Blockchain News

NFTs Drive List of Fastest-Growing Protocols on Ethereum

Projects based on trading or lending Ethereum NFTs are soaring in TVL over the past month.

NFT Lending, Marketplace

Non-Fungible Tokens (NFTs) have advanced far from being pixelated JPEGs for crypto degens to flex as Profile Pictures (PFPs) on social media. Now, users expect (or would like to see) added-value benefits from holding or trading popular NFTs.

The NFTFi trend is apparent in the Ethereum ecosystem, where three of the top five fastest-growing protocols by Total Value Locked (TVL) involve NFTs.

According to DefiLlama rankings, the five Ethereum protocols by TVL growth in the past month (filtered by total TVL of more than $10 million) are: Arcade xyz, Llama Airforce, Blur, ParaSpace and Beefy.

Source: DefiLlama

Of those, Arcade xyz, Blur and ParaSpace provide NFT lending or trading. Let’s take a look at the top 5 fastest-growing protocols on Ethereum:

Arcade xyz

  • Name: Arcade xyz
  • Description: Decentralized loan marketplace for NFTs
  • TVL: $20 million
  • 1-Month TVL Change: +4,135%

Llama Airforce

  • Name: Llama Airforce
  • Description: Yield aggregator for the Curve ecosystem
  • TVL: $28 million
  • 1-Month TVL Change: +288%

Blur

  • Name: Blur
  • Description: NFT marketplace
  • TVL: $119 million
  • 1-Month TVL Change: +195%

ParaSpace

  • Name: ParaSpace
  • Description: Cross-margin NFT lending protocol with liquid staking
  • TVL: $144 million
  • 1-Month TVL Change: +186%

Beefy

  • Name: Beefy
  • Description: Multichain yield optimizer platform
  • TVL: $48 million
  • 1-Month TVL Change: +117%

What is Ethereum:

Ethereum is an open-source, distributed computing platform based on blockchain technology that can execute smart contracts - that is, the terms written in the contract will be executed transparently, automatically when the previous conditions are satisfied, and no one can interfere. At the same time, Ethereum also allows developers to build decentralized applications (dApps) and decentralized autonomous organizations (DAO).

Find more about Ethereum here:

Website | Twitter | Documentation | Whitepaper | Reddit | Discord | YouTube | GitHub | Ethereum Foundation Blog |

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