DeFi has been the new buzzword since 2020, and it continues to reign in popularity even in 2023. Everyone in the crypto industry is curious to see what this booming sector of Decentralized finance holds for us in the future. With so many new projects on the horizon, it often gets difficult to choose which ones are the most promising.

When it comes to DeFi projects it is essential to consider several factors. The Total Value Lock (TVL) by the project, the investors involved, the growth showed etc, are some key aspects that determine the prospective future of a new product. In this article, we will talk in-depth about 5 such top Upcoming (tokenless) Defi projects that you need to watch out for in 2023.

upcoming Defi projects 2023

Morpho

The Morpho project is a promising on-chain layer that functions on a peer-to-peer basis and is created over pools like Aave and Compound. These pools are essentially lending pools and through their utilization, Morpho offers users better and more efficient rates. This aspect works in favour of both lenders as well as users who wish to borrow.

It helps in connecting borrowers and lenders in an effortless fashion while aiding both parties in making the best use of their capital. As we mentioned earlier, the rates offered by Morpho are advanced and enhanced. However, this element is accomplished without ever compromising on the other indispensable features of guaranteed liquidation, promised liquidity, aspects of associated hazards and risks, etc. To ease the process, the project is designed in such a way that using Moprho products like Morpho-Compound and Morpho-Aave is just like using the underlying pool, Compound and Aave respectively.

Key metrics (As of 4th March 2023)

  1. Morpho has a Total value locked (TVL) of 289.87 million dollars, which has shown a growth of 27.35 per cent.
  2. Its annualized Borrowing volume is somewhere around 105.5 billion dollars. This too has increased by 20.57 per cent
  3. Now let’s look at the Total interest and token incentives earned from p2p borrowers & third-party lending protocols as the Fees. The 30 day Fees is around 1.3 million dollars while the annualized Fees is approximately 15.7 million dollars. Both parameters have shown a growth of 14.62 per cent.
  4. The 30 day average of the daily developers and users is 2.37 and 41.67 respectively. The Daily Active developers are the Number of distinct GitHub users that made more than one commits to the project’s public GitHub repositories.
  5. Talking about the Yeilds, the Average APY of Morpho Compound is 1.51 per cent and that of Morpho Aave is 1.91 per cent.

DeFi Saver

DeFi Saver is a brilliant DeFi dashboard that aids users in making, analyzing, and organizing all your Decentralized Finance-associated positions. According to the published docs, “With DeFi Saver you can manage and interact between decentralized finance protocols. By creating strategies you can create advanced actions that will be executed automatically when certain conditions are met. The code is open source and runs on the Ethereum blockchain.”

The platform is linked with several protocols like MakerDAO CDPs, Compound, dYdX and Fulcrum. It has several features in store for the users including an automated protection system for liquidity, production of one of a kind protocol communication mechanism, combination of useful DeFi services, execution of protocols in one transaction etc. additionally they also cater to developers who wish to interconnect with other DeFi projects thought the SDK provided by DeFi Saver.

Key metrics (As of 4th March 2023)

  1. DeFi Saver has a Total value locked (TVL) of 147.43 million dollars, which has shown a slight reduction of 9.92 per cent.
  2. Now let’s look at the Total Trading Fees paid by the traders in both 30 days and in a year. The 30 day Fees is around 105.85 thousand dollars while the annualized Fees is approximately 1.29 million dollars. Both parameters have shown a growth of 9.05 per cent.
  3. The 30 day average of the daily developers is 5.47. This value has increased by 41.4 per cent. The Daily Active developers are the Number of distinct GitHub users that made more than one commits to the project’s public GitHub repositories in the last 30 days.
  4. The Revenue generated is the share of trading fees that goes to the protocol. Currently, the revenue is the same as the Fees generated
  5. In addition to these key metrics, it is also important to note that Defi Saver has accomplished more than 115,000 Transactions, over 7 billion dollars in Trade volume, and has also automated 204 Positions, around 140.5 million dollars, 62.1 thousand ETH and 410.7 WBTC

Paraspace

Paraspace is an NFT focussed DeFi protocol. With its decentralized nature, Paraspace enables users to both loan out and borrow funds against both Non-Fungible as well as Fungible tokens. They are working toward tackling the various issues that are currently prevalent in lending platforms. The platforms that are used currently provide very restrictive backing to collateral and are not very attentive towards the varied risk appetites of different users. Paraspace is trying to mitigate these very problems.

