Report: 7 Notable DeFi Projects

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Pay attention to DeFi projects

Market analysis platform Glassnode recently named 7 DeFi projects that are still being developed rapidly, despite the gloomy market.

In Glassnode's latest report, this analytical agency directs readers' attention to 7 quality DeFi projects, which are considered to be the new wave of change.

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New projects include: Cozy Finance, Volmex Finance, Ribbon Finance, Pendle, Rari Capital, OlympusDAO and Alchemix.

“Despite the drop in on-chain activity, DeFi projects are still subject to change as the 3-12 month development cycle begins to bear fruit. More and more projects are launched, major updates are accelerated, and important ecosystem-changing events come closer,” said Glassnode.

Among them, the report identifies products launched from futures yield platform Pendle, lending protocol Rari Capital, and currency reserve protocol OlympusDAO.

The efforts of the Alchemix development team are also mentioned in recovering from the attack. It is another sign that the DeFi ecosystem is self-sufficient and free of intermediaries.

However, Glassnode also mentioned that the activity frequency dropped significantly amid the crypto market crash, despite the hard work of the developers of the projects.

“On-chain activity is no longer growing as a monthly percentage total, but year-over-year growth is still huge,” the report said.

In addition, assets locked in DeFi projects are still increasing. This data alleviates some concerns that liquidity could dry up as the bear market unfolds.

Glassnode also noted that “long-term ETH holders remain bullish” despite the cryptocurrency falling from $4.000 to under $2.000.

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