Crypto analyst Ben GCrypto, in a new report, listed the TVL record holders of each Blockchain ecosystem. Total value locked (TVL) represents confidence in an altcoin project. The projects with the largest TVL in networks such as Ethereum, Optimism and Tron are as follows…
Top 1 altcoin projects from each ecosystem according to TVL
The altcoin market has been declining for the last month after a productive July. Meanwhile, Bitcoin price dropped to $25,200 at one point. As the recovery continues, TVL metrics reveal which projects investors are still committed to. According to GCrypto’s report, the top 1 altcoin projects from each ecosystem by TVL as of September network are as follows:
- Lido DAO Token (LDO) Ecosystem: Ethereum
- JustLend (JST) Tron
- PancakeSwap (CAKE) Binance
- GMX (GMX) ARbitrum
- Aave (AAVE) Polygon
- Synthetix Network (SNX) Optimism
- Aerodrome (AERO) Base
- VSS Finance (VVS) Cronos
- DeFiChain (DFI) DeFiChain
- Marinade (MNDE) Solana
Top 1 project from each ecosystem by Total Value Locked
The blockchain ecosystem can provide true decentralization, immutability, transparency, accountability and flexibility to day-to-day operations. $LDO $JST $CAKE $GMX $AAVE $SNX $AERO $VVS $DFI $MNDE pic.twitter.com/nWKms5ZPqK
— Ben GCrypto (@GCryptoBen) September 15, 2023
Optimism record holder Synthetix (SNX) gained 20% value with the new version
SNX made an impressive recovery in the first week of September amid excitement around the V3 upgrade. According to TradingView’s monthly chart, the altcoin is up 18% in September from its price of $2.11. While the rest of the altcoin industry was hemorrhaging money amid Bitcoin’s (BTC) poor price performance, SNX was an outlier.
The excitement and rally were linked to the anticipated V3 upgrade. Notably, the DeFi protocol reiterated that the V3 upgrade will overhaul on-chain derivatives.
Synthetix V3 will unlock the future onchain derivatives.
🔜
— Synthetix ⚔️ @ Permissionless II (@synthetix_io) September 3, 2023
Coinabse CEO addresses regulatory issues of DeFi altcoin industry
There have been a few important developments regarding the DeFi market in the USA in recent months. Coinbase CEO Brian Armstrong went to X to share his views on legal sanctions in the DeFi altcoin space. Coinbase, one of the world leaders in crypto services, is currently fighting accusations of improper conduct in US courts. The platform’s legal representatives denied any wrongdoing, even going so far as to request that the case be dismissed.
According to Armstrong, the CFTC should not go after DeFi protocols. Because the regulator’s authority to do this will most likely remain weak. At worst, it actively undermines the industry’s prospects. cryptokoin.comAs we reported, Armstrong explains the situation in detail in his message.
The CFTC should not be creating enforcement actions against decentralized (DeFi) protocols. These are not financial service businesses, and it’s highly unlikely the Commodity Exchange Act even applies to them.
My hope is these DeFi protocols take these cases to court to…
— Brian Armstrong 🛡️ (@brian_armstrong) September 13, 2023
The altcoin community pointed out that Armstrong’s statement that “DeFi protocols are not financial services” seemingly contradicts the Fi part of DeFi. Other users noted that the possibility of a DeFi altcoin protocol being taken to court proves that the project in question is not decentralized at all. For the CFTC to stop going after DeFi, projects will need to prove that they are truly decentralized.
