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Amply Finance Reaches Record $20 Million TVL on Cronos zkEVM Chain
Amply Finance Surges to New Heights
A lending protocol on the Cronos zkEVM chain, Amply Finance, achieved a milestone as its total value locked (TVL) soared to an all-time high of $20 million on November 11, following a remarkable 300% increase within a short span of time. Amply Finance, which was launched in mid-September, has emerged as the largest decentralized application (dapp) on the recently introduced layer 2 network, developed in collaboration with Cronos Labs.
Record Inflows and Token Offerings
The rapid ascent of Amply’s TVL began on November 6, when the platform witnessed a near doubling of total deposits to $9.2 million. This surge coincided with the introduction of its native token, AMPLY, allowing users to convert preAMP into the new token. Holders of the previous token are eligible to stake all rewards for three months to unlock a larger amount of AMPLY by mid-February 2025.
Last week, Amply experienced record inflows, with USD deposits hitting an all-time high of $5.3 million on November 9.
Diverse Range of Tokens Deposited
Among the tokens with the largest deposits on the platform are vETH – a liquid staking token representing ETH staked via Veno Finance, ETH, VUSD – a stablecoin from Veno, USDC, CRO – the native coin of the Cronos chain, and WZKCRO – the wrapped version of zkCRO, symbolizing the bridged CRO coin on the layer 2 network.
Impressive Growth in TVL Across Dapps on Cronos
Notably, Veno Finance’s TVL has surged to a record $76 million from $43 million just a week ago. Amply remains the dominant DeFi application on Cronos zkEVM, competing with H2 Finance, the leading decentralized exchange (DEX) on the layer 2 chain. Amply’s success has contributed to doubling Cronos zkEVM’s overall TVL to a record $42 million, alongside other high-performing dapps like H2 Finance, Veno Finance, Fulcrom Perps, and MicroSwap.
Broader DeFi Sector Trends
Amply’s growth has been further bolstered by the recovery of the wider DeFi sector amidst an optimistic market sentiment. The total TVL in DeFi has surged by over $20 billion in the past week.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
