Top 5 Trending DeFi Projects on zkSync Era

Most DeFi applications did not operate on zkSync during its Lite phase. However, the transition to Mainnet has changed that, and now the zkSync ecosystem is rapidly expanding. 

This article delves into the top 5 projects on zkSync that have garnered immense popularity and are actively used by network users. As these applications have the potential to offer retrodrops from the blockchain in the future, users are enthusiastically engaging with them. Collaborating with these projects could lead to higher future rewards, presenting a lucrative opportunity worth exploring.

ZkSyns Bridge

Immediately after the launch of zkSync Era, the blockchain became one of the top 7 gas consumers on Ethereum due to the active usage of the zkSync Bridge, which allows for cross-chain transfers between networks.

The bridge is the first and foremost application necessary to start working with the zkSync Era network. Official cross-chain bridges are often a criterion for receiving retrodrops from projects such as Arbitrum. In addition, cross-chain bridges bear the brunt of transaction loads, so transfers can take anywhere from a few hours to a few days.

Syncswap

This decentralized platform on zkSync Era was one of the first to offer token exchange capabilities. Users can convert their assets into ETH, USDT, MATIC, BUSD, BNB, and other tokens. In the “Pool” section, users can add their own liquidity and earn passive income.

DEX Syncswap announced its own token release in March 2023. Users can obtain it by engaging in activities on the platform, such as token swapping or liquidity farming. The more transactions a user makes, the more SYNC tokens they will receive after the official listing. The number of earned SYNC tokens is displayed in the “Rewards” section.

Mute

This is another DEX that supports liquidity provision features and has an automated market maker. Here, tokens that are not available on other exchanges in the zkSync network, such as WISP, zCULT, ZKRICE, and others, can be traded. 

Mute offers its users a built-in portfolio to track their assets, with liquidity pool yields in some trading pairs exceeding 40% annually. The APY for the WETH/USDT trading pair is 29%.

The platform already has its own token, used in farming campaigns and the DAO mechanism. The asset's capitalization is currently $50 million.

SpaseFI

This is a cross-chain Web3 platform featuring a DEX, NFT, Starter, and DAO on Layer 2 blockchains, including zkSync Era. The two main activities that can lead to a retrodrop are token exchanges and liquidity provision. Due to the small amount of locked funds, some farming programs offer 650% returns for certain pairs.

On the NFT marketplace, one can purchase NFTs dedicated to planets and various cosmic objects, while using the xSPASE block to lock native SPASE tokens and become a participant in the DAO, receiving rewards for staking and many other prizes.

Nexon Finance

This is a lending protocol that offers cryptocurrency lending and borrowing features, as well as allowing lenders to provide their own funds for interest earnings. Currently, users can interact with ETH and USDC tokens. The platform has a locked liquidity volume of $3.5 million. 

The Loan-To-Value (LTV) ratio reaches up to 80%, indicating the amount of funds provided in relation to the collateral locked.

In conclusion

As the number of projects on zkSync Era grows every day, receiving a retrodrop requires performing a variety of activities regularly. This will allow the account to build up a larger transaction history and boost its reputation.

Indeed, all zkSync Era transactions must be performed on the Mainnet. Hence, it's imperative to conduct a thorough analysis of the projects and carefully manage asset risks to ensure successful asset management.