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DeFi Attracting More Users to Tezos

Posted by
Hristina Yordanova

Top 5 dapps all show increase in unique active wallets

DeFi dapps are attracting an increasing number of users to the Tezos ecosystem. According to DappRadar data, all of the top five decentralized finance applications on Tezos have increased their number of unique active wallets in the past week.

The amount of increase changes a bit on a dapp-by-dapp basis. While some dapps like Wrap saw an increase of about 42%, others like Crunchy only managed to attract 0.33% more users. Even so, a clear trend is emerging that DeFi platforms on Tezos are doing well. 

As a rather new blockchain ecosystem, Tezos is still striving to boost its numbers, and the metrics we see from the past week are a good sign. 

The 30-day metrics of those dapps are also impressive, keeping up with the upwards trend. Interest in decentralized finance is growing across all blockchains, but Tezos is an especially interesting ecosystem because of its low processing and gas fees and quick transaction approval times. 

The combination of these two characteristics makes Tezos an excellent blockchain for DeFi. Now let’s take a look at the top five Tezos DeFi dapps for the past seven days. 

Which are the top DeFi dapps on Tezos this week?

Plenty

Plenty is a yield farming platform that allows users to sustainably farm and stake their tokens in pools. Currently, this DeFi solution ranks number one based on the number of unique active wallets interacting with its smart contracts. The Plenty development team is currently working on boosting its automated market maker in order to further boost productivity for the platform’s users.

Crunchy

Crunchy is a DeFi-as-a-service platform that is governed by CrDAO. While still in beta-mode, Crunchy is already attracting a lot of attention to the Tezos blockchain. According to their official roadmap, Crunchy plans to launch interactive lotteries and play-to-earn opportunities for its users. Currently, it serves as a yield farming platform, however, Crunchy has ambitious plans for the future. 

Hera Network

Hera Network is a relatively new Tezos DeFi solution, however, in the past week, the dapp has been performing remarkably well. The main goal of Hera Network is to create an all-in-one DeFi solution on the Tezos blockchain. Currently, the platform is working on developing a Tezos calendar app, which will allow its users to easily follow events, airdrops, and launches. At the moment, Hera Network ranks third in the weekly DeFi Tezos DappRadar ranking. 

Wrap

Wrap is a slightly different DeFi project compared to the other listings in this week’s rankings. This is a DeFi bridge service, connecting the Ethereum and Tezos blockchains. The way the platform works is simple. Through the Wrap smart contracts, users can create wrapped ERC-20 and ERC-721 which can then be used on the Tezos blockchain. Currently, Wrap ranks fourth in terms of unique active wallets. 

SalsaDAO

The SalsaDAO ecosystem is a collective of multiple decentralized applications built by Genius Contracts. It is also one of the newest DeFi solutions to deploy on Tezos. SalsaDAO is a versatile platform offering users NFT trading, gaming, gambling, and yield farming. As one of the newest additions to the Tezos ecosystem, SalsaDAO is enjoying a healthy dose of user activity, making it to the top five of this week’s ranking.

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