Top 10 DeFi protocols on Astar Network by Total Value Locked

Astar Network is a decentralized platform that aims to provide users with a more efficient and cost-effective way of conducting transactions. One of the main features of Astar Network is its support for DeFi protocols. In this article, we will take a look at the top 10 DeFi protocols on Astar Network by total value locked.

The majority of the protocols on the list seem to be native to Astar Network with a few protocols also being deployed on other networks such as PolkaEx and XDAO.

Top 10 DeFi protocols on Astar Network by total value locked

Protocol NameCategoryTotal Value Locked (Millions)
ArthSwap (ARSW)Decentralized Exchange44.01
Starlay Finance (LAY)Lending Protocol31.66
AstridDAO (ATID)Collateralized Debt Position12.25
Kagla Finance (KGL)Stableswap2.38
Muuu Finance (MUUU)Yield Optimizer2.27
Sirius Finance (SRS)Stableswap1.93
Orcus Finance (ORU)Algorithmic Stablecoin0.17
PolkaEx (PKEX)Decentralized Exchange0.15
Versa Finance (VERSA)Decentralized Exchange0.06
OthersVarious Protocols0.10
Top 10 DeFi protocols on Astar Network by Total Value Locked (source DeFi Lama)

1 – ArthSwap

ArthSwap is the first DEX on the Astar Network and aims to be the network’s major DEX. Its primary functions are trading, staking, and liquidity mining, with additional features to come soon. ArthSwap provides High-Frequency Trade on the Astar Network with a simple user interface and a high APY design.

The team is especially interested in growing the Astar Network ecosystem, and therefore it is eager to optimize all features for Astar, referring to it as an “Astar-native” dApp (decentralized application). Essentially, ArthSwap is to Astar what Trader Joe is to Avalanche, Quickswap to Polygon, and Uniswap to Ethereum.

ArthSwap, which was released in January, 2022, has made rapid progress since then and by the end of June 2022, it had become the DEX with the greatest TVL in the whole Polkadot ecosystem.

2 – Starlay Finance

Starlay Finance is a protocol for Astar Network users to deposit and borrow assets quickly and simply. Depositors may offer liquidity to earn interest as a secure passive revenue, while borrowers can use their assets without selling them off. Starlay Finance is a fork of Aave and offers many features comparable to Aave.

A lending protocol is one of the most vital infrastructure pieces in any DeFi ecosystem. It’s a public, decentralized market for assets that may be accessed not only by humans but also by bots and other DeFi technologies. Starlay Finance delivers a comprehensive set of lending capabilities, with an emphasis on the assets handled on Astar.

3 – AstridDAO

On Astar Network, AstridDAO is a decentralized money market and stablecoin platform. People can collateralize riskier assets and borrow stablecoin assets in return. People may use the borrowed stablecoins to add liquidity to the stability pool or farm on other protocols to earn greater interest without selling the riskier assets.

AstridDAO utilizes an Instant Liquidation mechanism, allowing the system to function with a 0% interest rate while maintaining security. AstridDAO can provide greater capital efficiency than previous CDP initiatives.

4 – Sirius Finance

Sirius Finance is a cross-chain stablecoin Automated Market Maker (AMM) or Stableswap with low-slippage trading fees and attractive APY for Liquidity Providers on Astar Network, allowing for more financial innovations & yield enhancements for Astar users. Sirius Finance is built on the Curve Finance AMM protocol.

Ultimately, it acts as a low-slip swap protocol between Polkadot, EVM-compatible chains, and other major layer 1 blockchains, opening new possibilities for use cases such as stablecoins.

5 – Kagla Finance

Kagla Finance is the second automatic market maker (AMM) and StableSwap protocol on Astar Network, with a modest trading fee of 0.04 percent. Kagla Finance, like Sirius Finance, is based on the Curve Finance AMM protocol.

In the near future, “vote-escrow(ve)” will be implemented by Kagla Finance in order to move toward decentralized governance. You may acquire the “ve” token and use it to increase your payout up to x2.5 by putting your assets into the voting pool.

6 – Muuu Finance

Muu Finance is a yield aggregator that helps liquidity providers get the most out of their veToken investments by acting on their behalf. Convex Finance methods are used by Muu Finance. In essence, Muu Finance is to Kagla, what Convex Finance is to Curve Finance.

According to the official documentation of Muuu Finance, participants in DEX and Lending earn extra liquidity rewards through Muuu Finance. In the realm of DeFi, DEXs and Lendings are rudimentary protocols. You may earn more rewards by staking and securing assets with Muuu Finance.

7 – Orcus Finance

Orcus Finance (the “Protocol”) is developing the first Fractional-Algorithmic Stablecoin that is pegged to the US dollar and runs on the Astar Network. Because the Astar Network is a portal to a multi-chain environment, Orcus Finance will most likely expand our stablecoin to as many networks as feasible in the near future.

The Orcus Finance project is a completely decentralized and autonomous protocol, according to the team, with its own governance token that aims to be the first major Fractional-Algorithmic Stablecoin issuer on the Astar network and to provide several useful financial tools and other synthetic assets in the ecosystem.

8 – XDAO

The XDAO platform allows you to create Decentralized Autonomous Organizations (DAOs) and manage crypto assets in a few clicks.

There are no efficient and user-friendly solutions available to businesses and projects wanting to invest in decentralized protocols as a whole entity in the DeFi market. That’s where XDAO comes into the picture.

In XDAO, a group of people may quickly establish a Decentralized Autonomous Organization and deposit cryptocurrency assets, manage them by voting, sell DAO shares, and directly interface with DeFi protocols.

In a nutshell, XDAO is a fully customizable program that may be used for treasury management, multisig wallets, and an investment platform. DAOs on XDAO can represent any size of business.

In addition to Astar Network, XDAO is also deployed on Ethereum, Avalanche, BNB Chain (former Binance Smart Chain – BSC), Polygon, Heco, and Fantom

9 – PolkaEx

PolkaEx is a cross-chain trading platform on Polkadot that supports a variety of DeFi protocols. Someone may argue that PolkaEx is more of a DeFi Hub than simply a Decentralized Exchange, given the many services available.

Using Astar Network to provide higher TPS, minimized transaction fees, and a smooth trading protocol. PolkaEx isn’t just a decentralized exchange; it also has Launchpad, which is a one-stop DeFi platform with additional features in the future.

In addition to Astar Network, PolkaEx is currently deployed also on Shiden Network, Ethereum, Polygon and BNB Chain.

10 – Versa Finance

The final Automated Market Maker (AMM) and Decentralized Exchange (DEX) on our list is Versa Finance. Versa Finance model is based on Uniswap constant-product formula, while the design resembled more the UI of Pancakeswap. The team’s objective is to enable everyone, both novices, and experts, to be able to transact in cryptocurrency.

Aris Ioannou
Aris Ioannou
Aris created Coinavalon with the purpose of helping the average person navigate the decentralized web. Aris has been passively in the space since 2017 and full time since late 2020. Before Coinavalon, Aris worked as a Business & IT Architect in the financial services sector. Aris holds an MSc in Advanced Computing from Imperial College London, a BSc in Computer Engineering from University of Cyprus and currently pursuing an MBA degree from CIIM.

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