The cryptocurrency trade had a comparatively blended 12 months in 2023. It began the 12 months nicely after which resumed the crypto winter the place most cash have been in a slim vary. It then recovered within the fourth quarter, with most cash and tokens rising. In response to CoinGecko, there at the moment are greater than 11,600 cryptocurrencies.
The DeFi trade can also be creeping again, with its mixed market capitalization rising to over $52 billion. This leap was led by main platforms within the DeFi trade akin to Aave, Maker, JustLend, and Lido. This text appears on the DeFi networks that made essentially the most cash in 2023.
Lido Finance
Lido Finance is the most important DeFi protocol on this planet with over $20.7 billion within the ecosystem. It’s an innovator that launched the idea of liquid staking, which simplifies the best way folks stake their tokens.
Lido now solely helps Ethereum and Polygon after ending help for Polygon and Kusama. The corporate makes some huge cash due to the belongings it holds and the charges it fees. In response to TokenTerminal, Lido’s charges totaled greater than $606 million in 2023. This determine made it the fourth most worthwhile crypto venture, after Ethereum, Tron and Bitcoin.
Uniswap
Uniswap is the most important participant within the decentralized trade (DEX) area, the place it competes with the likes of dYdX, Kine Protocol and Vertex Protocol. Uniswap processed billions of transactions in 2023 as considerations about centralized exchanges (CEX) elevated.
Because of this, it generated vital charges for its builders and token holders. In 2023, it earned greater than $532 million. Uniswap will probably proceed to do nicely because the crypto rally accelerates in 2024. The one main problem is that competitors within the trade is rising and the variety of DEXs is 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 permits customers to deposit liquidity and earn elevated CRV and rewards. In response to its web site, it has earned a complete of greater than $361.7 million in charges since its founding.
These earnings are then distributed to Curve LP Stakers, CVxCRV Stakers, CVX Stakers, and CVX Lockers. Knowledge from Token Terminal exhibits that the community earned greater than $145 million in 2023, making it the third largest participant in DeFi.
GMX
GMX is one other main DEX that exists within the Avalanche and Arbitrum ecosystems, that are recognized for his or her charges. It has greater than $614 million in whole worth locked (TVL) and has settled perpetual contracts value billions this 12 months. It has processed greater than $161 billion in its file and has greater than 453,000 customers worldwide. GMX’s revenues totaled greater than $131 million in 2023.
The opposite main gamers within the ecosystem are MakerDAO, PancakeSwap, Aave, and dYdX, which earned over $124 million, $123 million, $111 million, and $81 million, respectively.
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