The last few months have been very difficult for the entire cryptocurrency industry. Unfortunately, things won’t improve overnight either, as new lows are recorded every day. But, interestingly, there is a fairly little smaller DeFi protocols noting substantial growth in the TVL department.
Many blockchains facilitate decentralized financial protocols, products and services. Not all networks are very popular or successful, although things are improving. Polygon is one of those chains with huge potential but rather little activity. Dystopia, a community-focused DEX on Polygon, notes a 7,732% increase in TVL over the past month. That’s only $30.3 million in total value locked, but the growth is still remarkable.
Unlocking passive income is one of the main reasons people flock to decentralized finance. Agave, derived from Aave, provides this functionality on the xDAI network. Users can also use their deposits as collateral to borrow and lend digital assets. A monthly TVL increase of 2,183% is considerable, even though the network is a mere $390,000 in total value locked.
Decentralized exchanges will remain the top trend in DeFi, along with lending protocols. MochiSwap, a decentralized exchange on Harmony and BNB Chain, provides decentralized asset exchanges and liquidity pools to enable yield mining. While a TVL under $273,000 isn’t too significant, the protocol notes a monthly increase of 1,432%. Interesting changes, although everything must be put in the right perspective.
It’s good to see a payments-focused solution making its way into the decentralized finance space. LlamaPay is a multi-chain protocol automating transactions to be streamed by the second. Beneficiaries can withdraw funds at any time. LlamaPay can be accessed through Ethereum, Avalanche, Fantom, Polygon, BNB Chain, Optimism, Arbitrum, and Gnosis. The monthly increase of 619% TVL brings its total locked value to $2.257 million.
Dollar cost averaging is a powerful and often underestimated tool in the cryptocurrency industry. Mean Finance allows DCA users and protocols any ERC20 token without compromising decentralization or giving away personal information. Such services can come in handy, although ERC20 tokens don’t have the most appeal these days. Mean Finance’s $567,000 in TVL is split between Optimism, Polygon, Ethereum, and Arbitrum. A 615% monthly increase in TVL is important, although difficult to maintain.
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