Stunning $12M TVL Growth Sets New Record For Yield Farming App
Key Points:
- New yield farming app Origin Ether accumulates over $12M TVL in just 14 days after launch according to DefiLlama data.
- Origin Ether generates yield from Ether by depositing it into multiple liquid staking and DeFi protocols.
- Liquid staking protocols have become popular as Ethereum moved to proof-of-stake consensus and enabled withdrawals.
A new yield farming application called Origin Ether has been making waves in the decentralized finance (DeFi) space.
According to data from blockchain analytics platform DefiLlama, the app has amassed over $12 million in total value locked (TVL) just 14 days after its launch on May 16. TVL is a metric that measures the dollar value of assets inside an app’s smart contracts.
Before the official launch, team members and early partners had already locked in $793,000 inside Origin Ether’s smart contracts. However, the public launch on May 16 led to a rapid accumulation of deposits, which resulted in a staggering TVL of over $13 million by May 30. This represents a gain of approximately $12.6 million in just two weeks.
Origin Ether’s official documentation reveals that the app generates yield from Ether by depositing it into multiple liquid staking and DeFi protocols. The app utilizes an algorithmic market operations strategy on Curve and Convex to maximize returns. Before being deposited into these protocols, some of the ETH is converted into liquid staking derivatives, such as Lido Staked Ether (stETH), Rocket Pool Ether (rETH), and Frax Staked Ether (sfrxETH). This allows users to gain additional farming rewards from these providers.
Liquid staking protocols have become increasingly popular as Ethereum moves towards proof-of-stake consensus and enables withdrawals. On May 1, DefiLlama reported that liquid staking protocols had surpassed decentralized exchanges to become the top DeFi category in terms of TVL. Cross-chain bridging protocol LayerZero also recently partnered with the Tenet network to increase the use of liquid staking in the Cosmos ecosystem.
Origin Ether’s impressive TVL in just 14 days clearly demonstrates the growing popularity and potential of yield farming applications and DeFi protocols in general. With more and more users looking to generate yields from their crypto holdings, it’s likely that we’ll see more innovative applications emerge in the near future.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
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Stunning $12M TVL Growth Sets New Record For Yield Farming App
Key Points:
- New yield farming app Origin Ether accumulates over $12M TVL in just 14 days after launch according to DefiLlama data.
- Origin Ether generates yield from Ether by depositing it into multiple liquid staking and DeFi protocols.
- Liquid staking protocols have become popular as Ethereum moved to proof-of-stake consensus and enabled withdrawals.
A new yield farming application called Origin Ether has been making waves in the decentralized finance (DeFi) space.
According to data from blockchain analytics platform DefiLlama, the app has amassed over $12 million in total value locked (TVL) just 14 days after its launch on May 16. TVL is a metric that measures the dollar value of assets inside an app’s smart contracts.
Before the official launch, team members and early partners had already locked in $793,000 inside Origin Ether’s smart contracts. However, the public launch on May 16 led to a rapid accumulation of deposits, which resulted in a staggering TVL of over $13 million by May 30. This represents a gain of approximately $12.6 million in just two weeks.
Origin Ether’s official documentation reveals that the app generates yield from Ether by depositing it into multiple liquid staking and DeFi protocols. The app utilizes an algorithmic market operations strategy on Curve and Convex to maximize returns. Before being deposited into these protocols, some of the ETH is converted into liquid staking derivatives, such as Lido Staked Ether (stETH), Rocket Pool Ether (rETH), and Frax Staked Ether (sfrxETH). This allows users to gain additional farming rewards from these providers.
Liquid staking protocols have become increasingly popular as Ethereum moves towards proof-of-stake consensus and enables withdrawals. On May 1, DefiLlama reported that liquid staking protocols had surpassed decentralized exchanges to become the top DeFi category in terms of TVL. Cross-chain bridging protocol LayerZero also recently partnered with the Tenet network to increase the use of liquid staking in the Cosmos ecosystem.
Origin Ether’s impressive TVL in just 14 days clearly demonstrates the growing popularity and potential of yield farming applications and DeFi protocols in general. With more and more users looking to generate yields from their crypto holdings, it’s likely that we’ll see more innovative applications emerge in the near future.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
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