Looking at the top five projects of the nine ecological TVL, who has the stronger ability to attract money?
Author | Qin Xiaofeng
Editor | Hao Fangzhou
Produced | Odaily
Author | Qin Xiaofeng
Editor | Hao Fangzhou
Produced | Odaily
However, after a round of outbreaks, has the imagination space of the public chain shrunk, and can new ecological projects take off again? Today, Odaily will take stock of the next nine top public chains, side chains, and leading projects of the second-tier network ecology (45 in total), trying to answer this question.
At the same time, we also hope to find the next growth point through combing. After all, the leading projects in the ecology have a greater chance of landing on the first-line trading platform. For example, Tranchess (CHESS), which was recently launched on Binance, has a TVL (total lock-up volume) of US$1.64 billion, ranking third in the BSC ecosystem.
In order to unify the calculation standard, the data in this article are all from DeFi Llama (November 4, 2021), the details are shown in the figure below:
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1. The new public chain is top-heavy and urgently needs to be improved
Before introducing each ecological head project one by one, the overview and conclusion are prefaced:
Currently, the total locked value (TVL) of the entire DeFi ecosystem is $256.86 billion.
Ranked by TVL, we finally selected nine smart contract platforms, namely: Ethereum ($172.6 billion), BSC ($19.85 billion), Solana ($14.92 billion), Terra ($10.72 billion), Avalanche ($8.74 billion) USD), TRON ($6.14 billion), Fantom ($5.43 billion), Polygon ($5.17 billion) and Arbitrum ($2.72 billion).
In the past October, the TVL of the above ecology has increased significantly. Arbitrum, Fantom and Avalanche performed well, with TVL growth of more than 100%. In particular, Fantom and Avalanche overtook Polygon. Polygon did not have a big growth and seemed to be stagnant.
If the statistical time is put into the second half of the year, the above trend will be more obvious. Since July, Avalanche’s TVL has increased by 4,500%, ranking first; Fantom’s TVL has increased by 2,750%, ranking second; Terra’s TVL has increased by 220%, ranking third. Polygon TVL, however, did not record positive growth, falling 5%. It is worth noting that the TVL increase of the relatively mature Ethereum has exceeded that of the emerging competition chain BSC. A very important reason is that the increase of ETH has exceeded that of BNB, so it has obtained higher TVL data results in US dollar terms.
Of course, the high growth rate of TVL does not mean that the ecological development has matured rapidly. Odaily also counted the TVL ratio of the top five and top ten TVL projects in the eight platforms in their own ecology, and the results are as follows:
Taking Terra as an example, the sum of the TVL of the top five ecological projects accounts for 96.56% of the total TVL of Terra, and the sum of the TVL of the top ten projects accounts for 99%, which means that most of the funds are funded by a few In terms of project contribution, the tail projects are not attractive and competitive at all; in contrast to ETH, the sum of the top five projects accounts for only 44%, less than half, and the ecological diversity is strong.
In fact, due to the short development time of the new public chain, it generally faces the problem of "top-heavy", which is the difficulty that needs to be solved urgently. You know, if you only rely on one or a few projects, it will be difficult to support the future ceiling of the new public chain.
In addition, among the top 45 projects we have counted, many projects adhere to the multi-chain development model, among which the project with the most cross-chains is Curve. The cross-chain has expanded its traffic path and also supported the fundamentals of Curve in the secondary market. In the past six months, CRV has risen by more than 350%, leading all mainstream coins and DeFi coins.
Finally, if we look at the “types” of the 85 projects initially selected (the top ten TVL projects for each ecology), DEX (31 projects) appears the most, followed by lending (19) and aggregators (17 ), and finally synthetic assets (5) and stablecoins (5).https://defillama.com/chain/Solana）
Of course, different ecologies have different emphases. For example, in BSC, 4 aggregator-type projects appeared in the top ten TVL; while Solana and Polygon favored DEX, with 5 and 6 DEX projects appearing in the top ten TVL respectively.
(There are still many analysis angles not covered in this article. Interested readers can click on the link to find the highlights:
2. List of major ecological head projects
The following is a summary of the top five TVL projects in the nine ecosystems, a total of 40 (some of which have overlapping projects):
(1) Ethereum ecosystem
Project name: MakerDAO
Official website:https://makerdao.com/
TVL: $18.21 billion
Project Introduction: MakerDAO is a decentralized autonomous organization and smart contract system on Ethereum. It is known as the "encrypted central bank". Currently, the largest decentralized stable currency DAI is issued by it. Users can borrow DAI by over-collateralizing cryptocurrencies such as ETH through the multi-collateral system. In addition, the Maker platform also cooperates with traditional financial institutions to introduce assets such as accounts receivable and securities into the encrypted market.
