Several blockchain ecosystems compete for broader traction in the DeFi space. It is always interesting to see lesser-known ecosystems note substantial increases in Total Value locked every week. The five following chains are worth keeping an eye on for the coming weeks due to substantial TVL growth.
While most people may not even be aware Telos exists, the blockchain is home to a few decentralized finance projects. Although there are only three DeFi protocols to date, they represent over $19 million in TVL. That amount is a 4,020% increase in the past week. Such growth is not abnormal in the early stages of development, although it shows tremendous commitment to this ecosystem. EOSAuthority REX is the biggest project, followed by Telos Swap and pNetwork.
Like Telos, Aurora may be an unknown DeFi-capable blockchain for most cryptocurrency enthusiasts today. It, too, has just a handful of decentralized finance projects, representing nearly $190 million in Total Value Locked. However, the weekly TVl increase of 60.9% is significant and primarily comes from Trosilaris and Vaporwave, the biggest and smaller protocol on this ecosystem today. Other projects to explore include WannaSwap and Nearpad.
Another DeFi ecosystem that has not gained too much attention yet is Palm. More specifically, it is not making media headlines, and that may remain the case for some time to come. Its total TVL is just $203.92, yet that is a 49.05% weekly increase. No one knows if Palm will remain relevant next week, but Sushiswap sees merit in this blockchain. It is also the only DeFi project on this chain to date, paving the way for others to follow this example.
Binance Smart Chain
Most people will not be surprised to see Binance Smart Chain continue to gain momentum in the DeFi space. More importantly, its TVl has risen by 44.92% this week, bringing the total to $19.62 billion. It is easier to achieve such a high Total Value Locked with 213 DeFi protocols on the network, yet sustaining growth remains tricky. BiSwap is the primary contributor to this increase, together with Mars Ecosystem and Alpaca Finance.
Very few people would have expected to see Stellar show up in any decentralized finance rankings, yet one cannot overlook the efficient nature of this ecosystem. Even though there are just two DeFi protocols, they have gained an average of 44.93% this past week. That doesn’t amount to much, as the TVL still sits below $58 million. However, the growth in popularity for StellarX and LumenSwap is a prominent sign of what the future may hold.
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