0xDAO TVL has dropped by nearly 20 times since Jan: A deeper insight
oxDAO seemed to have kicked off the year 2022 with a surge in Total Volume Locked (TVL) which reached $4.4 billion in the month of January. However, since then, the popularity of the platform seems to have faded as the TVL of the platform declined by nearly 20 times and is currently valued at 230 million USD.
0xDAO witnessing a decline in TVL
oxDAO is a "coalition of the leading protocols on Fantom" which aims to maximize the returns of Solidly LP depositors and veNFT holders, as per their official documentation. As per data from DefiLlama, the TVL of the platform has dropped nearly 20 times when compared to the highs in January.The data also confirms that by the middle of the first week of March, we witnessed a huge drop in the TVL which amount to $3.5 million. Since then, the TVL has been rising steadily. When compared to this value, the TVL of 0xDAO has surged 6500% in the month of March!
Initially, the OXD token saw a surge in price as it was valued at $0.2 and the TVL also shot up. But, the values continued to decline and the cause of the decline in the TVL of 0xDAO is related to Andre Cronje’s new automated market maker (AMM), Solidly which also saw a huge surge in TVL, reported previously by Cryptonary. However, the project was abandoned by the founder which then, went bad.
The war for control
Cronje decided to distribute the governance of the Solidly project as per the TVL of the projects involved. As a result, there was confusion which led to a conflict where 0xDAO competed for the control of Solidly with the nearest competitor being the Solidex exchange. Synapse Protocol confirmed that it would delay/go solo, SpookySwap confirmed its neutral stance while Frax Finance joined 0xDAO.As 0xDAO confirmed its lead, the users of the platform witnessed that the team of the project went silent which wasn't a message that was received well by the community. This caused users to dump the OXD tokens which caused a huge drop in the TVL as well.
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