PearlFi, a decentralized trading venue for tokens and real-world assets (RWAs), has been gaining traction this week. Its total value locked (TVL) has surged from $2.4 million on October 24 to over $16 million as of this writing, touching the highest level in a year, as shown by data from DefiLlama.
PearlFi launched as a decentralized exchange (DEX) for RWAs on Polygon. Its TVL peaked in October 2023 at over $82 million on v1. However, one month later, the TVL collapsed to virtually zero as the platform was migrating to the v1.5 version, which eventually didn’t succeed. The newer version had limited traction, with under $10,000 in daily trading volume for Real USD (USDR), which traded against six tokens.
However, PearlFi has reemerged with the v2, this time switching Polygon for re.al, an Ethereum layer 2 network designed specifically for RWA tokens.
Pearl v2 launched in the first half of 2024, and its TVL has exploded by over 550% in the past week alone to a record $16 million. The latest version has a new website and focuses on stablecoins and RWAs.
The tokens with the largest deposits include USDC, which has a 40% share, arcUSD at 28%, as well as UKRE, DAI, CVR, ETH, and PEARL.
arcUSD is a USD stablecoin offered by Arcana Finance, while UKRE is a token offering exposure to the UK real estate sector.
arcUSD/USDC is the largest pool on Pearl v2, with over $5 million in TVL and over $600,000 in daily trading volume. It offers an annual percentage rate (APR) of over 55%.
Other popular pools are MORE/USDC, UKRE/arcUSD, and DAI/USDC.
USDC was added a few days ago, and deposits exploded to over $6 million. PearlFi saw record inflows on October 30, and Circle’s stablecoin accounted for the largest share.
Pearl v2 has become the largest dapp on re.al, followed by Tangible and ICHI.
Stay on top of things:
Subscribe to our newsletter using this link – we won’t spam!
Follow us on X and Telegram.
Credit: Source link