They work oath the vision of facilitating a platform that gives users the ability to customize the assets on which they borrow and also set the terms of the transaction on their own. As of now, Peer to Pool lending is one aspect reinforced by the protocol. This feature is useful in handling most of the goals of the platform however there are still a few objectives that still remain to be accomplished. The team is working persistently to amalgamate capital efficiency and the ability to customize in order to offer the best results.

Key Metrics (As of 4th March 2023)

  1. Paraspace has a Total value locked (TVL) of 89.08 million dollars
  2. It has supplied users with over 610 Non Fungible Tokens
  3. In terms of the assets supported, to provide backing to more than 10 NFT Collections Supported and well as over 10 ERC 20 coins
  4. In terms of capital, around 50.1 million dollars has been supplied on the platform and 13.8 million have been borrowed on it.
  5. Paraspace has also issued around 9 audit reports
  6. Talking about the Yeilds, the Average APY of Paraspace is 17.77
  7. It has an impressive staking feature where around 5.5 million ApeCoins and beyond 570 NFTs have been Staked
  8. Investors include: Sequoia, Pantera, Founders Fund, Breyer Capital, Lightspeed, Hypersphere, Continue Capital, Polychain Capital, CMT Digital, Coinbase Ventures, Blockchain Capital, Blockchain.Com, Blockchange, SHIMA CAPITAL and more.

Opyn Gamma

Opyn Gamma is a new and exciting project that provides users with great DeFi related investment strategies. It is powered by squeeth. Squeeth, also known as squared ETH was created by the Opyn Research team to function as an economic derivative that works just like a perpetual swap.

It provided users with a leveraging power that is free of liquidations. The positives offered by them have claimed to be unlimited and the downsides have an added layer of protection. You can employ your cryptocurrencies like ETH and USDC to get returns and charge your portfolio through the associated systems provided by them. In fact, you can even take part in various auctions of different sizes that allow you to trade Squeeth with very little impact on price.

Key Metrics (As of 4th March 2023)

  1. Opyn Gamma has a Total value locked (TVL) of 37.5 million dollars
  2. It has a Total Notional Volume of more than 16 billion dollars.

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Gamma.io

Gamma is an innovative DeFi platform that facilitates users with tools to manage their liquidity and also provided smart investment strategies.

One of the stand-out aspects of the platform is its Vauly feature. This works as a kind of position manager contract with non-custodial characteristics. Vaults provide plans and methods for making the right choices when it comes to liquidity pools, they aid in token creation and also contribute to the incentives program.

Uniswap V3 and Quickswap V3 are utilized to build this vault and gamma makes sure that these vaults come with the ability to interact with various blockchains. Users can also stake the GAMMA token in order to make a little extra passive income.

Key metrics (As of 4th March 2023)

  1. Gamma has a Total value locked (TVL) of 34.24 million dollars, which has shown a growth of 144.93 per cent.
  2. Now let’s look at the Total interest accrued after rebalancing hypervisors as the Fees. The 30 day Fees is around 459.23 thousand dollars while the annualized Fees is approximately 5.59 million dollars. Both parameters have shown a growth of 883.22 per cent.
  3. The 30 day average of the daily active developers and users is 1.77 and 149.83 respectively. The former has increased by 3.9 per cent and the latter by 320.9 per cent.
  4. Talking about the Yeilds, the Average APY of Gamma is 45.46 per cent
  5. The Revenue generated is the share of trading fees that goes to the protocol. Currently, the 30 day revenue and the annualized revenue are 64.52 thousand dollars and 785.05 thousand dollars respectively.
  6. The fully diluted P/F ratio is 2.71x and the fully diluted P/S ratio is 19.29x.
  7. Gamma strategies also has a token called GAMMA that is valued at $0.1514 dollars and has a Circulating market cap of 7.72 million dollars.
  8. Investors include: Blockchain Capital, 1 k(x), Maven 11, 1Confirmation, Electric Capital, Spartan, Tribe Capital, Alliance DAO, GSR, Decentral Park Capital and more.