JunoSwap, Solidly and VVS Finance give DeFi a much-needed refresh

Decentralized finance (DeFi) was the talk of the town at the start of 2021, but it has since taken over more attractive sectors like non-fungible tokens (NFTs), memecoins and blockchain games.

Now that cross-chain bridges and interoperability have enabled easier migration of assets to competing chains, a new class of DeFi protocols are emerging to challenge those left behind from 2021.

Here’s a look at three DeFi projects that have launched on some of the up-and-coming layer-1 blockchain networks, catching the attention of the crypto community.

VVS Finance

VVS Finance is the largest DeFi protocol on the Cronos network, a project spun off from the Crypto.com ecosystem which has since been fully rebranded as Cronos (CRO).

VVS Finance’s goal is to offer instant swaps with low fees, low slippage and attractive returns for liquidity providers (LP).

As a reward for providing liquidity, two-thirds of the swap fees collected on the exchange are distributed to LPs in the respective pools and LP tokens can also be locked in Protocol Crystal Farms to earn VVS rewards.

VVS holders also have the option to stake their tokens in “Glitter Mines”, where they can currently auto-compose for 65.78%. Future plans include adding VVS rewards for those who redeem tokens through the exchange.

According to data from DefiLlama, the current TVL for VVS finance is $1.35 billion, which is more than half of the $2.37 billion value locked on the Chronos network.

Total value locked on VVS Finance. Source: DéfiLlama

The steady increase in TVL on VVS came as the protocol added support for new assets including Dogecoin (DOGE), Shiba Inu (SHIBA), TrueUSD (TUSD), and Cardano (ADA).

securely

Solidly is a decentralized exchange (DEX) on the Fantom Network and claims to offer “low fees, near-zero slippage on correlated assets, and high secondary market focus for tokenized locks as NFTs.”

In simpler terms, Solidly is designed to work as an interface for trading stablecoins and other crypto assets.

The DEX is the latest creation of André Cronje, DeFi architect and founder of Yearn.finance. It was launched in January 2022 with the aim of providing fair and balanced access to decentralized finance.

The protocol’s focus on stablecoins propelled it into the Curve Wars debate with its own twist. This comes as Solidly Wars erupted within the Fantom DeFi community, with the Solidex protocol currently accounting for 33.74% of all Solidly issuance.

Despite launching just over a month ago, the Total Value Locked (TVL) on the protocol recently peaked at $2.19 billion and saw a volume of over $317 million on 3 March, as the broader crypto market saw a sell-off.

Full liquidity and 24-hour trading volume on Solidly. Source: Securely

SOLID, the native token, holders can stake their tokens on the network for different lockup periods ranging from one week to four years. They may also receive vested non-fungible tokens (veNFTs) that represent staked assets and confer voting rights.

Liquidity providers are also rewarded with veNFTs and earn between 40% and 100% depending on their own ve token balance. Fees generated by activity on the Solidly exchange are distributed to veNFT token holders.

Related: Crypto adds efficiency to global trade and finance, says Bequant executive

Juno

Juno is a decentralized, public, permissionless network for cross-chain smart contracts that is part of the Cosmos ecosystem. While not necessarily a DeFi-specific protocol, Juno has enabled the creation of several Decentralized Applications (DApps) and DeFi protocols like Junoswap with others currently in development.

The protocol was created by a group of developers, validators, and delegates within the Cosmos ecosystem to become a kind of sister hub to the Cosmos hub, which can help “preserve hub neutrality by offloading usage/ smart contract congestion to a designated contract area.”

Juno also hosts CosmWasm, a program that enables WebAssembly virtual machines (WASM) in the Cosmos SDK. The addition of WASM allows software to be written in many different coding languages, saving developers from learning a new language just to rely on Cosmos.

Activity in the JUNO token saw a notable spike towards the end of December 2021, rising from a price of $7.70 on December 20 to a record high of $45.85 on March 3.

JUNO/USD 1 day chart. Source: CoinGecko

Along with interest in Juno’s cross-chain smart contract capabilities, investors have also been drawn to the protocol for several high profile airdrops that have been distributed to JUNO holders and stakers such as GovDrop for Neta (NETA ) and Marble DAO.

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

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