AlphaFi, a yield farming platform on the Sui blockchain, has experienced a 290% increase in its total value locked (TVL) within two months since its launch. The platform’s TVL is currently at a record $34.7 million, according to data from DefiLlama.
The yield aggregator has gained over 65% in the past month, becoming the best performer among the top 25 decentralized finance (DeFi) apps on Sui.
AlphaFi connects to top decentralized applications (dapps) on Sui, such as Cetus liquidity pools, to generate superior yield by auto-compounding rewards.
USDT accounts for 40% of AlphaFi deposits, followed by USDC at 22% and vSUI at 18.5%. USDT’s share doubled on September 17 amid a record daily inflow of Tether’s stablecoin, while USDC experienced its second-worst day of outflows during the same period.
AlphaFi’s main goal is to simplify yield farming on Sui for DeFi investors. Platform users don’t have to actively monitor their balance to manage multiple vault strategies, regularly claim interest, swap tokens, and manually compound interest. Crypto holders can select a pool, deposit tokens like Sui-based USDT or USDC, and claim rewards paid in ALPHA.
AlphaFi continuously aggregates yields from top dapps on the Sui chain, functioning similarly to Yearn Finance for Ethereum.
Alpha’s most popular strategies leverage liquidity pools on Cetus, the leading decentralized exchange (DEX) on Sui, and single-token pools on Navi, the top lending dapp on the chain and the largest one by TVL. On a side note, Navi’s TVL is at a record $274 million, up 22% over the month.
On Cetus, the most popular Alpha pool is USDT/USDC, with nearly $14 million in TVL. It generates an annual percentage return (APR) of over 28%.
AlphaFi users receive rewards paid in ALPHA, which can be locked in the internal ALPHA vault for 100 days to target an APR of 363%.
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