Multi-chain, equity and stablecoin-focused DeFi protocols are showing signs of strength

The cryptocurrency market has been battling an uphill battle for most of 2022 due to global economic headwinds on multiple fronts, along with supply chain constraints, blistering inflation and the ongoing war in Ukraine.

Despite the weakness seen across much of crypto assets, several decentralized finance (DeFi) protocols have managed to strengthen their fundamentals and entice 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 traction.


Balancer (BAL) is an Automated Market Maker (AMM) on Ethereum (ETH) that offers users a range of DeFi features including the ability to place tokens, provide liquidity, participate in governance votes and perform token swaps .

According to data from Token Terminal, the total value (TVL) on Balancer is currently $3.54 billion, the third-highest TVL in the history of the protocol, despite falling prices across the cryptocurrency market.

Daily rate vs. TVL for balancers. Source: Token Terminal

The Balancer TVL’s staying power is due in large part to an increase in funds committed to stablecoin pools on the platform and a more inclusive governance mechanism that lets veBAL hodlers vote on which pools receive a majority of the BAL reward emissions.


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 stocks.

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

Total value locked on DeFiChain. Source: Defi Llama

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.

DeFiChain’s resilience is partly due to the ongoing development and expansion of the protocol, which recently added tokenized stock support for Walt Disney Co, iShares MSCI China ETF, MicroStrategy Incorporated and Intel Corporation.

NEAR protocol

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

2022 was generally a good year for the project and NEAR’s price hit an all-time high of $20.42 on January 16th and the recent rally took the price to $19.81 on April 7th.

NEAR/USDT 1-day chart. Source: TradingView

On the DeFi front, things have never been better for the NEAR protocol as the total value locked on the network is now at a record high of $363.72 million, according to data from Defi Llama.

Total locked on NEAR. Source: Defi Llama

The improving fundamentals for NEAR follow the successful completion of a $350 million funding round led by New York-based hedge fund Tiger Global and speculation that NEAR tokens may soon be listed on Coinbase.

Related: Report: Daily DApp users surge to 2.4 million in Q1 2022 despite headwinds


Celer’s cBrige, a multi-chain network that enables the transfer of assets across 26 different blockchain networks and layer-two protocols, is also performing well.

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

Total blocked on cBridge. Source: Defi Llama

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 cryptocurrency market cap is now $1.846 trillion and Bitcoin’s dominance rate is 40.9%.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should do your own research when making a decision.