Yay!, a decentralized social application, reached a record $13 million in total value locked (TVL) on Tuesday, October 15. The social finance (SoFi) platform has gained over 450% in the past month, according to data tracked by DefiLlama.
Yay! promotes itself as a virtual world where everyone can express their ideas, post about their daily life and interests, and join communities.
The application has been around since 2022, but in 2023 it turned into a Web3 player by introducing an economic model involving a native governance token (YAY), utility token, and non-fungible tokens (NFTs).
In August 2024, the platform launched a staking campaign to strengthen the ecosystem liquidity and reward active users. The campaign is aimed at Yay! supporters, encouraging them to stake their assets with protocol partners like StakeStone and Kelp via its dedicated dashboard. Stakers can earn points from these partners as well as Yay! Gold.
Currently, Yay! supports two tokens for staking: StakeStone’s STONE and Kelp’s agETH.
STONE is a yield-bearing liquid staking token backed by Ethereum. It is provided by StakeStone, an omnichain liquidity protocol offering an adaptive staking network for liquid Ethereum and Bitcoin.
agETH is an Ethereum-backed liquid staking token offered by Kelp DAO’s Gain vault program.
STONE represents 60% of the crypto funds deposited via Yay!, and its TVL has surged from less than $3 million at the end of September to $7.8 million as of this writing.
agETH’s TVL has exploded from zero to over $5 million within two weeks.
The first day of October saw record inflows in USD terms, with nearly $5 million worth of tokens deposited into Yay!.
Thanks to its rapid growth over the last two weeks, Yay! has become the largest DeFi application in the SoFi category, overcoming friend.tech.
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