Is DeFi summer about to heat up and will it exist on a new network?
Despite launching just a little over a month ago, the total value locked on the protocol recently hit a high of $2.19 billion and saw more than $317 million in volume on March 3 as the wider crypto market experienced a sell-off.SOLID, the native token, holders can stake their tokens on the network for varying lock-up periods ranging from one week to four years. They are also able to receive vested equity nonfungible tokens that represent the staked assets and confer voting rights.
Liquidity providers are also rewarded with veNFTs and earn between 40% and 100% based on their own ve-token balance. Fees generated from activity on the Solidly exchange are distributed to veNFT token holders.Juno is a decentralized, public and permissionless network for cross-chain smart contracts that is part of the Cosmos ecosystem.
The protocol was created by a group of developers, validators and delegators within the Cosmos ecosystem to become a kind of, which can help “preserve the neutrality of the Hub by offloading smart contract usage/congestion to a designated contract zone.” Juno is also home to CosmWasm, a program that enables WebAssembly virtual machines in the Cosmos SDK. The addition of WASM allows software to be written in many different coding languages, making it so that developers don’t need to learn a new language just to build on Cosmos.
Activity for the JUNO token saw a noticeable uptick near the end of December 2021, climbing from a price of $7.70 on Dec. 20 to a record-high of $45.85 on March 3.Alongside interest in the cross-chain smart contract capabilities of Juno, investors have also been attracted to the protocol for several high-profile airdrops that have been distributed to JUNO holders and stakers such as the GovDrop for Neta and Marble DAO.