The cryptocurrency market has faced an uphill battle for most of 2022 due to global economic headwinds on multiple fronts, coupled with supply chain constraints, skyrocketing inflation, and the ongoing war. in Ukraine.
Despite the weakness observed in most crypto assets, several decentralized finance (DeFi) protocols have managed to strengthen their fundamentals and attract new users to enter their ecosystems.
Here's a look at four protocols that are showing strength even as the broader crypto market struggles to gain ground.
Rocker
Balancer (BAL) is an Automated Market Maker (AMM) on Ethereum (ETH) which offers users a variety of DeFi capabilities, including the ability to stake tokens, provide liquidity, participate in governance votes, and conduct token swaps.
According data of Token Terminal, the total value locked (TVL) on Balancer is currently $3.54 billion, the third-highest TVL in the history of the protocol despite falling prices in the cryptocurrency market.
Balancer TVL's staying power is due in large part to an increase in funds staked in stablecoin pools on the platform and a more involved governance mechanism that allows veBAL hodlers to vote on which pools receive the most issuance. of BAL rewards.
DeFiChain
DeFiChain (DFI) is a DeFi protocol that was created through a fork of the Bitcoin code and operates in conjunction with the Bitcoin network to offer users access to crypto assets as well as tokenized stocks.
Data from Defi Llama shows that the DeFiChain TVL reached a new all-time high of $901.16 million on April 5 and currently stands at $831 million following the recent pullback in prices.
DFI price has also remained relatively resilient compared to the broader crypto market and is currently trading at $4.12 after reaching a high of $4.63 on April 3.
DeFiChain's resilience is due in part to the continued development and expansion of the protocol which recently added support for tokenized shares 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-managed cloud computing platform capable of offering high transaction speeds at low cost.
2022 has been a good year overall for the project with the NEAR price hitting an all-time high of $20.42 on Jan 16 and the most recent rally saw the price rally to $19.81 on April 7.
On the DeFi front, things have never been so good for the NEAR protocol as the total value locked in the network is now at a record $363.72 million according to data from Defi Llama.
The improvement rationale for NEAR follows the successful completion of a $350 million funding round led by New York-based hedge fund Tiger Global and speculation that the NEAR token could soon be listed on Coinbase.
Related: Report: Daily DApp Users Rise To 2.4 Million In Q1 2022 Despite Hurdles
cBridge
Celer's cBrige, a multi-chain network that enables asset transfers across 26 different blockchain networks and layer two protocols, is also doing well.
According to data from Defi Llama, 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 below $40,000.
The ever-increasing TVL for cBridge comes as the protocol continues to expand its list of supported networks, with some of the most recent additions including Astar, Crab Smart Chain, Milkomeda Cardano, and Shiden.
The total cryptocurrency market capitalization is now $1.846 trillion and the dominance rate of Bitcoin is 40.9%.
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 do your own research when making a decision.
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