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How the Top Three BNB Chain Protocols Performed Over the Past Six Months?

PancakeSwap, Venus, and Alpaca have all seen a decline in TVL in the last six months.

Six-Months Long Decline

The Decentralized Finance’s (DeFi) ecosystem has been plagued with the general decline in the market capitalization of crypto assets, hacks, and exploits over the last six months, resulting in a gradual decrease in total locked volume (TVL) held by protocols in the space, including some prominent ones on the BNB Chain.

The TVL held by DeFi protocols across all chains has declined by 69% since January, according to data from DeFiLlama. The data for protocols housed on the BNB Chain revealed a 62% decrease in TVL within the same period. At press time, this stood at $5.96 billion, and in the last 24 hours, a 0.32% decline was logged. 

The three leading protocols on the BNB Chain – PancakeSwap, Venus Protocol, and Alpaca Finance have all seen a decline in their TVL within the same period.

Source: DeFiLlama

With a TVL of $2.95 billion, PancakeSwap holds 49.49% of the total TVL for all DeFi protocols built on the BNB Network. As per data from DeFiLlama, PancakeSwap started the year with an index of $5.53 billion as its TVL. However, since then, this has taken on a steady decline. Pegged at $2.95 billion at press time, the PancakeSwap has seen a 46% decline in its TVL so far this year. 

Source: DefiLlama

With a TVL of $598.38 million, Venus Protocol ranks 2nd on the list of projects with the highest TVL on the network. At the beginning of the year, the project had a TVL of $2.04 billion. However, at $598.38 million at the time of writing, a 70% decline has been posted.

Source: DefiLlama

Further, with a TVL of $437.12 million, Alpaca Finance ranks 3rd on the BNB Chain. With a TVL of $903 million when the year started, a 50% drawdown has been spotted so far. 

Source: DefiLlama

What is PancakeSwap:

PancakeSwap is a Decentralized Exchange (DEX) built on the BNB Chain. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others. 

PancakeSwap’s official links are available below:

Website | Twitter | Medium | GitHub

What is Venus Protocol:

Venus Protocol is a decentralized marketplace for lenders and borrowers with borderless stablecoin. Venus is one of the largest algorithmic money market and synthetic stablecoin protocols on the BNB Chain. The Binance-backed protocol became famous around the DeFi following their hint of a massive incoming burn by founder Joselito and its Venus Reward Token VRT rewards for XVS token holders.

To learn more about Venus Protocol, see the following resources: 

Website | Twitter | Telegram | Medium 

What is Alpaca Finance: 

Alpaca Finance is the largest lending protocol that allows leveraged yield farming on BNB Chain. It helps lenders to earn safe and stable yields, and offers borrowers undercollateralized loans for leveraged yield farming positions, vastly multiplying their farming principles and resulting profits.‌ 

Alpacas are a virtuous breed. That’s why Alpaca Finance prides itself on being a fair-launch project with no pre-sale, no investor, and no pre-mine. From the beginning, the project has always been a product built by the people, for the people––or as the Alpaca team likes to say: by the Alpacas, for the Alpacas.

Where to Find Alpaca Finance:

Website | Twitter | Telegram | Discord | Medium | GitHub |

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