Get Ahead of the Game: The 6 Most Exciting DeFi Projects in 2023

• Shibarium, a layer-2 scaling solution for Shiba Inu is inching closer to its beta launch.
• Woo Network and GMX have made announcements on their twitter handles regarding the developments being undertaken.
• Aave, an open-source liquidity protocol, will be activating its V3 cloud on the Ethereum main net.

Decentralized finance, or DeFi, is a rapidly growing sector. They keep coming up with new developments to provide their users with many benefits like transparency, security, access to financial services, and, most importantly, decentralization.

This article focuses on 6 DeFis that are bringing in the latest developments you need to keep an eye on.

Shibarium

Shibarium, a layer 2 solution for Shiba Inu, is inching closer to its beta launch. It is a collective blockchain that scales the decentralized finance space and invites solutions, innovation, and security. This L2 blockchain built on the Ethereum blockchain will provide scalability, faster transaction times, lower fees, and an expanded development framework.

Additionally, this layer aims to work on existing blockchain as a protocol and allow faster, cheaper, and private transactions to be processed “off-chain.” It will also reduce the gas fee as the L2 blockchain will handle most processing work, thereby reducing the bandwidth. Shibarium’s development platform seeks to offer strong capabilities to let the community incorporate its ideas into the blockchain.

WOO Network

WOO Network, a centralized and decentralized financial system that provides market participants with liquidity, announced upcoming developments for 2023. According to its blog, in 2023, It seeks to make several adjustments to the WOO tokenomics to boost community utility and transparency.

The company has been facing a few issues, like investment allocation to top ventures being highly competitive and investors choosing a few quality products. Secondly, since early-stage projects require cash, holding WOO tokens introduced unneeded volatility. Thirdly, due to the project’s long vesting period, WOO couldn’t give timely airdrops to its stakeholders. And lastly, the number of WOO staked across WOO X, and WOOFI outweighed the value of tokens obtained through WOO ventures, leading to reduced benefits earned per staker.

Since WOO Ventures, WOO DAO, and Insurance Fund will be shut down, WOO Network will burn 24% of the maximum supply. Also, the company will distribute airdrops to current WOO X and WOOFI stakeholders.

Aave

Aave, an open-source liquidity protocol, plans to activate its V3 cloud on the Ethereum mainnet. Stani Kulechov, Founder and CEO of Aave, took to Twitter to share the news. This upgrade is expected to reduce the transaction cost by 25% and will help make the protocol more efficient.

The new version will enhance the core concepts of Aave, like aTokens, Instant Liquidity, stable rate borrowing, and credit delegation. In addition, V3 on Ethereum will improve user experience, risk management, and capital efficiency. The deployment is expected to be on 27th January.

GMX

GMX is a decentralized perpetual exchange. It is built on Arbitrum and Avalanche. Recently, GMX became part of Traders Joe Arbitrum Adventure. The program is being run in collaboration with 13 top Arbitrum DeFi protocols aiming to teach people about fresh DeFi protocols while rewarding them.

The campaign will be rolled out in a phased manner starting on 27th January, and each partner will be given a Questboard for a specific phase. Participants need to complete partner-specific on-chain assignments to unlock level 1 roles. All the tasks need to be completed to earn jackpot rewards.

Synthetix

In another development, Synthetix, a derivatives liquidity protocol providing for derivatives trading in Defi, looks forward to rolling out Synthetix V3. As mentioned in the document published by the company, the protocol has been completely rebuilt from scratch in Synthetix V3. This redesign will help create cutting-edge DeFi apps.

Synthetix V3 will help in permissionless asset creation, better credit control for stakers, and help Synthetix provide a foundation upon which liquidity can be expanded quickly.

Curve Finance

Curve finance has proposed adding Defi Frank (DCHF) + 3CRV pool, enabling users to assign gauge weight and mint CRV to the gauge controller.

DCHF is an overcollateralized stablecoin that is pegged to the Swiss Franc. 3CRV is a liquidity provider token and allows for the exchange of USDT, USDC, and DAI. The DeFi Franc team has made several actions for long-term alignment with the Curve ecosystem since they feel Curve is the go-to-market for stablecoin liquidity.