MIRA, a decentralized exchange (DEX) on Fuel Ignition, has over $6 million in total value locked (TVL) shortly after its October launch. DefiLlama data shows that the platform had a record $6.2 million in deposits on Saturday, October 19. Following a short-term correction, the TVL returned to $6.1 million as of this writing.
MIRA acts as an automated market maker (AMM), hosting multiple pools to match traders and liquidity providers. The platform plans to evolve into a ve(3,3) model, which combines Curve’s vote escrow (ve) model with OlympusDAO’s (3,3) staking mechanism.
The most popular tokens on the DEX are Wrapped Ethereum (WETH) and USDC, which account for over 30% each, followed by ezETH and USDT, each representing over 16.5%. ezETH is a liquid restaking token (LST) representing Ethereum restaked through Renzo.
The largest pools by TVL are ezETH/ETH, with nearly $2.4 million, and USDC/USDT, with over $2.2 million. Their annual percentage rate (APR) figures are 2.67% and 7%, respectively.
The USDC/ETH pool generates nearly 22% per year, which is one of the best returns on MIRA.
The platform’s daily trading volume has consistently maintained above the $1 million mark since its recent launch, hitting a record $2 million on October 23.
MIRA is a DEX based on the newly-launched Ethereum layer 2 network called Fuel Ignition. Developed by Fuel Labs, the scaling solution builds upon the legacy of Fuel V1 launched four years ago as the first stage-2 optimistic rollup. Fuel Ignition aims to improve decentralization, speed, and accessibility in the layer 2 space.
Fuel Ignition has a record $35 million in TVL, hosting three DeFi apps, including Swaylend, a lending dapp, and two DEXs: MIRA and OxiSwap. All of them have been around for a few days, with MIRA being the best weekly performer after soaring 176%.
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