TVLocked & Loaded: Metis Climbs Toward $1 Billion TVL With Hermes and Starstream Protocols
Welcome to TVLocked & Loaded. In this article, we’ll take a look at all of the top DeFi protocols by biggest percentage gain in total value locked (TVL) each week. On today’s agenda: Hermes Protocol on Metis, 0xDAO on Fantom, Starstream on Metis, Rocket Pool on Ethereum, and PRISM Protocol on Terra.
The criteria is simple: The first three DeFi protocols have the biggest percentage gains over the last seven days and a TVL of $100 million or more, regardless of network. The last two DeFi protocols are the top gainers from both Ethereum and Terra, the top two blockchains by TVL as of the time of this writing.
For more information about what exactly TVL is, see "What Is TVL? Total Value Locked Meaning, Calculation & Examples" here.
This article is written for information purposes only. Nothing in this article constitutes financial advice. Do your own research before investing in decentralized finance protocols.
All data is taken from DeFi Llama and was last updated on Mar. 15 at 8:00 a.m. ET.
Hermes Protocol on Metis | 7,773% | $223.27m TVL
Leading the week with an incredible 7,773 percent increase in total valued locked (TVL) over the last seven days, Hermes Protocol on Metis now has a $223.27 million TVL.
Hermes Protocol is the Metis network's largest DEX by total value locked. It is connected to Maia DAO, the first community-owned decentralized reserve currency on the Metis network.
Metis is a layer 2 solution aimed at web3 newcomers who find Ethereum particularly frustrating for its high gas fees, low transaction speeds, limited functionality, and non-intuitive tools for builders.
More on Metis here:
0xDAO on Fantom | 7,493% | $273.21m TVL
0xDAO has seen a 7,493 percent increase in total value locked (TVL) over the last seven days, reaching a grand total of $273.21 million.
Despite Andre Cronje leaving the world of web3, Fantom continues to build. 0xDAO had a TVL over $3 billion earlier this year, but since then, it dropped down to under $4 million. Over the last seven days, it has grown to over a quarter billion dollars.
0xDAO was originally created to pool collective resources for the greater good of the Fantom ecosystem and to combat the emergence of short-term veDAOs, which were created to earn ve(3,3) tokens from Cronje. Cronje announced new emissions-based tokens for the top 20 projects on Fantom back in January 2022.
In early March, 0xDAO announced its v2 protocol with partners like Frax and veDAO. With protocols like Tarot building on top of 0xDAO, users can auto-compound vAMM LPs and gain access to leveraged yield farming opportunities. For more information, see 0xDAO's Medium article here.
Starstream on Metis | 1,521% | $263.24m TVL
Starstream has seen a 1,521 percent increase in total value locked (TVL) over the last seven days, reaching a grand total of $263.24 million.
Starstream is a collection of tools and protocols on the Metis network built for yield aggregation, yield generation, and one-click smart contracts. Under the Starstream umbrella, users can launch new tokens, deposit into vaults or pools to earn yield and staking rewards, and even participate in a lottery-based game protocol.
Based on its roadmap, Starstream is currently working on building out more token launchers, creating Agora LP vaults, veSTARS for vault gauges and voting, a Starstream NFT collection, lending vaults, and Hermes boosted vaults.
As previously mentioned, Hermes is the Metis network's largest DEX.
Rocket Pool has seen a 19 percent increase in total value locked (TVL) over the last seven days, reaching a grand total of $472.84 million.
Rocket Pool is a decentralized Ethereum staking protocol with 4 to 6 percent returns on staked ETH (in addition to $RPL rewards, which are variable).
To stake a run a node, Ethereum holders need 16 ETH. To stake without running a node, users can deposit with as little as 0.1 ETH.
Running a node is permissionless and returns a higher percentage yield. Staking with Rocket Pool is non-custodial (meaning node operators do not handle funds), decentralized, and liquid (rETH is given back to the users upon deposit).
Rocket Protocol currently has 134,432 staked ETH and 902 node operators as of the publication of this article.
PRISM has seen a 42 percent increase in total value locked (TVL) over the last seven days, reaching a grand total of $342.84 million.
This is the exact same increase from the previous seven days when PRISM made the TVLocked & Loaded list for the first time.
PRISM Protocol creates new asset classes in DeFi, which allows users to speculate on yield and principle in a capital efficient manner.
It refracts digital assets into two components: yield and principle. Users can then decide to increase or decrease exposure to either the yield or principle side of their newly refracted tokens. There is no risk of liquidation.
How does PRISM accomplish this? The team describes it best here:
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