Agni Finance, a decentralized exchange (DEX) on the Mantle network, recovered at the end of October, and its total value locked (TVL) established a new record high on October 31 at over $171 million, according to data from DefiLlama. Agni’s TVL touched the $160 million mark at the end of July but declined until the beginning of October, breaking below $90 million.
The DEX’s pool value has almost doubled within a month. The previous record high in July was also set after a sudden growth when the TVL more than tripled in a few weeks. Both waves of TVL growth are related to the Metamorphosis campaign.
Season 1 started on July 1 and focused on mETH, a liquid staking token representing Ethereum staked through mETH Protocol on the Mantle network. Token holders were able to accumulate Powder, which was convertible to COOK, mETH Protocol’s governance token that launched on October 29.
The campaign’s Season 2 focuses on the introduction of cmETH, a liquid restaking token (LRT) representing mETH restaked across platforms like EigenLayer, Symbiotic, and Karak.
On October 29, cmETH launched on Agni, attracting over $26 million in token deposits across its pools. The next day, the DEX had over $55 million worth of cmETH in its pools. Thanks to this growth, cmETH already accounts for 25% of Agni’s TVL, second only to mETH with over 57%. mETH/cmETH is the largest pool by TVL.
The DEX hosts multiple other tokens, including USDC, USDT, USDY, WETH, FBTC, AXLETH, and AXLUSDC.
cmETH’s growth on Agni pushed inflow figures to the highest levels since July. On October 30, the platform saw the second-best day for USD inflows.
Meanwhile, trading volume on Agni has been recovering at the end of October, but it still pales compared to July figures when Season 1 of the Metamorphosis campaign launched.
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