Deep Dive Into Decentralised Finance: Top 5 DeFi Assets

Wrapped Bitcoin, Anyswap, Olympus, Wonderland, and Huobi Metrics have been listed as the top five DeFi assets.

Deep Dive Into Decentralised Finance: Top 5 DeFi Assets

Photo Credit: Rohas Nagpal

Majority of the DeFi protocols are built on Ethereum


Decentralised Finance or (DeFi) systems, a majority of which are built on the Ethereum blockchain, make financial products appear on public blockchain without falling under the regulations of banks and national or international administration. In the first edition of "DeFi Deep Dive", we learned about "Valuing DeFi Blockchains". In this edition, let's discuss the top five DeFi Assets by "Total Value Locked (TVL)".

Top Five DeFi Assets

bitcoin bitcoin_rohas_nagpal


Wrapped Bitcoin (WBTC): It is the first tokenised version of Bitcoin (BTC) that runs on the Ethereum blockchain. It is an ERC20 token that is backed 1:1 by Bitcoin.

WBTC enables Bitcoin's integration into Ethereum's ecosystem of decentralised exchanges, crypto lending, prediction markets, etc. WBTC's 1:1 ratio with Bitcoin is automatically monitored via a network of merchants and custodians.

wrapped bitcoin wrapped_bitcoin


Anyswap (ANY): This is an open-source protocol that manages the movement of tokens between blockchains. Anyswap has been incorporated by many cryptos including XRP, Litecoin, and Tether.

Anyswap uses "private key sharding" in which the private key is split and managed by multiple nodes to guarantee the safety of assets. ANY token holders decide which cryptos should be listed on the Anyswap decentralised exchange.

kd olympus


Olympus (OHM): It is a stablecoin that is not pegged to fiat currency. Its value floats based on the value of its underlying treasury of assets and parameters that are set by its Decentralised Autonomous Organisation (DAO). The stability is maintained by minting and burning OHM.

wonderland Wonderland


Wonderland (TIME): This is an Avalanche-based decentralised reserve currency protocol. The TIME token is not pegged to fiat currency. It is an algorithmic reserve currency and each TIME is backed by 1 Magic Internet Money (MIM) which is a stablecoin backed by interest-bearing tokens issued by abracadabra.money.

houbi bitcoin Huobi_BTC


Huobi BTC (HBTC): It is a tokenised version of Bitcoin (BTC). You can get HBTC in your exchange account by depositing cryptos into Huobi Global's exchange account. HBTC is supported by decentralised protocols such as Uniswap, Curve, Harvest, C.R.E.A.M., BoringDAO, Nest, and ForTube.

Basic Metrics

Here are some of the metrics of the top 5 DeFi assets:

Name TVL Price MCap/TVL
Wrapped Bitcoin (WBTC) $ 14.31 billion $ 55,819 1
Anyswap (ANY) $ 5 billion $ 15 0.05
Olympus DAO (OHM) $ 4.4 billion $ 748 0.9
Wonderland (TIME) $ 2.7 billion $ 7493 0.65
Huobi BTC (HBTC) $ 2.25 billion $ 55,819 1


The figures are as on 2 December, 2021 and are rounded off.

Sources: CoinMarketCap, Messari, Future Money Wallet.

TVL = Total Value Locked

Mcap = Market Capitalisation

This is the second in a series of articles exploring DeFi, with more to come next week.

Rohas Nagpal is the author of the Future Money Playbook and Chief Blockchain Architect at the Wrapped Asset Project. He is also an amateur boxer and a retired hacker. You can follow him on LinkedIn.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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