Project name: Curve
Official website:https://curve.fi/
TVL: $17.63 billion
Project introduction: Curve is a DeFi automatic market maker project (AMM) that provides stable currency exchange services. By providing liquidity to the Curve smart contract, users can obtain the income of the fund pool, and at the same time, they can also obtain the benefits brought by its governance token CRV additional income. Curve aims to create deeper on-chain liquidity using advanced bonding curves.
Project name: Wrapped Bitcoin
Official website:https://wbtc.network/
TVL: $14.49 billion
Project introduction: Wrapped Bitcoin, referred to as WBTC, is issued on Ethereum and is linked to Bitcoin 1:1. All issued WBTC will receive 100% Bitcoin as an asset reserve, 1:1 anchored, and can be used on the chain Verification; when the holder converts WBTC to Bitcoin, WBTC will be destroyed.
Project name: Convex Finance
Official website:https://www.convexfinance.com/
TVL: $14.46 billion
Project Introduction: As another income aggregator on the Ethereum chain, Convex Finance aims to use CVX tokens to simplify the process of Curve and CRV lock-up and pledge through an easy-to-use interface, and to increase CRV holders and liquidity Remuneration for providers to promote the development of the CRV ecosystem. To put it simply, Convex Finance is a "CRV staking and liquidity mining one-stop platform" dedicated to simplifying the Curve usage process.
TVL: $12.17 billion
Official website:https://instadapp.io/
(2) BSC ecology
Project introduction: InstaDApp is a user-oriented decentralized asset management protocol, which currently provides efficient asset management functions for Aave, Compound, and Maker. Users can track blockchain assets distributed across multiple platforms and move those assets between different platforms based on financial paradigms and real-time market prices. Its goal is to simplify the complexity of DeFi and eventually become a unified front end for DeFi.
Official website:
Project name: PancakeSwap
Official website:https://pancakeswap.finance
TVL: $6.27 billion
Project introduction: PancakeSwap is the No. 1 decentralized trading platform on Binance Smart Chain, which supports users to obtain its governance token CAKE through mining. As one of the benchmark projects on BSC, PancakeSwap was once supported by Binance’s first phase of the “US$100 million BSC Ecological Acceleration Plan”. In addition to transactions, PancakeSwap has also launched a new currency mining pool "Syrup Pool", IFO (initial plowing sale), gaming games (similar to buying lottery tickets), and issuing its own NFT collections, etc. around CAKE's usage scenarios.
Project Name: Venus (XVS)
Official website:https://venus.io/
TVL: $2.5 billion
Project introduction: Venus Protocol is a money market protocol that aims to integrate a decentralized lending system into the Binance Smart Chain to facilitate faster, lower-cost, and wider currency transactions. In addition, based on Binance Smart Chain "Venus", a decentralized stablecoin VAI backed by a basket of BEP-20 tokens will also be minted. Venus can be seen as a hybrid of MakerDAO and Compound.
Project Name: Tranchess
Official website:https://tranchess.com/
TVL: $1.64 billion
Project introduction: Tranchess is a structured fund that caters to investors with different risk preferences. It will be launched in June 2021. Currently, only funds targeting Bitcoin have been launched. It consists of three tranche tokens (QUEEN, BISHOP and ROOK) and its governance token CHESS, divided into three layers to meet the needs of three user groups: stable income (Tranche BISHOP), leveraged trading (Tranche ROOK) and long-term Hold (Main Tranche Queen). Compared with smart pools such as YFI, the advantage of a structured fund like Tranchess is that the product will be suitable for more people-meeting different needs and switching without friction. Compared with a single product, the capital efficiency will be higher.
Official website:
Project Name: Alpaca Finance
Project introduction: Alpaca Finance is the largest lending agreement among the platforms that provide leveraged farms on BSC. We help lenders earn safe and stable income, and provide borrowers with insufficient collateral to obtain leveraged farm position loans, which maximizes the principal benefit of farmers' mining and can generate multiple returns.
