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Taiko, an Ethereum-based layer 2 community launched within the first half of 2024, noticed its complete worth locked (TVL) explode on the finish of October to a file $35 million, in accordance with DefiLlama information. The blockchain has tripled in liquidity worth prior to now week alone, turning into the best-performing community in decentralized finance (DeFi).
Whereas Taiko has been round for just a few months, it hosts about 30 decentralized functions (dapps). The newest surge in TVL has been pushed by Panko Finance and TakoTako.
Panko Finance is a decentralized alternate (DEX) launched in mid-October. On October 27, its TVL surpassed the $1 million mark, and immediately, its deposit worth surged to over $22 million. It has been one of many fastest-growing DeFi apps.
The DEX is forked from Uniswap v3, internet hosting swimming pools that symbolize token pairs with equal weight. SolvBTC, a yield-bearing Bitcoin-related token supplied by the Solv Protocol, and SolvBTC.BBN, a liquid staking token, account for the lion’s share of deposits on Panko. Collectively, the 2 BTC-related tokens have a 90% share, adopted by USDC, USDT, ETH, and TAIKO.
On October 31, Taiko noticed a file $16 million value of deposits, setting a brand new file for every day inflows.
One other platform that has contributed to Taiko’s TVL progress is TakoTako, its largest lending app.
TakoTako permits customers to borrow tokens towards their crypto collateral.
On October 30, the lending platform’s TVL hit a file $6.8 million. Originally of the month, it had lower than $300,000 value of collateral deposits.
TakoTako helps collateral deposits in ETH, USDC, USDT, and TAIKO, however the former two tokens account for 99% of complete liquidity.
The entire worth of present loans excellent is over $260,000.
TakoTako provides very low returns for lenders and low rates of interest for debtors. For instance, USDC might be borrowed at solely 0.3% annual curiosity.
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