DeFi State of the Market!
Hi HODLers,
Just a quick informative post to check where we are in terms of DeFi competition.
First of all, Ethereum dominance is still falling and this fall seems to even have been increasing lately.
Ethereum dominance is now c.54% compared to c.63% on January 2022!
Top 10 (by TVL)
There has been a lot of volatility in this ranking as Fantom shot up 2 weeks ago with the launch of A.Cronje's DeFi masterpiece Solidly! Fantom network reached #3 along Binance Smart Chain.
Unfortunately, he later ghosted out all his projects and Fantom took a hit as a whole. Fantom went back to its long term spot of #5 and suffered a 37% 7D change of TVL. Oh Crazy DeFi !
On another topic, I am still impressed by Cronos being in the Top10 as I barely know anyone using it.
Which chain are you most excited about?
Top 10 Protocols
Below you will find the most successful apps in terms of TVL. As you will notice, most of them are cross-chains therefore hightlighting how DeFi spread out to so many different chains which might specialize in smaller niche.
Nevertheless, we can see that 4 projects are Ethereum maximalists:
- MakerDao
- Convex Finance
- WBTC
- Compound
Anchor (Terra) and PancakeSwap (BSC) are the only projects on a single chain not being Ethereum ones.
Stay safe out there, it is the Wild West!
Latest Analysis
Crypto.com is preventing certain users to access its Lending Services!
I will have a Shake Shack Burger with some Satoshis on the Side!
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Polygon, Avalanche, Waves ecosystems are the ones that I want to be hyped more and more. I believe these projects will be in top 10 for several years ^^
Interesting, if yuou had to pick only one: Which one? And why :D?
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Avalanche because of the Ava Bridges, partnership, blockchain utilities and the devs behind :)
How about you mate?
Full Fantom Network at the moment
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If Ethereum, can reduce their transaction rate that's the highest problem Ethereum have at the moment.
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It has gone down but not because of an upgrade of the network. More due to less txs and users
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K
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I am a bit surprised to see Terra up there in 2nd with fewer platforms compared to BSC. Of course they are still pretty far away from ETH but the gaps are starting to close.
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It has just a few dapps. Terra is there in terms of TVL mostly due to the minting process of UST.
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People seem to really like Terra, is it that superb?
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Most is in UST their backed stable coin which is truly innovative. Not much in other dapps.
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All Billion Dollar TVLs!!!! My god that's crazy. Hackers must be having a lot of fun. 😂
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Hackers are losing this race ! Gotta get some of these funds ASAP! 😂
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More defi projects are also coming up which I really believe they will still grow.
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This is definitely not over 😃
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Sure it is never.