Echo Lending, a Bitcoin-oriented yield protocol on Aptos, saw its total value locked (TVL) surge to a record $210 million on Friday, October 25, according to DefiLlama data. The platform has experienced impressive growth in October, as it started the month with less than $2,000 in TVL.
Echo is the best weekly and monthly performer among Aptos-based decentralized finance (DeFi) apps.
The protocol positions itself as the liquidity layer on Bitcoin and aims to expand BTC’s opportunities in DeFi. Users can bridge, restake, and earn yield from Bitcoin assets on Move, Aptos’ programming language and smart contract ecosystem.
Last week, Echo announced an initiative to broaden BTC’s role in DeFi. The platform enables users to earn APT rewards with potential returns of up to 10%.
The main product is Echo Lend, which allows users to deposit aBTC, an Aptos-based token that tracks the price of Bitcoin, and start earning rewards without any lockup period.
Echo Bridge has a record value of nearly $150 million, the majority of which represents aBTC bridged at the end of August.
With over $150 million worth of aBTC deposited on Echo Lend, the token accounts for 78% of the lending platform’s value. It also supports APT, with $35 million in TVL, as well as USDC, with over $5 million, and USDT, with over $1 million worth of tokens.
Interestingly, Echo has managed to attract substantial support from reputable blockchain industry players, securing pre-seed funding from investors like Spartan Group, Aptos itself, Movement Labs, ABCDE Capital, Arthur Hayes’ Maelstrom, Selini Capital, Web3Port, Auros, Presto Labs, BSquared, and Sats Ventures.
Echo’s bridging and yield solution offers a smooth experience for Bitcoin holders.
Jonathan Phay, CEO of Echo Protocol, explained:
“At Echo, we’re committed to empowering Bitcoin holders—particularly miners and investors—by offering a way to earn sustainable yield without having to sell their BTC.”
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