Kai Finance, a leveraged yield platform on the Sui blockchain, saw its total value locked (TVL) surge over 2,200% in the past month to hit a record $12.7 million on Monday, November 25, as per DefiLlama data.
Kai had $1 million in TVL at the beginning of November and less than $200,000 on October 21. It has been among the top 15 monthly performers in DeFi and the best performer on Sui.
The platform enables crypto investors to earn passive income by selecting from Single Asset Vaults or Leveraged LP Vaults, which boost returns by implementing strategies across DeFi apps on Sui.
Currently, the most deposited tokens are SUI, USDT, USDC, and Wrapped USDC.
SUI’s share surged from $120,000 at the beginning of the month to over $4.8 million as of this writing. USDT deposits have grown from $700,000 to nearly $4.4 million during the same period. Meanwhile, USDC soared from zero to over $3 million.
Kai saw record daily inflows on November 22, when over $2.2 million worth of crypto was deposited in its vaults.
USDT has the largest share as it attracts investors due to its high annual percentage yield (APY) of nearly 20%, which is much higher than what traditional banks offer for savings accounts. USDC’s APY on the platform is nearly 14%.
Besides single token vaults, Kai offers LP vaults with up to 10x leverage, whose return figures exceed 300%. For example, SUI-USDC’s annual percentage rate (APR) ranges between 122% and 312%, although the pool has only about $1,300 in TVL.
USDT-USDC is the largest LP vault. It has over $5 million in TVL and offers up to 97% annual returns with maximum leverage. This offer is particularly attractive to investors because USDT and USDC are stablecoins showing minimal volatility, reducing the risk of losses.
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