Weekly DeFi Data Observation | Projects like Convex Finance and Wepiggy see TVL growth exceeding 200%, total DeFi TVL rises by 16%

This article is an original piece by Chain Catcher, authored by Gu Yu.
TVL (Total Value Locked) is one of the best indicators to assess the development status of DeFi projects, and the changes in a project's TVL can reflect its development trend. Chain Catcher will soon launch a "Weekly DeFi Observation" column, reviewing the weekly DeFi market based on the TVL indicator and introducing projects with significant TVL changes.
Due to the overall pullback in the crypto market, as of May 30 at 22:30, the total locked value in the DeFi market across various public chains has increased by 16% compared to last week, reaching $102.2 billion, but still down 8.5% from this week's peak.

Data source: DeFi llama
From the perspective of public chains, the Ethereum DeFi ecosystem still dominates, holding a TVL of $79.4 billion, which accounts for 77.6% of the overall market; the BSC ecosystem's TVL, although reaching $14.4 billion, has only increased by 7% due to frequent hacking incidents; the Polygon ecosystem's TVL has reached $6.1 billion, up about 48%; the TVLs of other public chains such as Terra, Solana, Avalanche, Heco, and Fantom are $2.1 billion, $900 million, $410 million, $190 million, and $90 million, respectively.
From the perspective of individual projects, the projects with the highest TVL increases this week are Convex Finance, Wepiggy, CREAM Finance, SolFarm, and B.Protocol, all of which have increased by over 60%; the projects with the highest TVL decreases are Fortube, Siren, CofiX, and Cover, all of which have dropped by over 30%.
Next, Chain Catcher will provide a detailed introduction to the projects with the highest TVL fluctuations among those with a TVL exceeding $10 million, as well as those with a TVL below $1 million.
1. Projects with TVL exceeding $10 million - Increase Ranking

According to the above chart, the projects with the highest TVL increases this week among those with a TVL above $10 million are Convex Finance, Wepiggy, CREAM Finance, SolFarm, B.Protocol, Serum, Set Protocol, Dfyn Network, Deus, Secretswap, and Unit Protocol.
Among them, Convex Finance is a one-stop platform for CRV staking and liquidity mining, and since its launch on May 17, its TVL has reached $700 million, likely due to high liquidity mining rewards and support from the Curve community; Wepiggy is a recently launched DeFi lending protocol that has introduced a series of deposit incentive activities;
SolFarm is a yield aggregator based on the Solana ecosystem, which this week distributed a total of 1.5% of its token supply as rewards to all liquidity providers and conducted a snapshot; Set Protocol is a DeFi asset management protocol that allows users to create tokenized portfolios and completed a $14 million financing this week; Dfyn Network is a multi-chain DEX protocol that launched a liquidity mining program this week;
B.Protocol is a decentralized liquidity support protocol that incentivizes liquidity providers to liquidate collateralized loans on platforms like MakerDAO and Compound. Due to the recent market downturn and a significant increase in liquidation volumes on lending platforms, this protocol has also gained more user support; Deus is a synthetic asset protocol that has maintained an upward trend in TVL in recent weeks; Secretswap is a DEX project based on the privacy-focused Secret Network, which has recently launched liquidity mining programs for several new trading pairs;
Additionally, DeFi projects such as SushiSwap, Alpha Finance, AAVE, SpiritSwap, Index Coop, Flexa, and Bancor have all seen TVL growth rates exceeding 30%, which is twice the market average.
2. Projects with TVL below $10 million - Increase Ranking

According to the above chart, the projects with the highest TVL increases this week among those with a TVL below $10 million are Yetiswap, Stafi, ZLot, DEXTF Protocol, and Lydia, all of which have increased by over 30%.
Among them, Yetiswap and Lydia are both DEX projects based on the Avalanche public chain; Stafi is a DeFi protocol that provides liquidity solutions for Staking assets, and this week launched a $120,000 FIS incentive program for liquidity providers of its ETH2.0 staking derivatives; zLot is a collateral protocol built on the options protocol Hegic; DEXTF Protocol is a DeFi asset management protocol that allows anyone to mint, trade, and redeem non-custodial tokenized portfolios.
3. Projects with TVL exceeding $10 million - Decrease Ranking

According to the above chart, the projects with the highest TVL decreases this week among those with a TVL above $10 million are DODO, Integral, Goose Finance, Banbridge, bZx, and Vesper.
Among them, DODO has experienced the largest TVL drop this week at 24%, which may be related to the impact of the launch of Uniswap V3 on the fundamentals of this project. This project previously introduced the PMM active market-making mechanism aimed at improving capital utilization efficiency, but now Uniswap V3 has successfully implemented a similar approach, with daily trading volumes frequently exceeding those of Uniswap V2.
Integral is also a DEX protocol focused on improving capital utilization efficiency, and recently, its TVL peaked at over $600 million due to liquidity mining rewards, but has significantly declined in recent weeks as the reward intensity has decreased. This project is expected to launch its token in early June.
Goose Finance is a DEX protocol based on BSC, and its TVL has been in a downward trend since March. This week's drop may also be related to multiple hacking incidents affecting BSC projects.
4. Projects with TVL below $10 million - Decrease Ranking

According to the above chart, the projects with the highest TVL decreases this week among those with a TVL below $10 million are Fortube, Siren, CofiX, and Cover, all of which have dropped by over 30%.
Among them, the lending protocol Fortube has seen its TVL decline for several consecutive weeks, likely due to the project team's focus and resources being directed towards BSC. The insurance protocol Cover Protocol has also seen a continuous decline since separating from the YFI ecosystem, with its TVL now surpassed by insurance protocols like Unslashed and Opium, putting it at a competitive disadvantage in the insurance sector.