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Lolik, a decentralized multi-chain liquid staking platform, noticed its complete worth locked (TVL) attain a document $50 million on August 28. Lolik’s TVL has been steadily rising because the finish of 2023.
Over the previous three months, it has added about $10 million in liquidity every month.
Lolik is a liquid staking platform supporting Ethereum, Polygon, and Bahamut. The latter is a Web3-oriented blockchain community appropriate with the Ethereum Digital Machine (EVM), enabling it to help Ethereum-based tokens and dapps. It accounts for the most important share of Lolik deposits.
Bahamut was launched in Could 2023 by Fastex, a crypto ecosystem providing numerous merchandise, together with a centralized crypto change. Lolik customers deposit Fastex’s Fasttoken (FTN), Bahamut’s native utility token, and obtain stFTN in change, which can be utilized in decentralized finance (DeFi) whereas staking.
As of this writing, Lolik presents an annual proportion fee of about 6% for FTN. Right now, about 1,000 FTN holders are staking their tokens with the liquid staking platform. The token value is at the moment at $2.53, up over 123% over the yr.
Apparently, the value and market cap of FTN have been continuously rising at a comparatively secure tempo since its 2023 launch, which suggests a managed value, though the asset is promoted as a fluctuating utility token for the Fastex ecosystem.
Lolik is the most important DeFi app on Bahamut, though DefiLlama doesn’t contemplate its deposits when measuring Bahamut’s TVL to keep away from double counting, which is true about any liquid staking or restaking platform.
Nonetheless, even with out contemplating Lolik, Bahamut’s TVL is at a document $2.8 million, primarily because of its decentralized lending dapp Mutuari, which holds $2 million in TVL. On prime of that, Bahamut’s decentralized change (DEX), SilkSwap, has a document TVL of $577,000 after surging 300% prior to now month alone.
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