KiloEx, a derivative trading platform launched at the end of 2023, has been recovering over the last two months after a multi-month period of consolidation. The platform’s total value locked (TVL) is $24.31 million, just shy of surpassing the record $24.45 million set at the end of August. The TVL has gained over 40% in the past two months.
The $24 million TVL has become a resistance level that, if breached, could trigger a new wave of expansion.
KiloEx is a trading platform facilitating the on-chain trading of perpetual contracts, a type of futures without an expiration date. Users can trade Bitcoin and altcoin perpetuals with up to 100x leverage.
The protocol benefits from a multi-chain infrastructure, supporting five networks, including BNB Smart Chain (BSC), Manta, BSquared, Taiko, and opBNB. The latter is a high-performance scaling solution for the BNB Chain, operating optimistic rollups to boost transaction speed and cut costs.
With over $17 million in TVL, opBNB accounts for 70% of the platform’s total liquidity, followed by Manta with nearly $5 million.
USDT is the most deposited token, holding a share of over 83%. The platform uses the USDT stablecoin on Binance’s BNB Chain (BEP-20), Manta, and BSquared.
According to DefiLlama, the average annual percentage yield (APY) paid for BEP-20 USDT deposits is 8.5%, which beats inflation and represents an attractive offer to investors. The interest rate for Manta-based USDT deposits is approximately 9.4%, while potential earnings for BSquared USDT exceed 45%.
On September 6, the platform’s net inflows totaled nearly $1.8 million, marking one of the best days. USDT accounted for 99% of all deposits.
Despite the diverse range of trading products and high leverage, the number of active users has been declining recently, after setting a record high in mid-July at over 25,000.
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