Official website:https://www.alpacafinance.org/
As an enabler for the entire DeFi ecosystem, Alpaca amplifies the liquidity layer on integrated exchanges, increasing their capital efficiency by connecting LP borrowers and lenders. It is through this functionality that Alpaca has become the cornerstone of DeFi, bringing the power of finance to everyone's fingertips through the claws of each alpaca...
In addition, the Alpaca (alpaca) is a noble species. We are a fair-launch project, no pre-sale, no investors, no pre-mining. So from the very beginning, this is a product born by users and for users. As we always say: built by alpacas, for alpacas.
Project name: MDEX (MDX)
Official website:https://mdex.com/
TVL: $820 million
Project introduction: MDEX is an automatic market-making decentralized cross-chain transaction protocol based on the concept of capital pool. It is committed to creating a DeFi platform integrating DEX, IMO, and DAO. It currently supports BSC, HECO, and Ethereum, aiming to integrate multiple chains Advantages, support liquidity mining and transaction mining "dual mining incentives".
Official website:
Project name: Raydium
Official website:https://raydium.io/
TVL: $2.07 billion
Project Introduction: Raydium is an automated market maker (AMM) built on the Solana blockchain. It utilizes the central order book of the Serum decentralized exchange (DEX) to enable fast transactions, shared liquidity, revenue opportunities and new project launches. RAY is the platform's native utility token, used for liquidity mining incentives, mortgages, new project launch qualifications, and participation in future governance.
Project name: Serum
Official website:https://www.projectserum.com/
TVL: $1.84 billion
Project introduction: Serum is the first decentralized exchange on the Solana chain. It was founded by the Project Serum team and has reached strategic cooperation with other top encrypted asset traders and experts in the DeFi field. Serum is capable of completely trustless cross-chain transactions and supports transactions of on-chain derivatives.
Project name: Marinade
Official website:https://marinade.finance/
TVL: $1.77 billion
Project Introduction: Marinade Finance is a liquid staking solution on the Solana blockchain. Users can stake their SOL on the Marinade platform and get mSOL in return, mSOL represents your staked SOL + the block rewards it generates. Marinade helps decentralize and secure the Solana network by distributing SOL to as many reliable validators as possible using an automated staking strategy.
Project Name: Saber
Official website:https://saber.so/
TVL: $1.68 billion
Project introduction: Saber was previously called StableSwap, which brought Curve to the Solana ecosystem. It is an automatic market maker for stablecoins on the Solana blockchain, allowing users to operate on a familiar exchange interface.
Project name: Sunny
Official website:https://app.sunny.ag/
TVL: $1.31 billion
Project introduction: Sunny is a DeFi revenue aggregator on the Solana ecosystem, currently providing dozens of LP asset pairs. The Sunny protocol was designed with composability as a core feature, enabling other applications and protocols to be easily built on top of it.
Official website:
(4) Terra ecologyPoSTVL: $4.33 billion
Official website:https://anchorprotocol.com
Project introduction: Anchor Protocol was created based on the stable currency project Terra Money. It is a new type of savings agreement, which aims to
The block reward of the consensus blockchain balances the interest rate, and finally achieves a storage rate with a stable rate of return. To put it simply, Anchor Protocol does not determine the lending rate based on the algorithm of supply and demand, but directly provides a fixed lending rate.
Project name: Lido
Official website:https://lido.fi/
TVL: $3.35 billion
Project introduction: Lido Finance was initially an Ethereum 2.0 pledge liquidity solution, aiming to provide liquidity for users to pledge ETH. It has now expanded to Terra and Solana networks to provide liquidity for related token pledges.
Project name: Mirror Protocol
Official website:https://mirror.finance/
TVL: $1.29 billion
Project Introduction: Mirror Protocol is a synthetic asset protocol launched by the stablecoin project Terra, which can track the prices of stocks, futures, exchange-traded funds and other traditional financial assets, thereby integrating the cryptocurrency market with the traditional market. Mirror plans to use synthetic asset mAssets to solve this problem. By reflecting the transaction price on the chain to "mirror" the price of real-world assets, traders can trade the price of real assets. mAssets issuers must lock up more than 150% of the current asset value of Terra stablecoins or more than 200% of the current asset value of other mAssets as collateral. mAssets tracks the price of an underlying asset (such as Apple stock or gold) through a decentralized price oracle.
Project name: Terraswap
Official website:https://terraswap.io/
TVL: $1.19 billion
Project introduction: Terraswap is an automated market maker (AMM) protocol inspired by Uniswap. It was launched on November 13, 2020. Users can directly trade local Terra assets (LUNA, UST, KRT, etc.) and users on the Terra blockchain. Define CW20 tokens.
