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Massive yields on the DeFi aggregation platform have driven the billion-dollar TVL.
The total value locked (TVL) on Rari Capital’s decentralised finance protocol has surpassed $1 billion.
The DeFi lending, borrowing, and yield generating protocol has surpassed the key milestone in TVL according to the app dashboard, and DeFiPulse confirms the all-time high TVL figure, reporting it at $1.09 billion.
Rari’s TVL surpassed $500,000 on September 30, according to Cointelegraph, so the doubling of collateral took about two weeks. (In the meantime, DeFi Llama estimates TVL at $889M, but it is rapidly increasing.)
Rari launched in July 2020 with the goal of automating DeFi by optimising and moving users’ funds to the highest yielding incentives available at the time. It drew some attention at the time because it was founded and run by teenagers and those just out of their adolescence.
A number of liquidity pools that offer higher-than-industry-average returns have recently fueled recent momentum. It is currently offering an annual percentage yield (APY) of 21.67 percent on USDC deposits and a DAI pool APY of 26.43 percent.
Its Fuse protocol has been extremely popular as it allows users to create custom lending and borrowing money markets with any assets and unlimited parameters.
The top pool called “Tetranode’s Locker” has $655 million supplied, or 62% of the total, across 18 crypto assets earning various yields. Within that pool, the OlympusDAO sOHM token is currently yielding a whopping 7,594% APY.
OlympusDAO is an algorithmic currency protocol that allows users to supply crypto assets like ETH or DAI in order to create bonds that back its native currency OHM. The complex bonding process functions as a hybrid fixed income product and a derivatives contract, with quotes for future trades provided in OHM.
Rari Capital thanked the “Ohmies” for assisting in propelling its TVL to new highs.
Rari also offers permissionless pools, which allow any user to create any pool of assets, including NFTs that offer any interest rates.
Venture Partner at 3SE Crypto, David Silverman, congratulated the young team on the achievement:
“Huge congrats to @JackLipstone @jai_bhavnani @davidslucid and the whole @RariCapital team!”
The Rari protocol, like most in the DeFi sector, has a governance token called RGT, which has recently performed well.
According to CoinGecko, RGT reached an all-time high of $34 on Monday, Oct. 11. It has increased by 50% in the last two weeks and by 93% in the last 30 days. RGT was trading for $29.77 at the time of writing.
Rari Capital was hacked for $11 million in May, causing token prices to plummet to $4.80 as a result.