Crypto.com Picks Top 5 Protocols

The Cronos chain, launched in November 2021, quickly gaining users and intense activity. It became the fifth largest Ethereum Virtual Machine (EVM) chain by April this year. As the first blockchain to interoperate with the Ethereum and Cosmos ecosystems, Total Value Locked (TVL) on the chain exceeded $3 Billion in less than six months - an astonishing growth rate.

The parent company backing the chain–Crypto.com recently released a list of five major Decentralized Finance (DeFi) projects responsible for driving interest and growth in the Cronos ecosystem, with the top three accounting for 80% of the TVL.

Let’s look at the top five projects on the Cronos chain by TVL as per data on DefiLlama:

• VVS Finance: Leads the pack with a TVL of $733 million. Has long been the top decentralized exchange (DEX) on Cronos, offering popular DeFi services such as token swaps, liquidity mining, and staking, with an easy-to-use interface. More details on VVS Finance are available in our detailed project insight about the protocol here.
• Tectonic Finance: With a TVL of $275 million, Tectonic Finance is an algorithmic money market protocol that allows users to lend assets to generate yield from over-collateralized, floating-rate loans to borrowers.
• Ferro Protocol: Recently launched through an IGO on VVS Finance, Ferro $FER is an Automated Market Maker (AMM) that offers users an efficient swap mechanism for stablecoins with lower slippage and fees. Despite launching in a bear market Ferro still experienced massive growth, peaking at over $120 million in TVL.
• MM Finance: Arguably, the most popular project on Cronos ranks fourth in TVL at $100.24 Million. The DEX was the first to introduce Protocol Owned Liquidity in the ecosystem. It offers some of the lowest transaction fees (0.17%) on the blockchain, and is often among the top DEXs in the Cronos ecosystem by trading volume (see chart below).

• Beefy Finance: The multi-chain yield aggregator offers users compounded yield in the form of reward tokens for providing liquidity.

As the market shows signs of a turnaround, new projects could take over the mantle from the top five as liquidity flows into the ecosystem.

What is Crypto.com:

Crypto.com is a cryptocurrency exchange that started operating in 2016. It has extended its reach to over 10 million users within 5 years. The platform was founded by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo, with its headquarters in Hong Kong. In addition to the cryptocurrency application, the platform also runs the Crypto.com Visa card, one of the world’s largest cryptocurrency card programs, the exchange, and a DeFi wallet. The exchange operates across 3 continents, the Americas, Europe, and Asia.

For more information about the project:‍

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