Project name: Spectrum Protocol
Official website:https://spec.finance/
TVL: $190 million
Project introduction: Spectrum is the first decentralized revenue optimizer platform on Terra. Similar to other Ethereum native aggregation tools (such as Yearn Finance), it can automatically synthesize and mortgage your Mirror and Anchor mining rewards. Spectrum's current flagship product is Vaults, where users can stake their assets and choose between two gas-efficient strategies: auto-compound and auto-staking.
Official website:
Project name: AAVE
Official website:https://aave.com/
TVL: $2.76 billion
Project Introduction: Aave is a decentralized lending platform, formerly known as ETHLend. In January 2020, Aave relaunched a new lending contract agreement, introducing the lending function of the decentralized lending pool. At the same time, Aave is also the pioneer of unsecured flash loans.
Project Name: Trader Joe's
Official website:https://traderjoexyz.com/
TVL: $1.88 billion
Project introduction: Trader Joe is a one-stop trading platform on Avalanche, providing trading and lending functions, and combining them to provide leveraged trading.
Project name: BENQI
Official website:https://benqi.fi/
TVL: $1.36 billion
Project Introduction: BENQI is a decentralized non-custodial liquidity market protocol based on Avalanche. The protocol enables users to lend and borrow their digital assets conveniently and earn interest, and lenders who provide liquidity for the protocol can obtain passive income; the native token of the protocol is QI, which is used for the governance of the protocol.
Project name: Curve
Official website:https://curve.fi/
TVL: $690 million
Project introduction: Curve is a DeFi automatic market maker project (AMM) that provides stable currency exchange services. By providing liquidity to the Curve smart contract, users can obtain the income of the fund pool, and at the same time, they can also obtain the benefits brought by its governance token CRV additional income. Curve aims to create deeper on-chain liquidity using advanced bonding curves.
TVL: $430 million
Official website:https://yieldyak.com/
Project introduction: Yield Yak is a native DeFi protocol on Avalanche, which provides DeFi functions such as token exchange, mining, and pledge, and has its own token YAK.
Official website:
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Project Name: Geist Finance
Official website:https://geist.finance/
TVL: $1.26 billion
Project introduction: Geist Finance allows users to borrow and lend various encrypted currency assets within the Fantom ecosystem. Launched in October this year, its function is similar to that of the DeFi blue chip Aave. Geist distributes 40% of its total GEIST tokens through liquidity mining, with generous rewards.
Project name: SpookySwap
Official website:https://spookyswap.finance/
TVL: $670 million
Project introduction: Spookyswap is the first automatic market making (AMM) decentralized exchange (DEX) of the Fantom Opera network. The governance token is BOO, which was launched in April this year.
Project name: Curve
Official website:https://curve.fi/
TVL: $620 million
Project introduction: Curve is a DeFi automatic market maker project (AMM) that provides stable currency exchange services. By providing liquidity to the Curve smart contract, users can obtain the income of the fund pool, and at the same time, they can also obtain the benefits brought by its governance token CRV additional income. Curve aims to create deeper on-chain liquidity using advanced bonding curves.
Project Name: Scream
Official website:https://scream.sh/
TVL: $460 million
Project Introduction: SCREAM is a decentralized lending protocol based on Fantom, which aims to improve the overall capital efficiency of a wider range of Fantom-based assets. The goal is to create a one-stop shop for loan products on the Fantom network. Community governance is expected to be completed in 2021 Fully implemented in the third and fourth quarters of the year.
TVL: $410 million
Official website:https://www.beefy.finance/
Project Introduction: Beefy Finance is a decentralized finance (DeFi) yield optimizer project that allows its users to spend cryptocurrencies to earn more cryptocurrencies. Through a set of smart contracts and multiple investment strategies, Beefy Finance automatically maximizes user rewards from various liquidity pools (LPs), automated market making (AMM) projects and other liquidity mining opportunities in the DeFi ecosystem .
Official website:
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Project name: AAVE
Official website:https://aave.com/
TVL: $2.11 billion
Project Introduction: Aave is a decentralized lending platform, formerly known as ETHLend. In January 2020, Aave relaunched a new lending contract agreement, introducing the lending function of the decentralized lending pool. At the same time, Aave is also the pioneer of unsecured flash loans.
