Altcoin Roundup: Three layer-1 protocols see inflows amid choppy, volatile market conditions
Layer-1 (L1) protocols are the foundation of the decentralized application ecosystem, with the Ethereum network dominating the landscape in terms of the number of protocols launched on-chain and total value locked (TVL), followed by BNB Chain and Fantom.
As the sideways market of 2022 drags on and serious projects use the time away from the frenzy of bull markets to work on development, several L1 protocols have been outperforming the field and making gains despite weakness in the wider crypto market.
Here’s a look at three L1 protocols that are seeing growth in their decentralized finance (DeFi) communities and an influx of TVL on their networks.
Waves is a multi-purpose blockchain protocol that was originally launched in 2016 and has since undergone several transformations along the path to Waves 2.0.
The Waves ecosystem has experienced tremendous growth over the past month, with the protocol’s TVL increasing from $700.95 million on Feb. 4 to a new record high of $2.77 billion on March 18, according to data from DefiLlama.
The network’s increased TVL has largely been attributed to gains on the algorithmic price-stable “assetization protocol” Neutrino, which creates stablecoins tied to real-world assets, cryptocurrencies and the non-custody liquidity protocol Vires Finance.
During the aforementioned period of Feb. 4 through March 15, the price of Waves surged 278% from a low of $8.17 to a high of $31.04, suggesting that interest in the Waves ecosystem has been increasing on multiple fronts.
Oasis is a privacy-enabled L1 blockchain network that focuses on offering high throughput and low transaction fees in a secure manner.
The Oasis network got off to a quick start in terms of TVL when its first decentralized exchange,
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