The total closed-end value (TVL) of Rari Capital’s decentralized financial protocol has exceeded $1 billion.
According to the DeFi App Dashboard, the Lending, Lending and Profit protocol has surpassed TVL’s most important milestone, and DeFiPulse confirms TVL’s highest score ever, reporting $1.09 billion.
On September 30, Cointelegraph reported that Raris TVL was worth more than $500,000, so it took about two weeks for the security measures to double. (Meanwhile, DeFi Llama TVL is valued at $889 million but is growing fast.)
Rari was launched in July 2020 to automate DeFi by optimizing users’ money and translating it into the most lucrative incentives at the time. It attracted a certain amount of interest around the time it was started and run by teens and those just starting out in their teens.
Recent advances have been driven by a number of liquidity pools that generate returns higher than those typically found in the industry. It currently offers 21.67% p.a. (APY) on USDC deposits and 26.43% p.a. on DAI pool.
The hedging protocol has been very popular because it allows users to create customized lending and lending markets with unlimited assets and options.
The top pool, called Tetranode’s Locker, provided $655 million, or 62% of the total, divided into 18 cryptocurrencies that offer varying returns. In this pool, OlympusDAO sOHM token is currently offering 7.594% APY.
OlympusDAO is an algorithmic currency protocol that allows users to offer cryptocurrencies such as ETH or DAI to create bonds backing the original OHM coin. The complex linkage process acts as a mixed interest product and derivative contract with bids submitted to OHM for future deals.
Rare Capital thanked Ohmies for helping achieve the TVL record.
Rari also offers unlicensed kits that allow any user to create a variety of assets, including NFTs at any interest rate.
David Silverman, 3SE Crypto Venture Partner, congratulated the young team on this achievement:
“Congratulations to JackLipstonejai_bhavnanidavidslucid and the entire RariCapital team!”
Like most people in the DeFi sector, the Rari protocol has a governance token called RGT that has recently been doing well.
About it: DeFi is more than just providing liquidity
According to CoinGecko, on Monday, October 11, RGT hit an all-time high as it climbed to $34. It has increased by 50% in the past two weeks and 93% in the last 30 days. At the time of writing, RGT has changed hands for $29.77.
In May, Rari Capital was exploited for $11 million, causing the coin’s price to drop to $4.80 after the hack.