The top DeFi protocols on Ethereum have captured billions of TVL and spawned offspring that have captured billions more.
Uniswap, Compound, Olympus DAO, Aave
”Imitation is the sincerest form of flattery that mediocrity can pay to greatness.” – Oscar Wilde
Sophistication aside, every good developer understands that building from scratch is far less efficient than identifying existing good code and adapting it to your purposes. The crypto world is full of decentralized finance (DeFi) protocols based on forks of predecessors.
Unsurprisingly, Ethereum protocols are the most popular models for other platforms to follow. In many cases, the Total Value Locked (TVL) of the offspring exceeds that of the parents!
Let’s look at the top 4 Ethereum protocols in terms of adopting their forks, and then also look at a wildcard protocol: Uniswap, Compound, Olympus DAO, AAVE, and Solidly.
(All data are from DefiLlama.)
1. Uniswap
Surname: Uniswap
Category: DEX
TVL: $3.78 billion
The most popular forks: PancakeSwap (BNB etc.), SushiSwap (ETH etc.), BiSwap (BNB), VVS Finance (Cronos), Quickswap DEX (Polygon), Camelot (Arbitrum), SpookySwap (Fantom)
Total TVL of the forks: $6.92 billion
2. Joint Funding
Surname: joint financing
Category: loan
TVL: $2.67 billion
The most popular forks: Venus (BNB), Tectonic (Cronos), Benqui Lending (Avalanche), Sonne Finance (Optimism), Mare Finance (Kava)
Total TVL of the forks: $4.56 billion
3. Olympus DAO
Surname: Olympus DAO
Category: reserve currency
TVL: $253 million
The most popular forks: Wonderland (Avalanche, ETH), Klima DAO (Polygon)
Total TVL of the forks: $1.51 billion
4. THE SPIRIT
Surname: SPIRIT
Category: loan
TVL: $8.53 billion
The most popular forks: UwU Lend (ETH), Geist Finance (Phantom), Radiant (Arbitrum)
Total TVL of the forks: 830 million dollars
The only DeFi protocol in the top 5 that was not originally on Ethereum is Solidly, launched by famed DeFi developer Andre Cronje on Fantom. Solidly’s TVL on Fantom has had a meteoric rise and equally meteoric decline, but the protocol has spun off several hugely popular protocols on other blockchains.
Firmly
Surname: Solid
Category: DEX
TVL: $1.5 million
The most popular forks: Velodrome (Optimism), Solidly V2 (ETH), Thena (BNB), Ramses Exchange (Arbitrum), Equalizer Exchange (Fantom), Solid Lizard (Arbitrum), Equilibre (Kava)
Total TVL of the forks: $863 million
What is Ethereum:
Ethereum is an open-source distributed computing platform based on blockchain technology that can execute smart contracts – that is, the conditions written in the contract are transparently and automatically executed when the previous conditions are met and no one can intervene. At the same time, Ethereum also allows developers to build decentralized applications (DApps) and decentralized autonomous organizations (DAO).
More about Ethereum can be found here:
Website | Twitter | Documentation | White paper | Reddit | discord | Youtube | GitHub | Ethereum Foundation Blog |
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