The cryptocurrency business had a comparatively combined 12 months in 2023. It began the 12 months effectively after which resumed the crypto winter the place most cash have been in a slim vary. It then bounced again within the fourth quarter, with most cash and tokens surging. There are actually over 11,600 cryptocurrencies, based on CoinGecko.
The DeFi business can also be crawling again, with the mixed market cap hovering to over $52 billion. This leap was led by massive platforms within the DeFi business like Aave, Maker, JustLend, and Lido. This text seems to be on the DeFi networks that made essentially the most cash in 2023.
Lido Finance
Lido Finance is the most important DeFi protocol on the earth with over $20.7 billion locked within the ecosystem. It’s an innovator that launched the idea of liquid staking, which simplifies how folks stake their tokens.
Lido now helps solely Ethereum and Polygon after it terminated the assist for Polygon and Kusama. The corporate makes some huge cash due to the belongings it holds and the charges it fees. In accordance with TokenTerminal, Lido’s charges totaled over $606 million in 2023. This determine made it the fourth most worthwhile crypto initiatives after Ethereum, Tron, and Bitcoin.
Uniswap
Uniswap is the most important participant in decentralized exchanges (DEX), the place it competes with the likes of dYdX, Kine Protocol, and Vertex Protocol. Uniswap dealt with billions of transactions in 2023 as considerations about centralized exchanges (CEX) rose.
In consequence, it generated substantial charges for its builders and token holders. It remodeled $532 million in 2023. Uniswap will possible proceed doing effectively if the crypto rally accelerates in 2024. The one main problem is that competitors within the business is rising, with the variety of DEXes rising.
Convex Finance
Convex Finance is a number one DeFi platform with over $1.58 billion in whole belongings. The community is a part of the Curve Finance ecosystem in that it lets customers deposit liquidity and earn boosted CRV and rewards. In accordance with its web site, it has earned over $361.7 million in whole charges since its inception.
This income is then distributed to Curve LP stakers, cvxCRV stakers, CVX stakers, and CVX lockers. Information by Token Terminal exhibits that the community remodeled $145 million in 2023, making it the third greatest participant in DeFi.
GMX
GMX is one other main DEX that exists within the Avalanche and Arbitrum ecosystems, that are identified for his or her charges. It has over $614 million in whole worth locked (TVL) and dealt with perpetual contracts value billions this 12 months. It has processed over $161 billion in its file and has over 453k customers globally. GMX’s income totaled over $131 million in 2023.
The opposite massive gamers within the ecosystem are MakerDAO, PancakeSwap, Aave, and dYdX, which remodeled $124 million, $123 million, $111 million, and $81 million, respectively,
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