Core items:
- According to DefiLlama, new yield farming app Origin Ether is raising over $12 million TVL in just 14 days of launch.
- Origin Ether generates income from Ether by depositing it into multiple liquid staking and DeFi protocols.
- Liquid stake protocols have become popular as Ethereum has moved to proof-of-stake consensus and enabled withdrawals.
A new yield farming application called Origin Ether has caused quite a stir in the decentralized finance (DeFi) space.
According to data from blockchain analytics platform DefiLlama, the app has amassed a total value locked (TVL) of over $12 million just 14 days after its launch on May 16. TVL is a metric that measures the dollar value of assets within an app’s smart contracts.
Prior to the official launch, team members and early partners had already secured $793,000 in Origin Ether smart contracts. However, the May 16 public launch resulted in a rapid accumulation of deposits, resulting in a staggering TVL of over $13 million by May 30. That equates to about $12.6 million in profits in just two weeks.
Origin Ether’s official documentation states that the app generates revenue from Ether by depositing it into multiple liquid staking and DeFi protocols. The app uses a Curve and Convex algorithmic market operation strategy to maximize returns. Before being deposited into these protocols, a portion of 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 get additional farming rewards from these vendors.
Liquid staking protocols are growing in popularity as Ethereum turns to Proof-of-Stake consensus and allows for withdrawals. On May 1st, DefiLlama reported that liquid stakes protocols have overtaken decentralized exchanges and become the highest DeFi category in terms of TVL. The 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 shows the growing popularity and potential of yield farming applications and DeFi protocols in general. As more and more users seek to generate income from their crypto holdings, it is likely that more innovative applications will emerge in the near future.
DISCLAIMER: The information on this website is intended as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep up to date with news: https://linktr.ee/coincu
annie
Coincidence News
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.