Tezos is one of the layer-one blockchains that have been at the forefront of the global adoption of Blockchain Technology.
Tezos, an open-source platform, tackles the key barriers that hinder the adoption of blockchain for assets and applications. It achieves this by leveraging a global community of validators, researchers, and builders. Tezos actively embraces long-term upgradability, encourages open participation, fosters collaboration, and prioritizes smart contract safety.
One of the key proponents of the adoption of Blockchain globally is DeFi (Decentralized Finance) as it enables financial inclusion, democratization of finance, transparency, and security.
This article will highlight the top 10 DeFi projects that is helping with the vision of Tezos on financial inclusion globally.
Plenty is expanding DeFi use cases on Tezos towards a full-scale decentralized financial ecosystem. Empowering traders, liquidity providers & developers to participate in an open financial marketplace.
The Plenty protocol enables the swapping of fungible tokens on Tezos.
You can only swap tokens on Plenty if there is enough liquidity for those tokens. Providing liquidity will get you Plenty Liquidity Provider (PLP) tokens, which will generate rewards in the form of trading fees for making sure there’s always liquidity for the exchange to use.
Yield farming lets users that are providing liquidity earn PLENTY rewards by locking their PLP tokens into a farm.
Genius Contracts specifically built SpicySwap, a next-generation DEX, for token-to-token swaps on Tezos. SalsaDAO ($sDAO) governs SpicySwap, which serves as the governance entity for the broader suite of Genius Contracts platforms and products. While drawing inspiration from the Uniswap V2 general framework, SpicySwap has rewritten the contracts from scratch to ensure compatibility with Tezos. Functori, a Tezos-focused development company, completed the contract code review.
SpicySwap offers key functionalities such as swapping, providing liquidity, and Spice Farming. Spice Farming, a protocol-level feature, enables users to collect a 0.1% fee from each swap in their selected pool. Liquidity providers, on the other hand, receive a 0.2% fee from each swap, resulting in a total fee of 0.3% for swapping
WTZ possesses complete fungibility, distinguishing it from other collateralized/wrapped XTZ tokens, wherein users are not required to possess a personal oven or vault. Any WTZ holder has the ability to exchange it back to XTZ at the prevailing swap ratio, eliminating the possibility of slippage or loss of funds encountered in DEX or AMM trading.
Furthermore, an FA2-compatible variant of XTZ has been developed, enabling its seamless integration into dapps and protocols throughout the ecosystem. This FA2 version of XTZ stands prepared for immediate utilization, expanding its potential applications within decentralized applications and various protocols.
This is a platform for advanced yield farming and has created long-term sustainable farming opportunities for Tezos users.
The flagship feature of Matter DeFi is the contract-level automatic buyback and burn of the $MTTR token. The platform automatically buys back all fees generated and burns them on SpicySwap. This automatic buyback mechanism ensures lasting buy pressure for MTTR, resulting in truly sustainable yields. This interaction is enabled by advanced contract-level automation.
In addition, Matter DeFi offers other farming tools such as Farming-as-a-Service. Users can either create their own farms or discover more farms to stake in.
Sirius Finance, a cross-chain stablecoin AMM, attracts and locks tremendous value through stablecoins by offering low-slippage trading costs. It provides attractive APY for liquidity providers on Tezos and enables Tezos users to explore more financial innovations or yield enhancements.
The Kolibri system on Tezos issues kUSD, a trustless, algorithmic stablecoin that collaterally links to XTZ and maintains a soft peg to USD. Kolibri utilizes CDPs to collateralize a USD-stable value asset, kUSD. The Oracle contract provides data through the Harbinger Price Feed.
The Yupana.Finance team has built an open-source, decentralized, and non-custodial liquidity protocol for securely lending and borrowing digital assets through smart contracts. Yupana empowers the Tezos community by offering decentralized financial features and tools. Depositors actively provide liquidity in the protocol and earn passive income, while borrowers avail overcollateralized loans.
Youves is a platform for creating and managing synthetic assets, secured by eligible collateral, in a decentralised, self-governing, and non-custodial manner. The platform is built on the Tezos blockchain, utilizing smart contracts.
For instance, users actively participate as minters by posting and locking eligible collateral in a vault, enabling them to create synthetic assets. The initial category of synthetic assets available on the platform are the Youves tracker tokens.
Vortex AMM, the leading all-in-one decentralized finance protocol on the Tezos blockchain, enables users to trade, earn, and play with next-gen DeFi features. It allows users to maximize revenue while lowering risk and gas fees.
Vortex offers traders, liquidity providers, and developers on the Tezos blockchain some of the most sophisticated DeFi tools. The Vortex ecosystem consists of a growing suite of scalable Dapps designed to drive liquidity through attractive APYs.
Crunchy, a DeFi-as-a-Service (DaaS) platform, offers DeFi services and solutions on Tezos to projects, developers, and end users. We actively maintain Crunchy with a team of independent developers, and its governance is in the hands of CRNCHY holders.
The Tezos Blockchain ecosystem hosts a vibrant array of DeFi projects, each contributing to the growth and innovation of the industry. These top 10 DeFi projects showcase the cutting-edge advancements, user-friendly experiences, and robust financial solutions that have established Tezos as a leading platform in the decentralized finance space.
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