Inside the Stellar Ecosystem: Data-Driven Growth Across DeFi Protocols

The Stellar network, known for its focus on affordable and fast payments, is quietly entering the decentralized finance (DeFi) ecosystem. Through innovative applications, the Stellar blockchain is experiencing increased on-chain activity, signaling a new wave of adoption by developers and users diversified in usage cases. Despite Ethereum’s dominance in the spotlight, Stellar’s DeFi protocols are gaining traction.

Liquidity is increasing across Aquarius and Soroswap, Stellar’s active platforms focusing on liquidity. Aquarius has reached a $50 million milestone in total swap volume, while Soroswap has recorded over $21 million in total swap volume, indicating steady growth. These platforms are crucial in building the necessary liquidity to support complex DeFi use cases on Stellar.

Blend and Phoenix programs are witnessing rising user engagement. Blend introduces speculative energy into the DeFi space on Stellar, while Phoenix is rapidly gaining traction with nearly $900K in 30-day volume. Both platforms illustrate that DeFi on Stellar is interactive and engaging, offering users new opportunities to earn, swap, and participate in the ecosystem.

FXDao stands out in Stellar’s DeFi ecosystem with its unique stable debt protocol, surpassing $4.3 million in total debt issued. Users can deposit digital assets to mint stable debt tokens, including EURx, usdx, and gbpx, providing multi-currency exposure in a decentralized format. FXDao’s experimental approach to DeFi demonstrates stability and innovation.

Overall, Stellar’s DeFi ecosystem is evolving into a tangible entity, featuring liquidity protocols, user-centric platforms, and a growing debt market, laying the foundation for a self-sustaining DeFi economy. Despite lower overall numbers compared to larger networks, Stellar is making significant strides in real-world adoption within the DeFi space.