AAVE, SNX, VELO & More

According to Phoenix, the crypto media news insights platform has released a recent report on the top projects by total value locked on Optimism. AAVE and SNX are leading the chart, followed closely by VELO, STG, and UNI. The current total value locked on Optimism is approximately $697.97 million.

Optimism is a layer-2 blockchain on top of Ethereum. The mainnet of Ethereum is safe for optimism, and optimistic rollups help the Ethereum community grow. That means that transactions are recorded on Optimism without any trust, but they are eventually safe on Ethereum.

Let’s look at the top Optimism projects and their performance according to the current total value locked.

AAVE and SNX Leading the Chart: VELO, STG, and UNI Following Closely

AAVE is the native token for the Aave Protocol, a cryptocurrency lending platform. It is the leading project with over $140 million in TVL.

Next is Synthetix Network Token (SNX). It is a decentralized asset insurance protocol, and it allows users to mint, hold, and trade a wide range of derivatives – including commodities, fiat currencies, and even stocks. The current TVL of SNX is around $134.45 million.

Third on the list is VELO. VELO tokens are utility tokens designed to transfer value on the Velo network and ensure stable settlement. Its TVL is around $89.12 million.

The next six projects are as follows:

• STG: the native governance and utility token of Stargate Finance has an approximate TVL of $64.12 million.
• UNI: Uniswap protocol’s utility token, UNI, is holding $51.97 in TVL.
• DHT: It is the governance and utility token for the dHEDGE asset management protocol. It has a TVL of $39.63 million. 
• Toros: The yield farming protocol, Toros is holding around $33.56 in TVL.
• BiFi: Bifrost Finance is a multichain DeFi project powered by Bifrost’s multichain technology. It’s token, BiFi, has a TVL of $28.42 million.
• EXTRA: The farming platform is holding $21.13 million in TVL.

Lastly, Compound, the decentralized finance (DeFi) lending protocol, has a total locked value of $20.93 million.

Final Words

When looking to improve Ethereum’s transaction throughput and speed, layer 2 solutions are crucial. Optimism is one of the top layer-2 solutions on Ethereum. It enables users and developers to benefit from the latter’s strong security guarantees while being cheaper and faster. The OP token is used for governance.