TVLocked & Loaded: Much-Anticipated Solidly on Fantom Adds $2 Billion TVL This Week
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: Solidly on Fantom, BiFi, MochiFi on Ethereum, API3 on Ethereum, and Stader 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. 1 at 7:00 a.m. ET.
Solidly on Fantom | 8,201% | $2.29b TVL
Leading the week with an incredible 8,201 percent increase in total valued locked (TVL) over the last seven days, Solidly now has a $2.29 billion TVL.
Solidly, the much-anticipated protocol built by Andre Cronje launched on Fantom mainnet this week, and the web3 community quickly pushed its total value locked past $2 billion with nearly $1 billion in total volume.
The decentralized exchange, or DEX, is a liquidity providing protocol that offers low cost, near zero slippage trades between all cryptocurrency assets, including pegged stablecoins, which is not the case for Uniswap V2 (Solidly's inspiration).
The protocol is open-source and liquidity providers are rewarded with the SOLID token, veSOLID token, or veNFTs, which give ownership of the protocol in perpetuity to early adopters.
Information regarding Solidly is difficult to find, but Solidex provided a good overview here.
BiFi on Multichain | 350% | $124.67m TVL
BiFi, or Bifrost, has seen a 350 percent increase in total value locked (TVL) over the last seven days, reaching a grand total of $124.67 million.
BiFi is a universal, multichain middleware platform that links blockchains through a new native smart contract. It allows builders to easily swap between different networks, reducing the risks associated with building on risky blockchains.
With BiFi, builders can choose elements from multiple networks in order to achieve the greatest scalability and most secure privacy elements. It introduces interoperability to builders and flexibility in blockchain integration. Builders can get the best from all protocols across most networks to create better DeFi products.
Bifrost has eight total investors, including Block Crafters, Blockwater Management, and more, and is partnered with over 30 different protocols and networks, including Terra, Matic, Chainlink, Avalanche, and more.
BiFi also offers yield earning strategies for deposited assets, leveraged yield farming and trading with BiFi X, and a Biport wallet.
MochiFi on Ethereum | 310% | $563.47m TVL
MochiFi has seen a 310 percent increase in total value locked (TVL) over the last seven days, reaching a grand total of $563.47 million.
MochiFi made the list last week with a 138 percent increase in TVL, reaching a grand total of $137.38 million. The borrowing and lending protocols continues to grow rapidly by allowing users to leverage over-collateralized loans by collateralizing assets and borrowing USDM stablecoins.
For more information on MochiFi, see last week's article here.
API3 on Ethereum | 37% | $253.62m TVL
API3 has seen a 37 percent increase in total value locked (TVL) over the last seven days, reaching a grand total of $253.62 million.
API3 is focused on building out API solutions for the web3 economy. It allows builders to create trustless applications that can interact with traditional web APIs, and its first-party oracle solutions offer better security, efficiency, and data-source transparency.
This is important for DeFi protocols attempting to bridge the gap between the real and virtual worlds, especially gaming and gambling platforms and businesses.
API3s beacons reduce costs and increase scalability for web3 data access; its API3 Alliance makes it easier for traditional businesses to tap into web3 technologies; its airnode connects web APIs directly to smart contracts; and its API3 token and API3 DAO decentralize the entire operation.
API3 is currently partnered with over 40 different organization and projects, including Fantom, Polygon, Harmony, Kadena, and more.
Stader on Terra | 141% | $776.49m TVL
Stader has seen a 141 percent increase in total value locked (TVL) over the last seven days, reaching a grand total of $776.49 million.
Stader hasn't been on this list in three weeks when it increased 19 percent to a total TVL of $325.71 million. This week's massive increase in TVL is partly due to the increase in Terra's native token LUNA, which is up nearly 100 percent over the last week.
Most of Stader's crypto assets are in the form of LUNA because it is a liquid staking protocol on Terra with auto-compounded staking reward and one-click airdrop collection.
For more information about Stader, see the previous article 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.