Layer 1 (L1) protocols are the backbone of the decentralized application ecosystem, with the Ethereum network dominating the scene in terms of the number of protocols running on the chain and total value insured (TVL), followed by BNB Chain and Fantom.

With the secondary market withdrawing in 2022 and serious projects taking the time away from the bull market frenzy to work on development, several L1 protocols are outperforming the market and profiting despite weakness in the broader cryptocurrency market.

Here is a look at three L1 protocols that are seeing the growth of the decentralized financial community (DeFi) and streaming TVL on their networks.

waves
Waves is a versatile blockchain protocol that was originally launched in 2016 and has since undergone several transformations towards Waves 2.0.

According to DefiLlama, the Waves ecosystem has seen exponential growth over the past month, with the protocol’s TVL rising from $700.95 million on February 4 to a new all-time high of $2.77 billion on March 18.

Total cost is insured on surf. Source: Devi Lama
The rise in network TVL is largely due to profits from the price-stable “asset protocol” from Neutrino, which creates stablecoins linked to real assets, cryptocurrencies, and the liquidity-free Vires Finance protocol.

Neutrino and Vires Finance public stats blocked. Source: Devi Lama
During the aforementioned period from February 4 to March 15, Waves price surged 278% from the $8.17 low to $31.04 high, indicating increased interest in the Waves ecosystem on several fronts.

oasis
Oasis is a privacy-enabled L1 blockchain network focused on providing secure high throughput and low transaction fees.

Oasis Network got off to a head start with TVL when the first decentralized exchange, YuzuSwap, launched in early January and quickly raised over $160 million in liquidity. But at the end of February, TVL fell sharply, reaching $65.18 million.

Total cost unlocked for the oasis. Source: Devi Lama
After an initial period of volatility, TVL Oasis surged to a new high of $194.92 million, thanks in large part to the growth of the automated market maker protocol from ValleySwap, which lifted TVL to $125.5 million in March.

Related Topics: Here’s how traders were notified of the big RUNE, FUN, WAVES and KNC events last week.

Space ecosystem chains
The third chain that has a significant impact on the DeFi sector is Cosmos and its inter-block communication protocol. TVL from Cosmos is underestimated because most data providers do not track the chains in the Cosmos ecosystem in the same way that they track Ethereum.

Some of TVL’s most notable successes in the past month have come from networks that are part of the Cosmos ecosystem, including Terra, Cronos and THORChain.

As mentioned in a previous altcoin review, much of the growth seen in Terra came from inflows to the Anchor Protocol, which is responsible for minting the TerraUSD (UST) stablecoin.

These additions increased Anchor TVL by 54.58% to $13.57 billion, also increasing Terra’s total TVL to $26.34 billion on March 10.

Total cost unlocked on Terra. Source: Devi Lama
Cronos is a blockchain network that originated from the Crypto.com ecosystem after the project was renamed in November 2021. As part of this process, the Crypto.com CRO token was renamed Cronos.

Since its discovery, a total of 48 protocols have been launched on the network, or network integrations have been established on the Cronos network, pushing the network’s TVL to a record $3.19 billion on March 18.

Total cost unlocked on Cronos. Source: Devi Lama
The peak in TVL Cronos came at a time when the CRO value fell by 32% from a high of $0.54 on February 10 to a low of $0.372 on March 15, indicating that the added value to the ecosystem was created through the migration or launch of assets New. Series.

VVS Finance was previously reported to be the top DeFi protocol on Cronos, but TVL has actually fallen 4.78% in the last month. Instead, the recent increase in TVL Cronos is mainly due to MM Finance, Tectonic and MM Optimizer.

Top 4 TVL Protocols on Cronos. Source: Devi Lama
The latest recognition of blockchain networks in the Cosmos ecosystem belongs to THORChain, a decentralized liquidity protocol focused on inter-chain interactions.

Thanks to several factors, including the recent addition of support for “synthetic assets” and the imminent launch of the core network, activity in the THORChain ecosystem is increasing, with TVL rising from $167 million to $267.65 million between March 1-16. .

Source: CoinTelegraph

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