Published Feb 9, 2023
By Qredo Team
With Qredo, you can do so much more than just secure and protect your digital assets. You can also access the incredible emergent world of Decentralized Finance (DeFi), connecting to a wide range of DeFi protocols via our amazing integrations with MetaMask Institutional (MMI) as well as our all-new WalletConnect integration.
Using Qredo's innovative decentralized multi-party computation (dMPC) to secure your assets, we are currently the only dMPC solution in existence to offer such integration with the blue fox, MMI.
Now you can swap, earn, lend or borrow on the most trusted and respected software wallet in the world, all whilst protecting your digital assets using Qredo's advanced custody protocol. Qredo streamlines the sometimes-arduous trading processes involved in the world of DeFi into one simple trade flow supported by our unique dMPC protocol.
Since the launch of our MetaMask Institutional integration back in October 2021, our users have deployed millions in assets across many different EVM-compatible blockchains, connecting to many DeFi protocols for the purposes of lending, staking, yield farming and more.
Qredo unlocks the DeFi ecosystem and gives cross-chain access to DeFi opportunities whilst ensuring your funds are safely protected by our powerful dMPC protocol, making us the only digital asset security solution where you maintain self-custody whilst deploying your digital assets.
So which DeFi protocols are Qredo users connecting to?
Today we'll give you a quick breakdown of the top five most popular DeFi protocols for our Qredo userbase so far and take a look at what our users are doing on those different protocols.
If you're interested to see all the activity, here it is broken down in a pie chart full of delicious DeFi activity:
Top five DeFi protocols by total volume for Qredo Web3 Wallets
DeFi Protocol Top Spot #1: Aave v2 – Lending AVAX
Far and away, the most activity so far has been lending activity on the Aave liquidity protocol, specifically on Aave v2. This activity has been focused on AVAX lending, with participants contributing tokens to liquidity pools then made available to borrowers.
With the potential for significant returns from active trading pools, this has proved a highly popular option through the bear market and beyond. For more details on potential earnings, APY and more, check out this handy guide from Milkroad.
DeFi Protocol Runner Up #2: Arbitrum via GMX - Staking
Coming up in a strong second place is Arbitrum staking activity on decentralized perpetual exchange GMX, known for low swap fees and zero price impact trades. If you're interested in getting active on GMX, you can check out all the details behind their Arbitrum staking opportunities in their Gitbook documentation.
With over $460 million in total value locked (TVL) on Arbitrum, GMX has seen growth in the gathering interest the crypto market has seen in derivatives trading. Qredo has also recently directly joined this growing market with the incubation of hybrid exchange Ankex by our investment arm, Qredo Ventures.
DeFi Protocol #3: Convex – Staking
Staking is in full swing on Convex, a creative DeFi protocol built on top of the Curve exchange. Curve itself recently became the largest decentralized exchange by volume, back in September 2022, reaching $8 billion in TVL.
Fully audited by MixBytes and with over $150 million TVL in its native token CRV and new incentives and rewards offered in their latest January update, Convex is seeing growing interest from investors.
DeFi Protocol #4: Stargate Finance – Farming (AVAX & Eth)
Stargate Finance is a fully composable liquidity protocol offering extremely attractive farming yields across its supported networks.
With crosschain activity across eight blockchains, Stargate Finance enables the transfer of native assets crosschain while granting access to Stargate's unified liquidity pools.
DeFi Protocol #5: Aave v3 – Lending (AVAX, OP, MATIC, Arbitrum)
Last but not least, into our top five DeFi protocols reached by Qredo users, we come back full circle to Aave, this time with Aave v3, the latest version of the popular liquidity protocol. The most popular form of lending for Qredo users in this corner of DeFi has been with AVAX, at over 75% of the total lending activity seen.
Version 3 of Aave cuts transaction costs and enhances governance attributes, with votes taking place to decide on which stablecoins to approve for borrowing and for collateral. Unlike version 2, it does not support Layer 1 blockchains natively, operating entirely on Layer 2 networks such as Avalanche and Optimism.
Explore hundreds of dApps with Qredo’s Web3 Wallets
With Qredo's latest integrations with both MetaMask Institutional and WalletConnect, you can have best-in-class secure self-custody of your own digital assets and deploy them to some of the most exciting DeFi protocols from across the blockchain ecosystem.
At Qredo, we're securing the future of blockchain and securely connecting you to the growing world of DeFi. We can't wait for you to join us.