The bear market is also a “build market.”
In this thread I’ll show you 7 DeFi applications that are actively growing and expanding right now.
These protocols have increased their revenue or total value locked over the past few months.
Read on to learn more 🧵
1/12
In this thread I’ll show you 7 DeFi applications that are actively growing and expanding right now.
These protocols have increased their revenue or total value locked over the past few months.
Read on to learn more 🧵
1/12
Synthetix - @synthetix_io
An OG DeFi project, a recent breakout star, and a beneficiary of the L2 narrative, $SNX has found product-market fit for its synthetic assets in low slippage swaps between cryptos.
This has sent Synthetix’s revenue to stratospheric levels.
2/12
An OG DeFi project, a recent breakout star, and a beneficiary of the L2 narrative, $SNX has found product-market fit for its synthetic assets in low slippage swaps between cryptos.
This has sent Synthetix’s revenue to stratospheric levels.
2/12
@synthetix_io $SNX hit an all time high in daily revenue last month and has maintained its position as a leading fee generator this month.
In fact, its daily revenue in a bear market has been higher than its weekly revenue was during the bull market.
3/12
In fact, its daily revenue in a bear market has been higher than its weekly revenue was during the bull market.
3/12
@synthetix_io Velodrome - @VelodromeFi
$VELO is the leading DEX on Optimism and a refuge for high yields right now.
A fork of Solidly, Velodrome has built on Andre’s creation to grow from $11M in TVL in June to over $76M in TVL now.
4/12
$VELO is the leading DEX on Optimism and a refuge for high yields right now.
A fork of Solidly, Velodrome has built on Andre’s creation to grow from $11M in TVL in June to over $76M in TVL now.
4/12
@synthetix_io @VelodromeFi During the L1 rotations last year, the leading DEX on a chain was often the largest beneficiary of a chain taking off.
Time will tell whether we’re able to repeat that playbook on L2s, but, if we are (and that’s a big “if”), Velodrome could be a leveraged bet on Optimism.
5/12
Time will tell whether we’re able to repeat that playbook on L2s, but, if we are (and that’s a big “if”), Velodrome could be a leveraged bet on Optimism.
5/12
@synthetix_io @VelodromeFi Hop Protocol - @HopProtocol
Another beneficiary of the Layer 2 narrative, Hop has capitalized on this trend by creating the infrastructure to transfer tokens from ETH main net to rollups and between rollups.
6/12
Another beneficiary of the Layer 2 narrative, Hop has capitalized on this trend by creating the infrastructure to transfer tokens from ETH main net to rollups and between rollups.
6/12
@synthetix_io @VelodromeFi @HopProtocol Hop saw its two highest days of revenue ever in June as users used it during the Arbitrum Odyssey event.
It’s worth noting that one of these bumps was caused by the Arbitrum Odyssey bridge week; however, Hop has done a good job of maintaining its TVL in ETH since then.
7/12
It’s worth noting that one of these bumps was caused by the Arbitrum Odyssey bridge week; however, Hop has done a good job of maintaining its TVL in ETH since then.
7/12
@synthetix_io @VelodromeFi @HopProtocol Concentrator - @0xconcentrator
Concentrator boosts rewards from the Convex and Curve ecosystem by automatically reinvesting Convex rewards as $cvxCRV.
In the past week, their IFO and the addition of 24 new vaults has propelled their TVL to new highs.
8/12
Concentrator boosts rewards from the Convex and Curve ecosystem by automatically reinvesting Convex rewards as $cvxCRV.
In the past week, their IFO and the addition of 24 new vaults has propelled their TVL to new highs.
8/12
@synthetix_io @VelodromeFi @HopProtocol @0xconcentrator Gains Network - @GainsNetwork_io
A platform for leverage trading cryptos, forex, and stocks on Polygon, $GNS has been consistently shipping during this bear market.
Among other things, they’ve added new pairs, improved their UX, added new security features.
9/12
A platform for leverage trading cryptos, forex, and stocks on Polygon, $GNS has been consistently shipping during this bear market.
Among other things, they’ve added new pairs, improved their UX, added new security features.
9/12
@synthetix_io @VelodromeFi @HopProtocol @0xconcentrator @GainsNetwork_io These improvements have paid off as Gains has grown its daily users back to their level prior to the Terra crash and hit a new all-time high in TVL recently.
As the Polygon dapp of their month in June, they’re also cementing their place in a popular ecosystem.
10/12
As the Polygon dapp of their month in June, they’re also cementing their place in a popular ecosystem.
10/12
@synthetix_io @VelodromeFi @HopProtocol @0xconcentrator @GainsNetwork_io Folks Finance - @FolksFinance
A lending and borrowing protocol on $ALGO that also enables liquid governance, Folks’s TVL rocketed from $10M to $86M over the past few weeks.
This had the additional effect of unlocking enormous liquidity for the entire Algorand ecosystem.
11/12
A lending and borrowing protocol on $ALGO that also enables liquid governance, Folks’s TVL rocketed from $10M to $86M over the past few weeks.
This had the additional effect of unlocking enormous liquidity for the entire Algorand ecosystem.
11/12
@synthetix_io @VelodromeFi @HopProtocol @0xconcentrator @GainsNetwork_io @FolksFinance ENS - @ensdomains
Despite the market turndown in NFTs, .ETH names have continued to find strong demand.
In addition to a massive surge in late April and early May, July to-date has been one of the best months ever for $ENS revenue.
12/12
Despite the market turndown in NFTs, .ETH names have continued to find strong demand.
In addition to a massive surge in late April and early May, July to-date has been one of the best months ever for $ENS revenue.
12/12
@synthetix_io @VelodromeFi @HopProtocol @0xconcentrator @GainsNetwork_io @FolksFinance @ensdomains That's all! Revenue was from Token Terminal and TVL was from DefiLlama. Gains Network users came from their Dune dashboard.
If you enjoyed this thread, please consider:
1. Liking and retweeting the first tweet in it.
2. Following me @Dynamo_Patrick for more content like this.
If you enjoyed this thread, please consider:
1. Liking and retweeting the first tweet in it.
2. Following me @Dynamo_Patrick for more content like this.
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