According to data from blockchain analytics platform DefiLlama, a new yield farming app called Origin Ether has amassed a total value locked (TVL) of over $12 million just 14 days after its launch. TVL is a metric that measures the dollar value of assets within an app’s smart contracts.
The total value of Origin Ether is locked from May 9th to May 30th. Source: Defillama
According to a representative of the development team, the app was launched on May 16th. Data from DefiLlama shows the app already had $793,000 in its contracts before launch, which may have been provided by team members or other early partners.
After its public launch on May 16, Origin Ether (OETH) deposits quickly piled up, resulting in a TVL of over $13 million by May 30. This is a gain of about $12.6 million over 14 days.
According to the app’s official documentation, Origin Ether generates income from Ether (ETH) by depositing it into multiple liquid stakes and decentralized finance (DeFi) protocols. Specifically, it utilizes a Curve and Convex algorithmic market operation strategy to maximize returns. Before being deposited into Curve and Convex, some ETH is converted into liquid staking derivatives, including Lido Staked Ether (stETH), Rocket Pool Ether (rETH), and Frax Staked Ether (sfrxETH). The protocol’s documentation states that this allows users to receive additional farming rewards from these vendors.
Related: Celsius adds over 428,000 stETH to Lido’s ever-expanding withdrawal queue
Ether-Liquid staking protocols allow ETH holders to pledge their coins to a network of providers in exchange for tokens representing those deposits. They have grown in popularity as Ethereum moved to proof-of-stake consensus and enabled withdrawals.
On May 1st, DefiLlama reported that liquid staking protocols had become the top DeFi category, surpassing the TVL of decentralized exchanges. On May 30, cross-chain bridging protocol LayerZero partnered with the Tenet network to increase the use of liquid staking in the Cosmos ecosystem.
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