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.
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.
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.
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.
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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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Bitcoin's halving has sparked excitement across the crypto world, with some experts hinting at a major bull run that could see values soar to staggering heights. This potential surge highlights the broader market optimism, turning the spotlight on low-key altcoins. These under-the-radar digital currencies offer a tantalizing promise for high potential gains, drawing attention from investors looking for the next big breakout in the crypto landscape.
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Holders of BlastUP tokens may benefit from a number of privileges including participation in an Airdrop, exclusive loyalty rewards for participating in IDOs, and the ability to earn interest through staking.
BlastUP stands out from the crowd in the crypto world. Backed by Blast, the sixth largest blockchain by TVL, it offers genuine utility as a launchpad for DApp ventures. With its motto Grow faster, earn more, BlastUP is dedicated to propelling the success of blockchain startups. Those who join BlastUP now become part of a project poised to become the next big thing in this bull run.
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Jupiter's Impressive Growth: Risks and Potential
The recent performance of Jupiter has been impressive, with a monthly increase of over 150% and an even more substantial six-month rise. This trajectory suggests a robust positive trend, which could continue to push the price up, targeting the next resistance at $0.81. The current price of $1.25, slightly below the 10-day SMA of $1.27, implies a healthy momentum, possibly igniting investor interest for further gains. Despite this, any unexpected shifts in market dynamics could see the price test nearer support levels at $0.68 or even $0.42, underlining the importance of vigilance among investors.
In looking at long-term prospects, this meteoric rise of over 4000% in the past half-year positions Jupiter as a noteworthy contender in the market. This kind of movement garners attention, potentially attracting new investors and increasing buy pressure. Nevertheless, market history tells us that assets with such rapid ascents can be susceptible to corrections. Jupiter's support levels at $0.42 and $0.30 could come into play if the tide turns.
Mantle's Price Doubles, Eyes on Upward Trend
Mantle's recent surge to $1.28 from $0.63 in just one month shows a strong upward trend, with the price more than doubling. If Mantle maintains this growth, it could soon break past the second resistance level of $1.27. Long-term, the six-month increase of 223.57% suggests solid momentum. Holding above the simple moving averages of $0.88 and $0.75, respectively, supports a continued rise. However, such rapid increases can invite corrections, potentially testing support levels if traders decide to lock in gains.
On the flip side, if we consider the significant short-term climb, there's a risk of pullback towards the nearest support at $0.63 or even the second support at $0.37. These levels might act as safety nets for the price. In the long run, if the upward trajectory stalls, the price might oscillate around the current simple moving averages. Mantle's ability to sustain above these averages in the face of potential market headwinds will be critical for ongoing growth.
Ondo's Market Surge: Growth & Volatility Risks
Ondo's seen impressive growth, with a one-month jump of over 105% and six-month rocketing close to 2780%. If it keeps catching eyes, the current $0.87 might push past the near resistance at $0.55 and challenge the second at $0.66. This hype could spill over, making short-term gains likely, with the 10-day average at $0.73 hinting at solid interest.
Looking long term, if Ondo holds strong above its support levels at $0.26 and $0.08, we could see steady growth. Such support suggests a faithful base, which helps during downturns. Still, with any asset that's seen a 2779.90% half-year surge, there's a risk of a pullback as early investors take profits.
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Conclusion
It becomes evident that while the likes of Jupiter, Mantle, Ondo, and FLOKI have piqued investor interest, BlastUP emerges as the most tantalizing of them all. Thriving within the robust Blast ecosystem, BlastUP's concept appears to be a compelling beacon for those seeking substantial returns, potentially outshining its contemporaries. As the crypto community anticipates where the next big rush will materialize, BlastUP's profound potential remains a standout in the current tide of market exploration.
Website | Twitter | Discord | Telegram
Disclaimer: This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $400. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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