pubDate: “2022-03-05” heroImage: “/placeholder.svg” categories:
- “defi-news”
- “latest” tags:
- “altcoin”
- “crypto”
- “defi”
- “defi-news”
- “defiprojects”
- “ethereum”
- “junoswap”
- “solidly”
- “vvs” coverImage: “JunoSwap-Solidly-and-VVS-Finance-Refresh-DeFi.jpg”
Here is a summary of the article you shared regarding the revival of Decentralized Finance (DeFi) on Ethereum competitor networks:
Overview
After taking a backseat to NFTs, memecoins, and blockchain gaming, DeFi is experiencing a resurgence on alternative Layer-1 blockchains. This revival is largely driven by improved cross-chain bridges and interoperability, which allow users to easily migrate assets away from Ethereum to networks with lower fees and innovative protocols.
Three Leading DeFi Projects on Emerging Layer-1s
1. VVS Finance (Cronos Network)
- What it is: The largest DeFi protocol on the Cronos network (which evolved from the Crypto.com ecosystem).
- Key Features: It focuses on instant token swaps with low fees and low slippage. Liquidity providers (LPs) receive two-thirds of swap fees and can earn additional rewards by locking tokens in “Crystal Farms” or single-staking in “Glitter Mines” (which currently offers high auto-compounding yields).
- Market Performance: VVS Finance boasts a Total Value Locked (TVL) of $1.35 billion, accounting for more than 50% of the entire Cronos network’s TVL. Its growth has been fueled by the addition of popular assets like DOGE, SHIB, TUSD, and ADA.
2. Solidly (Fantom Network)
- What it is: A decentralized exchange (DEX) launched in early 2022 by Andre Cronje, the founder of Yearn.finance.
- Key Features: Solidly is optimized for swapping stablecoins and correlated assets with near-zero slippage. It introduces a unique twist on the “Curve Wars” by using vested equity NFTs (veNFTs). Users stake the native SOLID token for lock-up periods (up to four years) to receive veNFTs, which grant voting rights and a share of the exchange’s generated fees.
- Market Performance: Despite being relatively new, it rapidly reached a TVL high of $2.19 billion and maintained high trading volumes even during broader crypto market sell-offs.
3. Juno (Cosmos Ecosystem)
- What it is: A decentralized, permissionless network for cross-chain smart contracts. It acts as a “sister hub” to the Cosmos Hub to help offload smart contract congestion.
- Key Features: While not exclusively a DeFi protocol, Juno hosts DeFi applications like Junoswap. Its major technological advantage is CosmWasm, which integrates WebAssembly (WASM) virtual machines. This allows developers to write smart contracts in various mainstream coding languages rather than having to learn a blockchain-specific language.
- Market Performance: The JUNO token experienced a massive price rally (jumping from $7.70 to a record high of $45.85). This surge was driven by interest in its cross-chain capabilities and a series of high-profile, lucrative airdrops rewarded to JUNO stakers.
Key Takeaway
The crypto community is increasingly looking beyond Ethereum for DeFi opportunities. Emerging Layer-1 networks like Cronos, Fantom, and Cosmos are capturing market share by offering faster, cheaper transactions, innovative tokenomics (like veNFTs), and seamless cross-chain interoperability.
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