos network was owned by one of the leading crypto exchange and trading platforms, Crypto.com. VVS Finance is the largest DeFi protocol based on the Cronos network. The DeFi protocol aims to offer instinctive trading with low fees, low slippage, and liquidity providers to bring attractive returns.
VVS Finance accounted for $1.35 billion in its total value locked, more than half of the total value locked on the Cronos network. The protocol has added new assets including Shiba Inu (SHIB), Dogecoin (DOGE), Cardano (ADA), and TrueUSD (TUSD), which have resulted in its TVL steadily increasing.
Juno in the cosmos ecosystem
Juno is precisely not a DeFi-specific protocol. It is a decentralized, permissionless, and public protocol that enables cross-chain smart contracts within the Cosmos network. The creation of many decentralized applications (DApps) and many Defi protocols like Junoswap have been enabled on Juno, and many more are currently in development.
A library providing modular codes for creating smart contracts named CosmWasm is also based on Juno. After December 2021, the price of the JUNO token saw a massive rise of around $7.7 and recorded an all-time high of $45.8 on March 3, 2022.
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