DeFi On Near Ecosystem is on fire
(My own research. Please cite the source when copying.)
DeFi stands for “decentralized finance” and refers to the ecosystem comprised of financial applications that are being developed on blockchain systems. The rise of DeFi has driven much of the recent success on many ecosystems. Defi help actions that could take weeks in the traditional financial system are possible in seconds.
Now, NEAR is making DeFi more accessible to everyone (120 different Defi projects in progress - awesomenear.com). Let’s go through some of the most promising DeFi projects on NEAR.
REF FINANCE
Ref Finance is the first DeFi platform on NEAR. Ref Finance is currently serving as an automated market maker, StableSwap marketplace and DeFi one-stop for the Near ecosystem.
Recently, Ref Finance announced that they raised $4.8M in a strategic sale led by Jump Crypto. Based on data since inception, estimated annual volume should be over $3 billion for the first year. Total TVL surpassed over $200M .
BASTION
Bastion is fairly new Defi application on Aurora/Near. Within just 24 hours of launch, Bastion has seen explosive growth, reaching $200 million in Total Value Locked. Since launching 1.5 months, it encompasses most of the stablecoin liquidity and has accumulated over $620mm TVL. On 21st April, their own governance token called BSTN will be launch on Trisolaris.
TRISOLARIS
Trisolaris was the first DeFi project on NEAR’s Aurora engine. It started as a fair-launch decentralized exchange, run by a few part-time devs, and quickly grew to become the top dex in the NEAR ecosystem.
On April 4th, Trisolaris announced that Trisolaris Dao has closed a strategic investment round led by Electric Capital. According to data on Defillama, the total TVL of Trisolaris has reached over $287.79m. The short term goal of the project is to grow the Trisolaris Stableswap (newly launched) to $500 million+ in liquidity.
BURROW
Burrow is the first decentralized money market on NEAR Protocol. It has successfully raised $5M prior to mainnet launch from Dragonfly, ParaFi, and Jump,... Total deposited value has reached $431m. To provide the best experience to DeFi users, Burrow has succesfully undergone audits by BlockSec between February and March of 2022.
METAPOOL
Meta Pool is the leading liquid staking solution for $NEAR token holders. Meta Pool’s stNEAR is a core component of all major DeFi protocols on NEAR, enabling stNEAR owners to unlock more rewards. Meta Pool TVL increases by 300%+ to an All Time High of $120m. There are now over 7.2 million NEAR deposited in Meta Pool. In total, there are 433 million NEAR locked for staking.
AURIGAMI
Aurigami is a native money market on Aurora. The protocol enables users to effortlessly lend, borrow, and earn interest with their digital assets. just as how BenQi is to Avalanche and Solend is to Solana, Aurigami aspires to build the foundation for a successful challenger ecosystem. Within a few day of launch, Aurigami has amassed over $300m of liquidity. On March 17th, Aurigami announced that they received a $2M in Near from Proximity DeFi Grant.
Now let's have an overview of what Defi on the Near ecosystem has done:
NEAR owns an extremely interesting DeFi ecosystem and promises to grow even more in the Near future. And we can also see that NEAR provides an extremely powerful and efficient alternative to Ethereum. DeFi Summer on Ethereum ended. DeFi Summer is NEAR now.
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