Three level 1 protocols see inflows in unstable and unstable market conditions

    Home / Business Markets / Three level 1 protocols see inflows in unstable and unstable market conditions

Three level 1 protocols see inflows in unstable and unstable market conditions


Layer-1 (L1) protocols are the foundation of the decentralized application ecosystem, with the Ethereum network dominating the landscape in terms of the number of protocols launched on the chain and total value blocked (TVL), followed by BNB Chain and Fantom.

As the 2022 side market drags on and serious projects use time away from the bull market frenzy to work on development, several L1 protocols have outperformed the field and made gains despite weakness in the broader cryptocurrency market.

Here’s a look at three L1 protocols that are seeing growth in their decentralized finance (DeFi) communities and an influx of TVLs on their networks.


Waves is a multipurpose blockchain protocol that was originally launched in 2016 and has since undergone several transformations along the way to Waves 2.0.

The Waves ecosystem has seen tremendous growth over the past month, with the protocol’s TVL up from $ 700.95 million on February 12. 4 to a new high of $ 2.77 billion on March 18, according to data from DefiLlama.

Total value stuck on Waves. Source: Defi Lama

The rise in the network’s TVL was largely attributed to gains on the Neutrino algorithmic “assetization protocol,” which creates stablecoins tied to real-world assets, cryptocurrencies, and the non-custodial liquidity protocol Vires Finance.

Total value blocked statistics for Neutrino and Vires Finance. Source: Defi Lama

In the aforementioned February period From March 4 to March 15, Waves’ price jumped 278% from a low of $ 8.17 to a high of $ 31.04, suggesting that interest in the Waves ecosystem has increased on more fronts.


Oasis is a privacy-enabled L1 blockchain network that focuses on delivering high throughput and low transaction fees in a secure manner.

The Oasis network got off to a quick start in terms of TVL when its first decentralized exchange, YuzuSwap, launched in early January and quickly accumulated over $ 160 million in cash. However, the TVL would drop rapidly through the end of February, reaching $ 65.18 million.

Total value locked on Oasis. Source: Defi Lama

After an initial period of volatility, Oasis’s TVL rose to a new high of $ 194.92 million, thanks in large part to the increase in the ValleySwap automated market maker protocol, which saw its TVL rise to 125. $ 5 million in March.

Related: This is how traders were alerted to the big rallies of RUNE, FUN, WAVES and KNC last week

Cosmos ecosystem chains

A third chain that is having a big impact on the DeFi industry is Cosmos and its Interblockchain communication protocol. Cosmos TVL is underestimated, as most data providers don’t track chains in the Cosmos ecosystem in the same way they track Ethereum.

Some of TVL’s most notable gains over the past month have come on chains that are part of the Cosmos ecosystem, including Terra, Cronos and THORChain.

As mentioned in a previous Altcoin recap, a significant portion of the growth seen on Terra has come via inflows to the Anchor protocol, which is responsible for minting the TerraUSD (UST) stablecoin.

These inflows increased Anchor’s TVL by 54.58% to $ 13.57 billion, which also increased Earth’s overall TVL to $ 26.34 billion on March 10.

Total value stuck on Earth. Source: Defi Lama

Cronos is a blockchain network born out of the ecosystem when the project was renamed in November 2021. As part of this process,’s CRO token was renamed Cronos.

Since its unveiling, the Cronos network has had a total of 48 protocols rolled out on chain or established cross-chain integrations, which took the network’s TVL to an all-time high of $ 3.19 billion on March 18.

Total value locked on Chronos. Source: Defi Lama

Cronos’ TVL spike occurred during a period when CRO’s value fell 32% from a high of $ 0.54 on February 20. 10 to a low of $ 0.372 on March 15, suggesting that the added value to the ecosystem came from migrating or launching new assets onto the chain.

VVS Finance was previously reported as the leading DeFi protocol on Cronos, but has actually seen its TVL drop by 4.78% over the past month. Instead, Cronos’ recent increase in TVL comes largely from MM Finance, Tectonic, and MM Optimizer.

The 4 best TVL protocols on Cronos. Source: Defi Lama

The latest cry to blockchain networks in the Cosmos ecosystem goes to THORChain, a decentralized liquidity protocol focused on cross-chain interoperability.

Thanks to several factors, including the recently added support for “synthetic assets” and its imminent launch on the main network, activity in the THORChain ecosystem is on the rise, with its TVL going from $ 167 million to $ 267.65 million between March 1 and March 16.

The total value locked on these three protocols, combined with that of the leading decentralized Cosmos-based exchange, Osmosis, provides the Cosmos ecosystem with a total TVL of over $ 30.25 billion. This makes Cosmos the second TVL blockchain network behind Ethereum.

Do you want more information on trading and investing in cryptocurrency markets?

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Every investment and trading move carries risk, you should conduct your research when making a decision.