Yield Farming App Collects $12M TVL in 2 Weeks After Launch

There’s a new Yield Farming app called Origin Ether accumulated More than $12 million in total value locked (TVL) 14 days after launch, according to data from blockchain analytics platform Defilama. TVL is a metric that measures the dollar value of assets inside the app’s smart contracts.

According to a representative of the development team, the app was launched on May 16. Defilama data shows that before launch the app already had $793,000 locked up inside its contracts, which may have been supplied by team members or other early partners.

After the public launch on May 16th, Origin Ether (OETH) deposits accumulated rapidly, leading to a TVL of over $13 million as of May 30th. That’s a profit of about $12.6 million in 14 days.

According to the app’s official documentation, Origin Ether generates yield from Ether (ETH) by depositing it into several liquid staking and decentralized finance (DeFi) protocols. Specifically, it uses algorithmic market operation strategy on the curve and convex to maximize returns. Before being deposited into Curve and Convex, some ETH is converted into liquid staking derivatives, including Lido Staked Ether (stETH), Rocket Pool Ether (rETH) and Frax Staked Ether (sfrxETH). The protocol’s documentation states that it allows users to earn additional farm rewards from these providers.

Connected: Celsius Adds 428K stETH to Lido’s Long Withdrawal Queue

The Ether Liquid Staking Protocol allows ETH holders to stake their coins with a network of providers in exchange for tokens representing those deposits. They have become more popular as Ethereum moved to proof-of-stake consensus and enabled withdrawals.

On May 1, Defilama reported that the Liquid staking protocol had become the top DeFi category, surpassing the TVL of decentralized exchanges. On May 30, cross-chain bridging protocol LayerZero partnered with Tenet Network to expand the use of Liquid staking in the Cosmos ecosystem.