5 DeFi Protocols Noting Growth Despite The Bear Market

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The year 2022 hasn’t been too kind to the decentralized finance industry. However, various projects seem to attract many new users. It is not a sign of mainstream adoption by any means, yet it offers some hope for the foreseeable future. 

Wombat Exchange (BNB Chain)

There is no shortage of exchanges and trading platforms in the broader DeFi space. Wombat Exchange, a place to swap stablecoins at minimal slippage and staking at maximum yield, continues to build strong momentum. Not all services need to be overly complex in DeFi, and this platform, with a 361% monthly user increase, shows stablecoins remain ever popular in this industry.

Thetanuts (Polygon)

Although the name Thetanuts will always make people smile, it is a relatively serious DeFi project. Like Wombat Exchange, it focuses on multichain solutions and diversified high organic yield. Moreover, it focuses on the leading stablecoins to establish sustainable yields. With a monthly user base growth of over 89%, the overall interest in Thetanuts continues to accelerate.

dYdX (Ethereum)

As a platform for trading perpetual contracts with no fees, dYdX tends to do well for itself. Moreover, it only takes $10 to get started with this platform, making it a very affordable and approachable solution. In addition, its decentralized nature provides global access to these products, showcasing the potential of blockchain. Moreover, despite the ongoing bear market, the protocol welcomed over 69% more users this month.

BENQI (Avalanche)

Most people will be familiar with BENQI, as the liquid staking solution has been around for a while now. The BENQI presence on Avalanche continues to gain momentum as the protocol welcomed 46.4% more users. That brings the protocol’s liquidity to over $292.5 million. In addition to liquid taking, there is also an algorithmic liquidity market to explore for those looking to borrow, lend, or earn interest on digital assets.

Slingshot (Optimism)

The name Slingshot might sound foreign to DeFi enthusiasts, although the Web3 trading platform has made a name for itself among the Optimism community. With its aggregated DEX liquidity and CEX-like performance, and social features, it makes for an exciting solution. Moreover, a monthly increase in users by over 75% is always spectacular. Sustaining growth will be tricky, but nothing is impossible. 

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