DeFi Protocol Thena Sees Total Value Surge to $90M in a Week


DeFi

www.coindesk.com

18 January 2023 10:33, UTC

  

Reading time: ~2 m


Thena, a liquidity layer and decentralized exchange (DEX) on the BNB Chain, has experienced a massive uptick in total value locked (TVL) to $90 million from $5 million since its launch last week.

The protocol offers yields of up to 9.93% for liquidity providers that stake stablecoins, while yields of 222.86% are available to those that stake the platform’s native token, THE.

At the time of writing, THE was trading at $0.262 with a circulating market cap of just $4.2 million, according to data on blockchain analytics platform Dune.

The token draws inspiration from Curve’s vote-escrow model as well as Olympus’ anti-dilution mechanism. Holders control 100% of Thena’s emissions and benefit from weekly rebases.

The decentralized finance (DeFi) sector has benefitted from the recent recovery in major crypto assets like bitcoin and ethereum. TVL across DeFi has increased from $38.75 billion to $45.46 billion since the turn of the year as capital sidelined during the bear market begins to resurface.

Thena also issued an airdrop for early investors that minted a theNFT.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



Sourced from cryptonews.net.

Total
0
Shares
Leave a Reply
Previous Post

Coinbase Announces ‘Difficult Decision’ to Shutter Operations in Japan

Next Post

Nearly Half of SEC Crypto Enforcement Actions in 2022 Were Against ICOs

Related Posts
Total
0
Share