TVLocked & Loaded: Aurora's First Money Market Protocol, New Algo Stablecoin Hits the Market
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: Aurigami on Aurora, Hector Finance on Fantom, Savanna Finance on Cronos, B.Protocol on Ethereum, 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. 8 at 8:00 a.m. ET.
Aurigami on Aurora | 73,840,558% | $258.22m TVL
Leading the week with an incredible 73,840,558 percent increase in total valued locked (TVL) over the last seven days, Aurigami now has a $258.22 million TVL.
Aurigami is the first money market protocol on Aurora. Users can lend and borrow through Aurigami's decentralized, non-custodial liquidity protocol.
Depositors earn interest on their deposits, which are turned into yield-bearing auTOKENs, and borrowers are free to borrow in an over-collateralized way.
To bridge assets to Aurora, use Rainbow Bridge here.
Aurora is an Ethereum-compatible network attempting to provide a scaling solution with lower transactions fees for the network.
Hector Finance on Fantom | 74% | $149.45m TVL
Hector Finance has seen a 74 percent increase in total value locked (TVL) over the last seven days, reaching a grand total of $149.45 million.
Despite the recent Fantom debacle with Andre Conje (he is apparently retiring from DeFi development), Hector Finance is growing as the network's first deflationary rebase token, $HEC.
Hector Finance has three main goals: to become the one-stop shop for users who are lending/borrowing, bridging between chains, or launching new projects on Fantom; to grow the Fantom ecosystem through the development of high-quality products; and to provide long-term value to its users.
In 2022, Hector Finance plans to go fully multi-chain. The protocol uses staking (3,3), bonding (1,1 and 4,4), and wrapping (wsHEC) methods for lending, borrowing, swapping, and staking.
Savanna Finance on Cronos | 61% | $104.93m TVL
Savanna Finance has seen a 61 percent increase in total value locked (TVL) over the last seven days, reaching a grand total of $104.93 million.
Savanna Finance's native token, $SVN, is the first algorithmic stablecoin on Cronos. It is pegged 1:1 to the price of $MMF (Mad Meerkat Finance's native token) via seigniorage.
Savanna Finance's main goal is to bring more liquidity and use cases to the MMF ecosystem. To do this, the protocol has a three token structure: $SVN, or the algorithmic stablecoin pegged to $MMF; $MSHARE, or Meerkat Share, which holders can claim during periods of inflation and network growth; $MBOND, or Meerkat Bond, which can be purchased when the network is in contraction and redeemed for $SVN when the network returns to its deflationary phase.
For more information on how $SVN keeps its peg and why the token is necessary to expand the MMF ecosystem, visit the FAQ section in the protocol's whitepaper.
B.Protocol has seen a 30 percent increase in total value locked (TVL) over the last seven days, reaching a grand total of $316.51 million.
B.Protocol is attempting to increase the capital efficiency of DeFi primitives and protocols by democratizing liquidation systems. This shifts miner extractable value, or MEV, and bot profits back to the community.
The team consists of Yaron Velner (previously CTO at kyber network), Eitan Katchka (previously co-founder of La'Zooz), and Shmuel Disraeli.
PRISM has seen a 42 percent increase in total value locked (TVL) over the last seven days, reaching a grand total of $240.7 million.
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:
For an additional DeFi protocol that saw massive gains in TVL this week, sign up for Lucky Trader's newsletter. Each Tuesday, we'll email out an exclusive newsletter overview of a new, high-performing protocol.