The total value locked in DeFi protocols on NEAR has skyrocketed these last few weeks as its finance dapps showed their resolve. TVL in NEAR increased 300% from $90 million on February 14 to more than $360 million at writing. At the same time, the value of the network’s native token has increased 95% in the last 30 days.
Summary
- Total value locked (TVL) in NEAR DeFi Protocols increased 300%
- NEAR token value increased by 95% in the last 30 days
- Three protocols hold the lion’s share of the value, Ref Finance, Burrow, and Meta Pool.
NEAR is a platform utilizing a developer-friendly, sharded, proof-of-stake public blockchain that aspires to make it easy for developers to build dapps. Dapps can provide users with easy-to-use applications capable of securing high-value assets like money and identity. The NEAR token, which allows this platform to run, also enables applications built on top of it to interact with each other.
Who’s winning on NEAR?
A stand-out performer on NEAR right now is Ref Finance, a community-led, multi-purpose DeFi platform that enables token and stablecoin swaps, farming, and liquidity provision. In the last seven days, more than 5,370 wallets connected to the dapp, generating almost 100,000 transactions. Most importantly, TVL on Ref has shot up to $131 million, representing around a third of all locked value on NEAR.
The other crucial DeFi player on NEAR driving considerable value is Meta Pool. With more than $137 million, it pips Ref by a small amount. Moreover, the two dapps dominate the NEAR DeFi ecosystem combined, holding almost $270 million of the total $360 total value locked.
What about NEAR token price?
All this trading volume and increased value locked is driving up the price of Near’s native token, which has a market cap of $12.5 billion and currently sits 16th in the top 100 between Shiba Inu and Wrapped bitcoin. NEAR increased almost 100% over the last 30 days from around $11 to $19 at writing.
Another necessary DeFi protocol on NEAR is Burrow, which holds almost $90 million in TVL. Burrow is a decentralized, non-custodial pool-based interest rates platform that enables users to supply assets to earn interest and borrow against them to unlock liquidity.
Burrow is similar to Aave, Compound, and other pool-based protocols and appears to be finding a solid user base. Most notable is that Burrow is the only lending platform on NEAR that enables users to borrow funds against their current assets, which has become a popular way for those with bigger bags to lend their crypto assets to receive a passive income in return.
NEARly there
The NEAR ecosystem of dapps is more diverse than just DeFi and is growing at a steady rate, attracting more value and active wallets. The Rainbow Bridge allows developers to transfer Ethereum assets and smart contracts to NEAR, while Sputnik DAO provides the Infrastructure to create funding and team DAOs.
Paras is an all-in-one, social, digital collectibles marketplace for creators and collectors. More recently, the arrival of games like Land of Empire is getting NEAR into the hotly contested GameFi scene.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies, including BTC, ETH, and RADAR.
