Amply Finance, a lending protocol on the Cronos zkEVM chain, saw its total value locked (TVL) reach a record $20 million on November 11 after surging about 300% within a few days. The platform, which went live in mid-September, has become the largest dapp on the recently launched layer 2 network, which was developed in partnership with Cronos Labs.
The rapid growth in Amply’s TVL took off on November 6, when the platform’s total deposits nearly doubled to $9.2 million. At the time, Amply announced the launch of its native token, AMPLY, letting users convert preAMP to the new token. Those who hold the older token can stake all rewards for 3 months to unlock a larger amount of AMPLY in mid-February 2025.
Amply, a fork of Aave v3, saw record inflows last week. On November 9, USD inflows hit a record $5.3 million.
Tokens with the largest deposits include vETH – a liquid staking token (LST) representing ETH staked via Veno Finance, ETH itself, VUSD – a stablecoin from Veno, USDC, CRO – the native coin of the Cronos chain, and WZKCRO – the wrapped version of zkCRO, which represents the CRO coin bridged to the layer 2 network.
On a side note, Veno’s TVL is at a record $76 million, up from $43 million a week ago.
Meanwhile, Amply is the largest DeFi app on Cronos zkEVM, competing with H2 Finance, which is the leading decentralized exchange (DEX) on the layer 2 chain. Amply’s contribution helped Cronos zkEVM’s TVL double to a record $42 million. Other dapps that have shown great performance include H2 Finance, Veno Finance, Fulcrom Perps, and MicroSwap.
Amply has also been boosted by the recovery of the broader DeFi sector amid a general bullish sentiment. DeFi’s total TVL has gained over $20 billion in the past week.
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