Multi-Chain, Exchange, and Stable DeFi Protocols Show Signs of Strength

The cryptocurrency market has faced an uphill battle for most of 2022 due to global economic headwinds on multiple fronts, as well as supply chain constraints, soaring inflation and the ongoing war in Ukraine.

Despite the weakness seen in a majority of crypto assets, several decentralized finance (DeFi) protocols have managed to strengthen their fundamentals and attract new users to enter their ecosystems.

Here’s a look at four protocols that are showing strength even as the broader crypto market struggles to gain a foothold.


Balancer (BAL) is an automated market maker (AMM) on the Ethereum (ETH) blockchain that offers users a range of DeFi capabilities, including the ability to stake tokens, provide liquidity, participate in governance voting, and to trade tokens.

According to for Data from Token Terminal, the total value locked (TVL) on Balancer is currently $3.54 billion, the third highest TVL in the protocol’s history despite falling prices in the cryptocurrency market.

Daily price vs TVL for Balancer. Source: Token Terminal

Balancer TVL’s endurance is due, in large part, to an increase in funds invested in stablecoin pools on the platform and a more involved governance mechanism that allows veBAL hodlers to vote on which pools receive the majority of BAL award shows.


DeFiChain (DFI) is a DeFi protocol that was created through a fork of Bitcoin code and works in conjunction with the Bitcoin network to provide users with access to crypto assets as well as tokenized stocks.

Data from Defi Llama shows that DeFiChain’s TVL reached a new all-time high of $901.16 million on April 5 and currently stands at $831 million following the recent price drop.

Total value locked on DeFiChain. Source: Llama Challenge

DFI’s price has also remained relatively resilient against the broader crypto market and is currently trading at $4.12 after hitting a high of $4.63 on April 3.

DeFiChain’s resilience is due, in part, to the protocol’s continued development and expansion, which recently added support for tokenized stocks for Walt Disney Co, iShares MSCI China ETF, MicroStrategy Incorporated, and Intel Corporation.

NEAR Protocol

The NEAR Protocol (NEAR) is a Layer 1 blockchain network designed as a community-managed cloud computing platform capable of delivering high transaction speeds at low cost.

2022 was a good year in general for the project and the price of NEAR hit an all-time high of $20.42 on January 16 and the latest rally saw the price rebound to $19.81 on April 7.

NEAR/USDT 1-day chart. Source: Trading View

On the DeFi front, things have never looked better for the NEAR protocol, as the total value locked on the network is now at an all-time high of $363.72 million, according to data from Defi Llama.

Total value locked to NEAR. Source: Llama Challenge

NEAR’s improving fundamentals follow the successful completion of a $350 million funding round led by New York-based hedge fund Tiger Global and speculation that the NEAR token may soon be listed on Coinbase.

Related: Report: Daily DApp Users Hit 2.4 Million in Q1 2022 Despite Headwinds


Celer’s cBrige, a multi-chain network that allows the transfer of assets across 26 different blockchain networks and Layer 2 protocols, also performs well.

According to data from Defi llama, cBridge hit a new TVL all-time high of $765.25 million on April 11 as the broader crypto market sold off and Bitcoin fell back below 40,000. dollars.

Total value locked to cBridge. Source: Llama Challenge

The steadily increasing TVL for cBridge comes as the protocol continues to expand its list of supported networks, with some of the most recent additions including Astar, Crab Smart Chain, Milkomeda Cardano and Shiden.

The overall cryptocurrency market capitalization now stands at $1.846 billion and Bitcoin’s dominance rate is 40.9%.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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