Altcoin Roundup: JunoSwap, Solidly and VVS Finance give DeFi a much-needed refresh

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Decentralized finance (DeFi) was the talk of the town at the beginning of 2021, but has since fallen by the wayside in more attractive sectors such as non-volatile tokens (NFTs), memcoins and blockchain.

Now that bridging and interoperability have made it easier to move assets to competing networks, a new class of DeFi protocols has emerged to challenge those who have been left out since 2021.

Here is a look at three DeFi projects launched on some of the new Tier 1 blockchain networks that have caught the attention of the crypto community.

Plumbing Financing
VVS Finance is the largest DeFi protocol on the Cronos network, a project that emerged from the completely rebranded Crypto.com Cronos (CRO) ecosystem.

The goal of VVS Finance is to offer liquidity providers (LPs) spot swap agreements with low fees, low slippage and attractive yields.

As a bonus for providing liquidity, two-thirds of the exchange fees collected on the exchange are distributed to liquidity providers in the respective pools, and LP tokens can also be locked in Crystal Farms for the protocol to earn HVAC rewards.

Plumbing owners also have the option to stake one of their tokens in Shiny Mines, where they can currently autosynthesize at 65.78%. Future plans include adding plumbing rewards for those who trade tokens through the exchange.

According to DefiLlama, TVL’s current HVAC funding value is $1.35 billion, more than half the $2.37 billion closed at Chronos Network.

The total insured value of VVS Finance. Source: Defillama
The steady rise of TVL on plumbing came as the protocol added support for new assets including Dogecoin (DOGE), Shiba Inu (SHIBA), TrueUSD (TUSD) and Cardano (ADA).

Strongly
Solidly is a decentralized exchange (DEX) on the Fantom network that claims to offer “low fees, near-zero slippage on correlated assets, and a strong focus on secondary markets for locking tokens like NFTs.”

Simply put, Solidly is designed to exchange stack coins and other cryptocurrencies.

DEX is the latest creation of Andre Cronje, DeFi engineer and founder of Yearn.finance. It was launched in January 2022 with the aim of providing fair and balanced access to decentralized finance.

The protocol’s focus on stackable coins has sparked a discussion about Curve Wars with its own development. This is because Solidly Wars has ravaged the Fantom DeFi community and the Solidex protocol currently accounts for 33.74% of all Solidly emissions.

Despite launching just over a month ago, the total fixed cost (TVL) of the protocol recently hit $2.19 billion, hitting over $317 million on March 3rd when the broader crypto market was sold.

Total liquidity and trading volume for 24 hours in Solidly. Source: solid
SOLID, the original token, can store its tokens on the network for various lock-up periods from one week to four years. They can also receive non-valuable capital tokens (veNFTs), which are pledged assets and provide voting rights.

Liquidity providers are also rewarded with veNFT and earn between 40% and 100% depending on the balance of their five tokens. Fees generated by Solidly’s exchange activities are shared among veNFT token holders.

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Juno
Juno is a public, unlicensed, decentralized network of smart grid contracts that are part of the Cosmos ecosystem. While not necessarily a DeFi-specific protocol, Juno has enabled many DApps and DeFi protocols such as Junoswap with others in development.

The protocol was created by a group of developers, auditors, and delegates within the Cosmos ecosystem to be a kind of child hub for the Cosmos Hub that can help “maintain name neutrality by reducing the use/overload of smart contracts in a particular node area.” ”

Juno is also home to CosmWasm, a program that includes WebAssembly Virtual Machines (WASM) in the Cosmos SDK. The WASM extension allows you to write applications in different coding languages, so developers don’t have to learn a new language just to use Cosmos.

JUNO token activity increased significantly towards the end of December 2021, from $7.70 on December 20 to an all-time high of $45.85 on March 3.

JUNO / USD 1-day chart. Source: CoinGecko
In addition to interest in Juno’s cross-chain smart contract features, investors have also been attracted by the protocol for several notable airdrops distributed to JUNO holders and contractors, such as GovDrop for Neta (NETA) and Marble DAO.

Source: CoinTelegraph

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