Following the [temporary?] demise of the Terra ecosystem, DeFi enthusiasts have to look for alternative chains. Interestingly, the current market conditions prove beneficial to some of the smaller ecosystems out there. While these networks move up the DeFi TVl rankings, caution remains advised.
Kadena (+27%)
It is interesting to see how Kadena is rebounding strongly in the decentralized finance department. However, one must put everything in the correct perspective. The current 27% change means Kadena is home to $4.851 million in TVL. It is still far removed from the high of $19.3 million in early April 2022. Moreover, the top platforms still look pretty bleak for monthly TVL changes, ranging from -26.63% to -71.87%. Even so, things appear to be turning around, even if there are only four DeFi protocols to choose from.
XDC (+30.63%)
The momentum behind XDC is ramping up, although the network’s combined Total Value locked remains very low. A 30.63% daily increase is substantial, but the overall TVL has yet to surpass $1.2 million again. That may be the start of a new beginning, as the network’s all-time high TVL was just over $2 million. Globlance is the only DeFi protocol on this network to gain traction so far, highlighting the need for more competition.
Mikomeda (+29.77%)
The sidechain to unlock Ethereum-baed DeFi on Cardano has noted some initial success, although nothing too spectacular yet. Mikomeda is up by nearly 30% in DeFi TVL today, bringing its total back to $52.7 million. Most of the momentum comes from the Blueshift protocol, whereas everything else remains on thin ice. Setting a new all-time high past $97.35 million remains possible, but it may take a while.
Parallel (+25.89%)
Not too many people talk about decentralized finance on the Parallel blockchain. Even so, it represents over $574 million in Total Value Locked, thanks to todays near 26% increase. It is interesting to see only one protocol – Parallel DeFi Super App – active on the chain, yet it appears many people like what this project offers. Moreover, it is an ecosystem that may record a new all-time high for DeFi TVL eventually, which is always promising.
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