Fast forward to 2025, and NEAR Protocol’s decentralized finance (DeFi) ecosystem is thriving. It highlights massive expansion in Total Value Locked (TVL) and a widening user adoption on disparate networks. Ref Finance, Burrow, Meta Pool, Jumbo Exchange, and PembRock are leading this charge. Each platform provides innovative features that hook a quickly expanding audience. Together, these platforms exemplify the growing vibrancy and exciting potential of the NEAR Protocol as a new center of DeFi innovation.

Ref Finance Leads the Way in Cross-Chain Swaps

And while NEAR’s DeFi boom has plenty of players staking their claim, ref Finance is leading the charge. Holding a total value locked (TVL) of about $225 million, it’s already home to over 120,000 weekly users. Its robust platform facilitates seamless cross-chain swaps via the Rainbow Bridge, enabling users to exchange assets between NEAR and other blockchain networks. This cross-chain compatibility is at the heart of Ref Finance’s success and popularity and its success at attracting liquidity.

Ref Finance’s success can be largely attributed to a streamlined UX, low transaction fees, and fast trading mechanisms. The platform strongly focuses on cross-chain interoperability. This new direction addresses a burgeoning demand in the DeFi ecosystem by allowing users to tap into a wider variety of assets and trading options. As the DeFi landscape gets more integrated, Ref Finance is in a great position to continue to be at the forefront of innovation.

Burrow and Meta Pool Drive Lending and Staking Innovation

Burrow has emerged as another standout player in NEAR’s DeFi ecosystem. With a total value locked (TVL) of over $150 million and over 85,000 weekly users, it has established itself not only in the decentralized money market protocol space. The platform provides users with a seamless experience of lending and borrowing assets with low gas fees and highly efficient collateralized loans. This opens new avenues for users to earn yield on their assets or borrow against them to access funds without selling their assets.

Meta Pool has a TVL of about $130 million. Now boasting more than 60K weekly users, it is the premier platform for liquid staking, but DAO governance, etc. Meta Pool allows users to stake their NEAR tokens with other validators. In exchange, they get liquid staking tokens that are useful across many different DeFi applications. By unlocking the liquidity of staked assets, tap into new opportunities available to your users. Now, they have an opportunity to directly affect how the Meta Pool protocol is governed.

Emerging Platforms Offer Unique DeFi Opportunities

Jumbo Exchange and PembRock are two other burgeoning platforms that are bringing even more diversity to the NEAR DeFi ecosystem. Jumbo Exchange, a decentralized platform with a TVL of roughly $70 million, recently enjoyed the usage of over 40,000 users per week. The exchange has found success by introducing unique trading quests and fee discounts through NFTs. Combined, these features incentivize user engagement and make for a much more rewarding trading experience.

PembRock, with a TVL of approximately $50 million and 25,000+ weekly users, offers leveraged yield farming with high Annual Percentage Yields (APYs). This enables users to boost their profits through leverage by borrowing assets to expand their farming stakes. We should note that although leveraged yield farming is riskier than traditional farming, they typically come with the greater reward as well.

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