TVLocked & Loaded: Ethereum Dominates With ShibaSwap, MochiFi, and Maple
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: ShibaSwap on Ethereum, MochiFi on Ethereum, Welnance on Binance Smart Chain, Maple on Ethereum, and Lido 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 Feb. 22 at 7:00 a.m. ET.
ShibaSwap on Ethereum | 543% | $1.78b TVL*
*There is a discrepancy with ShibaSwap’s own TVL tracker, which currently states $203 million. Information above is provided by DeFi Llama and may not be 100 percent accurate.
Leading the week with a massive 543 percent increase in total valued locked (TVL) over the last seven days, ShibaSwap now has nearly $2 billion in its protocol.
ShibaSwap is a decentralized exchange (DEX) powered by the developing Shiba Inu ecosystem. Currently, available actions on the site include: providing liquidity to earn $BONE, buying platform-specific NFTs, staking (or burying) tokens to earn yield, swapping tokens, voting with $tBONE, and more.
ShibaSwap has three flagship tokens: $SHIB, $LEASH, and $BONE. $SHIB is the popularized Ethereum-based altcoin that reached a market cap over $41 billion in late 2021. $LEASH was originally created to mirror the price of $DOGE but the team decided to turn off the rebase function and it now operates as a standalone ERC-20. $BONE is only available through ShibaSwap and operates as the platform's governance token.
The team plans on building out more tools and protocols that utilize these three flagship tokens in the future.
MochiFi on Ethereum | 138% | $137.38m TVL
MochiFi has seen a 138 percent increase in total value locked (TVL) over the last seven days, reaching a grand total of $137.38 million.
MochiFi is an autonomously-governed, decentralized stable currency protocol fully backed by long-tail and yield-bearing market assets. Whew, that's a mouthful. In short, MochiFi is a borrowing and lending protocol. Users can leverage over-collateralized loans by collateralizing assets and borrowing USDM stablecoins.
Vault parameters are algorithmically set and consistently updated based on risk factor categories.
For more information on how MochiFi's protocol works, see its full explanation here.
Welnance on Binance Smart Chain | 40% | $140.49m TVL
Welnance is back on the list again this week after a 40 percent increase in total value locked (TVL) over the last seven days, reaching a grand total of $140.49 million.
Last week, Welnance led with a 228 percent increase over the previous seven days, and its TVL has grown from $100.68 million to over $140 million now.
For more information about Welnance, see last week’s summary.
Maple on Ethereum | 16% | $644.18m TVL
Maple has seen a 16 percent increase in total value locked (TVL) over the last seven days, reaching a grand total of $644.18 million.
Maple Finance is an institutional capital marketplace utilizing blockchain technology to redefine capital markets through digital assets. It currently offers lending, staking, and borrowing on its platform.
Maple's goal is to bring institutional borrowers to web3 with undercollateralized lending with fixed-income opportunities. For borrowers, Maple offers on-chain financing that is completely transparent and efficient.
Maple Token ($MPL) powers the protocol by allowing holders to participate in governance, share in fee revenues, stake insurance to lending pools, and more.
Lido on Terra | 16% | $4.14b TVL
Lido has seen a 16 percent increase in total value locked (TVL) over the last seven days, reaching a grand total of $4.14 billion.
Lido is a liquid staking protocol on Terra, Ethereum, Solana, and Kusama. It provides a safe and secure way to earn yield on staked assets without locking them up for long periods of time.
Once an asset is staked, Lido issues tokens to stakers that are pegged 1:1 with the asset provided. Lido's tokens, in this case $sLUNA, can be used as collateral, lending, yield farming, and more all while earning yield via staking.
Lido is currently integrated with over 30 platforms and protocols, including Curve, MakerDao, Ledger, Anchor Protocol, FTX, 1inch, and more.
Lido is led by a DAO that governs the platform's liquid staking protocols.