Cryptocurrency

Top 6 Crypto Projects by TVL(Total Value Locked) in August 2022

top crypto projects

From Bitcoin & Ethereum to Shiba INU or Apecoin, markets are flooding with numerous crypto projects. Now when the crypto markets are at the foothill of a strong uptrend, some of the crypto projects display huge possibilities of surging high with soaring numbers. Below mentioned are the top crypto projects by TVL that may be a good pick in August 2022. 

TVL or simply Total Value Locked is an integral part of the DeFi or Decentralized Finance. The higher the TVL, the crypto project is considered the leader of the DeFi space. TVL is the number of user funds deposited in a DeFi protocol and hence tends to change when investors deposit or withdraw funds. 

The value-locked TVL in DeFi was on its way to hitting the $100 billion mark after rebounding from the lows at $69 billion. Ethereum held the maximum share followed by Binance SmartChain(BSC) & Tron. However, the recent Nomad Bridge Exploit contributed to the monthly losses that stalled the TVL from reaching $100 billion.

Project Name One Liner About Type/Category Blockchain Protocol Native Token
Maker  Maker is the Governance Token of Maker DAO & Maker Protocol, based on Ethereum Chain Collateralized Debt Position (CDP) Ethereum Blockchain  MKR
Lido DAO Lido is a liquid staking solution for Ethereum with no minimum deposits Liquid Staking Ethereum Blockchain LDO
Uniswap Uniswap is a decentralized trading protocol facilitating trading of DeFi tokens Dexes Ethereum Blockchain UNI
Curve DAO Token Curve is a decentralized exchange for stablecoins that uses Automated Market Maker (AMM) to manage liquidity Dexes Ethereum Blockchain CRV
Wrapped Bitcoin Wrapped Bitcoin is a tokenized version of BTC running on Ethereum Bridge Ethereum Blockchain WBTC
Aave Aave is a decentralized finance protocol that enables users to borrow & lend crypto Lending Ethereum Blockchain AAVE

Additional Read: Top Cryptos to Watch this Week

Maker DAO

Maker DAO’s DAI which is the only decentralized stablecoin is likely to get upgraded aiming to move DAI off-chain. The ‘canonical DAI’ is the first step in the phased rollout of the entire Maker Protocol. 

With the upgrade the Maker will be usable by retail users who cannot pay for the gas fees on Ethereum. The upgraded or wrapped DAI is less fungible, liquid and more secure than the original, while the Maker Governance will not be having any control. 

Lido DAO

While Ethereum is scaling, a crypto project, Lido is following suit and hence it unveiled the plans to expand Lido on Layer-2. Hence expanding stETH across the swelling L2 DeFi ecosystem. Layer-2 aims to serve as an extension to Ethereum that provides additional execution capacity. 

Lido intends to reduce the gas fees with Layer-2 which is not limited to a single network while the supported networks are to be announced soon. Lido is also introducing L2sDays which is a weekly series which focuses on the concepts, projects, people & values making Ethereum scaling happen.

Uniswap

Uniswap recently proposed a ‘Fee Switch’ which could slash the revenue flowing into the liquidity providers to 0.25% from the current 0.3%. With the move, the liquidity providers may no longer remain within the profit zone and hence could be forced to move their liquidity elsewhere.

On the other hand, the dominance of Uniswap in the Decentralized space may also be challenged with the move. Therefore, being the biggest DeFi protocol, the fee switch is expected to not only impact Uniswap but also the other players in the market. 

Curve DAO Token

The founder of a Crypto project, Curve Protocol, Micheal Egorov, recently in an interview hinted at working on a native Fiat-pegged asset. The founder in a chat with the co-founder & Managing Partner of The Spartan Group, Kelvin Koh, when asked whether Curve will launch a stablecoin, more or less confirmed the same. 

Wrapped Bitcoin

Number of synthetic Bitcoins or Wrapped Bitcoins have been depleted as they are removed from circulation in the past 3 months. There were nearly 441,546 wrapped BTC on Ethereum & Binance Smart Chain which has depleted to 387,964, dropping by 53,582 at the moment. 

Aave

The popular crypto project, Aave has announced its plans to build its native & a new decentralized,collateral-backed stablecoin called GHO. The stablecoin would be backed by multiple types of collateral available on the Aave Protocol. The users will be able to generate new GHO after supplying collateral and then buy GHO when reclaiming collateral. 

Soon after the announcement, Aave wallet activity or the active addresses reached its peak, raising the AAVE price by more than 110% from the recent bottom. On the other hand, the AAVE developers propose freezing the FAntom integration citing a lack of traction and potential vulnerability. 

Additional Read: Top Altcoins 2022

How to Invest in these Top Crypto Projects by TVL

Investing in these Top Crypto Projects of 2022 is pretty simple and safe on CoinDCX. Just register by downloading the CoinDCX App on your smartphone and enter your details. Once your profile is verified, fund your wallet and buy crypto tokens. 

You can also try our new products, Crypto Investment Plan (CIP) and CoinDCX Earn. With CIP, you can invest in your desired assets in easy weekly installments, while you can earn a passive income using your idle crypto investments using CoinDCX Earn!

Data as of 5th August 2022

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