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Sei, a blockchain platform specializing in pace and EVM compatibility and providing buying and selling infrastructure for decentralized exchanges (DEXs) and different decentralized functions (dapps), is gaining traction within the decentralized finance (DeFi) sector. The blockchain’s complete worth locked (TVL) in DeFi has elevated by almost 80% over the previous month and reached a brand new document of $115 million on September 5.
Due to its speedy improve over the previous few months, Sei has joined the highest 40 largest chains by DeFi TVL, overcoming BSquared, Osmosis, Celo, and Fantom, amongst others.
On September 5, the blockchain registered document every day inflows, with almost $10 million value of tokens being deposited on the dapps that it hosts.
Sei’s TVL surge has been primarily pushed by Yei Finance, the biggest DeFi app on the chain.
Yei is a lending dapp forked from Aave V3, enabling customers to lend and borrow crypto belongings by connecting their non-custodial wallets.
The overall liquidity on Yei is at a document $72 million, growing by over 25% within the final 24 hours.
Probably the most deposited tokens in Sei swimming pools are wSEI – the wrapped model of Sei’s native coin, USDT, and USDC.
USDT’s share has doubled during the last two days because the Yei platform noticed document inflows dominated by Tether’s stablecoin.
One other DeFi app making waves on Sei is SiloStake, a liquid staking protocol for the SEI coin. SiloStake’s TVL crossed the $30 million mark on September 5 to set a brand new document. The metric has surged over 450% prior to now month.
Whereas SiloStake is the second-largest DeFi app on Sei, the blockchain’s TVL displayed on DefiLlama doesn’t embrace the protocol’s liquidity to keep away from double counting.
SEI holders can stake their cash on SiloStake to focus on an annual share price (APR) of 4% and obtain iSEI whereas staking, which can be utilized to discover extra yield alternatives in DeFi.
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