Despite the fall in total value locked in decentralized finance (DeFi), Waves Protocol continues to see an increment in TVL since Jan. 1, 2022.
Waves have been an integral part of the decentralized finance market in 2022. According to BeInCrypto Research, the protocol has gained 79% in TVL since the first day of the year. On that day, Waves had a TVL of $1.33 billion, and this spiked to approximately $2.39 billion on March 10, 2022.
Waves is a blockchain platform that aims to ease the building of Web3 decentralized protocols and applications (dApps) and as well launch smart blockchain-based assets. With a growing ecosystem, Waves has several applications under stablecoin, decentralized exchange, automated market maker, decentralized lending, and non-fungible token banners.
What contributed to the increase in Waves total value locked?
Protocols that have contributed to the improved TVL of the Waves blockchain includes stablecoin, Neutrino (NSBT) with more than $1.3 billion locked, decentralized lending, Vires Finance (VIRES) with more than $760 million locked, Waves Exchange with more than $140 million locked, and Swop (SWOP) with more than $18 million in total value locked.
Others that have contributed to the total value locked in a small way include but are not limited to the decentralized exchange PuzzleSwap, non-fungible gaming Waves Ducks, and NFT Marketplace SIGN Art.
After surpassing more than $2 billion in March thanks to the performance of the aforementioned dApps, Waves has surpassed Polkadot, Near, EOS, Cardano, Algorand, and Osmosis in total value locked.
Latest project developments
Waves announced via Twitter that fans of the blockchain should expect a huge airdrop event in the third week of March (March 14 to March 18). Through this event, participants will stand a chance of getting different Waves-based tokens for simple online activities. Only community members on Telegram will get the chance to participate in the event.
The liquidity that led to an increase in TVL has resulted positively in its native asset, WAVES.
The cryptocurrency is now a top-50 digital asset by market capitalization. WAVES has gained approximately 110% year-to-date (YTD) after opening at $14.55 on Jan. 1 and reaching a year high of $30.58 on March 10, 2022.