Colend Protocol, a decentralized lending app on the Core blockchain, has defied the recent bearish pressure in the decentralized finance (DeFi) market, attracting more liquidity over the last month. On August 16, the protocol’s total value locked (TVL) hit the record $180 million mark after surging 100% within a week. No other lending protocol within the top 120 DeFi apps has managed to experience a monthly TVL increase.
At its peak, Colend was the largest dapp on Core by TVL. As of this writing, the protocol’s TVL has corrected to $116 million, becoming Core’s second-largest DeFi app after Pell Network, a multi-chain restaking protocol, which has $117 million of liquidity locked on the Core chain.
Speaking about Pell, it supports 10 other chains and has a total liquidity valuation of over $300 million, but Core has quickly become the largest chain for Pell assets following a monthly TVL increase of over 75,000%. Over the weekend, Core surpassed Bitlayer, BounceBit, BSquared, Merlin, and BNB Smart Chain to become the leading chain for Pell’s restaked assets.
Colend and Pell have helped the Core blockchain double its TVL over the past week and surge to a record $259 million as of this writing. Core had about $25 million in TVL at the beginning of June.
This is the largest weekly increase in TVL among the top 50 chains, helping Core advance to become the 25th largest chain by TVL in DeFi.
Core is a layer 1 blockchain launched in 2023. Its goal is to offer a robust blockchain solution that addresses the scalability trilemma.
Back to Colen, the most deposited tokens by USD value are SOLVBTC.B and SOLVBTC.M, two Bitcoin-related tokens issued by Solv Protocol, a leading real-world asset (RWA) dapp. The average annual percentage yield (APY) for these coins is 0.09% and 0.01%, respectively.
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