Quoll, a yield farming platform on the BNB Smart Chain (BSC), saw its total value locked (TVL) soar from nearly $1 million on November 26 to the current level of $13.7 million, setting a new record, as per data from DefiLlama.
Quoll has been a dormant yield product since its 2022 launch with nearly $9 million in TVL. It hasn’t been a successful project, as its TVL has been steadily declining since its launch despite the volatility in the decentralized finance (DeFi) sector. Earlier this month, its TVL reached the lowest level on record at $150,000. Since then, the metric has exploded over 8,500% in less than three weeks.
The platform is promoting itself as a yield booster and on-chain incubator. It leverages multi veTOKENS (from voting escrow tokens, which represent staked versions of governance tokens in DeFi) and a boosted yield model to multiply yield for liquidity pools and generate extra rewards through tokenized and liquid versions of veTOKENS.
On November 27, THE, the native token of THENA – a decentralized exchange (DEX) and liquidity layer on the BSC chain – became the most dominant asset on Quoll, with its TVL experiencing a fivefold increase to $4.6 million. Currently, THE’s TVL is at $13.2 million, accounting for 96% of Quoll’s total TVL.
THE was released on November 26 through a Binance Airdrop event. The token’s market cap surged to over $300 million the following day, joining the top 300 largest coins by market cap shortly after the launch.
After receiving their tokens, THE holders have been able to join Quoll to stake their assets to participate in complex yield farming schemes to boost rewards.
Following the token airdrop event, THENA’s TVL on the BSC network has increased by over 100% this week to $65 million, reaching the highest level since July 2023.
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