Yield farming app racks up $12M TVL 2 weeks after launch
Origin Ether application deposits Ether in Curve, Convex, stETH, rETH and sfrxETH.
News Join us on social networksA new yield farming app called Origin Ether has racked up over $12 million in total value locked (TVL) just 14 days after its launch, according to data from blockchain analytics platform DefiLlama. TVL is a metric that measures the dollar value of assets in an application's smart contracts.
The app launched on May 16, according to a representative from the development team. Data from DefiLlama shows that the app already had $793,000 locked into its contracts before launch, which team members or other early partners were able to provide.
After the public launch on May 16, deposits on Origin Ether (OETH) quickly accumulated, generating a TVL of over $13 million by May 30. This is a gain of approximately $12.6 million over 14 days.
According to the app's official documentation, Origin Ether generates a return from Ether (ETH) by depositing it into several liquid staking and decentralized finance (DeFi) protocols. Specifically, it uses an algorithmic market trading strategy on Curve and Convex to maximize returns. Before being deposited on 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). Protocol documentation indicates that this allows users to earn additional farming rewards from these vendors.
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Origin Ether application deposits Ether in Curve, Convex, stETH, rETH and sfrxETH.
News Join us on social networksA new yield farming app called Origin Ether has racked up over $12 million in total value locked (TVL) just 14 days after its launch, according to data from blockchain analytics platform DefiLlama. TVL is a metric that measures the dollar value of assets in an application's smart contracts.
The app launched on May 16, according to a representative from the development team. Data from DefiLlama shows that the app already had $793,000 locked into its contracts before launch, which team members or other early partners were able to provide.
After the public launch on May 16, deposits on Origin Ether (OETH) quickly accumulated, generating a TVL of over $13 million by May 30. This is a gain of approximately $12.6 million over 14 days.
According to the app's official documentation, Origin Ether generates a return from Ether (ETH) by depositing it into several liquid staking and decentralized finance (DeFi) protocols. Specifically, it uses an algorithmic market trading strategy on Curve and Convex to maximize returns. Before being deposited on 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). Protocol documentation indicates that this allows users to earn additional farming rewards from these vendors.
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