It is interesting to see how the DeFi industry recovers again as crypto markets show small signs of recovery. Mixin is the biggest TVL gainer all of a sudden, which is interesting. There are many other networks still struggling to reclaim lost ground, though.
Mixin Is Poppin Off
Seeing new ecosystems emerge for decentralized finance is always beneficial. There is much more to the industry than Ethereum, BNB Chain, and TRON. Mixin, while a relatively new ecosystem most people may have never heard of, has shown tremendous growth this past week. Any positive momentum is beneficial to the broader industry at this point.
What is rather interesting is how Mixin has a weekly TVl gain of over 87.2%. That is not unheard of in decentralized finance, as chains and layers representing lower TVL take less effort to climb the rankings. Additionally, this weekly gain has put the network in 12th place overall, just behind DeFiChain. Competition has emerged at a crucial time for the crypto markets, although the bearish momentum isn’t over yet.
Following the recent increase, Mixin now represents over $584.5 million in Total Value Locked. It is still a minor amount compared to other networks out there, but an important first step has been taken. Catching up with DefiChain and Waves is not impossible, although it may take a while to materialize. The opportunities remain endless in the DeFi space, though.
Everyone should be happy with the way the industry continues to evolve. Although more competing ecosystems result in a more fractured DeFi landscape, cross-chain efforts are still underway. It may be a matter of time for DeFi protocols to explore this new ecosystem and tap into an extra liquidity source. Focusing on one blockchain is no longer viable for any self-respecting protocol out there.
Just Three Initial Protocols
What makes the growth of Mixin so interesting is how it is home to three DeFi protocols. Pando and BWatch are the biggest TVL contributors, with $331.06 million and $252.15 million, respectively. ExinSwap is the third DeFi protocol, but it represents just $1.34 million, following a monthly TVL decline of over 27%.
Ups and downs are very common across decentralized finance protocols and their TVL ratings.
It will be interesting to see if Mixin can sustain this growth. Its current protocols are appealing and interesting, but there is more work to do. Additionally, this explosive growth will attract much attention, which can easily have the opposite outcome and effect.
It is an ecosystem worth paying attention to, though, as it offers even more variety in the ever-growing DeFi space.
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