Balancer, DeFiChain and cBridge have increased their combined value despite the current downturn in the broader crypto market.

For most of 2022, the cryptocurrency market has been uphill battle due to global economic headwinds on multiple fronts, as well as supply chain restrictions, skyrocketing inflation, and the ongoing war in Ukraine.

Despite the weakness seen in many crypto assets, several decentralized finance (DeFi) protocols have managed to solidify their foundations and encourage new users to join their ecosystems.

Here’s a look at four protocols that are showing strength even as the broader crypto market struggles to gain momentum.

equalizer
Balancer (BAL) is an automated market maker (AMM) on the Ethereum (ETH) blockchain that offers users a range of DeFi features, including the ability to stake tokens, provide liquidity, participate in governance voting, and perform token swaps.

According to Token Terminal, the total value (TVL) of Balancer is currently $3.54 billion, which is the third-highest TVL in the history of the protocol, despite the price drop in the cryptocurrency market.

Daily rate vs. TVL for balancers. Source: Token terminal
The stability of the TVL balancer is largely driven by increased funds allocated to stablecoin pools on the platform and a more inclusive governance mechanism that allows veBAL holders to vote on which pools receive the most BAL reward issuance.

DeFiChain
DeFiChain (DFI) is a DeFi protocol created by forking the Bitcoin code and working in conjunction with the Bitcoin network to provide users with access to crypto assets as well as tokenized shares.

Data from Defi Llama shows that TVL DeFiChain hit a new all-time high of $901.16 million on April 5 and is currently at $831 million after a recent price drop.

The total cost is locked on DeFiChain. Source: Defi Lama
The price of DFI has also remained relatively stable compared to the broader crypto market, currently trading at $4.12 after peaking at $4.63 on April 3rd.

The resilience of DeFiChain is due in part to the continued development and expansion of the protocol, which recently added support for tokenized shares for Walt Disney Co, iShares MSCI China ETF, MicroStrategy Incorporated, and Intel Corporation.

MIDDLE protocol
NEAR Protocol (NEAR) is a layer-one blockchain network designed as a community-based cloud computing platform capable of offering high transaction speeds at a low cost.

2022 has been a good year overall for the project, with NEAR hitting an all-time high of $20.42 on January 16th, with a recent rally pushing the price up to $19.81 on April 7th.

NEAR/USDT 1-day chart. Source: Trading View
On the DeFi side, things are better than ever for the NEAR protocol as the total value locked on the network has now reached an all-time high of $363.72 million, according to Defi Llama.

Total blocked on NEAR. Source: Defi Lama
The improvement in NEAR fundamentals follows the successful completion of a $350 million funding round led by New York-based hedge fund Tiger Global and speculation that the NEAR token could soon be listed on Coinbase.

Related: Report: Daily DApp Users Grow to 2.4M in Q1 2022 Despite Headwinds

bridge
Celer’s CBrige, a multi-chain network that allows assets to be transferred across 26 different blockchain networks and layer 2 protocols, also performs well.

According to Defi llama data, cBridge hit a new all-time high TVL of $765.25M on April 11 as the broader crypto market sold off and Bitcoin fell below $40,000.

Total blocked on cBridge. Source: Defi Lama
The ever-increasing TVL for cBridge comes as the protocol continues to expand its list of supported networks with some of the latest additions including Astar, Crab Smart Chain, Milkomeda Cardano and Shiden.

The total market capitalization of cryptocurrencies currently stands at $1.846 trillion and Bitcoin’s dominance rate is 40.9%.

Source: CoinTelegraph

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