DEFI

DeFi hand in hand promotion campaign! Collaboration with over 20 protocols aims to increase DeFi exposure

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DeFi hand in hand promotion campaign! Collaboration with over 20 protocols aims to increase DeFi exposure

I don't know if you have noticed in the past few days, many DeFi protocols are advertising each other on Twitter. Why are they doing this? What are they hoping to achieve?

Pairing Up to Increase Exposure

According to a report by The Defiant, about 20 DeFi projects collaborated on a sharing campaign, promoting each other in pairs on Twitter. The initiative aims to demonstrate the value of DeFi following a series of collapses of CeFi organizations in 2022.

The participating DeFi projects include Yearn, Balancer, Element, CoWSwap, Gearbox, Opyn, SushiSwap, Aave, and Dopex, showcasing a diverse range of projects, with most activities planned by Yearn and Element.

"DeFi projects have never been stronger after the recent collapse of CeFi, as decentralized governance protocols with smart contracts and open-source code have proven to be superior to imperfect humans. Humans have motives to persuade users to trust them for any reason," the team behind the campaign stated.

Below is an example of Aave, a lending protocol, and the derivative trading platform dydx promoting each other, not only to increase exposure but also to help followers understand the concepts of each other's protocols.

Through this campaign, the organizing team aims to reach 2 million Twitter users, with Aave having the highest number of followers among these DeFi protocols, reaching up to 522,000.

DeFi TVL Continues to Recover

According to data from Defillama, the total value locked (TVL) of DeFi protocols was impacted after the bankruptcy of FTX in November, dropping below $40 billion. However, starting this year, TVL has been slowly recovering and currently stands at nearly $50 billion.