March’s Top 5 DeFi Protocols – NewsTo
March’s Top 5 DeFi Protocols

March’s Top 5 DeFi Protocols


In March, MakerDAO and Aave had significant gains in terms of TVL, while Curve and Uniswap experienced declines. This article explores the behaviour associated with these and additional DeFi protocols in March.

The Total Value Locked (TVL) of the major five DeFi protocols is now showing a mix of positive and negative trends in the DeFi environment. Particularly, Lido, MakerDAO, and Aave all experienced notable increases in their TVLs over the course of the month, whilst Curve and Uniswap have experienced large decreases.

The uncertainty began with the failure of three prominent U.S. banks and the more recent regulatory action against Binance.

March's Top 5 DeFi Protocols
 source: DeFi Llama

The DeFi ecosystem’s TVL was $49.64 billion at the beginning of March. It fell to $42.97 billion on March 12 but recovered to $50.33 billion twelve days later. The valuation is currently $49.94 billion at the time of writing.

In March, the value of Lido grew by 13.45%, culminating in a current TVL of $10.8 billion. Lido is now the largest DeFi protocol, accounting for 21.6% of the total TVL of the DeFi ecosystem. In addition, Lido has witnessed a 2.98 per cent rise in TVL over the past week.

March's Top 5 DeFi Protocols
Source: DeFi Llama

While MakerDAO’s TVL has declined by 1.61 per cent over the previous week, the protocol’s value has risen by 5.91 per cent this month. Hence, the total locked value of the protocol is $7.63 billion at the time of writing.

Aave, the Ethereum-based lending platform, has had the largest gain among the top five DeFi protocols this month. Since March’s beginning, Aave’s TVL has increased by 15.58 per cent, hitting $5.5 billion.

The TVLs of Curve and Uniswap, the final two treatments on the top five list, have decreased over the past month. Curve’s TVL has decreased by 8.47%, while Uniswap’s has decreased by 4.9%. Moreover, Curve is currently worth $4.68 billion, while Uniswap is worth $3.95 billion.

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