The total value locked (TVL) in DeFi is increasing day by day. When examining DeFis with more than $52 billion invested, it is seen that the GDP of many countries around the world has been surpassed.As we approach the year 2024, three decentralized exchange protocols stand out among their competitors. According to data from DefiLlama dated December 21, Uniswap (UNI), PancakeSwap (CAKE), and Orca (ORCA) are noteworthy.Uniswap (UNI) At the Top of the ListUniswap is perhaps leading the decentralized exchanges. It is talked about in all crypto circles as one of the most robust protocols in this category. It initially emerged on Ethereum (ETH) but later expanded and now supports 12 chains with a TVL of $4.06 billion.More importantly, its total value increased by 69% in 24 hours, similar to the increase experienced last week. At the time of writing, it is trading at a price of $5.98. Also, UNI’s market value is almost at the same level as its TVL. This reflects that Uniswap has a balanced structure.Is PancakeSwap (CAKE) Making a Comeback?PancakeSwap continues to maintain its strong stance in the market. It is in third place with a TVL of $1.50 billion and appears to be an essential part of the BNB Chain (BNB). Looking back, it is seen that the DEX hosted great successes during the period when the play-to-earn game Mania became popular in 2021.Currently, PancakeSwap has solidified its position in the top ranks by expanding its support to other 8 chains. The DEX’s token, CAKE, has seen an 11% increase and is trading at $2.52.At this time, less than half of its total value is locked. Considering this, the MCap/TVL ratio of 0.45 could indicate a discrepancy and an interesting buying opportunity.Did Solana Boost Orca (ORCA)?Meanwhile, attention has turned to Orca. Orca has earned its place on this list due to Solana’s (SOL) significant success in the crypto world and specifically within the DeFi ecosystem.This decentralized exchange appears solely as a DEX for Solana and has seen a 169% increase in its TVL. ORCA is in 10th place with $179.13 million worth of Solana-based tokens locked in its liquidity pools.Even more interestingly, Orca has a market value twice as high as its TVL, currently giving overbought signals. At the time of writing, ORCA’s value was at $8.47 and has shown an increase of 1,870% since its inception.#DEFI #UNI #CAKE #ORCA