Lolik, a decentralized multi-chain liquid staking platform, saw its total value locked (TVL) reach a record $50 million on August 28. Lolik’s TVL has been steadily increasing since the end of 2023.
Over the past three months, it has added about $10 million in liquidity each month.
Lolik is a liquid staking platform supporting Ethereum, Polygon, and Bahamut. The latter is a Web3-oriented blockchain network compatible with the Ethereum Virtual Machine (EVM), enabling it to support Ethereum-based tokens and dapps. It accounts for the largest share of Lolik deposits.
Bahamut was launched in May 2023 by Fastex, a crypto ecosystem offering various products, including a centralized crypto exchange. Lolik users deposit Fastex’s Fasttoken (FTN), Bahamut’s native utility token, and receive stFTN in exchange, which can be used in decentralized finance (DeFi) while staking.
As of this writing, Lolik offers an annual percentage rate of about 6% for FTN. Today, about 1,000 FTN holders are staking their tokens with the liquid staking platform. The token price is currently at $2.53, up over 123% over the year.
Interestingly, the price and market cap of FTN have been constantly increasing at a relatively stable pace since its 2023 launch, which suggests a controlled price, although the asset is promoted as a fluctuating utility token for the Fastex ecosystem.
Lolik is the largest DeFi app on Bahamut, although DefiLlama doesn’t consider its deposits when measuring Bahamut’s TVL to avoid double counting, which is true about any liquid staking or restaking platform.
Still, even without considering Lolik, Bahamut’s TVL is at a record $2.8 million, mainly thanks to its decentralized lending dapp Mutuari, which holds $2 million in TVL. On top of that, Bahamut’s decentralized exchange (DEX), SilkSwap, has a record TVL of $577,000 after surging 300% in the past month alone.
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