Foundation of Decentralized Finance
Layer-1 protocols form the backbone of the decentralized application landscape. Think of them as the sturdy foundations upon which the skyscrapers of digital assets are built. At the forefront, we’ve got Ethereum strutting its stuff, followed closely by the likes of BNB Chain and Fantom. But hold onto your crypto wallets, because amid the calm of the bearish seas, some lesser-known L1 protocols are making serious gains!
Waves: Riding the Tide of Growth
Waves, a multi-purpose blockchain that first launched in 2016, is making quite a splash lately. After a rejuvenation towards Waves 2.0, its ecosystem is seeing an influx of users. Just look at that total value locked (TVL)! From a modest $700.95 million in early February, it skyrocketed to an outstanding $2.77 billion by mid-March. Talk about a growth spurt!
Neutrino & Vires Finance
The leap in Waves’ TVL can be largely credited to the traction gained by Neutrino, an algorithmic assetization protocol that ties stablecoins to real-world assets, combined with the non-custody liquidity wizardry of Vires Finance. In just over a month, the price of Waves saw an astonishing 278% increase! It seems investors are finally paying attention.
Oasis: A Hidden Gem of Privacy
Bringing a touch of privacy to the world of blockchain, Oasis launched aiming for high throughput and low fees. Initial excitement surged as YuzuSwap hit the scene in January, pushing TVL beyond $160 million. But as with any good roller coaster, things dipped—by late February, TVL plummeted to $65.18 million!
ValleySwap’s Rise
However, a resurgence is in the air. Thanks to ValleySwap’s rise, the TVL has climbed back up to $194.92 million. This isn’t just a comeback story; it’s a gripping saga of resilience!
Cosmos: The Underestimated Heavyweight
Though many overlook Cosmos, it’s quietly amassing a significant TVL. The Interblockchain Communication protocol may not have the spotlight, but its behind-the-scenes work is causing a stir in the DeFi space. Notable chains like Terra, Cronos, and THORChain are contributing to this momentum.
Terra and Cronos Surge
Terra, bolstered by the Anchor protocol’s influx, saw its TVL soar to $26.34 billion. Meanwhile, Cronos, which emerged from the ashes of Crypto.com’s rebranding, recently hit an all-time TVL high of $3.19 billion, despite the decline of its native token, CRO. New players are migrating over, suggesting that the ecosystem is gaining traction. It’s a party, and everyone is invited!
THORChain: Building Bridges
Don’t sleep on THORChain either! This decentralized liquidity protocol focusing on cross-chain interoperability is gaining steam. With innovative support for synthetic assets and an upcoming mainnet launch, its TVL surged from $167 million to $267.65 million within a blink—and it doesn’t seem to be slowing down.
Summing Up the New Contenders
Combining the successes of these emerging protocols, Cosmos is witnessing a cumulative TVL exceeding $30.25 billion, placing it firmly in the runners-up spot behind Ethereum. While some are still trying to shake off the bear market blues, these L1 protocols are hitting the gas. The decentralized finance landscape is evolving, and the new kids on the block are proving that sometimes, it’s the underdogs that can pack the biggest punch!
