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Three Layer 1 protocols are seeing inflows amid choppy, volatile market conditions

Layer 1 (L1) protocols are the foundation of the decentralized application ecosystem, with the Ethereum network dominating the landscape in terms of the number of protocols launched on the chain and Total Value Locked (TVL), followed by BNB Chain and fantom.

As the sideways market of 2022 drags on and serious projects are using the time away from the hustle and bustle of bull markets to work on development, several L1 protocols have outperformed the field, posting gains despite weakness in the broader crypto market.

Here’s a look at three L1 protocols that are seeing growth in their decentralized finance (DeFi) communities and an influx of TVL on their networks.

waves

Waves is a multi-purpose blockchain protocol that was originally launched in 2016 and has since gone through several transformations en route to Waves 2.0.

The Waves ecosystem has seen tremendous growth over the past month, with the protocol’s TVL rising from $700.95 million on February 4 to a new record high of $2.77 billion on March 18. according to on data from DefiLlama.

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Total value locked on Waves. Source: Defi Llama

The increased TVL of the network has largely due to profits on the algorithmic price-stable “assetization protocol” Neutrino, which creates stablecoins tied to real-world assets, cryptocurrencies and non-custody liquidity protocol Vires Finance.

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Total Value Locked stats for Neutrino and Vires Finance. Source: Defi Llama

During the aforementioned February 4th to March 15th period, Waves price surged 278% from a low of $8.17 to a high of $31.04, indicating that interest in the Waves ecosystem is increasing increased on several fronts.

oasis

Oasis is a privacy-enabled L1 blockchain network focused on offering high throughput and low transaction fees in a secure manner.

The Oasis network got off to a flying start on TVL when its first decentralized exchange, YuzuSwap, launched in early January and quickly amassed more than $160 million in liquidity. However, the TVL would fall quickly by the end of February, reaching $65.18 million.

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Total locked on Oasis. Source: Defi Llama

After an initial bout of volatility, Oasis’ TVL has surged to a new high of $194.92 million, thanks in large part to the rise of ValleySwap’s automated market-making protocol, which saw its TVL hit 125 in March .5 million US dollars.

Related: This is how traders were made aware of the big rallies of RUNE, FUN, WAVES and KNC last week

ecosystem chains of the cosmos

A third chain that is having a major impact on the DeFi sector is Cosmos and its inter-blockchain communication protocol. Cosmos TVL is an understatement as most data providers don’t track chains in the Cosmos ecosystem in the same way as Ethereum.

Some of TVL’s most notable gains over the past month have come from chains that are part of the Cosmos ecosystem, including Terra, Cronos, and THORChain.

as mentioned in a previous altcoin roundupA significant portion of growth on Terra has come via inflows into the anchor protocol responsible for minting the stablecoin TerraUSD (UST).

Those inflows boosted Anchor’s TVL by 54.58% to $13.57 billion, which also boosted Terra’s overall TVL as of March 10 to $26.34 billion.

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Total locked on Terra. Source: Defi Llama

Cronos is a blockchain network that emerged from the Crypto.com ecosystem when the Project renamed in November 2021. As part of this process, Crypto.com’s CRO Token has been renamed to Cronos.

Since its unveiling, the Cronos network has launched a total of 48 protocols on-chain or set up cross-chain integrations, taking the network’s TVL to an all-time high of $3.19 billion on March 18.

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Total value locked on Cronos. Source: Defi Llama

Cronos’ TVL spike occurred during a period in which CRO’s value declined 32% from a high of $0.54 on Feb. 10 to a low of $0.372 on March 15, suggesting that the added value to the ecosystem came from the migration or introduction of new assets. Chain.

VVS Finance had previously reported as the top DeFi protocol on Cronos, but it has actually seen its TVL down 4.78% over the past month. Instead, much of Cronos’ recent increase in TVL came from MM Finance, Tectonic, and MM Optimizer.

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Top 4 logs from TVL on Cronos. Source: Defi Llama

The final salute to the blockchain networks in the Cosmos ecosystem goes to THORChain, a decentralized liquidity protocol focused on cross-chain interoperability.

Thanks to several factors, including recently Added support for “synthetic assets”. and the upcoming mainnet launch, activity in THORChain’s ecosystem has increased, with its TVL increasing from $167 million to $267.65 million between March 1st and March 16th.

The combined value of these three protocols, combined with that of the leading Cosmos-based decentralized exchange Osmosis, gives the Cosmos ecosystem a combined TVL of more than $30.25 billion. This makes Cosmos TVL’s second-ranked blockchain network behind Ethereum.

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