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HomeCrypto MiningBillions exited DeFi protocols final week, however newcomers like Cronos Chain present...

Billions exited DeFi protocols final week, however newcomers like Cronos Chain present progress


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Whole worth locked (TVL) throughout all platforms went down from $273 billion to $261,2 billion final week, based on DeFiLlama.

On the time of writing, Cronos Chain TVL hovers round $781 million, up nearly 41% throughout the previous 7-day interval. In the meantime, Avalanche TVL rose 23%.

Avalanche ATH

Worth, quantity and volatility indexes had been all down final week, identified a current DeFi report by Crypto.com.

Regardless of the market downturn, Avalanche outperformed the competitors and managed to draw volumes.

With 122,42 billion TVL on the time of writing, Avalanche, promoted as “the quickest sensible contracts platform within the blockchain business,”  is presently the fourth ranked chain based on the metric, following Ethereum (ETH), Binance (BNB) and Solana (SOL).

Lending and borrowing protocol Aave takes the lead amongst 69 protocols deployed on Avalanche. 

On the time of writing, with $3,59 billion TVL on Avalanche, Aave is adopted by decentralized change (DEX) Dealer Joe, with presently 2,56 billion TVL. 

Following Aave and Dealer Joe, decentralized non-custodial liquidity market protocol Benqi, which just lately launched on Avalanche, ranks as third, with $1,57 billion TVL.

Final week, TVL and Market cap throughout all DEXes decreased between 5-12% and 15-30% respectively, added the report, noting Avalanche’s Dealer Joe as an exception.

The platform’s native DEX outperformed the market with 27,64% TVL, and 10,36% market cap enhance.

Final week, Binance introduced its twenty fifth undertaking on Binance Launchpool – Benqi (QI), which already, after solely every week of its launch on Avalanche, accounts for over 12% of the platform’s TVL, DeFiLlama’s knowledge reveals.

As of November 16, Benqi allows customers to farm QI tokens over 30 days, by staking their BNB, AVAX and BUSD into separate swimming pools.

With a present $28,6 billion market cap, AVAX gained over 44% in worth throughout the previous 7-day interval, following the Deloitte partnership announcement and the Blizzard Fund launch.

AVAX reached its new all time excessive (ATH) on November 21, touching $146,22, based on CoinMarketCap.

Cronos Chain ATH

In line with the report, Cronos Chain recorded over 2 million transactions in exactly two weeks following the Cronos mainnet beta launch.

Inching quick to $800 million in TVL, the EVM chain working in parallel with the Crypto.org Chain continues attracting volumes.

Powered by Ethermint, Cronos facilitates the porting of apps and sensible contracts from Ethereum and different EVM-compatible chains.

A bridge to the Crypto.org Chain was enabled by the Inter Blockchain Communications (IBC) protocol, which additionally leverages interoperability with different IBC-enabled chains, together with Cosmos Hub.

Amongst 12 Defi protocols presently deployed on Cronos, the chain’s first automated market maker (AMM), VVS Finance, takes the lead with $612,89 million TVL, DeFiLlama’s knowledge reveals.

The Cronos base settlement foreign money and the Crypto.org Chain’s native token, CRO, rallied final week and presently ranks because the thirteenth crypto by market cap. 

The token’s worth elevated over 88% previously 7-day interval, following a number of high-profile advertising strikes, as its market cap inches nearer to the $20 billion mark.

CRO recorded its new all time excessive (ATH) on November 23, reaching $0.8085, based on CoinMarketCap.

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