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 the total value of the blockchain (TVL), followed by BNB Chain and Fantom.
With the sideways market in 2022 and serious projects that take time away from the bullmarket frenzy to work on development, many L1 protocols surpass the market and profit despite the weakness of the broader cryptocurrency market.
Here is a look at three L1 protocols that see the growth of the decentralized financial community (DeFi) and stream TVL on their networks.
Waves is a multi-use blockchain protocol that was originally launched in 2016 and has since undergone several transformations towards Waves 2.0.
The Waves ecosystem has seen explosive 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, according to DefiLlama.
Total cost is insured on surf. Source: Devi Lama
The increase in network TVL is largely due to revenue from the algorithm’s “asset protocol”, which creates stable currencies linked to real assets, cryptocurrencies and a non-custodian liquidity protocol for Vires Finance.
Official statistics for Neutrino and Vires Finance are blocked. Source: Devi Lama
During the said period from February 4 to March 15, the Waves price rose by 278% from the lowest $ 8.17 to $ 31.04, indicating increased interest in the Waves ecosystem on several fronts.
Oasis is a privacy-enabled L1 blockchain network focused on providing high throughput and low transaction fees securely.
Oasis Network gained a head start on TVL when the first decentralized exchange, YuzuSwap, was launched in early January and quickly raised over $ 160 million in liquidity. At the end of February, however, TVL fell sharply, reaching $ 65.18 million.
Total cost unlocked for the oasis. Source: Devi Lama
After an initial period of volatility, TVL Oasis rose to a new high of $ 194.92 million, thanks in large part to the growth of ValleySwaps automated market maker protocol, which raised TVL to $ 125.5 million in March.
Related topics: Here’s how to notify traders about the big RUNE, FUN, WAVES and KNC rallies 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 of 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 over 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 on Terra came from the inflow to Anchor Protocol, which is responsible for shaping TerraUSD (UST) stablecoin.
These additions increased Anchor TVL by 54.58% to $ 13.57 billion, which also increased 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 emerged 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 established cross-network integration on the Cronos network, pushing the network’s TVL to a record high of $ 3.19 billion on March 18.
Total cost unlocked on Cronos. Source: Devi Lama
The sudden increase in TVL Cronos came at a time when the value of CRO fell by 32% from $ 0.54 on February 10 to a low of $ 0.372 on March 15, indicating that the value added to the ecosystem was created through migration or launch. of the new assets. Series.
It was previously reported that VVS Finance is the most important DeFi protocol on Cronos, but in fact TVL has decreased by 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 upcoming 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 and 16. March.