Project name: Quickswap
Official website:https://quickswap.exchange/
TVL: $770 million
Project Introduction: QuickSwap is a Layer 2 decentralized trading platform that trades at lightning-fast speeds with close to zero gas fees. They cooperate with Transak to support users to directly purchase USDC based on the Polygon network through Transak by means of bank card payment or transfer payment.
Project name: SushiSwap
Official website:https://sushi.com/
TVL: $490 million
Project introduction: SushiSwap is a decentralized trading platform, cloned from Uniswap, and 0.25% of its transaction fees are directly distributed to active liquidity providers.
Project name: Curve
Official website:https://curve.fi/
TVL: $400 million
Project introduction: Curve is a DeFi automatic market maker project (AMM) that provides stable currency exchange services. By providing liquidity to the Curve smart contract, users can obtain the income of the fund pool, and at the same time, they can also obtain the benefits brought by its governance token CRV additional income. Curve aims to create deeper on-chain liquidity using advanced bonding curves.
Project name: Balancer
Official website:https://balancer.finance/
TVL: $190 million
Project introduction: Balancer is a decentralized exchange based on Ethereum. Users can obtain handling fees and token rewards by making markets on Balancer; Balancer is completely open source, and anyone can create a liquidity pool in the platform without restriction.
Official website:
Project name: Curve
Official website:https://curve.fi/
TVL: $650 million
Project introduction: Curve is a DeFi automatic market maker project (AMM) that provides stable currency exchange services. By providing liquidity to the Curve smart contract, users can obtain the income of the fund pool, and at the same time, they can also obtain the benefits brought by its governance token CRV additional income. Curve aims to create deeper on-chain liquidity using advanced bonding curves.
Project name: SushiSwap
Official website:https://sushi.com/
TVL: $570 million
Project introduction: SushiSwap is a decentralized trading platform, cloned from Uniswap, and 0.25% of its transaction fees are directly distributed to active liquidity providers.
Project name: Abracadabra
Official website:https://abracadabra.money/
TVL: $440 million
Project introduction: BRACADABRA.MONEY is a stable currency protocol based on interest-bearing assets. In addition to being deployed on Ethereum, it also further reduces the cost of user participation in the protocol through integration with L2 and side chains. Among so many DeFi protocols, it is a relatively community-based project. More tokens are circulated through fair distribution, and tokens distributed through IDO account for 7%. There is not much information disclosed by the team itself, and the project initiator is Daniele Sestaylor.
Project name: Synapse Protocol
Official website:https://nerve.fi/
TVL: $290 million
Project Introduction: Synapse Protocol is a cross-chain layered protocol, upgraded from Nerve, which can improve the interoperability between blockchains. It consists of two core parts, Synapse Network and Synapse AMM. Synapse Network is a cross-chain infrastructure powered by MPC validators that collectively react to events on blockchains connected by the Synapse Network. Synapse AMM is a cross-chain AMM powered by a network that prices and rebalances assets based on capital flows.
Project name: Balancer
Official website:https://balancer.finance/
TVL: $120 million
Project introduction: Balancer is a decentralized exchange based on Ethereum. Users can obtain handling fees and token rewards by making markets on Balancer; Balancer is completely open source, and anyone can create a liquidity pool in the platform without restriction.
Official website:
Project name: JustLend
Official website:https://justlend.org/
TVL: $1.99 billion
Project introduction: JustLend is the first official decentralized lending agreement on the TRON network. There are two roles in the protocol, including depositors of assets and borrowers, who can directly interact with the protocol to earn or pay floating interest rates.
Project name: Just Cryptos
Official website:https://just.network/token
TVL: $1.91 billion
Project introduction: Just Cryptos builds a bridge connecting the TRON network and other public chains, introduces Token value into TRON, powers the Just ecosystem, and all assets can be exchanged on Poloniex.
Project name: JustStables
Official website:https://juststable.tronscan.org
TVL: $1.85 billion
Project introduction: JustStables is a decentralized stable currency system, and its stable currency is USDJ.
Project name: JustSwap
Official website:https://justswap.org
TVL: $1.7 billion
Project Introduction: JustSwap is a decentralized trading platform in the TRON ecosystem.
Project introduction: SUNSwap uses the AMM algorithm to aggregate the transactions of all TRC20 tokens in TRON, and Sun.io integrates all stablecoin USDT/USDC/TUSD/USDJ ecology of TRON to realize the pattern of one-click aggregation transactions in the TRON ecosystem.
Official website:https://sun.io
3. Summary
Official website:
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3. Summary
